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Core Viewpoint - Bri-Chem Corp. reported a significant decline in financial performance for Q1 2024, primarily due to reduced US drilling activity and a lower average rig count, leading to decreased sales and increased net losses compared to the same period in 2023 [1][3][10]. Financial Performance - Consolidated sales for Q1 2024 were $21.4 million, a decrease of 21% from $27.2 million in Q1 2023, attributed to a 19% drop in US drilling activity [2][5]. - Adjusted EBITDA for Q1 2024 was negative $443 thousand, down from $1.6 million in Q1 2023, reflecting a decrease of $2.1 million [2][8]. - The net loss for Q1 2024 was $1.5 million, compared to a net earnings of $265 thousand in Q1 2023, marking a decline of $1.8 million [2][3]. Financial Position - Total assets decreased to $66.2 million from $75.7 million, a reduction of 12% year-over-year [2]. - Working capital as of March 31, 2024, was $14.7 million, down 8% from $15.9 million in the previous year [4]. - Long-term debt slightly decreased to $6.7 million from $6.9 million, a 3% reduction [2]. Segment Performance - Canadian drilling fluids distribution sales were $2.8 million, down from $3.6 million in Q1 2023, due to slowing sales of select commodity items [6]. - US drilling fluids distribution sales fell to $12.6 million from $16.8 million, a 25% decrease, linked to a drop in the average rig count [6]. - Canadian blending and packaging division saw a slight increase in sales to $4.6 million from $4.3 million, while US blending and packaging sales dropped to $1.4 million from $2.5 million [7]. Outlook - North American drilling activity is expected to remain low, with a 19% decrease in US oil and gas rig counts due to falling gas prices [10]. - The Canadian market outlook is more positive, with the completion of the Trans Mountain pipeline expansion anticipated to enhance capacity and access to global markets [10]. - The company plans to implement expense management strategies and focus on new business development and organic growth in response to current market conditions [10]. Banking Facility Amendments - Bri-Chem finalized an amendment with CIBC regarding its senior lending facility due to a covenant breach, which now includes a cumulative budgeted EBITDA covenant tested monthly [9].

Berry Petroleum (BRY) has been beaten down lately with too much selling pressure. While the stock has lost 11.7% over the past four weeks, there is light at the end of the tunnel as it is now in oversold territory and Wall Street analysts expect the company to report better earnings than they predicted earlier.How to Determine if a Stock is OversoldWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator ...

Despite the volatilities and uncertainties affecting the energy market, upstream businesses benefit from highly favorable oil prices. Additionally, integrated energy players' midstream operations remain robust due to steady fee-based revenues derived from pipeline and storage assets, thereby improving the prospects for the Zacks Oil & Gas US Integrated industry.Leading contenders in the industry poised to capitalize on this favorable business environment include ConocoPhillips (COP) , Marathon Oil Corporati ...

Berry Petroleum (BRY) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.Since a changing earnin ...

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors rely on traditional forms of a ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Common Stock, par value $0.001 per share BRY Nasdaq Global Select Market Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large ...

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 ...