California Resources Corporation Announces All-Stock Combination with Berry Corporation
California Resources Corporation (NYSE: CRC) and Berry Corporation (NASDAQ: BRY) have announced a definitive agreement to combine in an all-stock transaction valued at approximately $717 million, including Berry's net debt. The merger will create a stronger California energy leader, with existing CRC shareholders owning approximately 94% of the combined company.
The combined entity will produce approximately 161 thousand barrels of oil equivalent per day (81% oil) and hold 652 million barrels of oil equivalent proved reserves (87% proved developed). The transaction is expected to achieve annual synergies of $80-90 million within 12 months post-closing and will be accretive to key financial metrics with projected second half 2025 per share accretion of more than 10% before synergies.
Under the agreement terms, Berry shareholders will receive 0.0718 shares of CRC common stock for each BRY share, representing a 15% premium. The transaction is expected to close in Q1 2026.
California Resources Corporation (NYSE: CRC) e Berry Corporation (NASDAQ: BRY) hanno annunciato un accordo definitivo per una fusione interamente azionaria dal valore di circa 717 milioni di dollari, includendo il debito netto di Berry. L’operazione creerà un leader energetico più solido in California, con gli azionisti attuali di CRC che deterranno circa il 94% della società combinata.
La nuova entità produrrà circa 161 mila barili di petrolio equivalente al giorno (81% petrolio) e possiederà 652 milioni di barili equivalenti di riserve provate (87% sviluppate provate). Si prevede che la transazione genererà sinergie annuali di 80-90 milioni di dollari entro 12 mesi dal closing e sarà accrescitiva per le metriche finanziarie chiave, con un’accresciuta per azione prevista per la seconda metà del 2025 superiore al 10% prima delle sinergie.
Secondo i termini dell’accordo, gli azionisti Berry riceveranno 0,0718 azioni ordinarie CRC per ogni azione BRY, rappresentando una premio del 15%. Si prevede che l’operazione si chiuda nel primo trimestre del 2026.
California Resources Corporation (NYSE: CRC) y Berry Corporation (NASDAQ: BRY) han anunciado un acuerdo definitivo para fusionarse en una transacción totalmente en acciones valorada en aproximadamente 717 millones de dólares, incluyendo la deuda neta de Berry. La fusión creará un líder energético más sólido en California, con los accionistas actuales de CRC poseyendo aproximadamente el 94% de la empresa combinada.
La entidad resultante producirá alrededor de 161 mil barriles equivalentes de petróleo por día (81% petróleo) y contará con 652 millones de barriles equivalentes de reservas probadas (87% probadas desarrolladas). Se espera que la transacción genere sinergias anuales de 80-90 millones de dólares dentro de 12 meses tras el cierre y será acreedora a métricas financieras clave con una subida de las ganancias por acción prevista para la segunda mitad de 2025 de más del 10% antes de las sinergias.
Según los términos del acuerdo, los accionistas de Berry recibirán 0,0718 acciones ordinarias de CRC por cada acción BRY, representando una prima del 15%. Se espera que la operación cierre en el primer trimestre de 2026.
California Resources Corporation (NYSE: CRC)와 Berry Corporation (NASDAQ: BRY)은 약 7억 1700만 달러 규모의 순현금 없는(전액 주식) 거래로 합병하기로 확정합의했다. Berry의 순부채를 포함한다. 이번 합병은 캘리포니아의 에너지 리더를 강화하며, 합병 후 회사의 지분은 CRC 주주가 약 94%를 소유하게 된다.
합병 법인은 매일 약 161천 배럴의 석유 등가물 생산(81%가 석유)을 하게 되고 확정 가능한 매장량은 6억 5200만 배럴 등가(87% 개발된 확정 매장량)을 보유한다. 거래는 종가 후 12개월 이내에 연간 시너지 8,000만~9,000만 달러를 창출할 것으로 기대되며 시너지 이전의 2025년 하반기 주당순이익(EPS) 증가가 10% 이상으로 예상된다.
계약 조건에 따라 Berry 주주는 BRY 1주당 0.0718주)의 CRC 주식를 받게 되며 이는 15%의 프리미엄에 해당한다. 거래는 2026년 1분기에 종료될 예정이다.
