Berry Petroleum (BRY) reported $300.33 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 54.3%. EPS of $0.13 for the same period compares to $0.95 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $167.05 million, representing a surprise of +79.78%. The company delivered an EPS surprise of -40.91%, with the consensus EPS estimate being $0.22.While investors closely watch year-over-year changes in headline numbers -- revenue and earnin ...

Berry Petroleum (BRY) came out with quarterly earnings of $0.13 per share, missing the Zacks Consensus Estimate of $0.22 per share. This compares to earnings of $0.95 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -40.91%. A quarter ago, it was expected that this independent upstream energy company would post earnings of $0.33 per share when it actually produced earnings of $0.15, delivering a surprise of -54.55%.Over the las ...

DALLAS, March 06, 2024 (GLOBE NEWSWIRE) -- Berry Corporation (bry) (NASDAQ:BRY) ("Berry" or the "Company") announced fourth quarter and full-year 2023 results. For the fourth quarter 2023, Berry's net income was $63 million, or $0.81 per diluted share, Adjusted Net Income(1) was $10 million, or $0.13 per diluted share, and cash flows from operating activities were $79 million. For the full year 2023, Berry's net income was $37 million, or $0.48 per diluted share, Adjusted Net Income(1) was $39 million, or $ ...

DALLAS, Jan. 18, 2024 (GLOBE NEWSWIRE) -- Berry Corporation (NASDAQ:BRY) ("Berry", or the "Company") today announced select preliminary full year 2023 production and year-end proved reserves data. The Company also reported that it completed a small scale, all cash bolt-on acquisition at year-end 2023 in line with corporate strategy, while reducing revolver debt in the fourth quarter 2023. The Company also scheduled its fourth quarter and full year 2023 financial results release and call; details are include ...

6 Ultra-Yield Dividend Oil Stocks To Buy As Middle East War Explodes David McNew / Getty Images News via Getty Images Since topping out at $120 in the summer of 2022, the major oil benchmarks had traded down every month until bottoming at the beginning of December. The decline from the top in June of 2022 was a staggering 40%, and while the oil majors can still make money at that level, with a declining price, many opted to slow or halt production. By March of last year, West Texas Intermediate had droppe ...

Berry Corporation (NASDAQ:BRY) Q3 2023 Earnings Conference Call November 1, 2023 11:00 AM ET Company Participants Todd Crabtree - Head, IR Fernando Araujo - CEO Mike Helm - VP, CFO & CAO Conference Call Participants Charles Meade - Johnson Rice Nicholas Pope - Seaport Research Steven Busch - Everglades Resources, Inc Operator Good day, and thank you for standing by. Welcome to the Berry Corporation Q3 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentat ...

