California Resources Corp

CRC closed its acquisition of Berry Corporation, issuing about 5.6 million shares worth roughly $253 million to Berry's former shareholders and adding Berry's San Joaquin Basin assets and Uinta Basin optionality to its portfolio.

asset acquisition disposition

CRC registered the shares for its all-stock takeover of Berry Corporation at 0.0718 CRC shares per Berry share -- a ratio that leaves Berry's shareholders with only about 6% of the combined company, a point Berry's own board recorded as a negative consideration. Berry brings San Joaquin Basin oil, Uinta Basin acreage in Utah and a California well-servicing business.

business combination

CRC agreed to acquire Berry Corporation in an all-stock deal valuing Berry at about $717 million, with existing CRC shareholders retaining roughly 94% of the combined company - its second major California in-basin combination after Aera Energy.

business combination

CRC completed its all-stock combination with Aera Energy, making Aera a wholly-owned subsidiary, adding IKAV's and CPPIB's board nominees, and expanding its credit facility's borrowing base to $1.5 billion to support the larger combined company.

asset acquisition disposition

CRC priced an upsized $600 million bond offering to help fund the repayment of Aera Energy's debt as part of the pending merger; the notes carry a redemption trigger if the Aera deal doesn't close by May 2025.

business combination

CRC agreed to acquire Aera Energy in an all-stock deal valuing Aera at about $2.1 billion, with Aera's owners (IKAV and Canada Pension Plan Investment Board) receiving shares equal to roughly 23% of the combined company; the deal would nearly double CRC's production to about 150,000 boe/day.

business combination

An appellate court reinstated a suspension on Kern County's ability to rely on its environmental permitting report, threatening to freeze CRC's California drilling permits; CRC warned it may cut its rig count and 2023 capital program if the freeze persists.

regulatory community update

CRC amended its post-bankruptcy credit facility to allow dividends and stock buybacks for the first time since emerging from Chapter 11, while easing its mandatory oil-hedging requirements.

material agreement

CRC emerged from Chapter 11 bankruptcy on October 27, 2020, wiping out over $5 billion in debt, entering a new $1.2 billion exit credit facility, and restructuring its Elk Hills power-plant joint venture with Ares Management as part of the reorganization.

asset acquisition disposition

the exchange certified California Resources Corp's securities for listing, clearing them to begin trading.

listing compliance notice

California Resources Corp's exchange filed to remove a class of its securities from listing.

listing compliance notice

NYSE notified CRC it would delist the company's stock following its bankruptcy filing and move to deregister the shares from public trading.

listing compliance notice

CRC filed for Chapter 11 bankruptcy, entering a pre-arranged restructuring backed by holders of most of its term loans and its Elk Hills joint-venture partner Ares Management that will erase over $5 billion of debt, funded by $1.1 billion of debtor-in-possession financing.

bankruptcy or receivership

CRC entered forbearance agreements with the large majority of its lenders after breaching covenants on its 2014 and 2016 credit facilities, buying time to negotiate debt relief as the oil-price crash hit its balance sheet.

material agreement

CRC bought out Chevron's remaining working, surface and mineral interests in the Elk Hills field for $460 million cash plus 2.85 million CRC shares, giving CRC full ownership of its flagship 47,000-acre asset for the first time.

asset acquisition disposition

CRC closed a new $1.3 billion term loan to repay its 2014 facility's term loan and part of its revolver, completing the refinancing announced days earlier and extending its debt maturities.

debt financing

CRC refinanced the debt load it carried since its 2014 spin-off from Occidental, amending its existing credit facility and adding a new $1 billion loan while a bond tender cut total debt by about $625 million.

debt financing