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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.
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.
Berry Corporation (BRY) announced significant changes to its executive team, effective January 1, 2023. Trem Smith transitions to Executive Chairman, while Fernando Araujo steps up as CEO, eliminating the COO role. Danielle Hunter becomes President overseeing critical functions, and Mike Helm is appointed CFO. Smith praised Araujo’s operational expertise and leadership. The company aims to strengthen operations, reduce expenses, and enhance shareholder returns through a proven business model and cash flow generation.
Berry Corporation (BRY) reported third quarter 2022 results showing a net income of $192 million, or $2.34 per diluted share. Adjusted EBITDA was $97 million, with discretionary free cash flow of $53 million. The Board declared quarterly dividends of $0.47 per share, totaling $1.34 for 2022 to date. Daily production averaged 25,800 boe/d, down from 26,200 boe/d in Q2. Operating expenses rose by 2%. Guidance for FY 2022 was revised, anticipating capital expenditures between $140 million and $145 million due to inflationary pressures.
Berry Corporation (BRY) announced it will release its Q3 2022 financial results on November 2, 2022, before U.S. markets open. A conference call to discuss these results will follow at 11:00 a.m. ET. Interested parties can join the live audio webcast through the provided links. Registration for questions during the call is available, and a replay will be accessible post-broadcast. Berry focuses on onshore low-risk conventional oil reserves in California's San Joaquin basin.
Berry Corporation (BRY) reported strong second quarter 2022 results with net income of $43 million ($0.52 per diluted share) and Adjusted EBITDA of $110 million, marking a 15% increase from the previous quarter. The company declared a total dividend of $0.62 per share and generated $74 million in discretionary free cash flow. Daily production averaged 26,200 boe/d, slightly down from the prior quarter. Additionally, Berry initiated a promising development for Thermal Diatomite production and continued its early stage CCS efforts while managing operational costs amidst inflationary pressures.
Berry Corporation (BRY) will release its second quarter 2022 financial results on August 3, 2022, before U.S. markets open. Following the report, a conference call will be held at 11:00 a.m. Eastern Time to discuss the results. Interested parties can join the live audio webcast through the provided links or preregister for a Q&A session. A replay of the call will be available afterward on the company's website. Berry operates in the upstream energy sector in California, focusing on conventional oil reserves.
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.
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