26 June 2026debt financing▲ Good
CRC issued $550 million of new 7.250% notes due 2035 to redeem in full its higher-cost 8.250% notes due 2029 - the same notes it sold in 2024 to fund the Aera Energy acquisition - lowering its interest costs.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Apr 2026material agreement▲ Good
CRC amended its credit facility again, this time to lower its borrowing costs under the pricing grid.
23 Mar 2026debt financing● Neutral
CRC issued an additional $350 million of its 7.000% notes due 2034, upsizing the note series first sold in October 2025.
18 Dec 2025asset acquisition disposition▲ GoodMajor
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.
12 Nov 2025business combination▲ Good
Antitrust clearance came through for the Berry Corporation merger, leaving only Berry's shareholder vote and FERC approval before closing.
31 Oct 2025material agreement▲ Good
CRC expanded its credit facility's lending syndicate and raised its commitment amount from $1.15 billion to $1.45 billion.
14 Oct 2025business combination● NeutralMajor
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.
8 Oct 2025debt financing● Neutral
CRC closed its $400 million offering of 7.000% senior notes due 2034, financing earmarked to retire Berry Corporation's debt upon completion of their merger.
24 Sept 2025material agreement● Neutral
CRC amended its credit facility to accommodate the pending Berry merger and launched a $400 million bond offering to refinance Berry's debt once the deal closes.
17 Sept 2025business combination● Neutral
CRC filed the definitive merger agreement for the Berry Corporation acquisition, structured as a straight merger of a CRC subsidiary into Berry.
15 Sept 2025business combination▲ GoodMajor
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.
22 Aug 2024debt financing● Neutral
CRC issued an additional $300 million of its 8.250% notes due 2029 and used part of the proceeds to tender for up to $300 million of its 7.125% notes due 2026, extending its debt maturity profile.
1 July 2024asset acquisition disposition▲ GoodMajor
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.
5 June 2024debt financing● Neutral
CRC closed its $600 million offering of 8.250% senior notes due 2029, the notes earmarked to fund repayment of Aera Energy's debt once the merger closes.
21 May 2024business combination● NeutralMajor
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.
26 Mar 2024business combination▲ Good
Antitrust clearance for the Aera Energy merger came through, leaving shareholder and regulatory approvals as the only remaining steps before the deal's expected mid-2024 close.
11 Mar 2024material agreement● Neutral
CRC again amended its credit facility, postponing its scheduled spring borrowing-base review to the fall to accommodate the pending Aera merger.
14 Feb 2024material agreement● Neutral
CRC amended its credit agreement to permit a bridge loan facility, laying financing groundwork for its pending Aera Energy acquisition.
9 Feb 2024business combination▲ Good
CRC filed the definitive merger agreement for its Aera Energy acquisition, naming IKAV and Canada Pension Plan Investment Board as Aera's selling equity holders and setting up merger subsidiaries to execute the stock-for-stock combination.
7 Feb 2024business combination▲ GoodMajor
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.
27 Jan 2023regulatory community update▼ BadMajor
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.
16 Feb 2022material agreement● Neutral
CRC updated its credit facility to replace the LIBOR interest-rate benchmark with SOFR, a routine industry-wide transition.
11 May 2021material agreement▲ GoodMajor
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.
2 Nov 2020asset acquisition disposition▲ GoodMajor
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.
27 Oct 2020listing compliance notice▲ GoodMajor
the exchange certified California Resources Corp's securities for listing, clearing them to begin trading.
31 July 2020listing compliance notice● NeutralMajor
California Resources Corp's exchange filed to remove a class of its securities from listing.
24 July 2020material agreement● Neutral
As part of its bankruptcy restructuring, CRC formalized the backstop commitments for its planned equity rights offering, securing the capital needed to fund its reorganization plan.
17 July 2020listing compliance notice▼ BadMajor
NYSE notified CRC it would delist the company's stock following its bankruptcy filing and move to deregister the shares from public trading.
16 July 2020bankruptcy or receivership▼ BadMajor
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.
13 July 2020material agreement▼ Bad
Lenders extended the forbearance deadline once more, days before CRC ultimately filed for Chapter 11 bankruptcy protection.