Globenewswire·2025-12-18 13:30Core Viewpoint - California Resources Corporation (CRC) has successfully completed an all-stock combination with Berry Corporation, enhancing its asset portfolio and operational capabilities in California [1][2]. Group 1: Transaction Details - The transaction involved Berry's former equity holders receiving approximately 5.6 million shares of CRC common stock, valued at around $253 million based on CRC's closing share price on December 17, 2025 [2]. - The combined company will be headquartered in Long Beach, California, and will be led by CRC's existing executive team [3]. Group 2: Strategic Implications - The acquisition is expected to strengthen CRC's operational momentum and deliver meaningful synergies for shareholders, particularly in the San Joaquin Basin [2]. - CRC aims to enhance cash flow durability and operational efficiencies, positioning itself for sustainable shareholder value [2]. Group 3: Company Overview - California Resources Corporation is an independent energy and carbon management company focused on energy transition and environmental stewardship [4]. - The company is committed to maximizing the value of its land and mineral ownership while developing carbon capture and storage (CCS) and other emissions-reducing projects [4].