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) 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.
Berry Corporation (BRY) reported its Q4 and full-year 2020 results, revealing a net loss of $263 million for the year and $64 million for Q4. Adjusted Net Income was $45 million for the year and $9 million for Q4. The board approved a first-quarter dividend of $0.04 per share. In 2020, the company generated $131 million in Levered Free Cash Flow and ended the year with $80 million in cash. With capital expenditures of $69 million, primarily in California, Berry aims to maintain production levels in 2021 while focusing on cost efficiency and cash flow management.
Berry Corporation (BRY) announced it will report its fourth quarter and full-year 2020 financial results on February 23, 2021, after U.S. markets close. A conference call to discuss the results is scheduled for February 24, 2021, at 9:00 a.m. Eastern Time. Investors can join the call by dialing 877-491-5169 from the U.S. or 720-405-2254 internationally, using passcode 1256432. The call will also be available via a live audio webcast on Berry's website. Replay options will be available until March 10, 2021. Berry focuses on long-lived oil reserves in California's San Joaquin basin.
Berry Corporation (BRY) reported a net loss of $19 million or $0.24 per diluted share for Q3 2020, despite an Adjusted Net Income of $13 million. The company generated $48 million of Levered Free Cash Flow and built cash reserves of nearly $50 million. Adjusted EBITDA increased by 9% to $62 million, attributed to cost savings and improved oil price realizations. However, production decreased by 5% due to paused drilling activities and operational improvements. The company maintains liquidity of $192 million and plans to keep production flat for 2021.
Berry Corporation (NASDAQ:BRY) has announced it will release its third quarter 2020 financial results on November 3, 2020, after the close of U.S. financial markets. The company will hold a conference call on November 4, 2020, at 9:00 a.m. ET to discuss these results. Investors can join the call by dialing 877-491-5169 (U.S.) or 720-405-2254 (international). A live audio webcast will be available on Berry’s website, and a replay will be accessible until November 18, 2020.
Berry Corporation (BRY) announced the appointment of Fernando Araujo as Executive Vice President and Chief Operating Officer, effective immediately. Araujo, a seasoned professional with 30 years of experience from major companies like Shell and Schlumberger, succeeds retiring COO Gary Grove. His vast expertise includes overseeing significant production levels across multiple countries. CEO Trem Smith expressed confidence that Araujo’s entrepreneurial spirit will enhance Berry's operations, improve efficiencies, and contribute to shareholder value amidst ongoing environmental initiatives.
Berry Corporation (BRY) reported a net loss of $65 million ($0.81 per diluted share) for Q2 2020, contrasting with an Adjusted Net Income of $5 million ($0.06 per diluted share>. The Adjusted EBITDA was $57 million, down from $72 million in Q1 due to low oil prices and demand disruption from COVID-19. The company achieved a 16% reduction in unhedged operating expenses and generated positive Levered Free Cash Flow. Production declined by 5%, with capital expenditures down by 58%. Berry anticipates ongoing market challenges but remains focused on maintaining cash flow and liquidity.
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