California Resources Corporation (NYSE: CRC) et Berry Corporation (NASDAQ: BRY) ont annoncé un accord définitif visant à se fusionner dans une opération entièrement en actions évaluée à environ 717 millions de dollars, y compris la dette nette de Berry. La fusion créera un leader énergétique plus solide en Californie, les actionnaires actuels de CRC détenant environ 94% de l’entreprise combinée.
L’entité fusionnée produira environ 161 milliers de barils équivalents pétrole par jour (81% pétrole) et détiendra 652 millions de barils équivalents de réserves prouvées (87% prouvées développées). On prévoit que la transaction générera des synergies annuelles de 80-90 millions de dollars dans les 12 mois suivant la clôture et sera accritive pour les indicateurs financiers clés, avec une accrétion par action prévue au cours de la seconde moitié de 2025 de plus de 10% avant les synergies.
Selon les termes de l’accord, les actionnaires de Berry recevront 0,0718 action CRC ordinaires pour chaque action BRY, ce qui représente une prime de 15%. La clôture de l’opération est attendue au premier trimestre 2026.
California Resources Corporation (NYSE: CRC) und Berry Corporation (NASDAQ: BRY) haben eine endgültige Vereinbarung bekannt gegeben, sich in einer rein aktienbasierten Transaktion im Wert von ca. 717 Millionen US-Dollar zusammenzuschließen, einschließlich Berry‘s Nettoverschuldung. Die Fusion wird zu einem stärkeren Kalifornien-Energievorreiter führen, wobei die bestehenden CRC-Aktionäre ca. 94% der kombinierten Gesellschaft halten.
Die kombinierte Einheit wird voraussichtlich etwa 161 Tausend Barrel Öläquivalent pro Tag (81% Öl) produzieren und besitzt 652 Millionen Barrel Öläquivalente nachgewiesene Reserven (87% bewiesen entwickelte). Es wird erwartet, dass die Transaktion innerhalb von 12 Monaten nach Abschluss jährliche Synergien von 80-90 Millionen US-Dollar erzielt und sich positiv auf wichtige Finanzkennzahlen auswirkt, mit einer erwarteten Erhöhung des Gewinns je Aktie in der zweiten Hälfte von 2025 um mehr als 10% vor Synergien.
Nach den Vertragsbedingungen erhalten Berry-Aktionäre für jede BRY-Aktie 0,0718 CRC-Stammaktien, was eine Prämie von 15% bedeutet. Erwarteter Abschluss der Transaktion ist im 1. Quartal 2026.
California Resources Corporation (NYSE: CRC) و Berry Corporation (NASDAQ: BRY) قد أعلنا اتفاقاً نهائياً للاندماج في صفقة كاملة بالأسهم تقدر قيمتها بحوالي 717 مليون دولار، بما في ذلك الدين الصافي لبيري. سيؤدي الدمج إلى تعزيز الريادة في قطاع الطاقة في كاليفورنيا، مع امتلاك مساهمي CRC الحاليين لما يقارب 94% من الشركة المجمعة.
الكائن المدموج سيُنتج نحو 161 ألف برميل مكافئ نفطي يومياً (81% نفط) وسيحمل 652 مليون برميل مكافئ من الاحتياطيات المثبتة (87% مثبتة مطورة). من المتوقع أن تحقق الصفقة تآلفات سنوية بنحو 80-90 مليون دولار خلال 12 شهراً من الإغلاق وستكون مجدية من الناحية المالية مع توقع وصول التراكم للأرباح للسهم للفترة النصف الثاني من 2025 إلى أكثر من 10% قبل التآلفات.
وفقاً لشروط الاتفاق، سيحصل مساهمو Berry على 0.0718 سهم CRC عادي مقابل كل سهم BRY، مما يمثل علاوة قدرها 15%. من المتوقع أن تُغلق الصفقة في الربع الأول من عام 2026.
