Berry Global Group, Inc. (BERY) is witnessing solid momentum in the Consumer Packaging North America segment owing to strength in its food, beverage and foodservice end markets. This has led to 10% year-over-year growth in its revenues in first-quarter fiscal 2025 (ended December 2024).Growth in emerging markets and share gains are aiding the company’s Consumer Packaging International segment. The segment’s organic volume increased 1% in the same quarter. The Flexibles segment’s revenues were up 1.8%, drive ...

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]

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Summarizes Berry Corporation's key financial and operational performance for 2024 and its 2025 outlook [Full Year 2024 Highlights](index=1&type=section&id=Full%20Year%202024%20Highlights) Berry Corporation reported positive net income and significant free cash flow for FY2024, alongside stable production and increased proved reserves Full Year 2024 Key Metrics | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Net Income | $19 million | Down from $37 million in 2023 | | Adjusted Net Income | $52 million | Up from $39 million in 2023 | | Adjusted EBITDA | $292 million | Up from $268 million in 2023 | | Free Cash Flow | $108 million | Down from $126 million in 2023 | | Production | 25.4 MBoe/d | Flat YoY | | LOE (net of hedges) | - | Reduced by 12% | | Proved Reserves | 107 MMBoe | Up 4% | | Reserve Replacement Ratio | 147% | - | - The company achieved significant operational improvements, including a **12% year-over-year reduction in Lease Operating Expenses (LOE)** and an **over 80% reduction in methane emissions**[6](index=6&type=chunk) [Fourth Quarter 2024 Highlights](index=1&type=section&id=Fourth%20Quarter%202024%20Highlights) Q4 2024 reported a net loss, offset by positive Adjusted Net Income and Free Cash Flow, with production increasing sequentially Fourth Quarter 2024 Key Metrics | Metric | Value | Change (QoQ) | | :--- | :--- | :--- | | Net (Loss) | $(2) million | Down from $70 million income | | Adjusted Net Income | $17 million | Up 55% | | Adjusted EBITDA | $82 million | Up 22% | | Free Cash Flow | $24 million | Down 47% | | Production | 26.1 MBoe/d | Up 5% | - A **fixed quarterly dividend of $0.03 per share** was declared, representing an **annualized yield of 3%** based on the share price as of February 28, 2025[6](index=6&type=chunk) [2025 Outlook Highlights](index=1&type=section&id=2025%20Outlook%20Highlights) Berry anticipates stable 2025 production and a significant capital program, with a strategic shift in allocation towards Utah assets - Full-year 2025 production is estimated to be **24.8 - 26.0 MBoe/d**, with oil comprising approximately **93% of the total**[6](index=6&type=chunk) - The capital expenditure program is set at **$110 - $120 million**, with flexibility to adjust based on commodity prices[6](index=6&type=chunk) - There is a notable strategic shift in capital allocation, with **40% of the 2025 budget directed to Utah**, up from **25% in 2024**[6](index=6&type=chunk) [Management Commentary](index=2&type=section&id=Management%20Commentary) Management highlighted success in generating sustainable free cash flow, improving capital efficiency, and reducing costs, alongside strategic expansion and acquisition efforts - Successfully drilled **28 sidetracks** in the thermal diatomite asset with a **rate of return exceeding 100%**, unlocking potential for an additional **115 sidetracks**[7](index=7&type=chunk) - Expanded development in the Uinta Basin through two farm-ins/acreage exchanges, gaining technical data from **6 horizontal wells** with peak rates up to **2,000 Boe/d**[7](index=7&type=chunk) - The company is actively evaluating accretive deals, both large and small, to pursue scale and diversification, enhance cash flows, and expand its inventory[7](index=7&type=chunk) [Financial and Operating Results](index=2&type=section&id=Financial%20and%20Operating%20Results) Detailed overview of Berry Corporation's financial and operating performance for Q4 and full year 2024 [Fourth Quarter 2024 Financial and Operating Summary](index=2&type=section&id=Fourth%20Quarter%202024%20Financial%20and%20Operating%20Summary) Q4 2024 production increased, with a net loss offset by positive Adjusted Net Income and Free Cash Flow Q4 2024 Selected Comparative Results ($ in millions, except per share) | Metric | Q4 2024 | Q3 2024 | Q4 2023 | | :--- | :--- | :--- | :--- | | Production (mboe/d) | 26.1 | 24.8 | 25.9 | | Net (Loss) Income | $(2) | $70 | $63 | | Adjusted Net Income | $17 | $11 | $10 | | Adjusted EBITDA | $82 | $67 | $70 | | Cash Flow from Operations | $41 | $71 | $79 | | Free Cash Flow | $24 | $45 | $62 | [Full Year 2024 Financial and Operating Summary](index=4&type=section&id=Full%20Year%202024%20Financial%20and%20Operating%20Summary) FY2024 