Key Takeaways CRC sees a constructive 2026 setup with policy shifts, Berry merger, and a conservative balance sheet.California's SB 237 and CO2 pipeline approvals boost CRC's rig plans and carbon storage permit visibility.The Berry merger adds 20 Mboe/d, $80-$90M in synergies, and keeps pro forma leverage under 1X.California Resources ((CRC) heads into 2026 with a markedly improved in-state backdrop and a clear integration agenda. Supportive policy reforms, a pending Berry tie-up, and a conservative balance ...