Berry Corporation (bry) Makes Opportunistic Stock Repurchase Following Increased Authorization; Purchases 2 Million Shares For $22.8 Million
Berry Corporation (BRY) announced a share repurchase of 2 million shares for $22.8 million, equating to 2.5% of outstanding shares. This action is part of its new shareholder return model, which also includes a first-quarter cash return of $0.19 per share. The company has over $127 million remaining in its repurchase authorization. The CFO highlighted that the repurchase could yield an attractive return for shareholders, particularly as the effective share purchase price may be offset by future dividend savings.
- Repurchased 2 million shares for $22.8 million, enhancing shareholder value.
- Over $127 million remains available for further share repurchases.
- Initiated a shareholder return model with a cash return of $0.19 per share.
- None.
DALLAS, May 12, 2022 (GLOBE NEWSWIRE) -- Berry Corporation (bry) (NASDAQ: BRY) (“Berry” or the “Company”) today announced that on May 5, 2022, it purchased 2 million shares of its common stock for
“We kicked off our new shareholder return model (SRM) with a first quarter cash return of
The Board’s authorization for Berry’s share repurchase program permits the Company to make purchases of its common stock from time to time in the open market and in privately negotiated transactions, subject to market conditions and other factors, up to the aggregate amount authorized by the Board. The Board’s authorization has no expiration date.
About Berry
Berry is a publicly traded (NASDAQ:BRY) western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived, conventional oil reserves located primarily in the San Joaquin basin of California. We also have well servicing and abandonment capabilities in California. More information can be found at the Company’s website at www.bry.com.
Forward Looking Statements
The information in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address plans, activities, events, objectives, goals, strategies, or developments that the Company expects, believes or anticipates will or may occur in the future, including expectations relating to our share repurchase program and our shareholder return model. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although we believe that these assumptions were reasonable when made, these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control. Therefore, such forward-looking statements involve significant risks and uncertainties that could materially affect our expected results of operations, liquidity, cash flows and business prospects, including risks related to market conditions associated with our share repurchase program and our shareholder return model and those risks described under the heading “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. You can typically identify forward-looking statements by words such as aim, anticipate, achievable, believe, budget, continue, could, effort, estimate, expect, forecast, goal, guidance, intend, likely, may, might, objective, outlook, plan, potential, predict, project, seek, should, target, will or would and other similar words that reflect the prospective nature of events or outcomes. Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise except as required by applicable law. Investors are urged to consider carefully the disclosure in our filings with the Securities and Exchange Commission, available from us at via our website or via the Investor Relations contact below, or from the SEC’s website at www.sec.gov.
Contact
Todd Crabtree - Director, Investor Relations
(661) 616-3811
ir@bry.com
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