Welcome to our dedicated page for Berry Corporation news (Ticker: BRY), a resource for investors and traders seeking the latest updates and insights on Berry Corporation stock.
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.
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.
Berry Corporation (BRY) reported a strong Q3 2021, with a net income of $10 million, or $0.12 per diluted share, and Adjusted EBITDA of $59.3 million, marking a 46% increase sequentially. The Board declared a quarterly dividend of $0.06 per share for Q4 2021 and announced a new shareholder return model starting in 2022. Key achievements include the acquisition of C&J Well Services and a completed $500 million RBL credit facility. Average daily oil production rose to 27,400 boe/d, despite challenges from new operator onboarding and a truck driver shortage.
Berry Corporation (BRY) announced that it will release its third quarter 2021 financial results on November 2, 2021, after U.S. markets close. A conference call to discuss these results will follow on November 3, 2021, at 9:00 a.m. ET. Participants can access the call via a live audio webcast. For those wishing to ask questions, a dial-in number is provided. A replay of the conference call will be available until November 17, 2021. Berry Corporation operates primarily in the San Joaquin basin of California, focusing on long-lived oil reserves.
Berry Corporation (BRY) has acquired Basic Energy Services' California operations, officially closing the deal on October 1, 2021. This acquisition, valued at approximately $43 million, allows BRY to enhance its position in the rig servicing and well abandonment market, estimated at around $6 billion. The new subsidiary, C&J Well Services, will support California's energy transition goals, focusing on reducing emissions from idle wells. BRY's CEO emphasized the strategic fit and commitment to delivering top-tier services in California.
Berry Corporation (BRY) announced a new Reserve Based Lending (RBL) facility with a borrowing base of $500 million and a commitment of $200 million, replacing the previous facility. The company also stated it has repurchased approximately 471,000 shares under its $100 million buyback program, with $47 million remaining. Management emphasized a disciplined capital allocation strategy focused on returning cash to shareholders while maintaining operational liquidity. The leverage ratio has decreased to 3:1, aligning with macroeconomic conditions.
Berry Corporation (BRY) has announced a $27 million asset purchase agreement as a stalking horse bidder to acquire Basic Energy Services' California business lines amid Basic's bankruptcy proceedings. This acquisition aims to bolster BRY's capabilities in well servicing and water logistics, enhancing profitability and diversifying its revenue stream. The expected benefits include a significant growth opportunity in the $6 billion market for plugging and decommissioning orphaned wells in California. The deal requires U.S. Bankruptcy Court approval.
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