Berry
Berry Corporation was an independent upstream oil and gas producer (NASDAQ: BRY) operating conventional exploration, production, well servicing, and abandonment assets in California and Utah, selling crude oil, natural gas, and NGLs into regional commodity markets until its December 2025 acquisition by California Resources Corporation.
- Company typePrivate
- Founded1986
- HeadquartersDallas, United States
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
What Berry does
Berry Corporation was an independent, publicly traded energy company (NASDAQ: BRY) engaged in domestic oil and natural gas acquisition, exploration, development, and production. Founded in 1986 as Berry Investments, the company concentrated its conventional upstream operations in California and Utah, with business activities spanning exploration, production, well servicing, and well abandonment. The company historically operated with 1,001-5,000 employees and was headquartered in Dallas, Texas. Revenue derived from the production and sale of crude oil, natural gas, and natural gas liquids, with prices determined by prevailing commodity market rates rather than negotiated contracts.
The company's business model was typical of small-to-mid cap upstream operators: it generated revenue through transaction-based commodity sales into regional pipeline and market infrastructure, with no disclosed long-term offtake agreements or named customer relationships. Berry's value proposition centered on California-focused conventional production, positioning itself as a local supplier to a state that imported over 300 million barrels of foreign energy in 2022. On 2023-07-17 Berry acquired Macpherson Energy to broaden its upstream footprint, and on 2024-12-24 it closed a $450 million funding round. No proprietary technology, patents, or AI/ML capabilities are associated with Berry in the source material.
On 2025-12-18, California Resources Corporation completed an all-stock acquisition of Berry valued at approximately $717 million. Berry shareholders received 0.0718 CRC shares per share (CRC issued ~5.6 million shares worth ~$253M), and the deal was projected to generate $80-90 million in annual synergies. Multiple law firms investigated the transaction for potential price/process fairness issues, and shareholder approval was secured 2025-12-15. Following the close, Berry ceased to operate as an independent public company and its assets became part of CRC's portfolio.
Berry firmographics
Firmographics- Name
- Berry
- Legal name
- Berry Corporation
- Website
- https://bry.com
- Company type
- Private
- Founded year
- 1986
- Operating status
- Acquired
- Headcount range
- 1,001–5,000 employees
- Short description
- Berry Corporation was an independent upstream oil and gas producer (NASDAQ: BRY) operating conventional exploration, production, well servicing, and abandonment assets in California and Utah, selling crude oil, natural gas, and NGLs into regional commodity markets until its December 2025 acquisition by California Resources Corporation.
- Ownership category
- akta.pro rank
Where Berry is headquartered
LocationHeadquarters
- HQ city
- Dallas
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Berry business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Infrastructure, Supply Chain
Revenue model
- Oil and Gas Production: Revenue generated from production and sale of crude oil, natural gas, and natural gas liquids from conventional assets in California and Utah.
- Carbon Capture and Storage Services: Future revenue potential from CCS services storing CO2 from industrial sources in depleted underground reservoirs.
Distribution channels1 record
Marketing channels3 records
Berry product offering
Product offeringCore offering
Berry Corporation is a publicly traded energy company engaged in domestic oil acquisition, exploration, development, and production. The company operates conventional oil and gas assets primarily in California and Utah, with business segments covering exploration, production, well servicing, and abandonment of oil and gas properties. Berry was acquired by California Resources Corporation in December 2025 through an all-stock transaction valued at approximately $717 million.
Product overview
Berry Corporation was an independent energy company operating in exploration, production, well servicing, and abandonment segments within the energy sector, primarily in California and Utah. The company operated conventional oil and gas assets and was acquired by California Resources Corporation in December 2025 through an all-stock combination valued at approximately $717 million. Following the acquisition, Berry's operations became part of CRC's portfolio, with expected annual synergies of $80–$90 million.
Differentiator
Problem solved
Functional benefit
Products and services
- Oil and Gas Exploration and Production
- Well Servicing
- Well Abandonment Services
Quantifiable outcome
- 25% production growth year-over-year in 2025
- +3 more outcomes
Companies that use Berry
Customer profileSegments2 records
Ideal customer profiles1 record
Berry technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Berry partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and flagship.
- Berry CorporationcoreCalifornia Resources Corporation completed an all-stock combination with Berry Corporation. The deal involved CRC issuing approximately 5.6 million shares valued at around $253 million and is expected to generate $80-90 million in annual synergies.
