"It's really a truly significant change, California Resources CEO Francisco Leon said Monday on a call with analysts discussing the acquisition. The state is signaling a need for California production, he said, adding that the company has been having tremendous, very constructive conversations with the state of California."
"They're ready to go, Leon said, noting that Kern County has been staffing up on the permit front."
"We have permits ready to be filed, some of the already have been filed, he said."
California Resources agreed to acquire Berry Corp in a $717 million all‑stock deal. California legislators passed SB 237 to allow Kern County to issue as many as 2,000 new oil permits per year, with new permits effective January 2026 after gubernatorial approval. The measure signals a shift toward boosting in‑state crude production after decades of declining output and aims to help mitigate gasoline price spikes following refinery closures. California Resources expects to be a major participant in the permits, already preparing and filing permits. Investors reacted positively, while environmental groups criticized the legislation.
Read at www.mercurynews.com
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