California Resources Closes Berry Merger, Expands Asset Base

Key Takeaways CRC completed its all-stock merger with Berry, adding scale as Berry became a subsidiary.Merger expands CRC's California portfolio with low-decline assets, 20,000 net acres and 20 Mboe/d.CRC targets $80-$90M annual synergies within 12 months while keeping pro forma leverage below 1X.California Resources Corporation (CRC) has completed its all-stock combination with Berry Corporation, making Berry a wholly owned subsidiary of California Resources.Announced just over three months ago, the roughl ...