History
Berry Corp listed in 2018, survived a sharp cut to its bank lending in 2020, refinanced twice, and was bought by California Resources in December 2025.
2018-2021: Listing and a tightening of credit
Berry Corp's securities were certified for listing in July 2018, clearing them to begin trading. Its share count rose from 32,920,000 at the end of 2017 to 81,202,437 at the end of 2018, though the beats do not explain that jump.
The company relied on a bank credit facility, which had been loosened in 2018 and 2019. That changed in June 2020, when Berry cut its borrowing base (the amount lenders will lend against its assets) from $850 million to $200 million. Actual availability was capped at $150 million until the next review, expected around November 1, 2020. The amendment also required weekly loan repayments from cash above $30.0 million, waived certain defaults over late hedging reports, and further limited dividends and share repurchases.
In August 2021 Berry replaced its 2017 Wells Fargo credit agreement with a new JPMorgan-led revolving facility of up to $500 million. It started with a $200 million borrowing base and matured August 26, 2025. The company also announced a $50 million share repurchase program. Its share count was 75,767,503 at the end of 2022, but the beats do not say why it fell.
2022-2024: Quiet years and a full refinancing
The record for these years is quiet apart from the final weeks of 2024. On December 24, 2024, Berry refinanced all of its debt. It borrowed $450 million under an amended term loan with Breakwall Credit Management as agent, and entered a new Texas Capital Bank-led revolving credit agreement maturing December 24, 2027, with a $95 million borrowing base and $63 million of elected commitments. The money redeemed the 7.000% Senior Notes due 2026 on December 26, 2024 and ended the C&J Facility and the 2021 JPMorgan-led facility. This also settled the question of the facility that had been due to mature in August 2025.
2025-2026: Merger with California Resources
On September 14, 2025, Berry agreed to merge with California Resources Corporation (CRC), with Berry surviving as a wholly owned CRC subsidiary. Each Berry share would receive 0.0718 CRC shares, with cash for fractions. The board unanimously recommended the deal. Completion required Berry stockholder approval, antitrust clearance, NYSE listing of the CRC shares and an effective registration statement.
In November Berry sent stockholders its proxy statement for a virtual special meeting on December 15, 2025. The exchange ratio was worth about $3.81 per Berry share at CRC's September 12 close and about $3.39 at November 3.
The merger closed on December 18, 2025. Berry's term loan and revolver were paid off in full and terminated, all directors resigned, and its shares stopped trading on Nasdaq. On January 6, 2026, Berry deregistered its securities, ending its obligation to file reports with the SEC. As of that date, Berry was a wholly owned subsidiary of CRC, with no debt facilities outstanding.
Written from the 10 story beats below (2018 to 6 Jan 2026), which come from the company's own announcements and filings.