Financial Data and Key Metrics Changes - Second quarter oil and gas sales were $126 million, with a realized oil price of 92% of Brent [19] - Adjusted EBITDA for the second quarter was $53 million, and operating cash flow was $29 million [20] - Total debt at quarter end was $428 million, with $11 million paid down during the quarter [21] - The company declared a dividend of $0.03 per share, representing a 4% annualized dividend yield [22] Business Line Data and Key Metrics Changes - In California, 16 wells were drilled in the second quarter, an increase from 12 in the first quarter and six in the fourth quarter of the previous year [8] - In Utah, the company successfully fracked 64 stages per well on average, achieving cost savings of approximately $500,000 per well [9] Market Data and Key Metrics Changes - The company has 71% of its expected oil production hedged at approximately $75 per barrel of Brent for the remainder of 2025 [19] - For 2026, 63% of expected oil production is hedged at an average price of $70 per barrel of Brent [20] Company Strategy and Development Direction - The company’s strategy focuses on balance sheet strength, high return development projects, and operational efficiencies [6] - The company has permits in hand to support development projects into 2027, providing a competitive advantage [7] - The company aims to generate sustainable free cash flow, reduce debt, and create long-term value through its high return portfolio [12][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the regulatory environment in California, highlighting a constructive tone and potential for favorable outcomes in permitting [14][17] - The company is well-positioned to navigate California's complex environment and capitalize on regulatory reforms [17] Other Important Information - The company is finalizing its 2025 sustainability report, which will include enhanced disclosures and demonstrate its commitment to responsible operations [13] - The company is encouraged by the California Energy Commission's response to the governor's directive aimed at stabilizing in-state production [15] Q&A Session Summary Question: What is the probability of a favorable outcome regarding the Kern County EIR? - Management feels very optimistic about the outcome, noting no new objections were filed and confidence in the thorough work done by the county [26][28] Question: Can you provide expectations for the Castle Peak well? - Management highlighted initial estimates of 40 to 50 barrels per foot EUR and expressed excitement about the geology in their acreage, which could lead to significant development potential [30][31] Question: Can you discuss the cost achievements in Uinta? - Management noted a 20% cost reduction compared to other operators and identified areas for further improvement, including better performance from gas engines and increased utilization of produced water [36][40] Question: What are the long-term opportunities within the California portfolio? - Management mentioned significant potential in various projects, including thermal diatomite sidetracks and horizontal wells in the Monarch, indicating high rates of return even at current pricing [41][42]

Company Overview - Berry Corporation has an enterprise value of $642 million[11] - The company's Q2 2025 production averaged 239 thousand barrels of oil equivalent per day (MBoe/d), with 92% being oil[11] - Berry's proved PV-10 is valued at $23 billion[11] - The company's LTM adjusted EBITDA is $270 million, and LTM free cash flow is $61 million ($078/share)[11] - The LTM reinvestment rate is 67%, and the leverage ratio as of June 30, 2025, is 151x[11] California Assets - California assets have proved PV-10 of $21 billion[24] - California production is 210 MBoe/d[24] - Berry's California assets have an annual decline rate of 11%-14%[24] - The internal rate of return (IRR) for California assets is greater than 100%[24] Utah Assets - Utah assets production is 44 MBoe/d[47] - Berry Corporation holds approximately 100000 net acres in the Uinta Basin[47] Financials - The company has $95 million of availability through its credit facility and term loan[63] - Since July 2018 IPO, Berry has generated $15 billion in cash flow from operations[63,79]

