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 completed its all-stock merger with Berry on December 18, 2025, with Berry becoming a wholly-owned subsidiary and each Berry share converting into 0.0718 CRC shares. It also added a lender and raised its credit facility commitments from $1.45 billion to $1.46 billion.
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, issuing 21,315,707 shares and making Aera a wholly-owned subsidiary. It appointed two directors under the IKAV and CPP stockholder agreements and raised its revolving credit commitments from $630 million to $1.1 billion.
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.
7 May 2024business combination● NeutralMajor
CRC filed the final proxy statement for the Aera Energy deal and set the special shareholder meeting for June 26, 2024 (record date May 6, 2024). Holders vote on issuing 21,170,357 shares to Aera's sellers; the board unanimously recommends voting for. The deal cannot close without this approval, and if it fails CRC must reimburse the sellers' expenses or in some cases pay a termination fee.
23 Apr 2024business combination● NeutralMajor
CRC filed a preliminary proxy statement for a special shareholder vote on its Aera Energy acquisition (agreed February 7, 2024). CRC would issue 21,170,357 shares to Aera's sellers (affiliates of IKAV, Canada Pension Plan Investment Board and Oaktree), about 23.71% of its outstanding stock, which is above the NYSE 20% threshold and so needs a shareholder vote. The meeting date was still blank in this draft.
26 Mar 2024business combination▲ Good
The Hart-Scott-Rodino antitrust waiting period for the Aera merger expired on March 25, 2024. Closing still required CRC shareholder approval, FERC authorization and other customary approvals, and was expected around mid-2024.
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 announced on February 7, 2024 that it signed a definitive merger agreement to combine with Aera Energy, LLC. It furnished a press release and an investor presentation for a same-day investor call.
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
On May 7, 2021, CRC amended its Citibank credit agreement to increase its capacity for dividends and share buybacks. It cut the required minimum oil hedging from 50% to 33% while leverage stays below 2.0x, and set the borrowing base at $1.2 billion.
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.
19 Oct 2020bankruptcy or receivership▼ BadMajor
On October 13, 2020 the bankruptcy court confirmed CRC's amended Chapter 11 plan, which had first been filed July 24, 2020. The revolver lenders are paid in full, 2017 term loan secured holders get 83.6% of the new stock and unsecured debt holders 16.4% (both subject to dilution). The 49,453,297 existing shares are cancelled with no distributions, and Ares's Elk Hills Power interests are acquired for new notes and stock.
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.