California Resources to Acquire Berry Corporation for $717 Million

California Resources Corporation (CRC) entered a merger agreement on September 15, 2025, to acquire Berry Corporation (BRY) in an all-stock deal valued at $717 million.

Deal Structure:

Berry shareholders will receive a fixed exchange ratio of 0.0718 shares of California Resources common stock for each share of Berry common stock owned, representing a price of $3.81 per share. The price is at a premium of about 15% from the stock’s last close.

Company Profile:

Berry is a Texas-based independent energy company focused on developing and producing conventional oil reserves in California and Utah, with operations in exploration & production, as well as well servicing and abandonment.

California Resources is an independent energy and carbon management company that produces oil, natural gas, and NGLs in California while advancing decarbonization through carbon capture and other emissions-reduction projects.

Deal Details and Timeline:

Upon closing, existing CRC shareholders are expected to hold approximately 94% of the combined company.

CRC will also own C&J Well Services, an oilfield services business in California currently owned by Berry.

CRC intends to refinance Berry’s outstanding debt using cash on hand and borrowings under its Credit Agreement and may also consider issuing new debt.

The deal is expected to close in the first quarter of 2026.

Berry was advised by Vinson & Elkins on legal matters and by Guggenheim Securities on financial matters. California Resources received financial advice from RBC Capital Markets and Petrie Partners, and legal advice from Sullivan & Cromwell.

California Resources is paying 1.72 times EBITDA for Berry.

Deal Metrics:

For a detailed analysis of this merger and acquisition transaction, please visit the Deal Metrics page here:
Deal Metrics for the acquisition of Berry Corporation (BRY) by California Resources Corporation (CRC)

The Deal Metrics page provides various insights for each merger or acquisition, including:

• A comprehensive history chart of the merger from the announcement to its completion or failure.
• Progressive events such as the expiration of the HSR period, regulatory approvals, shareholder votes, and more.
• News and SEC filings.
• A history of deal updates.
• And a wealth of other information.

Disclaimer: This article does not constitute investment advice. Please conduct your own research or seek professional advice before making any investment decisions. The accuracy and completeness of the data and content provided in this article are not guaranteed.

Editor’s Note: Baranjot Kaur contributed to this article