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BRY 資訊
BRY 事件
California Resources Completes All-Stock Merger with Berry Corporation
California Resources (CRC) closed its all-stock combination with Berry Corporation (BRY). The transaction enhances CRC's premier California portfolio of long-lived, low-decline conventional assets with significant development upside and adds strategic optionality in the Uinta basin. "CRC is entering 2026 stronger than ever, ready to build on our operational momentum and deliver meaningful synergies for our shareholders," said Francisco Leon, CRC's President and Chief Executive Officer. "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 aimed to deliver sustainable shareholder value." Under the terms of the definitive agreement, Berry's former equity holders received approximately 5.6 million shares of CRC common stock, having an approximate aggregate value of $253 million based on CRC's closing share price on December 17, 2025.
Berry Corporation Shareholders Approve Merger with California Resources
Berry Corporation (BRY) announced that, at its Special Meeting of Stockholders held Monday, Berry stockholders voted to approve its combination with California Resources Corporation (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 73% of the total shares outstanding and approximately 98% of the shares voted in support of the combination. The closing of the transaction is expected to occur on December 18.
Berry Corporation announces Q3 adjusted earnings per share of 8 cents, surpassing consensus estimate of 6 cents.
Reports Q3 revenue $128M vs. $154M last year. Produced 23.9 thousand barrels of oil equivalent per day. The company said, "Due to the pending merger with CRC, Berry has discontinued providing guidance. Accordingly, investors are cautioned not to rely on historical forward-looking statements as those forward-looking statements were the estimates of management only as of the date provided and were subject to the specified risks and uncertainties that accompanied such forward-looking statements."
Roth believes California Resources-Berry synergies could exceed initial estimates.
After California Resources (CRC) announced an agreement to acquire Berry Corp. (BRY) in an all-stock transaction valued at $717M, including the assumption of net debt, Roth Capital analyst Leo Mariani thinks this acquisition "makes a lot of strategic sense" given the overlap and adjacency of Berry's California assets and the recent legislative move in California to reopen oil and gas well permitting in Kern County. California Resources expects to realize $80M-$90M of synergies from the transaction within 12 months of the close, but the firm suspects that the synergies may be higher than this based on Berry's current cash G&A levels, says the analyst, who has a Buy rating and $63 price target on California Resources shares.
Jefferies finds 'irrefutable' rationale in merging California Resources and Berry
After California Resources (CRC) announced a roughly $717M all-stock acquisition of Berry Corp (BRY) following the passing of SB 237 over the weekend, Jefferies argued that combining the two California producers has "undeniable industrial logic." The deal is priced at "a reasonable valuation and management highlighted that it is greater than 10% accretive to cash flow per share and free cash flow per share before synergies, adds the analyst, who has a Buy rating on California Resources and a Hold rating on Berry shares.
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