Berry Corporation (bry) Enters into Merger Agreement with California Resources Corporation

On September 14, 2025, Berry Corporation (bry) entered into a Merger Agreement with California Resources Corporation and Dornoch Merger Sub, LLC. The agreement stipulates that Merger Sub will merge with and into Berry Corporation, with Berry Corporation surviving as a wholly-owned subsidiary of California Resources Corporation. Each share of Berry Corporation common stock will be converted into 0.0718 shares of California Resources Corporation common stock, with cash paid in lieu of fractional shares. The merger is subject to customary closing conditions, including stockholder approval, regulatory approvals, and the absence of any material adverse effects. The Company's board of directors has unanimously approved the merger, recommending that stockholders vote in favor of the transaction. The merger is expected to qualify as a tax-free reorganization under U.S. federal income tax laws.