[Part I – Financial Information](index=3&type=section&id=Part%20I%20%E2%80%93%20Financial%20Information) [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20%28unaudited%29) The company's unaudited statements show a net loss of $25.2 million for the nine months ended Sep 30, 2023 Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total current assets | $157,691 | $218,055 | | Total assets | $1,613,925 | $1,631,030 | | Total current liabilities | $220,062 | $234,207 | | Long-term debt | $453,667 | $395,735 | | Total stockholders' equity | $708,119 | $800,485 | Condensed Consolidated Statements of Operations Highlights (in thousands, except per share amounts) | Metric | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Total revenues and other | $603,133 | $723,658 | | Net (loss) income | $(25,151) | $178,204 | | Diluted (loss) income per share | $(0.33) | $2.13 | Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $119,639 | $255,534 | | Net cash used in investing activities | $(126,450) | $(109,664) | | Net cash used in financing activities | $(22,239) | $(119,680) | | Net (decrease) increase in cash | $(29,050) | $26,190 | [Note 2—Debt](index=9&type=section&id=Note%202%E2%80%94Debt) The company's total long-term debt principal was $457 million as of September 30, 2023 Outstanding Debt as of September 30, 2023 (in thousands) | Facility | Principal Amount | Interest Rate | Maturity | | :--- | :--- | :--- | :--- | | 2021 RBL Facility | $57,000 | Variable (10.75%) | Aug 2025 | | 2026 Notes | $400,000 | 7.0% | Feb 2026 | | **Total Principal** | **$457,000** | | | - On May 10, 2023, the 2021 RBL Facility's borrowing base was decreased from $250 million to **$200 million**, and the maximum consolidated leverage ratio covenant was tightened to **2.75x**[156](index=156&type=chunk) - As of September 30, 2023, the company had **$133 million** of available borrowing capacity under the 2021 RBL Facility and **$13 million** under the 2022 ABL Facility[158](index=158&type=chunk)[161](index=161&type=chunk) [Note 3—Derivatives](index=12&type=section&id=Note%203%E2%80%94Derivatives) The company uses derivative instruments for hedging, resulting in a net liability fair value of $72.1 million - The company's hedging strategy targets covering operating expenses and a majority of fixed charges for up to **three years** out[165](index=165&type=chunk) Net Fair Value of Derivative Instruments (in thousands) | Date | Classification | Net Fair Value | | :--- | :--- | :--- | | Sep 30, 2023 | Net Liability | $(72,127) | | Dec 31, 2022 | Net Liability | $(8,305) | [Note 4—Lawsuits, Claims, Commitments and Contingencies](index=15&type=section&id=Note%204%E2%80%94Lawsuits%2C%20Claims%2C%20Commitments%20and%20Contingencies) The company reached an agreement-in-principle to settle a Securities Class Action lawsuit for $2.5 million - An agreement-in-principle was reached to settle the Securities Class Action for **$2.5 million**, with a final settlement approval hearing scheduled for February 6, 2024[27](index=27&type=chunk)[205](index=205&type=chunk) - Two shareholder derivative lawsuits, which piggy-back on the claims in the class action, have been filed and are currently stayed[178](index=178&type=chunk)[206](index=206&type=chunk) [Note 7—Acquisition and Divestiture](index=19&type=section&id=Note%207%E2%80%94Acquisition%20and%20Divestiture) The company acquired Macpherson Energy Corporation for approximately $70 million to add low-decline oil properties - The total purchase price for Macpherson Energy is approximately **$70 million**, with a deferred payment of about **$20 million** due in July 2024[216](index=216&type=chunk) - The acquisition is expected to provide near-term production enhancement and development opportunities[220](index=220&type=chunk) Preliminary Purchase Price Allocation (in thousands) | Category | Fair Value | | :--- | :--- | | Total assets acquired | $96,417 | | Total liabilities assumed | $(23,358) | | **Net assets acquired** | **$73,059** | [Note 10—Segment Information](index=23&type=section&id=Note%2010%E2%80%94Segment%20Information) The company operates in two segments, with the E&P segment generating the majority of Adjusted EBITDA Segment Adjusted EBITDA (Nine Months Ended Sep 30, 2023, in thousands) | Segment | Adjusted EBITDA | | :--- | :--- | | E&P | $233,562 | | Well Servicing and Abandonment | $19,981 | | Corporate/Eliminations | $(55,322) | | **Consolidated Company** | **$198,221** | - Adjusted EBITDA is the measure reported to the chief operating decision maker (CODM) for allocating resources and assessing performance[255](index=255&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses declining performance due to lower commodity prices and regulatory challenges in California [Business Environment and Recent Developments](index=27&type=section&id=Business%20Environment%20and%20Recent%20Developments) The company faces volatile commodity prices, permitting delays, and new legislation impacting operations - The shareholder return model for 2023 allocates **80% of Adjusted Free Cash Flow** to debt/stock repurchases and strategic growth, and **20% to variable dividends**[1](index=1&type=chunk)[263](index=263&type=chunk) - The Macpherson Acquisition was closed in September 2023, with a portion of the purchase price funded by reallocating **$30-$35 million** of the 2023 capital budget[1](index=1&type=chunk)[296](index=296&type=chunk) - Significant delays in obtaining new drill permits in Kern County persist, and the company is assessing the impact of new legislation like **AB 1167**[319](index=319&type=chunk)[345](index=345&type=chunk) [Results of Operations](index=38&type=section&id=Results%20of%20Operations) Total revenues decreased 17% year-over-year, leading to a net loss of $25.2 million for the nine-month period Production and Realized Prices (Nine Months Ended) | Metric | Sep 30, 2023 | Sep 30, 2022 | | :--- | :--- | :--- | | Total Production (mboe) | 6,874 | 7,160 | | Avg. Daily Production (mboe/d) | 25.2 | 26.2 | | Realized Oil Price w/o hedges ($/bbl) | $74.72 | $95.83 | - Oil, natural gas, and NGL sales **decreased by $157 million (24%)** for the nine months ended Sep 30, 2023, compared to 2022, driven by lower prices and volumes[437](index=437&type=chunk) - Lease operating expenses for the nine months ended Sep 30, 2023, **increased by $35 million (16%)** compared to 2022, with 68% of the increase due to higher natural gas fuel prices[111](index=111&type=chunk) [Non-GAAP Financial Measures](index=53&type=section&id=Non-GAAP%20Financial%20Measures) Key non-GAAP metrics like Adjusted EBITDA, Adjusted Free Cash Flow, and Adjusted Net Income all declined significantly Key Non-GAAP Financial Measures (Nine Months Ended, in thousands) | Metric | Sep 30, 2023 | Sep 30, 2022 | | :--- | :--- | :--- | | Adjusted EBITDA | $198,221 | $302,440 | | Adjusted Free Cash Flow | $42,500 | $143,963 | | Adjusted Net Income | $28,804 | $150,015 | - Adjusted Free Cash Flow is defined as cash flow from operations less regular fixed dividends and maintenance capital, and is the basis for the shareholder return model[299](index=299&type=chunk)[482](index=482&type=chunk) [Liquidity and Capital Resources](index=60&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained total liquidity of $163 million and executed its shareholder return model - Total liquidity was **$163 million** as of September 30, 2023, consisting of $17 million cash and available credit[494](index=494&type=chunk) - In February 2023, the quarterly fixed dividend was **doubled to $0.12 per share**, and the company also paid variable dividends during the year[1](index=1&type=chunk)[502](index=502&type=chunk) - The company has a stock repurchase program with **$190 million** of remaining authority as of September 30, 2023[504](index=504&type=chunk) - The company maintains an extensive commodity hedging program to protect cash flows from price volatility, with positions extending into 2026[8](index=8&type=chunk)[118](index=118&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=74&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is commodity price volatility, which it mitigates through a derivative hedging program - The most significant market risk is from commodity prices, which management expects to remain unpredictable and volatile[558](index=558&type=chunk) Derivative Fair Value Sensitivity Analysis (as of Sep 30, 2023) | Price Scenario | Net Fair Value of Hedges | | :--- | :--- | | 10% Price Increase | $(167) million | | Base Case | $(72) million | | 10% Price Decrease | $9 million | [Controls and Procedures](index=75&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of the end of the reporting period - Management concluded that disclosure controls and procedures were **effective** as of September 30, 2023[590](index=590&type=chunk) - No changes materially affected, or were reasonably likely to materially affect, the Company's internal control over financial reporting during Q3 2023[25](index=25&type=chunk) [Part II – Other Information](index=76&type=section&id=Part%20II%20%E2%80%93%20Other%20Information) [Legal Proceedings](index=76&type=section&id=Item%201.%20Legal%20Proceedings) The company has an agreement-in-principle to settle its primary Securities Class Action lawsuit for $2.5 million - The parties in the Securities Class Action executed a Memorandum of Understanding for an agreement-in-principle to settle all claims for **$2.5 million**[27](index=27&type=chunk) - The court granted preliminary approval of the settlement on October 18, 2023, with a final approval hearing scheduled for **February 6, 2024**[27](index=27&type=chunk) [Risk Factors](index=77&type=section&id=Item%201A.%20Risk%20Factors) The company faces new risks from California legislation regarding well bonding and climate-related disclosures - New California law **AB 1167** imposes stricter bonding requirements on well acquisitions, which could delay or add costs to future transactions[568](index=568&type=chunk)[596](index=596&type=chunk) - New California laws (**SB 253 and SB 261**) will require extensive public disclosure of GHG emissions and climate-related financial risks starting in 2026, which may increase compliance costs and litigation risk[31](index=31&type=chunk)[569](index=569&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Purchases of Equity Securities](index=78&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds%20and%20Issuer%20Purchases%20of%20Equity%20Securities) No shares were repurchased during Q3 2023, with $190 million remaining under the repurchase authorization - The company did not repurchase any shares during the three months ended September 30, 2023[570](index=570&type=chunk) - In February 2023, the Board increased the stock repurchase authorization, leaving a remaining authority of **$190 million** as of September 30, 2023[632](index=632&type=chunk) [Other Information](index=79&type=section&id=Item%205.%20Other%20Information) No director or officer adopted or terminated a Rule 10b5-1 trading arrangement during the third quarter - No director or officer adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the three months ended September 30, 2023[33](index=33&type=chunk) [Exhibits](index=80&type=section&id=Item%206.%20Exhibits) The report includes standard exhibits such as corporate governance documents and required officer certifications - The report includes standard exhibits such as corporate governance documents and officer certifications (302 and 906)[572](index=572&type=chunk) [Glossary of Terms](index=81&type=section&id=Glossary%20of%20Terms) This section defines key abbreviations and technical terms used in the oil and gas industry and financial reporting - Defines **'Adjusted EBITDA'** as earnings before interest, taxes, DD&A, certain derivative impacts, impairments, stock compensation, and unusual items[35](index=35&type=chunk) - Defines **'Adjusted Free Cash Flow'** as cash flow from operations less regular fixed dividends and maintenance capital[602](index=602&type=chunk) - Defines **'boe'** (barrel of oil equivalent) as a ratio of one barrel of oil to six mcf of natural gas[636](index=636&type=chunk)