[Overview and Highlights](index=1&type=section&id=Overview%20and%20Highlights) This section summarizes management's strategic commentary and key financial and operational achievements for the quarter [Management Commentary](index=1&type=section&id=Management%20Comments) Management emphasized the completion of the full-year drilling program, anticipating sequential production growth and strong free cash flow generation - **Full-year drilling activity is complete**, with production expected to grow sequentially through year-end[4](index=4&type=chunk) - Positive regulatory developments in California could create new drill permitting opportunities by year-end[4](index=4&type=chunk) - All four Uinta wells in Utah are expected online in August, contributing to **production growth in H2 2025**[4](index=4&type=chunk) - The company anticipates **strong free cash flow generation** through the remainder of the year[4](index=4&type=chunk) [Key Highlights](index=1&type=section&id=Key%20Highlights) Berry Corporation achieved **23.9 MBoe/d** production, **$34 million net income**, and **$53 million Adjusted EBITDA** in Q2 2025, while reducing debt and maintaining strong hedge positions Q2 2025 Key Metrics | Metric | Value | | :--- | :--- | | Production (MBoe/d) | 23.9 (92% oil) | | Net Income ($ millions) | $34 | | Diluted EPS ($/share) | $0.43 | | Adjusted EBITDA ($ millions) | $53 | | Operating Cash Flow ($ millions) | $29 | | Total Debt Paid Down ($ millions) | ~$11 | - Reaffirmed full-year 2025 guidance and declared a quarterly dividend of **$0.03 per share**[1](index=1&type=chunk)[5](index=5&type=chunk) - Maintains a strong hedge book, with **71% of remaining 2025 oil volumes hedged at $74.59/Bbl** and **63% of 2026 volumes hedged at $69.55/Bbl**[5](index=5&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) This section details the company's financial results, capital structure, and comprehensive financial statements for the reporting period [Second Quarter 2025 Financial and Operating Summary](index=2&type=section&id=Second%20Quarter%202025%20Financial%20and%20Operating%20Summary) Berry reported **$34 million net income** in Q2 2025, a turnaround from prior losses, with **Adjusted EBITDA of $53 million** and **negative free cash flow of $26 million** due to increased capital expenditures Selected Comparative Financial Results (in millions, except per share) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Production (MBoe/d) | 23.9 | 24.7 | 25.3 | | Net Income (Loss) ($ millions) | $34 | $(97) | $(9) | | Adjusted EBITDA ($ millions) | $53 | $68 | $74 | | Earnings per Diluted Share ($/share) | $0.43 | $(1.25) | $(0.11) | | Cash Flow from Operations ($ millions) | $29 | $46 | $71 | | Capital Expenditures ($ millions) | $54 | $28 | $42 | | Free Cash Flow ($ millions) | $(26) | $17 | $29 | [Capital Structure and Shareholder Returns](index=2&type=section&id=Capital%20Structure%20and%20Shareholder%20Returns) As of June 30, 2025, Berry maintained **$101 million in total liquidity**, reduced debt by **$11 million** in Q2, and approved a **$0.03 per share quarterly dividend** - As of June 30, 2025, **total liquidity was $101 million**, including **$20 million in cash** and **$81 million in available borrowing capacity**[8](index=8&type=chunk) - Paid down approximately **$11 million of debt** during Q2 2025, with a year-to-date total debt reduction of **$23 million**[9](index=9&type=chunk) - The Board of Directors approved a quarterly cash dividend of **$0.03 per share**[9](index=9&type=chunk) [Detailed Financial Statements](index=6&type=section&id=Detailed%20Financial%20Statements) This section presents the consolidated statement of operations, cash flow, balance sheet, and segment results, highlighting **$210.1 million in total revenues** and **$33.6 million net income** for Q2 2025 [Consolidated Statement