CRC posts Q3 net income $64M, raises dividend 5%, updates on Berry merger

California Resources Corp

2025-Q3 EPS reported $3.97 revenue$2,745,000,000

Net income $64M ($0.76 dil. EPS); adjusted net income $123M ($1.46 dil. EPS); adjusted EBITDAX $338M.
Production 137 MBoe/d (78% oil); free cash flow $188M; capital investments $91M.
Quarterly dividend raised 5% to $0.405/share; payable Dec 15 to holders of record Dec 1.
All-stock merger with Berry (BRY) expected Q1 2026; CRC filed S-4; Berry holders receive 0.0718 CRC shares/share (15% premium).
Redeemed remaining $122M of 2026 Senior Notes; issued $400M 7.000% 2034 notes to fund Berry debt repayment.

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