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) 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.
Berry Corporation (BRY) announced a 50% increase in its quarterly dividend to $0.06 per share, effective for Q3 2021. This decision reflects a strong second quarter performance, with an Adjusted EBITDA of $41 million and total production up 1% to 27,300 boe/d. Despite a net loss of $13 million, the company has returned 115% of its IPO proceeds to shareholders since going public in 2018. The dividend payment is scheduled for October 15, 2021.
Berry Corporation (BRY) will report its second quarter 2021 financial results on August 3, 2021, after the close of U.S. financial markets. A conference call to discuss these results is scheduled for August 4, 2021, at 9:00 a.m. Eastern Time. Interested parties can join the live call by dialing 877-491-5169 (U.S.) or 720-405-2254 (international), using the passcode 5973754. A live audio webcast will also be available at bry.com/category/events. Replay options will be accessible through August 18, 2021.
Berry Corporation (BRY) reported a net loss of $21 million or $0.27 per diluted share for Q1 2021, with an Adjusted Net Income of $6 million or $0.07 per share. The Board declared a $0.04 quarterly dividend for Q2 2021, payable on July 15, 2021. Highlights include an Adjusted EBITDA of $52 million, a 3% increase in oil production to 23,900 bbl/d, and reduced non-energy operating expenses by 11%. The company ended Q1 with $99 million in cash and an overall liquidity of $292 million.
Berry Corporation (BRY) announced it will release its first quarter 2021 financial results on May 4, 2021, after U.S. market close. A conference call to discuss these results is set for May 5, 2021, at 9 AM ET. Preliminary figures indicate an expected Adjusted EBITDA of $46 million to $48 million, driven by improving production and higher crude oil prices. Total production is projected at 27,000 to 27,200 boe/d. Capital expenditures for the quarter are estimated between $24 million and $26 million for drilling operations in California.
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