Financial Data and Key Metrics Changes - In Q1 2024, the company generated adjusted EBITDA of $69 million, which was flat compared to Q4 2023 [3][7] - Adjusted free cash flow for Q1 2024 was $1 million, a decrease from $55 million in Q4 2023, primarily due to seasonal working capital uses [25] - Lease operating expenses decreased by 10% sequentially, primarily due to reduced fuel gas costs [7][24] Business Line Data and Key Metrics Changes - Production for the quarter was flat compared to the 2023 full year average, with base production remaining strong, particularly from thermal diatomite reservoirs [4] - The company drilled and completed nine sidetracks as planned and is currently executing a 20-well sidetrack campaign in the Midway Sunset field [4] Market Data and Key Metrics Changes - Commodity revenues were down by 4% due to a 1% decrease in oil production and lower oil prices [7] - The company is acquiring additional working interest in the Iron Mountain field, which is expected to add approximately 100 barrels of oil per day annualized [4] Company Strategy and Development Direction - The company aims to maximize enterprise value by generating sustainable free cash flow through operational excellence, including maintaining production levels and managing costs [19][44] - The focus for the remainder of the year includes optimizing performance from the base business, improving capital structure, and pursuing growth opportunities in the exploration and production business [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving solid performance in 2024, emphasizing that current plans do not depend on the reinstatement of the Kern County EIR [5][41] - The company is committed to reducing methane emissions by at least 80% from a 2022 baseline by the end of 2025 [42][43] Other Important Information - The company plans to replace all regulated natural gas pneumatic devices with zero-emission devices in the second half of the year [29] - The Board approved a fixed dividend of $0.12 per share for Q1 2024, with no variable dividend due to nominal adjusted free cash flow [26] Q&A Session Summary Question: Performance of thermal diatomite reservoirs - Management highlighted that the thermal diatomite reservoir has shown a 19% increase in production over the past four to five years due to proper surveillance and workover activity [33][46] Question: Future capital expenditures and partnerships - Management is exploring the possibility of creating joint ventures or finding partners to reduce capital commitments for drilling horizontal wells in the future [35]

The information in this document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this document that address plans, activities, events, objectives, goals, strategies, or developments that the Company expects, believes or anticipates will or may occur in the future, such as those regarding the Company's financial position; liquidity; ...

Selected Comparative Results | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------|-------|------------------------|-------|------------------------------------------------------------------------------------------------------|-------|----------------------| | Oil, natural gas & NGL revenues (1) | $ | March 31, 2024 \n166 | $ | Three Months Ended \nDecember 31, 2023 \n(unaudited) (in millions, except per share amounts) \n172 | $ | March 31, 2023 \n166 | | Net (loss) income ...

Berry Petroleum (BRY) came out with quarterly earnings of $0.14 per share, missing the Zacks Consensus Estimate of $0.18 per share. This compares to earnings of $0.07 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -22.22%. A quarter ago, it was expected that this independent upstream energy company would post earnings of $0.22 per share when it actually produced earnings of $0.13, delivering a surprise of -40.91%.Over the las ...

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The market expects Berry Petroleum (BRY) to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be release ...

DALLAS, April 03, 2024 (GLOBE NEWSWIRE) -- Berry Corporation (NASDAQ:BRY) ("Berry" or the "Company") today announced it will report first quarter 2024 results on Wednesday, May 1, 2024, before the open of U.S. financial markets and will host a conference call and webcast that morning to discuss these results; details and links are provided below. Earnings Call Information Call Date:Wednesday, May 1, 2024Call Time:11:00 a.m. Eastern Time / 10:00 a.m. Central Time / 8:00 a.m. Pacific Time   Join the live list ...

Want $2000 In Passive Income? Invest $2000 Into These Five Dividend Stocks alengo / E+ via Getty Images For those who are semi-retired or who have been forestalling retirement, the urgency for passive income as a supplement to an already dwindling budget for household necessities has never been greater. Rather than the paltry 2.0-3.0% yields being offered with bank CD’s, dividend stocks offer some very attractive annual returns for one’s investment dollars. They have the liquidity of the regular market, b ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over fin ...