California Resources Corporation (NYSE: CRC) 与 Berry Corporation (NASDAQ: BRY) 已宣布达成一项最终协议，双方以全股票交易的方式合并，交易估值约为7.17亿美元，含 Berry 的净负债。并购将打造一个更强的加州能源领导者，合并后 CRC 的现有股东将持有约 合并公司约 94% 的股权。
合并后的实体将实现约 每日 16.1 万桶油当量的产量（其中 81% 为原油），并拥有 6.52 亿桶油当量的探明储量（87% 为已开发探明储量）。此次交易预计在完成后 12 个月内实现年度协同效应 8,000 万至 9,000 万美元，并将在关键财务指标上实现正向增厚，预计 2025 年下半年每股收益在扣除协同效应前将上涨超过 10%。
根据协议条款，Berry 的股东将获得每股 BRY 0.0718 股 CRC 普通股，较市场价格存在约 15% 的溢价。交易预计在 2026 年第一季度完成。
- Expected annual synergies of $80-90 million within 12 months of closing
- More than 10% accretion to cash flow and free cash flow per share in H2 2025
- Combined production of 161,000 BOE/day with 81% oil content
- Strong pro forma balance sheet with leverage ratio below 1.0x
- 70% of H2 2025 pro forma oil production hedged at $68/Bbl Brent floor price
- Addition of C&J Well Services enhances operational capabilities
- Strategic expansion into Uinta Basin with 100,000 net acres
- Integration risks and execution challenges in combining operations
- Required regulatory approvals could delay closing
- Berry shareholders face 94% dilution in combined company ownership
- Significant debt refinancing required for Berry's outstanding debt
Insights
CRC's acquisition of Berry creates a stronger California energy leader with significant synergies and immediate financial accretion.
California Resources Corporation's $717 million all-stock acquisition of Berry Corporation represents a strategic consolidation in California's energy landscape. The transaction values Berry at a 15% premium over its September 12 closing price, with CRC shareholders retaining approximately 94% of the combined entity.
This deal is particularly compelling from a financial perspective. At 2.9x enterprise value to 2025E adjusted EBITDAX, the acquisition is priced attractively below typical sector multiples. More importantly, CRC expects the transaction to be immediately accretive to both operating cash flow and free cash flow by over 10% on a per-share basis, even before factoring in synergies.
The synergy potential is substantial, with CRC identifying $80-90 million in annual cost savings (approximately 12% of the transaction value). These synergies are expected to materialize relatively quickly, with half implemented within six months of closing and the remainder within a year. The combination maintains financial discipline with pro forma leverage below 1.0x while adding 161 MBoe/d of production (81% oil) and 652 MMBoe of proved reserves (87% proved developed).
Beyond the immediate California assets, the acquisition provides CRC with strategic optionality through Berry's 100,000 net acre position in Utah's Uinta Basin. Recent horizontal well results there appear promising, with four wells collectively producing 3.8 MBoe/d gross (93% oil).
The transaction also brings C&J Well Services, Berry's oilfield services subsidiary, under CRC's control. This vertical integration should enhance operational efficiency, particularly for well maintenance and abandonment activities, while providing some insulation against service cost inflation.
The combination is expected to close in Q1 2026, subject to regulatory approval and Berry shareholder consent. With CRC's management team leading the combined entity from Long Beach, California, this transaction solidifies CRC's position as a leading conventional oil producer in California with improved scale and financial strength.
Highly Accretive Transaction Across Key Financial Metrics Enhances CRC’s Portfolio
Combination to Create a Stronger, More Efficient Leader in California Energy
LONG BEACH, Calif. and DALLAS, Sept. 15, 2025 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE: CRC) (“CRC”) and Berry Corporation (NASDAQ: BRY) (“Berry”) jointly announced today their entry into a definitive agreement to combine in an all-stock transaction valuing Berry at approximately
“The combination of CRC and Berry will create a stronger, more efficient California energy leader. This transaction is attractively valued and immediately accretive across key financial metrics, strengthening our ability to deliver sustainable value to shareholders,” said CRC President and CEO Francisco Leon. “By realizing substantial corporate and operating synergies, we expect to significantly lower costs and generate higher free cash flow. Equally important, the combined company will maintain a strong balance sheet with low leverage, a robust hedge book and liquidity—providing the flexibility to pursue new development opportunities amid an improving permitting backdrop in Kern County. We are now well positioned to unlock our deep asset inventory and drive long-term cash flow per share growth.”
“This announcement presents a compelling value proposition for our shareholders,” said Renée Hornbaker, Berry’s Board Chair. “The industrial logic of this merger will allow Berry shareholders to benefit from the creation of a larger and more sustainable business, with an improved capital structure and significant operational synergies. Additionally, the strong tailwinds we are seeing on the regulatory front makes this the right time to consummate this merger. The combined company will ensure our communities have access to safe, reliable and affordable energy through responsible in-state production, all while delivering significant long-term value for shareholders.”
