Acquisition BenefitsThe acquisition of Berry Petroleum adds value to California Resources Corp's share price, with the potential for accretion by $2 per share.
Financial PerformanceThe combination is expected to be immediately accretive to free cash flow by more than 10% before synergies.
Regulatory EnvironmentNew legislation in California, SB 237, reduces risks in the operating environment, allowing for a lower discount rate and increasing the price objective of California Resources Corp.