CRC to acquire Berry in a blockbuster all-stock merger that will reshape California’s oil and gas sector. The combined company, valued at more than $6 billion, is set to become a heavyweight in the state’s energy market, bringing together complementary assets, balance sheet strength, and operational synergies.
The deal, unveiled Monday, gives Berry shareholders 0.0718 shares of California Resources Corp. (CRC) for each Berry share they hold—a 15% premium based on last Friday’s closing prices. The transaction values Berry at $717 million, according to the companies’ joint statement.
Leadership Sees Strategic Growth
Francisco Leon, president and CEO of California Resources, said the merger positions the company to expand aggressively.
“The combination of CRC and Berry will create a stronger, more efficient California energy leader,” Leon said. “We expect to lower costs, boost free cash flow, and maintain a strong balance sheet with low leverage—while unlocking our deep asset inventory in Kern County.”
CRC emphasized that Berry’s Uinta Basin footprint will add both operational flexibility and financial optionality.
