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.
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.
Berry Corporation (BRY) reported a Q1 2022 net loss of $57 million, or $0.71 per share, alongside an Adjusted Net Income of $43 million, or $0.51 per share, and an Adjusted EBITDA of $96 million, representing a 58% increase from Q4 2021. The Board declared a total dividend of $0.19 per share, marking a record for the company. Production was 26,700 boe/d, with 91% as oil. The company anticipates FY 2022 cash returns between $1.60 - $1.90 per share, supported by the new shareholder return model and strategic initiatives in ESG-focused projects.
DALLAS, April 5, 2022 (GLOBE NEWSWIRE) -- Berry Corporation (bry) will report its first quarter 2022 financial results on May 4, 2022, before U.S. markets open. A conference call will be held on the same day at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss the results. Interested parties can listen live via audio webcast at bry.com/category/events. Dial-in details for questions are provided. An audio replay will be available until May 18, 2022. More information on bry, an independent upstream energy company, can be found at www.bry.com.
Berry Corporation (BRY) reported its fourth quarter and full-year 2021 results, showing a net income of $9 million for Q4 and a net loss of $16 million for the year. Adjusted EBITDA was $60 million for Q4 and $212 million for the full year. The company increased production by 5% in Q4 compared to the prior year. A quarterly dividend of $0.06 was approved for Q1 2022. Looking ahead, Berry expects a cash return in the mid- to high teens percentage for 2022 and plans to spend $125-$135 million in capital expenditures to maintain production levels.
Berry Corporation (BRY) announced it will report its fourth quarter and full year 2021 financial results on February 22, 2022, after U.S. markets close. A conference call to discuss the results is scheduled for February 23, 2022, at 9:00 a.m. ET. Interested parties can access the call via bry.com/category/events. Dial-in details include a U.S. number, 877-491-5169, and an international number, 720-405-2254. Replay options will be available until February 26, 2022, with specific dial-in details provided.
Berry Corporation (BRY) announced a new shareholder return model effective January 1, 2022, aimed at enhancing cash returns to shareholders. The model allocates 60% of discretionary free cash flow to cash variable dividends and debt repurchases, with 40% directed towards organic growth and capital retention. Since its public debut in 2018, BRY has returned nearly $130 million to shareholders. Chairman and CEO Trem Smith emphasized the company's focus on maintaining production while providing value to shareholders through sustainable financial practices.
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