)

California Resources (CRC) investor relations material
California Resources M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Deal rationale and strategic fit
Creates California's leading energy platform by combining complementary asset bases, operational strengths, and Brent-linked production, enhancing scale and flexibility.
Adds high-quality, oil-weighted conventional reserves, sustainable cash flow, and permits for a one-rig drilling program through 2026.
Provides strategic optionality with Berry's Uinta Basin assets and C&J Well Services, supporting operational and financial flexibility.
Integration of well services enhances operations, secures supply chain, and mitigates future cost inflation.
Recent legislative changes incentivize local production, making the timing of the merger highly strategic and supporting state energy security.
Financial terms and conditions
All-stock transaction values Berry at approximately $717 million, including 5.8 million shares and $408 million of assumed net debt; CRC shareholders will own about 94% of the combined company.
Transaction valued at 2.9x 2025 consensus EBITDAX and $30,000 per flowing barrel.
Combined entity enterprise value exceeds $6 billion, with 161 MBoe/d net production and 652 MMBoe proved reserves.
Berry shareholders receive 0.0718 CRC shares per Berry share, a 15% premium to pre-announcement prices.
No lockups or collars; CRC plans to refinance Berry's debt with cash and credit facilities, possibly issuing new debt.
Synergies and expected cost savings
Targeting $80–90 million in annual synergies within 12 months, about 12% of transaction value, with 50% realized in six months.
Synergies expected from corporate cost reductions, debt refinancing, operating improvements, and supply chain efficiencies.
Discounted annual run-rate synergies valued at $500 million NPV (at 10%) over 10 years, with minimal capital required.
Pro forma free cash flow per share expected to improve by ~14% before synergies.
Integration approach modeled after successful prior mergers, with confidence in achieving targets ahead of schedule.
Next California Resources earnings date

Next California Resources earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage