Berry Corporation shareholders voted to approve a merger with California Resources Corporation on December 15, 2025, with 73% of outstanding shares and 98% of votes cast in favor.
Under the all‑stock transaction, Berry shareholders will receive 0.0718 CRC shares for each Berry share, valuing Berry at roughly $717 million including net debt and representing a 15% premium to the September 12 closing price.
The deal is expected to close on December 18, 2025, creating a combined company with expanded assets in California’s San Joaquin Basin and Utah’s Uinta Basin, and a combined debt capacity that should support further growth.
The merger is positioned to deliver $80‑$90 million in annual synergies within 12 months, driven by corporate cost savings, lower interest costs, and operational efficiencies, according to CRC CEO Francisco Leon.
Berry’s recent financial performance has been weak, reporting a Q3 2025 net loss of $26 million versus a $70 million profit a year earlier, making the all‑stock offer an attractive exit for shareholders.
Management comments: CRC CEO Francisco Leon said the combination would create a stronger California energy leader and be immediately accretive, while Berry Board Chair Renée Hornbaker highlighted the opportunity for improved capital structure and operational synergies.
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