of Operations](index=6&type=section&id=Consolidated%20Statement%20of%20Operations) Q2 2025 total revenues reached **$210.1 million**, driven by derivative gains, resulting in **$33.6 million net income** or **$0.43 diluted EPS**, a significant improvement from prior losses Consolidated Statement of Operations Highlights (in thousands) | Line Item | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Oil, natural gas and NGL sales ($ thousands) | $125,637 | $147,862 | $168,781 | | Gains (losses) on oil and gas sales derivatives ($ thousands) | $56,423 | $5,475 | $(5,844) | | **Total revenues and other ($ thousands)** | **$210,078** | **$182,651** | **$199,634** | | Impairment of oil and gas properties ($ thousands) | $0 | $157,910 | $43,980 | | **Net income (loss) ($ thousands)** | **$33,604** | **$(96,680)** | **$(8,769)** | | **Diluted EPS ($/share)** | **$0.43** | **$(1.25)** | **$(0.11)** | [Cash Flow and Balance Sheet Data](index=7&type=section&id=Cash%20Flow%20and%20Balance%20Sheet%20Data) Q2 2025 saw **net cash from operating activities at $28.6 million**, with long-term debt decreasing to **$364.6 million** and total stockholders' equity at **$664.9 million** Cash Flow Data (in thousands) | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities ($ thousands) | $28,638 | $45,872 | $70,891 | | Net cash used in investing activities ($ thousands) | $(34,162) | $(19,770) | $(42,486) | | Net cash used in financing activities ($ thousands) | $(13,760) | $(16,876) | $(25,174) | Balance Sheet Data (in thousands) | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total current assets ($ thousands) | $158,048 | $149,643 | | Long-term debt ($ thousands) | $364,602 | $384,633 | | Total stockholders' equity ($ thousands) | $664,941 | $730,636 | [Segment Results](index=8&type=section&id=Segment%20Results) The E&P segment generated **$130.8 million in revenue** and **$81.0 million in pre-tax income** in Q2 2025, with the majority of capital expenditures directed to this segment Q2 2025 Segment Performance (in thousands) | Segment | Revenues ($ thousands) | Net income (loss) before income taxes ($ thousands) | Capital expenditures ($ thousands) | | :--- | :--- | :--- | :--- | | E&P | $130,831 | $81,001 | $53,350 | | Well Servicing and Abandonment Services | $31,082 | $(296) | $333 | [Operational Performance and Outlook](index=2&type=section&id=Operational%20Performance%20and%20Outlook) This section reviews the company's production, capital expenditures, commodity risk management, and provides full-year guidance [Production and Capital Expenditures](index=12&type=section&id=Production%20and%20Capital%20Expenditures) Q2 2025 total production averaged **23.9 MBoe/d**, with **oil at 22.0 MBbl/d**, while capital expenditures significantly increased to **$54.2 million** due to the Utah drilling program Average Daily Production | Production Type | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Total Oil (MBbl/d) | 22.0 | 23.0 | 23.4 | | Natural Gas (MMcf/d) | 9.1 | 7.9 | 8.9 | | NGLs (MBbl/d) | 0.4 | 0.4 | 0.4 | | **Total (MBoe/d)** | **23.9** | **24.7** | **25.3** | Capital Expenditures (in thousands) | Period | Amount ($ thousands) | | :--- | :--- | | Q2 2025 | $54,249 | | Q1 2025 | $28,389 | | Q2 2024 | $42,325 | [Commodity Pricing and Risk Management](index=3&type=section&id=Commodity%20Pricing%20and%20Risk%20Management) Berry's Q2 2025 realized oil price was **$67.54/bbl** (with hedges), actively managing price risk by hedging **71% of remaining 2025 oil production** and **80% of natural gas demand** Weighted Average Realized Prices (Q2 2025) | Commodity | Price without Hedge ($/bbl or $/mmbtu) | Effect of Hedges ($/bbl or $/mmbtu) | Price with Hedge ($/bbl or $/mmbtu) | | :--- | :--- | :--- | :--- | | Oil ($/bbl) | $61.26 | $6.28 | $67.54 | | Purchased Natural Gas ($/mmbtu) | $2.80 | $1.89 | $4.69 | - The company has hedged **71% of its estimated oil production** for the remainder of 2025 at an average Brent price of **$74.59/Bbl**[13](index=13&type=chunk) - Approximately **80% of expected