Berry

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.

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

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain

Revenue model

1. 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.
2. 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

Core 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

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core and flagship.

• Berry CorporationcoreStrategic or Co-development Partner · 18 December 2025California 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 RenewablecoreStrategic or Co-development Partner · 1 July 2025Formed a joint venture with Brookfield Renewable focused on CCS development opportunities, with an initial $500 million commitment to invest in CCS projects.
• Aera Energy LLCcoreStrategic or Co-development Partner · 1 July 2024Completed merger with Aera Energy LLC in July 2024, enhancing CRC's operational scale and creating additional synergies alongside the Berry merger.
• ClimeworksflagshipStrategic or Co-development Partner · 1 January 2024Partnership with Climeworks for funding carbon management projects through the Department of Energy, supporting direct air capture and CCS technology development.
• AvnosflagshipStrategic or Co-development Partner · 1 January 2024Partnership 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

Direct 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

• LinkedInlinkedin.com/company/berry-petroleum-company

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Berry