Berry Corporation stockholders approved a merger with California Resources Corporation, exchanging shares at a fixed ratio.
Quiver AI Summary
Berry Corporation announced that its stockholders have approved the merger with California Resources Corporation at a Special Meeting, with approximately 73% of total shares outstanding voting in favor of the transaction. Under the merger agreement, Berry stockholders will receive 0.0718 shares of CRC common stock for each share of Berry common stock they own. The final voting results will be disclosed in a Form 8-K filed with the SEC, and the merger is expected to close on December 18. Berry is an independent upstream energy company focused on low-risk, long-lived oil and gas reserves primarily in California and Utah.
Potential Positives
- Berry stockholders overwhelmingly approved the merger with California Resources Corporation, with approximately 73% of total shares outstanding voting in favor.
- The merger is expected to close on December 18, 2025, indicating a swift progression towards consolidation.
- The combination is likely to enhance Berry's market presence and operational capabilities in the energy sector.
Potential Negatives
- Concerns about the dependence on the successful closure of the merger, as any delays in meeting closing conditions could adversely affect stockholder confidence.
- The reliance on a fixed exchange ratio for stockholders may lead to dissatisfaction if the value of CRC shares fluctuates significantly post-merger.
- Potential risks and uncertainties associated with the merger are emphasized, which could impact investor sentiment negatively.
FAQ
What is Berry Corporation's recent achievement?
Berry Corporation announced the approval of its merger with California Resources Corporation by its stockholders.
What exchange ratio will Berry stockholders receive in the merger?
Berry stockholders will receive a fixed exchange ratio of 0.0718 shares of CRC common stock for each share of Berry common stock.
When is the expected closing date for the transaction?
The transaction is expected to close on December 18, 2025.
How much support did the merger receive from Berry stockholders?
Approximately 73% of the total shares outstanding and about 98% of the shares voted supported the merger.
Where can I find more information about Berry Corporation's risks?
Additional information on risks and uncertainties can be found in the definitive proxy statement filed by Berry with the SEC.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$BRY Revenue
$BRY had revenues of $151.1M in Q3 2025. This is a decrease of -42.25% from the same period in the prior year.
You can track BRY financials on Quiver Quantitative's BRY stock page.
$BRY Congressional Stock Trading
Members of Congress have traded $BRY stock 2 times in the past 6 months. Of those trades, 0 have been purchases and 2 have been sales.
Here’s a breakdown of recent trading of $BRY stock by members of Congress over the last 6 months:
- REPRESENTATIVE DEBBIE WASSERMAN SCHULTZ has traded it 2 times. They made 0 purchases and 2 sales worth up to $0 on 09/15.
To track congressional stock trading, check out Quiver Quantitative's congressional trading dashboard.
$BRY Hedge Fund Activity
We have seen 81 institutional investors add shares of $BRY stock to their portfolio, and 128 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- OAKTREE CAPITAL MANAGEMENT LP removed 3,697,000 shares (-100.0%) from their portfolio in Q3 2025, for an estimated $13,974,660
- TUDOR INVESTMENT CORP ET AL added 3,633,444 shares (+6686.5%) to their portfolio in Q3 2025, for an estimated $13,734,418
- SOUTH DAKOTA INVESTMENT COUNCIL removed 1,958,864 shares (-100.0%) from their portfolio in Q2 2025, for an estimated $5,426,053
- VANGUARD GROUP INC removed 1,752,389 shares (-27.0%) from their portfolio in Q3 2025, for an estimated $6,624,030
- ACADIAN ASSET MANAGEMENT LLC removed 1,494,451 shares (-100.0%) from their portfolio in Q3 2025, for an estimated $5,649,024
- HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC added 1,429,390 shares (+73.7%) to their portfolio in Q3 2025, for an estimated $5,403,094
- MILLENNIUM MANAGEMENT LLC added 1,332,780 shares (+356.0%) to their portfolio in Q3 2025, for an estimated $5,037,908
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$BRY Price Targets
Multiple analysts have issued price targets for $BRY recently. We have seen 2 analysts offer price targets for $BRY in the last 6 months, with a median target of $4.0.
Here are some recent targets:
- Charles Meade from Johnson Rice set a target price of $4.0 on 09/16/2025
- Mark Lear from Piper Sandler set a target price of $4.0 on 07/17/2025
Full Release
DALLAS, Dec. 15, 2025 (GLOBE NEWSWIRE) -- Berry Corporation (bry) (NASDAQ: BRY) (“Berry”) today announced that, at its Special Meeting of Stockholders held earlier today, Berry stockholders voted to approve its combination with California Resources Corporation (“CRC”) (NYSE: CRC). As previously announced, under the terms of the merger agreement, Berry stockholders will receive a fixed exchange ratio of 0.0718 shares of CRC common stock for each share of Berry common stock.
According to preliminary results, Berry stockholders approved the transaction with approximately 73% of the total shares outstanding and approximately 98% of the shares voted in support of the combination. The final voting results of Berry’s Special Meeting will be reported in a Form 8-K to be filed with the U.S. Securities and Exchange Commission (the “SEC”).
The closing of the transaction is expected to occur on December 18.
About Berry Corporation (BRY)
Berry is a publicly traded western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived oil and gas reserves. We operate in two business segments: (i) exploration and production (“E&P”) and (ii) well servicing and abandonment services. Our E&P assets are located in California and Utah, are characterized by high oil content and are predominantly located in rural areas with low population. Our California assets are in the San Joaquin Basin (100% oil), and our Utah assets are in the Uinta Basin (70% oil). We provide our well servicing and abandonment services to third party operators in California and our California E&P operations through C&J Well Services (CJWS).
FORWARD-LOOKING STATEMENTS
Statements we make regarding the closing of the proposed transaction constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other securities laws. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in such statements. These risks and uncertainties include, but are not limited to, the risk that any of the closing conditions to the proposed transaction may not be satisfied in a timely manner. Additional information concerning these and other important risks and uncertainties are described in the “Risk Factors” section of the definitive proxy statement/prospectus that was filed by Berry with the SEC on November 4, 2025, and other documents filed by Berry from time to time with the SEC. We caution you not to place undue reliance on forward-looking statements contained in this press release, which speak only as of the date hereof. Berry is under no obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact
Contact: Berry Corporation (bry)
Christopher Denison: Director – Investor Relations & Sustainability
[email protected]
(661) 616-3811
