Berry Stockholders Approve Combination with CRC
Berry (NASDAQ: BRY) announced that its stockholders approved a combination with California Resources (NYSE: CRC) at a Special Meeting held on Dec. 15, 2025.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Berry (NASDAQ: BRY) announced that its stockholders approved a combination with California Resources (NYSE: CRC) at a Special Meeting held on Dec. 15, 2025. Under the merger agreement, Berry holders will receive a fixed exchange ratio of 0.0718 shares of CRC for each Berry share. Preliminary voting showed approval by approximately 73% of total shares outstanding and about 98% of shares voted in favor. The company said final voting results will be filed on a Form 8-K and the transaction closing is expected on Dec. 18, 2025.
Positive
- Fixed exchange ratio of 0.0718 CRC shares per BRY share
- Preliminary approval: ~98% of shares voted in favor
- Transaction expected to close on Dec. 18, 2025
Negative
- Approval represents ~73% of total shares outstanding (not unanimous)
- Berry shares will convert into CRC shares at closing
Details
News Market Reaction – BRY
On Dec 15, the day this news came out, BRY closed 3.76% below the previous close.
Data tracked by StockTitan Argus for the Dec 15 session.
Key Figures
- Exchange ratio
- 0.0718 CRC shares per BRY share
- Fixed exchange ratio under the merger agreement
- Support of shares outstanding
- 73%
- Approximate share of total BRY shares outstanding approving combination
- Support of shares voted
- 98%
- Approximate share of voted BRY shares supporting the combination
- Expected closing date
- December 18
- Targeted transaction closing timing
Historical Context
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Weaker Q3 results and merger update including exchange ratio details.
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Publication of 2025 sustainability report highlighting emission and safety gains.
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All-stock combination with CRC and outlined synergies and exchange ratio.
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Q2 profit, debt reduction, dividend and hedge coverage disclosure.
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Announcement of timetable for Q2 2025 earnings release and call.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
fixed exchange ratio financial
Form 8-K regulatory
U.S. Securities and Exchange Commission regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
DALLAS, Dec. 15, 2025 (GLOBE NEWSWIRE) -- Berry Corporation (bry) (NASDAQ: BRY) (“Berry”) today announced that, at its Special Meeting of Stockholders held earlier today, Berry stockholders voted to approve its combination with California Resources Corporation (“CRC”) (NYSE: CRC). As previously announced, under the terms of the merger agreement, Berry stockholders will receive a fixed exchange ratio of 0.0718 shares of CRC common stock for each share of Berry common stock.
According to preliminary results, Berry stockholders approved the transaction with approximately
The closing of the transaction is expected to occur on December 18.
About Berry Corporation (BRY)
Berry is a publicly traded western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived oil and gas reserves. We operate in two business segments: (i) exploration and production (“E&P”) and (ii) well servicing and abandonment services. Our E&P assets are located in California and Utah, are characterized by high oil content and are predominantly located in rural areas with low population. Our California assets are in the San Joaquin Basin (
FORWARD-LOOKING STATEMENTS
Statements we make regarding the closing of the proposed transaction constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other securities laws. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in such statements. These risks and uncertainties include, but are not limited to, the risk that any of the closing conditions to the proposed transaction may not be satisfied in a timely manner. Additional information concerning these and other important risks and uncertainties are described in the “Risk Factors” section of the definitive proxy statement/prospectus that was filed by Berry with the SEC on November 4, 2025, and other documents filed by Berry from time to time with the SEC. We caution you not to place undue reliance on forward-looking statements contained in this press release, which speak only as of the date hereof. Berry is under no obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact
Contact: Berry Corporation (bry)
Christopher Denison: Director – Investor Relations & Sustainability
ir@bry.com
(661) 616-3811
FAQ
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