David Deckelbaum

Scott Hanold

Joshua Silverstein

Kaleinoheaokealaula Akamine

Betty Jiang

Leo Mariani

Michael Scialla

Nate Pendleton

Noel Parks

Scott Gruber

Wei Jiang

Alejandra Magana

Josh Silverstein

Kalei Akamine

Leo P. Mariani

Michael Furrow

Nathaniel Pendleton

Neal Dingmann

Nitin Kumar

Phillips Johnston

Zach Parham

- California Resources Corporation (CRC) announced the pricing of a private offering of **$400 million** in aggregate principal amount of its **7.000% senior unsecured notes due 2034** at par.  **[1609253_0001193125-25-215598_d13520dex991.htm:0]** **[1609253_0001193125-25-215598_d13520d8k.htm:1]** **[1609253_0001193125-25-215598_d13520dex991.htm:1]** 
- The offering is expected to close on **October 8, 2025**, with estimated net proceeds of approximately **$394 million**.  **[1609253_0001193125-25-215598_d13520dex991.htm:1]** 
- The company intends to use the net proceeds to **repay existing indebtedness of Berry Corporation (bry)** in connection with the pending Berry Merger, and to pay related fees and expenses.  **[1609253_0001193125-25-215598_d13520dex991.htm:1]** 
- The Notes are subject to a special mandatory redemption if the Berry Merger does not occur by **March 14, 2026**, or if the merger agreement is terminated.  **[1609253_0001193125-25-215598_d13520dex991.htm:1]**

California Resources Corporation Announces Pricing of Senior Unsecured Notes Offering

- California Resources Corporation (CRC) announced a **private offering of $400 million of senior unsecured notes due 2034**.  **[1609253_0001193125-25-214054_d175953dex991.htm:0]** **[1609253_0001193125-25-214054_d175953dex991.htm:1]** 
- The net proceeds from this offering, combined with cash on hand and revolving credit facility borrowings, are intended to **repay Berry Corporation's existing indebtedness** as part of the pending business combination with Berry.  **[1609253_0001193125-25-214054_d175953dex991.htm:1]** 
- CRC entered into an agreement to acquire Berry Corporation on **September 14, 2025**, for a total purchase consideration of **$750 million**, which includes **$309 million** in CRC common stock and **$428 million** for debt repayment.  **[1609253_0001193125-25-214054_d175953dex101.htm:0]** **[1609253_0001193125-25-214054_d175953dex992.htm:10]** **[1609253_0001193125-25-214054_d175953dex992.htm:11]** **[1609253_0001193125-25-214054_d175953dex992.htm:12]** 
- The notes are subject to a special mandatory redemption if the Berry Merger is not consummated by **March 14, 2026**, or if the merger agreement is terminated.  **[1609253_0001193125-25-214054_d175953dex991.htm:1]**

California Resources Corporation Announces **$400 Million** Senior Unsecured Notes Offering to Fund Berry Acquisition

- On **September 14, 2025**, California Resources Corporation (CRC) entered into an Agreement and Plan of Merger with **Berry Corporation (bry)**.  **[1609253_0001609253-25-000076_crc-20250914.htm:2]** 
- Under the terms of the agreement, each share of Berry Corporation common stock will be converted into **0.0718 shares of CRC common stock**.  **[1609253_0001609253-25-000076_crc-20250914.htm:2]** **[1609253_0001609253-25-000076_mergeragreementedgar.htm:5]** 
- Upon the effective time of the merger, Berry Corporation will survive as a **direct, wholly-owned subsidiary of CRC**.  **[1609253_0001609253-25-000076_crc-20250914.htm:2]** 
- The merger is subject to certain conditions and has an "Outside Date" for completion of **March 14, 2026**, which may be extended.  **[1609253_0001609253-25-000076_crc-20250914.htm:5]**

California Resources Corporation announces merger agreement with Berry Corporation

- California Resources Corporation (CRC) announced an **all-stock combination** with Berry Corporation, aiming to enhance scale and create significant operating and cost synergies.  **[1609253_2144361_0]** **[1609253_2144361_1]** 
- The transaction is valued at approximately **2.9 times 2025 consensus EBITDAX** and about **$30,000 per flowing barrel**.  **[1609253_2144361_1]** 
- It is expected to deliver accretion of more than **10%** to second-half **2025 operating cash flow and free cash flow** and targets annual synergies of **$80 million to $90 million** within **12 months**.  **[1609253_2144361_1]** 
- Berry Corporation contributes approximately **20,000 barrels of oil per day** of California-based production and **20,000 mostly adjacent net acres**, along with C&J Well Services and Uinta Basin assets.  **[1609253_2144361_1]** 
- Upon closing, expected in **2026**, CRC shareholders will own **94%** of the combined company, and the pro forma last twelve months leverage ratio is anticipated to be about **0.8 times**, making it essentially credit neutral.  **[1609253_2144361_1]**

California Resources Corporation Announces All-Stock Combination with Berry Corporation

- California Resources Corporation (CRC) announced a strategic bolt-on combination with Berry Corporation (BRY), valued at approximately **$717 million**, with an estimated close in **Q1 2026**.  **[1609253_2144201:0]** **[1609253_2144201:11]** 
- The transaction is expected to generate **$80 – 90 million** in targeted annual synergies and is projected to be immediately accretive, increasing pro forma OCF* & FCF* per share by **>10%**.  **[1609253_2144201:11]** 
- CRC shareholders are anticipated to own approximately **94%** of the pro forma company, which is expected to maintain a strong balance sheet with a pro forma LTM Leverage Ratio* of **<1.0x**.  **[1609253_2144201:11]** 
- The combined entity is expected to have **652 MMBoe** in 2024 Proved SEC Reserves, representing a **~20%** growth in pro forma proved reserves.  **[1609253_2144201:12]** **[1609253_2144201:13]**

California Resources Announces Combination with Berry Corporation

- California Resources Corporation (CRC) and Berry Corporation (Berry) have entered into a definitive agreement for an **all-stock combination**, valuing Berry at approximately **$717 million**, inclusive of Berry's net debt.  **[1609253_0001609253-25-000071_a20250915ex991.htm:0]** 
- Upon closing, existing CRC shareholders are expected to own approximately **94%** of the combined company.  **[1609253_0001609253-25-000071_a20250915ex991.htm:0]**  The transaction is anticipated to close in the **first quarter of 2026**.  **[1609253_0001609253-25-000071_a20250915ex991.htm:2]** 
- The combination is expected to be immediately accretive to key financial metrics, with projected second half 2025 per share accretion to both net cash provided by operating activities and free cash flow of **more than 10%** before estimated synergies.  **[1609253_0001609253-25-000071_a20250915ex991.htm:1]** 
- CRC expects to achieve annual synergies of **$80 – 90 million** within 12 months post-closing.  **[1609253_0001609253-25-000071_a20250915ex991.htm:1]** 
- On a pro forma 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 held approximately **652 million barrels of oil equivalent (MMboe)** proved reserves as of year-end 2024.  **[1609253_0001609253-25-000071_a20250915ex991.htm:1]** **[1609253_0001609253-25-000071_a20250915ex992.htm:7]**

California Resources (CRC)