UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State of incorporation or organization) 16000 Dallas Parkway, Suite 500 Dallas, Texas 75248 (661) 616-3900 (Address of principal executive offices, including zip code Registrant's telephone number, including area code): For the Fiscal Year Ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHA ...

Financial Data and Key Metrics Changes - In 2024, the company generated $292 million of adjusted EBITDA, a 9% increase from 2023, and reduced hedged LOE by 12% [9][35] - The average annual production was 25,400 barrels of oil equivalent per day, consistent with 2023 and near the top of guidance [10] - Adjusted EBITDA for Q4 was $82 million, a 22% increase from Q3 [35] - Total debt at year-end was $450 million, with a leverage ratio of 1.5 times [36] Business Line Data and Key Metrics Changes - The company drilled a total of 56 gross wells in 2024, with 46 in California and 10 in Utah [11] - The thermal diatomite reservoir in California delivered exceptional results, with a reserve replacement ratio of 147% [13][14] - In the Uinta Basin, the company executed a second farm-in to drill an additional 12 horizontal wells [16] Market Data and Key Metrics Changes - The realized oil price for the full year was 92% of Brent [32] - Non-energy LOE was $13.10 per BOE, while energy LOE was $11.21 per BOE on an unhedged basis [34] Company Strategy and Development Direction - The company is focused on unlocking development potential from its thermal diatomite reservoir and expanding its horizontal well development program in the Uinta Basin [8][19] - Plans for 2025 include drilling approximately 50 gross wells and sustaining production levels [11] - The company aims to deploy 40% of its capital to Utah in 2025, up from 25% in 2024 [38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to create sustainable value and highlighted a compelling pipeline of opportunities [19][40] - The company is not dependent on the Kern County EIR for its near-term plans, as most of its PUD locations can be accessed through available permitting processes [26][82] - Management noted that the recent results from the Uinta Basin could be transformational for the company [54][86] Other Important Information - The company completed a methane emissions reduction project, achieving an 80% reduction compared to a 2022 baseline [28] - A new CFO, Jeff Majid, joined the company, bringing over 15 years of experience in the oil and gas industry [30] Q&A Session Summary Question: Update on Uinta wells and expectations for the first operated pad - Management discussed the differences in production rates between the first and second farm-in wells, noting the geology is uniform and pressure gradients are similar [48][50] Question: Acquisition environment in California - Management is actively pursuing bolt-on opportunities in California, particularly in Kern County, and is in talks with several small operators [57] Question: Update on joint venture discussions for Utah - Management is in discussions for a potential JV to mitigate capital requirements but is comfortable drilling independently for now [66][68] Question: Impact of recent abandonment legislation in California - The legislation will have minimal impact on Berry but will significantly affect larger operators [70][72] Question: Timeline for permitting processes - Management indicated that the timeline for conditional use permits is similar to the Kern County EIR, likely extending into 2026 [84] Question: Long-term potential for Utah assets - Management highlighted the significant potential in Utah, with the ability to grow production significantly over the next decade [87][88]

Full Year 2024 Highlights Fourth Quarter 2024 Highlights 2025 Outlook PRESS RELEASE For Immediate Release Berry Corporation Reports Fourth Quarter and Full Year 2024 Financial and Operational Results, Year- End Reserves and 2025 Outlook DALLAS, TX - March 12, 2025 (GLOBE NEWSWIRE) – Berry Corporation (bry) (NASDAQ: BRY) ("Berry" or the "Company") today announced financial and operating results for the fourth quarter and full year 2024, as well as a quarterly cash dividend of $0.03 per share. Berry has provi ...

DALLAS, March 12, 2025 (GLOBE NEWSWIRE) -- Berry Corporation (bry) (NASDAQ: BRY) (“Berry” or the “Company”) today announced financial and operating results for the fourth quarter and full year 2024, as well as a quarterly cash dividend of $0.03 per share. Berry has provided a supplemental slide deck on its results, which can be found at www.bry.com. The Company plans to host a conference call and webcast to discuss its fourth quarter and full year 2024 results, as well as its 2025 outlook, at 10:00 a.m. CT, ...

Group 1: Company Performance - Berry Global Group, Inc. (BERY) has experienced growth across all segments, with the Consumer Packaging North America segment achieving a 10% year-over-year revenue increase in the first quarter of fiscal 2025 [1] - The Consumer Packaging International segment saw a 1% organic volume increase, supported by growth in emerging markets and market share gains [1] - The Flexibles segment's revenues rose by 1.8%, attributed to the recovery in European industrial markets [1] Group 2: Investments and Expansion - The company is investing in advanced equipment technologies and design for circularity, which are expected to enhance long-term competitiveness [2] - In April 2023, Berry Global completed a second manufacturing facility and Global Healthcare Center in Sira, Bangalore, aimed at increasing the supply of healthcare solutions in India and South Asia [3] Group 3: Financial Management - Berry Global utilizes cash flow for acquisitions, dividends, and share repurchases, having paid out $36 million in dividends in the first three months of fiscal 2025 [4] - The company acquired CMG Plastics in October 2024, enhancing its capabilities within the Consumer Packaging North America segment [4] - Berry Global increased its dividend by 12.9% to 31 cents per share, translating to an annual dividend of $1.24 [4] Group 4: Cost and Debt Concerns - The company is facing rising operating costs, with a 1.4% year-over-year increase in cost of sales and an 8.3% increase in selling and administrative expenses in the first quarter of fiscal 2025 [6] - Berry Global's high debt level remains a concern, with current and long-term debt at $7.4 billion at the end of the fiscal first quarter [7]

