California Resources Merger Pro Forma Exhibit Filing

California Resources Corporation filed SEC Exhibit 99.2 containing offering memorandum excerpts and pro forma financial data for the transactions tied to its Berry Merger. The Berry Merger refers to a definitive agreement dated September 14, 2025 under which Berry combined with CRC on December 18, 2025 in an all-stock transaction.

The exhibit describes related items including extinguishment of Berry’s outstanding debt and issuance of the Existing 2034 Notes. It includes unaudited pro forma condensed combined statement of operations data for the year ended December 31, 2025, showing adjusted EBITDAX of $1,453 million for 2025 and free cash flow of $545 million.