Acquisition BenefitsCRC announced an accretive all-stock transaction to acquire fellow CA oil producer BRY in a deal valued at ~$717 MM.
Financial PerformanceFY25 Adjusted EBITDA guidance is revised up by $120 million, even as Brent prices have dropped.
Regulatory EnvironmentNew legislation in California, SB 237, reduces risks in the operating environment, allowing for a lower discount rate and increasing the price objective of California Resources Corp.