California Resources closes all-stock combination with Berry Corp.
California Resources Corporation has closed its previously announced all-stock combination with Berry Corporation, strengthening its position as a leading conventional oil and gas producer in California while adding development optionality in the Uinta basin.
Under the transaction, Berry shareholders received approximately 5.6 million shares of California Resources common stock, valuing the deal at about $253 million based on the company’s Dec. 17 closing share price. The combined company will continue to operate under California Resources’ executive leadership and will be headquartered in Long Beach, California.
The acquisition expands California Resources’ portfolio of long-lived, low-decline conventional assets in the San Joaquin basin, improving cash-flow durability and enhancing operating efficiencies across its core California operations. The company said the transaction also provides strategic optionality through Berry’s Uinta basin assets.
“This transaction adds high-quality assets in our core San Joaquin Basin and enhances cash flow durability and operating efficiencies as we build a stronger, more durable platform,” said President and CEO Francisco Leon, adding that the combination positions the company to deliver operational synergies and long-term shareholder value.
California Resources expects to provide full-year 2026 guidance in conjunction with its fourth-quarter and full-year 2025 earnings release.
