California Resources (CRC) announces S-4/proxy filing for proposed Berry merger

Rhea-AI Filing Summary

California Resources Corporation (CRC) states that a Registration Statement on Form S-4 will be filed in connection with the proposed Berry merger and that Berry's definitive proxy statement/prospectus will be sent to Berry stockholders. The filing package will include a proxy statement that also serves as CRC's prospectus and will be available free at the SEC website and on CRC's and Berry's investor websites. The notice cites specific existing filings that contain related disclosure, including CRC's Form 10-K for the year ended December 31, 2024 (filed March 3, 2025), multiple Current Reports (including May 6, 2025 and June 23, 2025), and Berry's definitive proxy (filed April 7, 2025) and Annual Report for the year ended December 31, 2024 (filed March 13, 2025). The communication directs investors to SEC Forms 3/4/5 for officer and director ownership and references a press release dated September 24, 2025.

Positive

• Registration Statement (Form S-4) will be filed, indicating formal merger disclosure is forthcoming
• Definitive proxy/prospectus will be provided to Berry stockholders and made available publicly
• References to specific SEC filings and dates (e.g., CRC 10-K filed March 3, 2025; Berry proxy filed April 7, 2025) allow targeted review
• Investor access to all documents via the SEC and company investor websites at no charge

Negative

• Economic terms of the Berry merger (consideration, exchange ratio, purchase price) are not disclosed in this communication
• Timing and voting recommendations for the merger are not provided
• Post-transaction governance details (board composition, management changes) are not specified here

Insights

M&A Specialist

TL;DR: A formal S-4 registration and proxy/prospectus filing signals a material, near-term merger process with required investor disclosures.

The filing of an S-4 and issuance of a definitive proxy/prospectus is a standard and material step in consummating a merger that involves a security issuance or exchange. It centralizes transactional disclosures—deal structure, consideration, pro forma effects and related-party matters—into publicly available documents that investors can review. The references to existing SEC filings and officer/director ownership forms are consistent with preparing a comprehensive disclosure package. The communication does not include deal economics, timing, voting recommendations or regulatory clearances, so the documents to be filed will be determinative for valuation and closing risk assessment.

Corporate Governance Expert

TL;DR: The notice ensures disclosure pathways for director/officer information but omits specific governance impacts pending the S-4.

Directing investors to existing proxy and Form 10-K disclosures provides transparency around directors, executive officers and security ownership; these elements are material to control and post-transaction governance. The communication appropriately notes where to find Forms 3/4/5 for insider ownership. However, the statement lacks details on proposed board composition, director nominations, potential conflicts, or related-party arrangements arising from the Berry merger; those items should appear in the forthcoming proxy/prospectus to allow shareholders to assess governance implications before voting.

California Resources Corp false 0001609253 0001609253 2025-09-24 2025-09-24

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): September 24, 2025

California Resources Corporation

(Exact Name of Registrant as Specified in its Charter)

Delaware		001-36478		46-5670947
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

1 World Trade Center Suite 1500 Long Beach California		90831
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (888) 848-4754

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		CRC		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events.

On September 24, 2025, California Resources Corporation (the “Company”) issued a press release announcing the pricing of its private offering of $400 million in aggregate principal amount of its 7.000% senior notes due 2034 at par. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Additional Information and Where to Find It

In connection with the Company’s pending merger (the “Berry Merger”) with Berry Corporation (bry), a Delaware corporation, the Company will file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 that will be filed by the Company (the “Registration Statement”), which will include a proxy statement of Berry that also constitutes a prospectus of the Company, and any other documents in connection with the Berry Merger. The definitive proxy statement/prospectus will be sent to the holders of common stock of Berry. Investors and stockholders of the Company 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 Berry Merger when they become available, as they will contain important information about the Company, Berry, the Berry Merger and related matters. The Registration Statement and proxy statement/prospectus and other documents filed by the Company 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 the Company, including the Registration Statement and the proxy statement/prospectus, on the Company’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, the Company’s or Berry’s website is not incorporated by reference into this communication.

Participants in the Solicitation of Proxies

The Company 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 Berry Merger. A description of participants’ direct or indirect interests, by security holdings or otherwise, will be included in the proxy statement/prospectus relating to the Berry Merger when it is filed with the SEC. Information regarding the Company’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 the Company’s definitive proxy statement for the Company’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 the Company’s Current Report on Form 8-K filed with the SEC on May 6, 2025; in the Company’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 the Company’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.”

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 in connection with the Berry Merger except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
99.1		Press Release dated September 24, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

California Resources Corporation
/s/ Michael L. Preston
Name:		Michael L. Preston
Title:		Executive Vice President, Chief Strategy Officer and General Counsel

DATED: September 24, 2025

FAQ

What filings will CRC (symbol CRC) provide for the Berry merger?

The company states a Form S-4 registration statement will be filed and a definitive proxy/prospectus will be sent to Berry stockholders and made available on the SEC and company websites.

Where can investors read the merger-related documents?

Documents will be available free at the SEC website (www.sec.gov), CRC's investor relations site (https://www.crc.com/investor-relations) and Berry's investor site (https://ir.bry.com/reports-resources).

Which existing CRC and Berry filings does the notice reference?

It references CRC's Form 10-K for year ended Dec 31, 2024 (filed Mar 3, 2025), multiple Current Reports (including May 6, 2025 and June 23, 2025), and Berry's definitive proxy (filed Apr 7, 2025) and Annual Report (filed Mar 13, 2025).

Does this communication disclose the merger price or exchange ratio?

No. The communication does not disclose deal economics, exchange ratios, or purchase price; those details are expected in the S-4/proxy/prospectus when filed.

How can I find information about directors' and officers' ownership?

The notice directs investors to Forms 3, 4, and 5 for each issuer available via the SEC ownership-dispersion links for CIK 0001705873 (Berry) and 0001609253 (CRC).