California Resources completes all-stock merger with Berry

An update from California Resources Corp ( (CRC) ) is now available.

On December 18, 2025, California Resources Corporation completed its previously announced all-stock merger with Berry Corporation, making Berry a wholly owned subsidiary and issuing approximately 5.6 million CRC shares, valued at about $253 million based on CRC’s December 17, 2025 closing price, to Berry’s former equity holders at a fixed exchange ratio of 0.0718 CRC share per Berry share. To facilitate the deal, CRC executed an eighth amendment to its credit agreement on December 15, 2025, modestly increasing total elected lender commitments from $1.45 billion to $1.46 billion and adding a new lender, while Berry’s restricted stock units and performance-based awards were either cashed out or converted into CRC equity awards. The transaction expands CRC’s long-lived, low-decline conventional asset base in its core San Joaquin Basin and adds strategic optionality in Utah’s Uinta Basin, with management highlighting expected synergies, enhanced cash flow durability and operating efficiencies, and confirming that the combined company will remain headquartered in Long Beach and led by CRC’s existing executive team, with detailed 2026 guidance to follow alongside year-end 2025 results.

The most recent analyst rating on (CRC) stock is a Buy with a $68.00 price target. To see the full list of analyst forecasts on California Resources Corp stock, see the CRC Stock Forecast page.

Spark’s Take on CRC Stock

According to Spark, TipRanks’ AI Analyst, CRC is a Outperform.

California Resources Corp scores well due to strong financial performance and strategic corporate events, including a merger and credit agreement amendments. The valuation is attractive with a low P/E ratio and solid dividend yield. However, technical indicators suggest a neutral trend, and challenges in regulatory approvals pose some risks.

To see Spark’s full report on CRC stock, click here.

More about California Resources Corp

California Resources Corporation (CRC) is an independent energy and carbon management company headquartered in Long Beach, California, focused on responsibly sourced oil and gas production and the energy transition. The company emphasizes environmental stewardship and seeks to leverage its land, mineral ownership and technical expertise to develop carbon capture and storage (CCS) and other emissions-reduction projects, with a core asset base in California’s conventional reservoirs.

Average Trading Volume: 902,136

Technical Sentiment Signal: Sell

Current Market Cap: $3.74B

For an in-depth examination of CRC stock, go to TipRanks’ Overview page.