Berry’s Board Sees “Industrial Logic”
Berry’s board chair Renée Hornbaker echoed the optimism, stressing that the timing is right.
“The industrial logic of this merger will allow Berry shareholders to benefit from a larger, more sustainable business with meaningful operational synergies,” Hornbaker said. “Strong regulatory tailwinds make this the right moment, ensuring safe, reliable, and affordable energy for communities while delivering long-term shareholder value.”
Financial Structure and Next Steps
CRC plans to refinance Berry’s outstanding debt using cash reserves and borrowings under its existing credit agreement, with the option of issuing new debt to further optimize the balance sheet.
When the deal closes, CRC shareholders will own about 94% of the combined company, which will be led by California Resources’ current management team out of Long Beach, California.
The merger is expected to close in the first quarter of 2026, pending regulatory approval and other customary conditions.