Highlights
- Compelling fit with CRC’s low decline, conventional assets in California: The transaction will add high quality, oil-weighted, mostly conventional proved developed reserves and sustainable cash flow to CRC. On a pro forma2 basis, the combined company would have produced approximately 161 thousand barrels of oil equivalent per day (Mboe/d) (
81% oil) in the second quarter of 2025 and would have held approximately 652 million barrels of oil equivalent (MMboe) proved reserves3 (87% proved developed) as of year-end 2024. As a result of this combination, CRC will also own C&J Well Services, a California-focused oilfield services subsidiary of Berry. This business will enhance CRC’s ability to maintain active wells, strengthen its well abandonment capabilities, help support safe and responsible operations, mitigate future cost inflation and ensure long-term operational efficiency. - Accretive to key financial metrics: The combination is expected to be accretive to net cash provided by operating activities and free cash flow. It is priced at approximately 2.9x enterprise value / 2025E adjusted EBITDAX1,4 with projected second half 2025 per share accretion to both net cash provided by operating activities4,5 and free cash flow4,5 of more than
10% before estimated synergies. - Significant synergies identified, with upside potential: Within 12 months post closing, CRC expects to achieve annual synergies of
$80 – 90 million, or approximately12% of the transaction value1. Approximately50% of the run-rate synergies are expected to be implemented within six months of closing and the remaining50% of synergies are anticipated within 12 months. Synergies are expected to primarily come through corporate synergies, lower interest costs through debt refinancing, operating improvements and supply chain efficiencies. - Maintains financial strength and flexibility: Post closing, CRC will retain its strong balance sheet with estimated pro forma LTM leverage ratio4 of less than 1.0x and approximately
70% of its expected second half 2025 pro forma oil production hedged at$68 /Bbl Brent floor price6. - Uinta Basin - strategic optionality and development upside: Berry’s large, contiguous Uinta Basin position (~100,000 net acres with significant identified inventory), provides additional operational and financial optionality. Second quarter 2025 production was 4.2 MBoe/d (~
65% oil/liquids,79% NRI) with a PV-103,4 of total proved reserves of approximately$110 million as of year-end 2024. Berry recently brought online four horizontal wells which together are producing approximately 3.8 MBoe/d gross (~93% oil)7 with peak production expected in late September to early October.
Transaction Details
Berry shareholders will receive a fixed exchange ratio of 0.0718 shares of CRC common stock for each share of BRY common stock owned, representing a premium of
The transaction, which is expected to close in the first quarter of 2026, has been unanimously approved by the board of directors of both companies. Closing is subject to customary closing conditions, including receipt of required regulatory approvals and receipt of Berry shareholder approval. CRC’s executive management team will lead the combined company from its headquarters in Long Beach, California. Following the close of the transaction, CRC will provide additional financial and operating guidance for the combined company.
Advisors
RBC Capital Markets and Petrie Partners are serving as financial advisors and Sullivan & Cromwell LLP is serving as a legal advisor to CRC. Guggenheim Securities, LLC is serving as financial advisor and Vinson & Elkins LLP is serving as legal advisor to Berry.
Conference Call Details
A conference call and webcast is planned for 9 a.m. ET (6 a.m. PT) on Monday, September 15, 2025. To participate in the call, dial (877) 328-5505 (International calls dial +1 (412) 317-5421) or access via webcast at www.crc.com. Participants may also pre-register for the conference call at https://dpregister.com/sreg/10202940/ffe8c57248. A digital replay of the conference call will be available for approximately 90 days.
1 Berry’s transaction value was calculated as
2 Pro forma 2Q25 production is based on 2Q25 actual production for CRC and Berry from public filings. Unless otherwise noted, pro forma 2025 estimates are based on management estimates and/or FactSet consensus estimates as of September 12, 2025, and exclude estimated annualized synergies. All future quarterly dividends and share repurchases are subject to changes in commodity prices, restrictions under credit agreement covenants and the approval of CRC's Board (in the case of CRC) and Berry’s Board (in the case of Berry). Pro forma 2025 estimates are forward-looking statements and actual results could differ materially.
