California's CRC to merge with Berry in all-stock deal

California’s CRC to merge with Berry in $717-million all-stock deal

LOS ANGELES, September 16, 2025 – California Resources Corporation has agreed to merge with Berry Corporation in an all-stock transaction valuing Berry at USD 717 million, the companies said on Monday.

The combined company will have an enterprise value of more than USD 6 billion and will be headquartered in Long Beach, California. CRC shareholders will own 94% of the new entity, which is expected to close in Q1 2026 pending approvals.

CRC president and CEO Francisco Leon said, “The combination of CRC and Berry will create a stronger, more efficient California energy leader. This transaction is attractively valued and immediately accretive across key financial metrics, strengthening our ability to deliver sustainable value to shareholders.”

Berry board chair Renée Hornbaker said, “The industrial logic of this merger will allow Berry shareholders to benefit from the creation of a larger and more sustainable business, with an improved capital structure and significant operational synergies.”

The combined company is expected to produce 161,000 boe per day and hold 652 million boe of proved reserves, with identified annual synergies of USD 80-90 million within 12 months of closing. CRC will also acquire C&J Well Services, Berry’s California-focused oilfield services subsidiary.

California Resources Corporation is an independent energy and carbon management company with operations focused on California. It develops oil and gas resources while investing in carbon capture and storage and other emissions reduction projects.

Berry Corporation is an independent upstream company with onshore assets in California’s San Joaquin Basin and Utah’s Uinta Basin. It also provides well servicing and abandonment services through C&J Well Services.

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