2025-09-15 13:00Transaction Overview - The transaction value is $717 million[12] - CRC's ownership of the pro forma company is approximately 94%[12] - The estimated closing date is in the first quarter of 2026[12] - Targeted annual synergies are estimated at $80 – 90 million[12] Assets and Financials - Berry's California assets include 20 thousand barrels of oil equivalent per day (MBoe/d) with 100% oil and approximately 20,000 net acres with 94% net revenue interest (NRI)[12] - Berry's assets include 66 MW total power capacity and $2.1 billion in 1P PV-10*[12] - The EV/BRY 2025E Adjusted EBITDAX* multiple is approximately 29x, and the price per flowing barrel is approximately $30K[12] - Pro forma leverage ratio is expected to be less than 10x[12] Synergies and Free Cash Flow - Estimated deal synergies are expected to enhance free cash flow generation[13] - The net present value (NPV) at 10% of cumulative estimated deal synergies over 10 years is approximately $500 million[14] Production and Reserves - The pro forma company is expected to have approximately 20% growth in proved reserves[17] - 2024 Proved SEC Reserves are 652 MMBoe[17]