California Resources Closes $253M All‑Stock Combination With Berry, Adding 5.6M Shares And Expanding Portfolio

Benzinga·12/18/2025 13:37:16

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California Resources Corporation (NYSE:CRC) ("CRC") today closed its all-stock combination with Berry Corporation (bry) (NASDAQ:BRY) ("Berry"). The transaction enhances CRC's premier California portfolio of long-lived, low-decline conventional assets with significant development upside and adds strategic optionality in the Uinta basin.

Under the terms of the definitive agreement, Berry's former equity holders received approximately 5.6 million shares of CRC common stock, having an approximate aggregate value of $253 million based on CRC's closing share price on December 17, 2025.

CRC expects to provide full-year 2026 guidance in conjunction with its year-end and fourth quarter 2025 earnings release. The combined company will be headquartered in Long Beach, California and led by CRC's executive team.

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