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.
DALLAS, April 04, 2023 (GLOBE NEWSWIRE) -- Berry Corporation (BRY) announced it will report its first quarter 2023 financial results on May 3, before U.S. markets open. A conference call will be held the same day at 11:00 a.m. Eastern Time to discuss these results. Interested parties can join the live audio webcast through provided links. For those who wish to participate in the Q&A, preregistration is required to receive dial-in details and a unique PIN. After the live broadcast, an audio replay will be accessible on the company's website.
Berry Corporation (BRY) reported its fourth quarter and full-year 2022 results with a net income of $72 million, or $0.90 per diluted share for Q4, and a total net income of $250 million, or $3.03 per diluted share for the year. Adjusted EBITDA for 2022 stood at $380 million. Shareholder returns amounted to $189 million, including a planned increase in fixed dividends to $0.48 annually starting Q1 2023. However, fourth quarter performance declined from Q3, largely due to lower commodity prices and increased operational costs. Berry expects a slight drop in annual production for 2023, impacted by permit delays, while maintaining a focus on maximizing free cash flow and shareholder returns.
Berry Corporation (BRY) announced that it will report its fourth quarter and full year 2022 financial results on February 22, 2023, before the U.S. markets open. A conference call is scheduled for the same day at 11:00 a.m. ET, during which the results will be discussed.
For those interested in participating, a live audio webcast can be accessed via this link.
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