XML 26 R16.htm IDEA: XBRL DOCUMENT v3.21.2
Acquisition and Divestiture
9 Months Ended
Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
Acquisition and Divestiture Acquisition and Divestiture
Effective October 1, 2021, we completed the C&J Well Services Acquisition, acquiring the California business lines of Basic Energy Services, Inc. (“Basic”), which includes the legacy C&J Well Services, Inc. and KVS Trucking, Inc. operations, for approximately $43 million, subject to certain closing adjustments. The acquired businesses lines are owned and operated by C&J Well Services, a wholly owned subsidiary of Berry Corp. formed for the purposes of acquiring these businesses lines and establishing an independent well services company. The C&J Well Services Acquisition creates a strategic growth opportunity and further aligns Berry with the State of California's energy transition goals, including to help reduce fugitive emissions, especially methane and CO2, from orphan and idle wells.
During the third quarter we entered into an agreement to sell our Placerita Field property in the Ventura Basin in Los Angeles County, California. As a result, we have reclassified all related balances as assets held for sale. This divestiture closed in October 2021, with no impairment.