California Resources Corporation (CRC) closed its all-stock combination with Berry Corporation, enhancing CRC's portfolio with strategic assets.
The transaction strengthens CRC's position in the market, particularly in the California region.
CRC's President mentioned that this move will create synergies, operational momentum, and deliver shareholder value.
Enhanced Portfolio
CRC's portfolio is now fortified with Berry Corporation's valuable assets, especially in the core San Joaquin Basin.
Operational Momentum
The transaction boosts CRC's operational capabilities, cash flow durability, and efficiency, aiming to deliver sustainable shareholder value.
Shareholder Value
By integrating Berry Corporation, CRC enhances its strategic position and aims to provide enhanced shareholder value in the long term.
- The combination with Berry Corporation adds significant development upside to CRC's conventional assets.
- CRC's presence in the energy market, especially in California, is expected to be more robust and flexible due to the added assets.
- The transaction aligns with CRC's commitment to energy transition and environmental stewardship, focusing on creating value through decarbonization projects.
The closure of the combination with Berry Corporation marks a crucial step for CRC in strengthening its position and expanding its operational capabilities. The company is set to leverage this move to drive growth and deliver value to its shareholders in the future.