Welcome to our dedicated page for Berry Corporation (bry) news (Ticker: BRY), a resource for investors and traders seeking the latest updates and insights on Berry Corporation (bry) stock.
Berry Corporation (BRY) Common Stock is a prominent player in the independent energy sector, primarily focused on the production, development, acquisition, exploitation, and exploration of crude oil and natural gas. The company has a rich history, tracing its origins back to 1909 in California's heavy oil production. Since becoming publicly traded in 1987, Berry has expanded its operations to include significant reserves and producing properties in California, Utah (Uinta Basin), Texas (East Texas and Permian Basin), and Colorado (Piceance).
Berry's core business revolves around its Exploration and Production (E&P) segment, which generates the bulk of its revenue. The company is known for its conventional, long-lived oil reserves in the San Joaquin Basin of California. Berry also operates a Well Servicing and Abandonment segment, which plays a crucial role in maintaining and optimizing its oil and gas assets.
As of December 31, 2010, Berry reported proved reserves of 271 million barrels of oil equivalent (BOE), a 15% increase compared to 2009. This mix includes 166 million barrels of crude oil, condensate, and natural gas liquids, along with 630 billion cubic feet of natural gas, representing 61% oil and 39% natural gas. In 2010, Berry's total production averaged 32,700 BOE per day.
In recent developments, Berry Corporation has demonstrated a disciplined capital returns strategy aimed at enhancing free cash flow. The company's acquisition of oil-producing assets has been attractively priced, showcasing its commitment to delivering value to shareholders. Reflecting the MacPherson acquisition and strong results to date, Berry has updated its 2023 full-year guidance, emphasizing its optimistic outlook for the future.
Berry is also proactive in its communication with investors, offering opportunities to preregister for live earnings conference calls. This transparency allows shareholders to stay informed about the company's performance and strategic initiatives.
Financially, Berry maintains a robust position with a clear focus on optimizing its commodity pricing strategies and capital expenditures. The company has shifted a majority of its natural gas purchases to the Rockies, leveraging favorable price indexes. Berry's hedging strategies further strengthen its financial stability, providing protection against market volatility.
Overall, Berry Corporation (BRY) continues to be a significant force in the independent energy sector, underscored by its extensive reserves, strategic acquisitions, and commitment to shareholder value.
Berry (BRY) reported third quarter 2024 results with production averaging 24,800 BOE per day. The company announced a new $545 million term loan facility to refinance debt, including redemption of $400 million notes due 2026. Free Cash Flow increased 55% quarter-over-quarter to $45 million, while maintaining steady Cash Flow from Operations at $71 million. The company declared quarterly fixed dividends of $0.03 per share and expects 2024 production to reach the mid-point of guidance (24,600-25,800 BOE/day). Berry also executed a new farm-in agreement in the Uinta Basin covering 5,800 gross acres and reported promising results from California operations.
Berry (NASDAQ: BRY) has announced it will report its third quarter 2024 results on Thursday, November 7, 2024, before the opening of U.S. financial markets. The company will also host a conference call and webcast that morning to discuss these results.
The earnings call is scheduled for 11:00 am Eastern Time / 10:00 am Central Time / 8:00 am Pacific Time. Interested parties can join the live listen-only audio webcast through provided links. Those wishing to ask questions during the live call must preregister using a specific link, which will provide dial-in numbers and a unique PIN for access.
A web-based audio replay will be available shortly after the broadcast and will be archived on the company's website.
Berry (NASDAQ: BRY) has reaffirmed its strong liquidity position and ongoing free cash flow generation. As of August 23, 2024, the company had $94 million in available borrowing capacity under its RBL facility and $11 million in cash. Berry has reduced its RBL borrowings by 57% since Q1 2024, with outstanding borrowings at $22 million. The company maintains $125 million in available borrowing capacity until August 26, 2025.
Production remains on track with annual guidance, and Berry has secured necessary permits for its 2024 drilling program and into 2025. The company expects to maintain flat production and free cash flow into 2026. Berry is actively working to address its debt obligations, including discussions to extend or refinance its RBL facility and addressing senior unsecured notes due February 2026.
Berry (NASDAQ: BRY) has issued a correction notice regarding the dividend record date and payment date announced in their August 9, 2024 press release. The dividends totaling $0.17 per share on outstanding common stock, comprising a fixed dividend of $0.12 and a variable dividend of $0.05, will now be payable on August 30, 2024, to stockholders of record as of the close of business on August 23, 2024. This corrects the previously disclosed dates of August 20, 2024, for payment and August 12, 2024, for record. The dividend amounts remain unchanged. The variable dividend is based on cumulative Adjusted Free Cash Flow results for the six months ended June 30, 2024.
Berry (NASDAQ: BRY) reported strong Q2 2024 financial and operational results, declaring quarterly dividends of $0.17 per share. Key highlights include:
- Production of 25,300 Boe/d, flat to Q1 and above midpoint of 2024 guidance
- 11% sequential decrease in Lease Operating Expenses
- Four horizontal farm-in wells in Uinta Basin's Uteland Butte reservoir performing above estimates
- Zero recordable incidents for third consecutive quarter
- Adjusted EBITDA of $74 million, up 7% from Q1 2024
- Cash Flow from Operations of $71 million
- Adjusted Free Cash Flow of $19 million
The company is focused on generating sustainable free cash flow, optimizing costs, and maintaining balance sheet strength while meeting compliance standards.
Berry (NASDAQ: BRY) has announced it will report its second quarter 2024 results on Friday, August 9, 2024, before the U.S. financial markets open. The company will host a conference call and webcast on the same day to discuss these results. The earnings call is scheduled for 8:30 am Eastern Time (7:30 am Central Time / 5:30 am Pacific Time).
Interested parties can join the live audio webcast or preregister to ask questions on the live call. A web-based audio replay will be available shortly after the broadcast and will be archived on the company's website.
Berry reported first quarter 2024 financial results, achieving solid operational and financial performance. The company produced 25,400 boe/d, declared a fixed dividend of $0.12 per share, acquired greenhouse gas allowances at a discount, signed an agreement for horizontal wells in Utah, and acquired working interest in Kern County, CA. The company maintained strong safety records, issued a Sustainable Business Report, and set goals for methane emissions reduction. Despite a net loss, the company had resilient results with adjusted EBITDA of $69 million. Berry's CFO highlighted cost management savings and plans for debt reduction. Key financials included $166 million in revenues, $11 million in adjusted net income, $27 million cash flow from operations, and $69 million in adjusted EBITDA for the first quarter of 2024. The company maintained liquidity of $149 million as of March 31, 2024. Quarterly dividends of $0.12 per share were declared, payable on May 24, 2024. The company will host an earnings conference call on May 1, 2024.
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