3 Reserves determined as of December 31, 2024 and use 2024 SEC Prices of
4 Represents a non-GAAP measure. For all historical non-GAAP financial measures please see the Earning Releases or Investor Relations pages at www.crc.com and www.bry.com for a reconciliation to the nearest GAAP equivalent and other additional information. CRC and Berry are unable to provide a reconciliation of non-GAAP financial measures contained in this release that are presented on a forward-looking basis for the described transaction because CRC and Berry are unable, without unreasonable efforts, to estimate and quantify the most directly comparable GAAP components, largely because predicting future operating results is subject to many factors outside of CRC's and Berry’s control and not readily predictable and that are not part of CRC's and Berry’s routine operating activities, including various economic, regulatory, political and legal factors.
5 Based on internal management expectations and consensus estimates from FactSet as of September 12, 2025. Net cash provided by operating activities and free cash flow are both before net changes in operating assets and liabilities and exclude targeted synergies, transaction costs, debt issuance costs and other expenses related to the transaction. Assumes 85.3 million fully-diluted shares outstanding for CRC standalone and 91.1 million fully-diluted shares outstanding for pro forma. Fully-diluted shares has been calculated as if all outstanding equity awards were accelerated upon a change in control and settled in shares.
6 Based on internal management expectations and consensus estimates from FactSet as of September 12, 2025.
7 Represents the 7-day average gross production for the period from September 7, 2025 to September 14, 2025.
About California Resources Corporation
California Resources Corporation (NYSE: CRC) is an independent energy and carbon management company committed to energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage (CCS) and other emissions reducing projects. For more information about CRC, please visit www.crc.com.
About Berry Corporation
Berry is a publicly traded (NASDAQ: BRY) western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived oil and gas reserves. Berry operates in two business segments: (i) exploration and production (“E&P”) and (ii) well servicing and abandonment services. Its 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. Its California assets are in the San Joaquin Basin (
Additional Information and Where to Find It
In connection with the transaction, CRC will file with the U.S. Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 (the “registration statement”), which will include a proxy statement of Berry that also constitutes a prospectus of CRC, and any other documents in connection with the transaction. The definitive proxy statement/prospectus will be sent to the holders of common stock of Berry. Investors and stockholders of CRC and Berry are urged to read the proxy statement/prospectus and any other documents filed or to be filed with the SEC in connection with the transaction when they become available, as they will contain important information about CRC, Berry, the transaction and related matters. The registration statement and proxy statement/prospectus and other documents filed by CRC or Berry with the SEC, when filed, will be available free of charge at the SEC’s website at https://www.sec.gov. Alternatively, investors and stockholders may obtain free copies of documents that are filed or will be filed with the SEC by CRC, including the registration statement and the proxy statement/prospectus, on CRC’s website at https://www.crc.com/investor-relations, and may obtain free copies of documents that are filed or will be filed with the SEC by Berry, including the proxy statement/prospectus, on Berry’s website at https://ir.bry.com/reports-resources. The information included on, or accessible through, CRC’s or Berry’s website is not incorporated by reference into this communication.
No Offer or Solicitation
This communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in Solicitation
CRC and certain of its directors, executive officers and other employees, and Berry and its directors and certain of Berry’s executive officers and other employees, may be deemed to be participants in the solicitation of proxies from Berry’s stockholders in connection with the transaction. A description of participants’ direct or indirect interests, by security holdings or otherwise, will be included in the proxy statement/prospectus relating to the transaction when it is filed with the SEC. Information regarding CRC’s directors and executive officers is contained in the “Board of Directors and Corporate Governance,” “Compensation Discussion and Analysis,” “Executive Compensation Tables,” “Director Compensation,” “Stock Ownership Information,” and “Proposals Requiring Your Vote – Proposal 1: Election of Directors” sections of CRC’s definitive proxy statement for CRC’s 2025 Annual Meeting of Stockholders, filed with the SEC on March 19, 2025; under the heading “Directors, Executive Officers and Corporate Governance” in Part III, Item 10 of CRC’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 3, 2025; in Item 5.07 of CRC’s Current Report on Form 8-K filed with the SEC on May 6, 2025; in CRC’s Current Reports on Form 8-K filed with the SEC on June 23, 2025 and November 25, 2024; and under “Our Team” accessed through the “Our Business” link on CRC’s website at https://www.crc.com/our-business/our-team. Information regarding Berry’s directors and executive officers is contained in the “Proposal No. 1—Election of Directors,” “Corporate Governance,” “Executive Officers,” “Executive Compensation – Compensation Discussion and Analysis,” “Director Compensation,” “Security Ownership of Certain Beneficial Owners and Management,” and “Certain Relationships and Related Party Transactions” sections of Berry’s definitive proxy statement for its 2025 annual meeting of stockholders, filed with the SEC on April 7, 2025; under the heading “Directors, Executive Officers and Corporate Governance” in Part III, Item 10 of Berry’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 13, 2025; in Item 5.07 of Berry’s Current Report on Form 8-K filed with the SEC on May 22, 2025; in Berry’s Current Reports on Form 8-K filed with the SEC on January 22, 2025 and October 25, 2024; and under “Leadership” accessed through the “About” link on Berry’s website at https://bry.com/about/management/. Additional information regarding ownership of Berry’s securities by its directors and executive officers and of CRC’s securities by its directors and executive officers is included in such persons’ SEC filings on Forms 3, 4 or 5, which are available at https://www.sec.gov/cgi-bin/own-disp?action=getissuer&CIK=0001705873 and https://www.sec.gov/cgi-bin/own-disp?action=getissuer&CIK=0001609253, respectively. These documents and the other SEC filings described in this paragraph may be obtained free of charge as described above under the heading “Additional Information and Where to Find It.”
