Welcome to our dedicated page for Berry Corporation news (Ticker: BRY), a resource for investors and traders seeking the latest updates and insights on Berry Corporation stock.
Berry Corporation (NASDAQ: BRY) is a publicly traded, independent upstream energy company specializing in the exploration, development, and production of crude oil and natural gas. With roots tracing back to 1909, Berry has established itself as a key player in the western United States, focusing on long-lived, low-geologic-risk hydrocarbon reserves. The company operates primarily in California's San Joaquin Basin, Utah's Uinta Basin, and other select basins in Texas and Colorado, leveraging its expertise in conventional oil production to maximize resource recovery and operational efficiency.
Core Business Segments
Berry's operations are structured into two primary business segments:
- Exploration and Production (E&P): This segment generates the majority of the company's revenue and focuses on extracting hydrocarbons from mature basins. Berry's assets are characterized by high oil content, with California operations being predominantly oil-focused and Utah assets comprising a mix of oil and natural gas.
- Well Servicing and Abandonment: This segment supports the company's E&P activities by providing well maintenance, servicing, and eventual abandonment services. It ensures compliance with environmental regulations and enhances operational sustainability.
Geographic and Operational Focus
Berry's core assets are located in rural areas with low population density, minimizing surface impact and facilitating regulatory compliance. The company's California operations are concentrated in the San Joaquin Basin, known for its rich oil reserves, while its Utah assets are located in the Uinta Basin, offering a balanced mix of oil and gas production. These regions are characterized by their long-lived reserves, which provide predictable production profiles and steady cash flows.
Business Model and Revenue Generation
Berry's business model revolves around optimizing production from conventional oil fields, which typically involve lower geologic risk compared to unconventional plays. The company employs advanced recovery techniques, including steam injection and other enhanced oil recovery methods, to maximize resource extraction. Revenue is primarily generated through the sale of crude oil, with natural gas and natural gas liquids contributing as secondary streams. Additionally, the well servicing and abandonment segment provides ancillary revenue while supporting the company's core E&P operations.
Industry Context and Competitive Positioning
Berry operates in a highly competitive and regulated industry. Key challenges include fluctuating commodity prices, evolving environmental regulations, and the need for sustainable operations. The company differentiates itself through its focus on conventional oil reserves, which offer lower operational complexity and stable production rates. Berry's expertise in mature basin operations and its integrated servicing capabilities further enhance its competitive edge.
Commitment to Sustainability
In response to increasing regulatory and societal pressures, Berry is committed to responsible resource development. The company integrates environmental stewardship into its operations by adhering to stringent regulatory standards, particularly in California, and investing in well servicing and abandonment activities to minimize environmental impact.
Strategic Vision
Berry's strategic focus is on generating free cash flow, maintaining financial discipline, and delivering sustainable shareholder returns. By concentrating on its core strengths in conventional oil production and leveraging its well servicing capabilities, the company aims to enhance long-term value while navigating the challenges of a dynamic energy market.
Overall, Berry Corporation represents a resilient and focused player in the upstream energy sector, with a proven track record in conventional oil production and a commitment to operational excellence and sustainability.
Berry (BRY) has scheduled its fourth quarter and full year 2024 earnings release for Wednesday, March 12, 2025, after U.S. financial markets close. The company will host a conference call and webcast on Thursday, March 13, 2025, at 11:00 a.m. Eastern Time to discuss the results.
Interested parties can join the live audio webcast through the company's website or register in advance to participate in the Q&A session. A web-based audio replay will be available shortly after the broadcast and will be archived on Berry's investor relations website.
Cadence Bank (NYSE: CADE) has appointed two new independent directors to its board, effective January 17, 2025. Fernando Araujo, current CEO of Berry , brings over 30 years of oil and gas upstream operations experience, having previously worked with industry leaders like Schlumberger, Apache , Repsol S.A., and Shell Oil.
Alice Rodriguez, with over 35 years of experience at JPMorgan Chase & Co., joins the board after serving as head of JPMorgan's community impact organization. She is also co-owner of Kendall Milagro, a Dallas-based boutique home builder, and previously served as chair of the U.S. Hispanic Chamber of Commerce from 2020-2022.
Both appointments aim to strengthen Cadence Bank's leadership with diverse expertise in regulated industries, banking operations, and community development.
Berry (NASDAQ: BRY) has announced the appointment of Jeff Magids as Vice President and Chief Financial Officer, effective January 21, 2025. Mike Helm will continue as Vice President, Chief Accounting Officer. Magids brings over 15 years of oil and gas industry experience, most recently serving as Vice President of Finance & Investor Relations at SilverBow Resources.
Magids' background includes positions at Lime Rock Resources, BMO Capital Markets' energy investment banking group, and Duff & Phelps. He holds a BBA in Finance from the University of Texas at Austin and an MBA from Rice University. The appointment aims to enhance Berry's financial and strategic leadership capabilities, focusing on sustainable growth, value creation, and balance sheet optimization.
Berry (BRY) has successfully completed a comprehensive refinancing of its existing debt on December 24, 2024. The transaction includes a $450 million borrowing under the Term Loan Credit Agreement and a three-year reserve-based revolving loan with a maximum commitment of $500 million.
The refinancing provides Berry with over $100 million in liquidity at closing and extends debt maturities, enabling the company to execute its development plans, particularly in Utah. The proceeds will fund the full redemption of the 7.000% Senior Notes due 2026 and support capital expenditures. The initial borrowing base is set at $95 million with elected commitments of $63 million until Spring 2025.
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.
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