natural gas demand** for the rest of 2025 is hedged with an average swap price of **$4.22/MMBtu**[13](index=13&type=chunk) Total Gains (Losses) on Derivatives (in thousands) | Period | Amount ($ thousands) | | :--- | :--- | | Q2 2025 | $53,293 | | Q1 2025 | $11,166 | | Q2 2024 | $(8,486) | [2025 Full Year Guidance](index=2&type=section&id=2025%20Full%20Year%20Guidance) Berry reaffirmed its full-year 2025 guidance, projecting average daily production between **24,800 and 26,000 boe/d** and capital expenditures of **$110 to $120 million** Reaffirmed Full Year 2025 Guidance | Metric | Low | High | | :--- | :--- | :--- | | Average Daily Production (boe/d) | 24,800 | 26,000 | | Non-energy LOE ($/boe) | $13.00 | $15.00 | | Capital Expenditures ($ millions) | $110 | $120 | - Approximately **60% of the 2025 capital program** is directed to California, with the remaining **40% allocated to Utah**[18](index=18&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=13&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section provides reconciliations for non-GAAP financial measures, including Adjusted EBITDA, Free Cash Flow, Adjusted Net Income, and E&P Operating Costs [Adjusted EBITDA Reconciliation](index=15&type=section&id=Adjusted%20EBITDA%20Reconciliation) Q2 2025 Adjusted EBITDA was **$52.9 million**, reconciled from **$33.6 million net income** by adjusting for non-cash items and derivative gains Adjusted EBITDA Reconciliation (in thousands) | Line Item | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | **Net income (loss) ($ thousands)** | **$33,604** | **$(96,680)** | **$(8,769)** | | Interest expense ($ thousands) | 15,513 | 15,172 | 10,050 | | Income tax expense (benefit) ($ thousands) | 13,188 | (38,673) | (3,326) | | Depreciation, depletion, and amortization ($ thousands) | 35,294 | 40,392 | 42,843 | | Impairment of oil and gas properties ($ thousands) | — | 157,910 | 43,980 | | (Gains) losses on derivatives ($ thousands) | (53,293) | (11,166) | 8,486 | | Net cash received (paid) for scheduled derivative settlements ($ thousands) | 4,908 | (1,312) | (19,115) | | **Adjusted EBITDA ($ thousands)** | **$52,915** | **$68,450** | **$74,329** | [Free Cash Flow and Leverage Ratio](index=16&type=section&id=Free%20Cash%20Flow%20and%20Leverage%20Ratio) Q2 2025 Free Cash Flow was **negative $25.6 million**, resulting from **$28.6 million operating cash flow** and **$54.2 million capital expenditures**, with a Leverage Ratio of **1.51x** Free Cash Flow Reconciliation (in thousands) | Line Item | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities ($ thousands) | $28,638 | $45,872 | $70,891 | | Capital expenditures ($ thousands) | (54,249) | (28,389) | (42,325) | | **Free Cash Flow ($ thousands)** | **$(25,611)** | **$17,483** | **$28,566** | Leverage Ratio as of June 30, 2025 | Metric | Value (in thousands) | | :--- | :--- | | Net Debt ($ thousands) | $407,772 | | Trailing twelve month Adjusted EBITDA ($ thousands) | $270,266 | | **Leverage Ratio (x)** | **1.51x** | [Adjusted Net Income (Loss) Reconciliation](index=17&type=section&id=Adjusted%20Net%20Income%20%28Loss%29%20Reconciliation) Q2 2025 Adjusted Net Loss was **$0.4 million** or **$0.00 per diluted share**, primarily due to the removal of a **$48.4 million net non-cash gain on derivatives** Adjusted Net Income (Loss) Reconciliation (in thousands) | Line Item | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | **Net income (loss) ($ thousands)** | **$33,604** | **$(96,680)** | **$(8,769)** | | (Gains) losses on derivatives ($ thousands) | (53,293) | (11,166) | 8,486 | | Net cash received (paid) for scheduled derivative settlements ($ thousands) | 4,908 | (1,312) | (19,115) | | Impairment of oil and gas properties ($ thousands) | — | 157,910 | 43,980 | | Income tax expense (benefit) of adjustments ($ thousands) | 12,742 | (39,783) | (8,617) | | **Adjusted Net Income (Loss) ($ thousands)** | **$(364)** | **$9,370** | **$14,155** | [E&P Operating Costs (LOE) Analysis](index=18&type=section&id=E%26P%20Operating%20Costs%20%28LOE%29%20Analysis) Q2 