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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.M&A Announcement summary15 Sep, 2025
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.
Synergy realization timeline and key drivers?
Uinta Basin asset development plans?
C&J Well Services' strategic role post-merger?
Reconcile synergy valuation differences?
What is the strategy for Uinta assets?
Pace of capital deployment with new permits?
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Next California Resources earnings date
Q3 20255 Nov, 2025
Next California Resources earnings date
Q3 20255 Nov, 2025
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Frequently asked questions
California Resources Corporation is an independent energy company engaged in the exploration, production, and development of oil and natural gas. The company focuses on conventional and unconventional resource plays, primarily in California. Its operations include producing crude oil, natural gas, and natural gas liquids (NGLs) from onshore and offshore fields. The company is headquartered in Long Beach, California, and its shares are listed on the NYSE.
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