California Resources Corporation (CRC) has closed its all-stock combination with Berry Corporation. 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.

“CRC is entering 2026 stronger than ever, ready to build on our operational momentum and deliver meaningful synergies for our shareholders,” said Francisco Leon, CRC’s President and Chief Executive Officer. “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.”

Mr. Leon continued, “I would like to thank the CRC, Berry and C&J employees for all their hard work in getting this deal across the finish line. Together, I am confident we can continue to improve our impressive operational track record and position CRC for even greater long-term success.”

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.

KeyFacts Energy: Caliornia Resources US country profile   l   KeyFacts Energy: Acquisitions & Mergers news