2025 unhedged Lease Operating Expenses (LOE) were **$24.43 per Boe**, with total hedged LOE at **$27.97 per Boe** after accounting for gas purchase hedges E&P Operating Costs (per Boe) | Line Item | Q2 2025 ($/Boe) | Q1 2025 ($/Boe) | Q2 2024 ($/Boe) | | :--- | :--- | :--- | :--- | | Energy LOE - unhedged | $10.32 | $11.83 | $9.52 | | Non-energy LOE | $14.11 | $13.91 | $13.91 | | **Lease operating expenses (unhedged)** | **$24.43** | **$25.74** | **$23.43** | | Gas purchase hedges - realized | $3.54 | $0.66 | $4.05 | | **Lease operating expenses - hedged** | **$27.97** | **$26.40** | **$27.48** |

Core Viewpoint - Berry Corporation reported its financial and operational results for Q2 2025, highlighting a net income of $34 million and a production rate of 23.9 MBoe/d, with a quarterly cash dividend of $0.03 per share [1][5][9]. Financial and Operational Summary - Production for Q2 2025 was 23.9 MBoe/d, down from 24.7 MBoe/d in Q1 2025 and 25.3 MBoe/d in Q2 2024 [5][36]. - Oil, natural gas, and NGL revenues totaled $126 million, compared to $148 million in Q1 2025 and $169 million in Q2 2024 [5][36]. - The company reported a net income of $34 million, or $0.43 per diluted share, a significant improvement from a net loss of $97 million in Q1 2025 [5][6]. - Adjusted EBITDA for Q2 2025 was $53 million, down from $68 million in Q1 2025 and $74 million in Q2 2024 [7][24]. - Operating cash flow was $29 million, compared to $46 million in Q1 2025 and $71 million in Q2 2024 [7][24]. Capital Expenditures and Debt Management - Capital expenditures for Q2 2025 were $54 million, up from $28 million in Q1 2025 and $42 million in Q2 2024 [7][36]. - The company paid down approximately $11 million of debt in Q2 2025, bringing the year-to-date total debt reduction to approximately $23 million [6][9]. - Berry aims for a total debt reduction of at least $45 million in 2025 [6]. Production and Growth Outlook - The company expects sequential production growth through the end of the year, with all four horizontal Uinta wells expected to be online in August 2025 [4][6]. - Berry's average well cost is approximately 20% below the average cost of its non-operated wells [4]. - The company has a favorable hedge position, with 71% of oil volumes hedged for the remainder of 2025 at an average price of $74.59/Bbl [6][12]. Guidance and Future Plans - Berry reaffirmed its full-year 2025 guidance, projecting average daily production between 24,800 and 26,000 boe/d [10]. - The company plans to host a conference call on August 7, 2025, to discuss its Q2 results and 2025 outlook [1][13].

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for Berry Petroleum due to lower revenues, with a focus on how actual results will compare to estimates [1][2]. Earnings Expectations - Berry Petroleum is expected to report earnings of $0.01 per share, reflecting a significant year-over-year decrease of 94.4% [3]. - Revenue projections stand at $147 million, which is a decline of 7.5% compared to the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised down by 62.26% over the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for Berry Petroleum matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive or negative reading indicates the potential deviation from consensus estimates, with a strong predictive power for positive readings [9][10]. - Berry Petroleum's current Zacks Rank is 3, making it challenging to predict an earnings beat conclusively [12]. Historical Performance - In the last reported quarter, Berry Petroleum exceeded expectations with earnings of $0.12 per share, a surprise of +20.00% [13]. - Over the past four quarters, the company has beaten consensus EPS estimates two times [14]. Industry Context - Tidewater, another player in the oil and gas sector, is expected to report earnings of $0.28 per share, indicating a year-over-year decline of 70.2% [18]. - Tidewater's revenue is projected at $317.61 million, down 6.4% from the previous year, with a consensus EPS estimate revised 17.6% higher recently [19].

