California Resources Corporation to merge with Berry Corporation in a $717m deal.

California Resources Corporation, a company engaged in hydrocarbon exploration in California, agreed to merge with Berry Corporation, an independent oil and natural gas company, in a $717m deal. “The combination of CRC and Berry will create a stronger, more efficient California energy leader. This transaction is attractively valued and immediately accretive across key financial metrics, strengthening our ability to deliver sustainable value to shareholders. By realizing substantial corporate and operating synergies, we expect to significantly lower costs and generate higher free cash flow. Equally important, the combined company will maintain a strong balance sheet with low leverage, a robust hedge book and liquidity—providing the flexibility to pursue new development opportunities amid an improving permitting backdrop in Kern County. We are now well positioned to unlock our deep asset inventory and drive long-term cash flow per share growth,” Francisco Leon, CRC President and CEO.