Call Start: 11:00 January 1, 0000 11:18 AM ET Berry Corporation (NASDAQ:BRY) Q2 2023 Earnings Conference Call August 2, 2023 11:00 am ET Company Participants Todd Crabtree - Head, IR Fernando Araujo - CEO Mike Helm - VP, CFO & CAO Conference Call Participants Charles Meade - Johnson Rice Tim Chatard - Meros Investment Management Operator Good day and thank you for joining us. Welcome to the Berry Corporation Q2 2023 Earnings Call. At this time, all participants are in listen-only mode. After the speakers' p ...

__________ (1) These revenues do not include hedge settlements. __________ (1) These revenues do not include hedge settlements. | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------|-------|----------|-------|-------|--------------------------------------------------------|------------------------------------------|------------------------|-------|------------------------| | | | E&P | | Well | Three \nJune \nServicing and Abandonment \n(in | Mo ...

Berry Corporation. (NASDAQ:BRY) Q1 2023 Earnings Conference Call May 3, 2023 11:00 AM ET Company Participants Todd Crabtree - IR Fernando Araujo - CEO Michael Helm - CFO Conference Call Participants Charles Meade - Johnson Rice Nicholas Pope - Seaport Research Steve Busch - ERI Operator Good day and thank you for standing by. Welcome to the Berry Corporation First Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, today’s conference is being recorded. I would like to now turn the conference ...