Form 4: Berry Corp Director's Holdings Shift Post-Merger

Berry Corp Director Matthew Regis Bob's equity holdings converted to California Resources Corporation shares and cash following the merger.

Summary

• Matthew Regis Bob, a Director of Berry Corp (BRY), reported changes in beneficial ownership following the merger of Berry Corp into California Resources Corporation (CRC).
• The merger was consummated on December 18, 2025, making Berry Corp a wholly-owned subsidiary of CRC.
• Each share of Berry Common Stock beneficially owned by the reporting person was converted into the right to receive 0.0718 shares of CRC Common Stock, with cash paid in lieu of fractional shares.
• The reporting person disposed of 27,911 shares of Berry Common Stock.
• Outstanding restricted stock units (RSUs) that accelerated at the Effective Time were cancelled in exchange for cash.
• The cash amount for RSUs was calculated by multiplying the number of RSU shares by the product of $47.21 (VWAP of CRC Common Stock) and the 0.0718 Exchange Ratio.
• The reporting person's 22,659 Restricted Stock Units were cancelled.

Sentiment

Score: 7

Explanation: The filing reports the successful completion of a merger, providing a definitive outcome for Berry Corp shareholders and the reporting person's equity holdings.

Positives

• The successful consummation of the merger provides a clear exit strategy and liquidity for Berry Corp shareholders.
• Berry Corp's restricted stock units were cancelled in exchange for cash, providing a defined value for these equity awards.

Negatives

• Berry Corp ceased to be an independent publicly traded entity, becoming a wholly-owned subsidiary of California Resources Corporation.
• The reporting person no longer holds direct beneficial ownership in Berry Corp common stock or restricted stock units.

Future Outlook

This filing details a completed transaction and does not provide forward-looking statements or guidance.

Industry Context

This merger represents a consolidation event within the energy sector, where companies may seek to achieve scale, operational efficiencies, or strategic alignment through acquisitions.

Stakeholder Impact

• Berry Corp shareholders received shares of California Resources Corporation common stock and/or cash in exchange for their Berry Corp holdings.
• Berry Corp employees are now part of the California Resources Corporation organization.

Key Dates

Keywords

Merger, Berry Corp, California Resources Corporation, Form 4, Director, Restricted Stock Units, Equity Conversion, Acquisition