If You Invested in Berry Corporation (BRY)

Berry Corporation (BRY) was a publicly traded independent upstream energy company focused on crude petroleum and natural gas extraction in the western United States. According to company disclosures, Berry concentrated on onshore, low geologic risk, long-lived oil and gas reserves and operated as a western U.S. independent energy producer listed on the Nasdaq Global Select Market under the symbol BRY until its merger with California Resources Corporation.

Berry reported that it operated through two primary business segments: exploration and production (E&P) and well servicing and abandonment services. The E&P segment focused on developing and producing oil and gas reserves, while the well servicing and abandonment services segment provided operational support, including services to third-party operators, through C&J Well Services (CJWS) in California.

Core assets and geographic focus

Company communications describe Berry’s E&P assets as being located in California and Utah, predominantly in rural areas with low population. In California, Berry’s assets were in the San Joaquin Basin and characterized as 100% oil. In Utah, its assets were in the Uinta Basin, with disclosures indicating a high oil weighting (with oil comprising a majority of production). These assets were repeatedly described as high oil content and long-lived, aligning with Berry’s stated focus on oil-weighted, onshore reserves.

Berry’s public filings and news releases emphasized that its reserves and operations were onshore and that the company targeted low geologic risk reservoirs. This focus was central to its strategy of generating stable cash flows from long-lived assets rather than pursuing higher-risk exploratory projects.

Business segments and services

In the exploration and production segment, Berry developed and produced oil and gas from its California and Utah properties. The company highlighted oil as the dominant component of its production mix, with oil representing the vast majority of total production volumes in its reported operating summaries.

Through its well servicing and abandonment services segment, Berry provided well servicing and abandonment services in California, both to third-party operators and to its own California E&P operations. These services were delivered via C&J Well Services (CJWS), which Berry described as a California-focused oilfield services business. This segment supported active wells and well abandonment activities and was integrated with Berry’s California upstream operations.

Corporate structure and public listing

Berry Corporation (bry) was incorporated in Delaware and its common stock, with a par value of $0.001 per share, was registered under Section 12(b) of the Exchange Act and traded on the Nasdaq Global Select Market under the ticker BRY. The company identified itself in SEC filings and news releases as a publicly traded western United States independent upstream energy company.

On December 18, 2025, as disclosed in a Form 8-K, Dornoch Merger Sub, LLC, a direct wholly owned subsidiary of California Resources Corporation (CRC), merged with and into Berry, with Berry surviving as a direct, wholly owned subsidiary of CRC. At the effective time of the merger, each share of Berry common stock (other than specified excluded shares) was automatically converted into the right to receive a fixed exchange ratio of 0.0718 shares of CRC common stock, together with cash in lieu of fractional shares, in accordance with the Agreement and Plan of Merger.

Delisting and post‑merger status

Following completion of the merger, Berry reported in its Form 8-K that it notified Nasdaq of the closing and requested withdrawal of the listing of its common stock. Nasdaq then filed a Form 25 with the SEC to remove Berry’s common stock from listing and registration under Section 12(b) of the Exchange Act. As a result, BRY ceased trading and is no longer listed on Nasdaq. Berry also stated its intention to file a Form 15 to suspend its reporting obligations under Sections 13 and 15(d) of the Exchange Act and to terminate registration of its common stock under Section 12(g).

As of the merger’s effective time, Berry’s former public shareholders no longer held equity in Berry Corporation directly and instead became entitled to receive CRC common stock based on the agreed exchange ratio. Berry’s board of directors and certain officers resigned at the effective time in connection with the change in control, and Berry’s certificate of incorporation and bylaws were amended and restated as part of its transition to a wholly owned subsidiary of California Resources Corporation.

Historical context

Before the merger, Berry’s public communications consistently described the company as a western United States independent upstream energy company focused on onshore, low geologic risk, long-lived oil and gas reserves, with E&P assets in the San Joaquin Basin in California and the Uinta Basin in Utah, and a separate segment providing well servicing and abandonment services in California through CJWS. For investors researching the historical BRY stock, these characteristics define Berry’s business profile prior to becoming part of California Resources Corporation.