Core Insights - Berry Corporation (NASDAQ: BRY) has appointed a new CFO with significant expertise in company valuation and investment banking [1] - The company has entered into a new debt refinancing agreement, which is expected to enhance future free cash flow (FCF) generation [1] Company Developments - The new CFO's background in investment banking may provide strategic advantages in financial management and valuation [1] - The debt refinancing agreement is anticipated to improve liquidity, potentially leading to better financial performance in the future [1] Market Context - The article highlights the importance of value investments, particularly in small and mid-cap companies, which are often traded at lower earnings multiples [1] - The focus on dividend yield and earnings multiples suggests a strategy aimed at long-term value creation in the investment landscape [1]

Core Viewpoint - Value investing remains a preferred strategy for identifying strong stocks, utilizing fundamental analysis and traditional valuation metrics to find undervalued stocks in the market [2]. Company Analysis - Berry (BRY) is currently rated with a Zacks Rank of 2 (Buy) and has a Value grade of A, indicating it is a strong candidate for value investors [4]. - The stock has a P/E ratio of 7.54, significantly lower than the industry average of 13.30, suggesting it may be undervalued [4]. - Over the past year, BRY's Forward P/E has fluctuated between a high of 11.52 and a low of 6.74, with a median of 8.88, indicating variability in its valuation [4]. - BRY's P/CF ratio stands at 1.33, which is attractive compared to the industry's average P/CF of 4.81, further supporting the notion of undervaluation [5]. - The P/CF ratio for BRY has ranged from a high of 3.96 to a low of 1.14 over the past year, with a median of 2.83, reflecting its solid cash outlook [5]. - The combination of these metrics suggests that BRY is likely undervalued and presents an impressive value opportunity in the current market [6].

Group 1 - The article promotes a free two-week trial for the investment group Distressed Value Investing, which provides exclusive research on various companies and investment opportunities [1] - The author, Aaron Chow, has over 15 years of analytical experience and co-founded a mobile gaming company that was acquired by PENN Entertainment, indicating a strong background in both analysis and industry experience [2] - Distressed Value Investing focuses on value opportunities and distressed plays, particularly in the energy sector, highlighting a niche investment strategy [2] Group 2 - The article emphasizes that past performance is not indicative of future results, which is a common disclaimer in investment discussions [3] - It clarifies that no specific investment recommendations are being made, and the views expressed may not represent the entire platform's opinions [3] - The article notes that the analysts contributing to the platform may not be licensed or certified, which is important for understanding the credibility of the analysis provided [3]

Group 1 - Berry Corporation will report its fourth quarter and full year 2024 results on March 12, 2025, after U.S. financial markets close [1] - A conference call and webcast to discuss the results will take place on March 13, 2025, at 11:00 a.m. Eastern Time [2] - The company operates in two business segments: exploration and production (E&P) and well servicing and abandonment [4] Group 2 - Berry's 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 (60% oil and 40% gas) [4] - The company focuses on onshore, low geologic risk, long-lived oil and gas reserves [4] - Berry Corporation is publicly traded on NASDAQ under the ticker BRY [4]

Core Insights - Berry Global Group, Inc. reported adjusted earnings of $1.09 per share for Q1 fiscal 2025, exceeding the Zacks Consensus Estimate of $1, with a year-over-year increase of 5% [1] - Net sales reached $2.39 billion, surpassing the consensus estimate of $2.34 billion, reflecting a 2.2% year-over-year growth driven by higher selling prices and organic volume growth of 2% [1] Segmental Discussion - The Health, Hygiene, and Specialties segment was spun off and merged with Glatfelter Corporation, leading to a focus on higher-value products in the Engineered Materials segment, now renamed Flexibles [2] - International net sales in Consumer Packaging amounted to $885 million, down 3.4% year-over-year, with organic volume growth of 1% [3] - North American Consumer Packaging net sales totaled $769 million, up 10% year-over-year, driven by a 3% growth in volumes [4] - Flexibles segment net sales were $731 million, increasing 1.8% year-over-year, with organic volume growth of 1% [5] Costs & EBITDA - Cost of goods sold increased by 1.4% to $2.9 billion, while selling, general, and administrative expenses rose by 8.3% year-over-year to $223 million [6] - Operating EBITDA was reported at $378 million, up 3.8% year-over-year, although operating income decreased by 7.9% to $152 million [6] Balance Sheet and Cash Flow - At the end of Q1, cash and cash equivalents stood at $1.2 million, down from $1.1 billion at the end of fiscal 2024, with total debt at $8.1 billion [7] - The company used net cash of $372 million in operating activities, compared to $168 million in the previous year, with capital expenditure totaling $134 million [8] Fiscal 2025 Guidance - Berry Global reaffirmed its fiscal 2025 guidance, expecting adjusted earnings in the range of $6.10-$6.60 per share [9] - The company anticipates cash flow from operations between $1.125 billion and $1.225 billion, and free cash flow in the range of $600-$700 million [10]