California Resources completes Berry Corporation acquisition

California Resources Corporation (NYSE: CRC) completed its all-stock acquisition of Berry Corporation (NASDAQ: BRY) on December 18, according to a company statement.

Under the transaction terms, Berry's former shareholders received approximately 5.6 million shares of CRC common stock valued at approximately $253 million based on CRC's December 17 closing price.

The combination adds assets in California's San Joaquin Basin and the Uinta basin to CRC's portfolio. The combined company will operate from Long Beach, California, under CRC's existing executive team led by President and Chief Executive Officer Francisco Leon.

"This transaction adds high-quality assets in our core San Joaquin Basin and enhances cash flow durability and operating efficiencies as we build a stronger, more durable platform aimed to deliver sustainable shareholder value," Leon said in the statement.

CRC plans to release full-year 2026 guidance alongside its fourth quarter 2025 earnings report. The company describes itself as an independent energy and carbon management company focused on California operations and carbon capture projects.

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