Core Insights - Rockford Fosgate has appointed Josh Berry as Regional Sales Manager for OEM Marine, aiming to enhance growth and partnerships in the marine audio sector [1][2] - Josh Berry brings 23 years of experience in 12-volt marine audio, which is expected to strengthen the company's position in the market [1][2] - The company emphasizes the importance of strategic sales initiatives and identifying new market opportunities under Berry's leadership [2] Company Overview - Rockford Fosgate is a leader in high-performance audio systems, serving the mobile, motorcycle, motorsport, and marine audio aftermarket and OEM markets [3] - The company is headquartered in Tempe, Arizona, and is a wholly owned subsidiary of Patrick Industries, Inc. [3]

Company Overview - Berry Corporation is a publicly traded independent upstream energy company focused on onshore, low geologic risk, long-lived oil and gas reserves [2] - The company operates in two business segments: exploration and production (E&P) and well servicing and abandonment services [2] - E&P assets are located in California and Utah, characterized by high oil content, with California assets in the San Joaquin Basin (100% oil) and Utah assets in the Uinta Basin (65% oil) [2] Upcoming Financial Results - Berry Corporation will report second quarter 2025 results on August 6, 2025, after the close of U.S. financial markets [1] - A conference call and webcast to discuss these results will be held on August 7, 2025, at 11:00 a.m. Eastern Time [1] - Details for joining the live audio webcast and pre-registering for questions are provided [1]

Company Overview - Lifeway Foods, Inc. is a leading U.S. supplier of kefir and fermented probiotic products, recognized as one of Forbes' Best Small Companies [3] - The company produces a variety of products including drinkable kefir, cheeses, and a ProBugs line for kids, with distribution across the U.S., Mexico, Ireland, South Africa, UAE, and France [3] Product Highlights - Lifeway's Berry Blast Probiotic Smoothie + Collagen has won Good Housekeeping's 2025 Snack Awards, highlighting its market recognition [1] - The smoothie contains 5 grams of hydrolyzed collagen per bottle, supporting skin health and joint support, along with 12 live and active probiotic cultures and billions of beneficial CFUs [1][2] - The product is lactose-free and gluten-free, catering to rising consumer demand for functional dairy products [2] Market Trends - The introduction of the Probiotic Smoothie + Collagen line, which includes flavors like Matcha Latte and Tropical Fruit, responds to increasing consumer interest in gut-skin health connections [2]

Core Points - Bri-Chem Corp. has rescheduled its annual general meeting to September 16, 2025, to allow for additional resolutions and provide shareholders with adequate information regarding alternative director nominees [1][2] - The company has adopted an Advance Notice By-Law to guide the nomination of directors, which establishes deadlines for shareholders to submit nominations and outlines the required information [3][6] Company Actions - The postponement of the meeting aims to include a resolution for the ratification of the Advance Notice By-Law and to inform shareholders about a proxy contest involving alternative nominees proposed by the Hugghins Group [2][5] - The Advance Notice By-Law requires shareholders to provide timely notice for director nominations, with specific deadlines based on the type of meeting [6][7] Company Overview - Bri-Chem is a leading North American oilfield chemical distribution and blending company, known for its strategic acquisitions and organic growth [8]

Group 1 - Berry Corporation (NASDAQ: BRY) is expected to benefit modestly from higher near-term oil prices, although significant hedges will limit these benefits [2] - The company reported relatively low lease operating expenses in Q1 2025, indicating potential operational efficiency [2] Group 2 - The article highlights the expertise of Aaron Chow, who has over 15 years of analytical experience and is recognized as a top-rated analyst on TipRanks [2] - Chow co-founded a mobile gaming company that was acquired by PENN Entertainment, showcasing his background in both gaming and analytical modeling [2]