Berry Corporation (bry) Hires Fernando Araujo as New Chief Operating Officer

Rhea-AI Summary

Berry Corporation (BRY) announced the appointment of Fernando Araujo as Executive Vice President and Chief Operating Officer, effective immediately. Araujo, a seasoned professional with 30 years of experience from major companies like Shell and Schlumberger, succeeds retiring COO Gary Grove. His vast expertise includes overseeing significant production levels across multiple countries. CEO Trem Smith expressed confidence that Araujo’s entrepreneurial spirit will enhance Berry's operations, improve efficiencies, and contribute to shareholder value amidst ongoing environmental initiatives.

Positive

• Fernando Araujo brings 30 years of industry experience, potentially enhancing operational efficiency.
• Araujo's background includes managing over 260,000 BOE per day, which may lead to improved production.
• The leadership change aims to maximize assets and align with environmental goals, promoting responsible energy provision.

Negative

• Transitioning to a new COO may result in operational continuity concerns during the adjustment period.

DALLAS, Aug. 20, 2020 (GLOBE NEWSWIRE) -- Berry Corporation (bry)(NASDAQ: BRY) announced that industry veteran Fernando Araujo is joining the Company as Executive Vice President and Chief Operating Officer to succeed retiring COO Gary Grove.

Mr. Araujo joins Berry with 30 years of experience having worked for some of the most accomplished brands in the industry including Shell Oil, Repsol S.A., Apache Corporation, and Schlumberger. He has most recently served as Schlumberger Production Management’s Director for Western Hemisphere Assets based out of Houston, Texas. In this role he has been responsible for over 260,000 BOE per day of production from fields in Argentina, Ecuador, Colombia, Mexico, USA, and Canada.

“We are excited to welcome Fernando to the Berry team. Fernando’s wealth of knowledge and experience will be a great complement to our team,” said Trem Smith, CEO of Berry. “Fernando brings an entrepreneurial spirit that will help us achieve our goal of building shareholder value by maximizing our assets, leveraging the application of the latest technologies to improve efficiencies while protecting our people and the environment and partnering with the state of California to responsibly provide affordable energy and meet environmental goals. We are deeply appreciative of the solid operational foundation Gary Grove established during his tenure with Berry and wish him well in his retirement.”

ABOUT BERRY CORPORATION (BRY)

Berry is a publicly traded (NASDAQ: BRY) western United States independent upstream energy company with a focus on the conventional, long-lived oil reserves in the San Joaquin basin of California. More information can be found at the Company’s website at bry.com.

CONTACT

Berry Corporation (bry)
Todd Crabtree – Manager, Investor Relations
(661) 616-3811

FAQ

Who is the new COO of Berry Corporation (BRY)?

Fernando Araujo has been appointed as the new Chief Operating Officer of Berry Corporation.

What experience does Fernando Araujo bring to Berry Corporation (BRY)?

Araujo has over 30 years of experience in the energy sector, having worked for major companies like Shell and Schlumberger.

What are the implications of Gary Grove's retirement for Berry Corporation (BRY)?

Gary Grove's retirement may affect operational continuity but allows for new leadership and strategies under Fernando Araujo.

What are the goals outlined by Berry Corporation (BRY) with the new COO?

Berry aims to maximize assets and improve efficiencies while adhering to environmental goals under Araujo's leadership.