Cautionary Note Regarding Forward-Looking Statements
Information set forth in this communication, including financial estimates and statements as to the effects of the 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. All statements other than historical facts are forward-looking statements, and include statements regarding the benefits of the transaction, future financial position and operating results of CRC and Berry, business strategy, projected revenues, earnings, costs, capital expenditures and plans, objectives and intentions of management for the future. Words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy” or similar expressions are generally intended to identify forward-looking statements. Such forward-looking statements are based upon the current beliefs and expectations of the management of CRC and Berry and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, projected in, or implied by, such statements. The expectations and forecasts reflected in these forward-looking statements are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond CRC’s and Berry’s control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause CRC’s and/or Berry’s actual results to be materially different from those described in the forward-looking statements include:
| (i) | transaction costs, |
| (ii) | unknown liabilities, |
| (iii) | the risk that any announcements relating to the transaction could have adverse effects on the market price of CRC’s common stock or Berry’s common stock, |
| (iv) | the ability to successfully integrate the businesses, |
| (v) | the ability to achieve projected synergies or it may take longer than expected to achieve those synergies, |
| (vi) | risks related to financial community and rating agency perceptions of CRC and Berry or their respective businesses, operations, financial condition and the industry in which they operate, |
| (vii) | risks related to the potential impact of general economic, political and market factors on CRC or Berry or the transaction, |
| (viii) | those expressed in CRC’s other forward-looking statements including those factors discussed in Part I, Item 1A – Risk Factors in CRC’s Annual Report on Form 10-K and its other SEC filings available at www.crc.com, |
| (ix) | those expressed in Berry’s other forward-looking statements including those factors discussed in Part I, Item 1A – Risk Factors in Berry’s Annual Report on Form 10-K and its other SEC filings available at https://ir.bry.com/, |
| (x) | the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction, |
| (xi) | the risk that stockholders of Berry may not approve the transaction, |
| (xii) | the risk that any of the other closing conditions to the transaction may not be satisfied in a timely manner, including the risk that all necessary regulatory approvals may not be obtained or may be obtained subject to conditions that are not anticipated, |
| (xiii) | risks related to disruption of management time from ongoing business operations due to the transaction, and |
| (xiv) | effects of the announcement, pendency or completion of the transaction on the ability of CRC and Berry to retain customers and retain and hire key personnel and maintain relationships with their respective suppliers and customers. |
The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of CRC’s registration statement on Form S-4 that will contain a proxy statement/prospectus discussed above, when it becomes available, and other documents filed by CRC or Berry from time to time with the SEC.
You are cautioned not to place undue reliance on forward-looking statements contained in this communication, which speak only as of the date hereof, and each of CRC and 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. This communication may also contain information from third-party sources. This data may involve a number of assumptions and limitations, and neither CRC nor Berry has independently verified them and do not warrant the accuracy or completeness of such third-party information.
Contacts:
| Joanna Park (CRC Investor Relations) 818-661-3731 Joanna.Park@crc.com | Daniel Juck (CRC Investor Relations) 818-661-6045 Daniel.Juck@crc.com | Hailey Bonus (CRC Media) 714-874-7732 Hailey.Bonus@crc.com | Christopher Denison (BRY Investor Relations) 661-616-3811 CDenison@bry.com |
FAQ
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