DEAL ALERT (CRC / BERRY)

SEPTEMBER 18, 2025 SPECIAL REPORT

California Resources Buying Berry Corp.

CRC JUMPS AS CALIFORNIA REFORMS

Pays 15% Premium To Secure Deal

$717MM: $309MM Equity + $408MM Debt

24,300 BOEPD (92% Oil, 2% NGLs, 6% Gas)

120,000 Net Acres, 20,000 in California

Now Produces ~50% of California Oil

Berry's Uinta Assets Give An "Option"

Some Analysts Expect Uinta 2026 Sale

CRC Closed $2.1B AERA Buy July 2024

Golden State Reverses Anti-Oil Stance

Will Approve 2,000 Permits Annually

Seeks to Increase Local Oil Volumes

Closing Expected 01Q26

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RS 2510DA