- Brookfield RenewablecoreFormed a joint venture with Brookfield Renewable focused on CCS development opportunities, with an initial $500 million commitment to invest in CCS projects.
- Aera Energy LLCcoreCompleted merger with Aera Energy LLC in July 2024, enhancing CRC's operational scale and creating additional synergies alongside the Berry merger.
- ClimeworksflagshipPartnership with Climeworks for funding carbon management projects through the Department of Energy, supporting direct air capture and CCS technology development.
- AvnosflagshipPartnership with Avnos for funding carbon management projects through the Department of Energy, supporting hybrid direct air capture technology development.
Scale indicators7 records
Recent moves6 records
Expansion highlights3 records
Berry competitors and assessment
Company assessmentDirect peers
- Aera Energy LLC: Aera merged with CRC in July 2024 and historically operated California's largest oil and gas fields; it is directly comparable to Berry as a California-focused conventional E&P operator that was absorbed into the same platform.
- Civitas Resources: Civitas is a U.S. independent E&P operator focused on conventional oil production in the Rocky Mountain region; comparable to Berry as a peer independent operator of similar scale with overlapping production geographies including Utah.
- Macpherson Energy: Macpherson Energy was acquired by Berry in July 2023, operating California oil and gas assets; it is the most directly comparable historical peer given its prior role as a Berry subsidiary addressing similar upstream opportunities in California.
- EOG Resources: EOG is a large independent E&P operator focused on low-cost conventional oil production across multiple U.S. basins; comparable to Berry as a publicly traded independent emphasizing capital discipline and operational efficiency in upstream production.
- Diamondback Energy: Diamondback is a U.S. independent E&P focused on conventional oil production in the Permian Basin; comparable to Berry as a publicly traded upstream operator prioritizing capital returns and operational scale.
- Devon Energy: Devon is a U.S. independent E&P operator with diversified conventional oil production assets; comparable to Berry as a publicly traded independent applying similar upstream business models and capital return strategies.
Broad incumbents
- ExxonMobil: ExxonMobil is a global integrated supermajor with California oil and gas operations and a leading CCS development pipeline, comparable to Berry and CRC as a broad incumbent investing in low-carbon energy solutions alongside legacy production.
- Chevron Corporation: Chevron is a major integrated oil and gas major with significant California upstream operations, making it a broad incumbent comparable to Berry in terms of hydrocarbon production and California regulatory exposure.
- Occidental Petroleum: Occidental is a major California-focused upstream operator with extensive conventional oil operations and growing carbon capture initiatives through its 1PointFive subsidiary, comparable to Berry's California-centric E&P model and CRC's CCS pivot.
- California Resources Corporation: CRC is Berry's parent company following the December 2025 all-stock combination; it operates California's largest portfolio of energy and carbon management assets and is the most directly comparable operator given the integration of Berry's operations.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights7 records
Customer concentration
Berry social profiles
Digital presenceBerry financial estimates
Financial estimateRevenue estimate
Valuation estimate
Berry leadership team
Management profileNumber of profiles
Profiles1 record
Berry funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Berry M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Berry
What does Berry do?
Berry Corporation is a publicly traded energy company engaged in domestic oil acquisition, exploration, development, and production. The company operates conventional oil and gas assets primarily in California and Utah, with business segments covering exploration, production, well servicing, and abandonment of oil and gas properties. Berry was acquired by California Resources Corporation in December 2025 through an all-stock transaction valued at approximately $717 million.
Is Berry a public or private company?
Berry is a private company. It is classified as public and is currently acquired.
When was Berry founded?
Berry was founded in 1986. It employs 1,001 to 5,000 people.
Where is Berry based?
Berry is headquartered in Dallas, United States, in the North America region.
How does Berry make money?
Two revenue lines are on record. Oil and Gas Production is the primary driver. The others are carbon Capture and Storage Services.
Who are Berry's main competitors?
Direct peers on record are Aera Energy LLC, Civitas Resources, Macpherson Energy, EOG Resources, Diamondback Energy and Devon Energy. Broad incumbents are ExxonMobil, Chevron Corporation, Occidental Petroleum and California Resources Corporation.
Does Berry have an API?
No public API is recorded for Berry.