California Resources (CRC) Completes Merger with Berry Corporation

California Resources Corporation (NYSE:CRC) is included among the 12 Best Crude Oil Stocks to Buy for Dividends.

California Resources (CRC) Completes Merger with Berry Corporation

California Resources Corporation (NYSE:CRC) operates as an independent energy and carbon management company in the United States. It operates in two segments, Oil and Natural Gas, and Carbon Management.

California Resources Corporation (NYSE:CRC) made headlines on December 18 when the company announced that it had completed its all-stock merger with Berry Corporation, strengthening its oil and gas portfolio in California, while also adding strategic optionality in the Uinta basin. Under the agreement, Berry’s former shareholders received approximately 5.6 million shares of CRC common stock, valuing the deal at around $253 million based on the company’s closing share price on December 17. The merger was first announced in September 2025, when the oil and gas company also revealed that it expects to generate $80–90 million in annual synergies within a year of closing.

Francisco Leon, President and CEO of California Resources Corporation (NYSE:CRC), stated:

“CRC is entering 2026 stronger than ever, ready to build on our operational momentum and deliver meaningful synergies for our shareholders. This transaction adds high-quality assets in our core San Joaquin Basin and enhances cash flow durability and operating efficiencies as we build a stronger, more durable platform aimed to deliver sustainable shareholder value.”

In other news, California Resources Corporation (NYSE:CRC) revealed on December 16 that it is expanding its push into carbon management by signing an MoU with Middle River Power to provide the latter’s power facilities with carbon transportation and sequestration services. The strategic agreement marks CRC’s first MoU to provide carbon management services for a brownfield power facility in Northern California.

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Disclosure: None.