production remained flat, with net income decreasing but Adjusted Net Income increasing, while Free Cash Flow decreased due to higher capital expenditures Full Year 2024 Selected Comparative Results ($ in millions, except per share) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Production (mboe/d) | 25.4 | 25.4 | | Net Income | $19 | $37 | | Adjusted Net Income | $52 | $39 | | Adjusted EBITDA | $292 | $268 | | Cash Flow from Operations | $210 | $199 | | Capital Expenditures | $102 | $73 | | Free Cash Flow | $108 | $126 | [Capital Management and Shareholder Returns](index=4&type=section&id=Capital%20Management%20and%20Shareholder%20Returns) Details Berry Corporation's capital structure, liquidity, and shareholder return strategy, emphasizing debt reduction and dividend policy [Capital Structure](index=4&type=section&id=Capital%20Structure) As of year-end 2024, Berry maintained a strong capital structure with significant liquidity and a manageable leverage ratio, expecting to fund its 2025 capital program from operating cash flow Liquidity and Debt as of Dec 31, 2024 | Item | Amount ($ millions) | | :--- | :--- | | Term Loan Outstanding | $450 | | Revolver Borrowings | $0 | | Cash and Cash Equivalents | $15 | | Revolver Availability | $63 | | Delayed Draw Term Loan | $32 | | **Total Liquidity** | **$110** | - The company's leverage ratio was **1.49x** as of year-end 2024[12](index=12&type=chunk) [Shareholder Returns](index=4&type=section&id=Shareholder%20Returns) The company shifted its capital allocation strategy to prioritize debt reduction, while maintaining a fixed quarterly cash dividend - The company's capital allocation approach now prioritizes **debt reduction**[13](index=13&type=chunk) - A **fixed cash dividend of $0.03 per share** was approved, payable on April 1, 2025, to shareholders of record as of March 22, 2025[14](index=14&type=chunk) [2025 Outlook and Strategy](index=5&type=section&id=2025%20Outlook%20and%20Strategy) Outlines Berry Corporation's 2025 production and capital expenditure guidance, risk management strategies, and proved reserves analysis [2025 Guidance](index=5&type=section&id=2025%20Guidance) Berry's 2025 guidance projects average daily production and capital expenditures, reflecting a strategic pivot in capital allocation Full Year 2025 Guidance | Metric | Low | High | | :--- | :--- | :--- | | Average Daily Production (boe/d) | 24,800 | 26,000 | | % Oil Production | 91% | 95% | | Non-energy LOE ($/boe) | $13.00 | $15.00 | | Energy LOE (unhedged) ($/boe) | $12.70 | $14.50 | | Capital Expenditures ($ millions) | $110 | $120 | - Capital allocation for 2025 is split with approximately **60% directed to California** and **40% to Utah**[21](index=21&type=chunk) [Risk Management](index=5&type=section&id=Risk%20Management) Berry actively manages commodity price risk through hedging a significant portion of its estimated 2025 oil production and natural gas demand, aligning with debt refinancing requirements - **75% of estimated 2025 oil production** is hedged at an average strike price of **$74.24 per barrel of Brent**[18](index=18&type=chunk) - Approximately **70% of expected 2025 gas demand** is hedged with an average swap price of **$4.25 per MMBtu**[18](index=18&type=chunk) - The company is required by its debt agreement to hedge a minimum of **75% of PDP volumes** for the first **24 months** on a rolling basis[18](index=18&type=chunk) [Proved Reserves](index=5&type=section&id=Proved%20Reserves) As of year-end 2024, Berry's proved reserves totaled 107 MMBoe, with a high percentage of proved developed and oil, and a significant PV-10 value Year-End 2024 Proved Reserves | Metric | Value | | :--- | :--- | | Total Proved Reserves | 107 MMBoe | | % Proved Developed | 58% | | % Oil | 96% | | Standardized Measure | $1.8 billion | | PV-10 Value | $2.3 billion | - Only **5% of the company's California PUD reserves** are in areas where new drill permits are currently constrained[19](index=19&type=chunk) [Detailed Financial Statements and Operational Data](index=9&type=section&id=Detailed%20Financial%20Statements%20and%20Operational%20Data) Presents detailed financial statements and operational data, covering consolidated results, cash flow, balance sheet, commodity pricing, production, and capital expenditures [Summary of Results](index=9&type=section&id=Summary%20of%20Results) FY2024 total revenues decreased from 2023, primarily due to lower service revenue and derivative losses, resulting in a lower net income Consolidated Statement of Operations Data (Year Ended, $ in thousands) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | Total revenues and other | $776,501 | $903,460 | | Total expenses and other | $709,443 | $812,386 | | Income before income taxes | $28,079 | $55,425 | | Net income | $19,251 | $37,400 | | Diluted EPS | $0.25 | $0.48 | [Cash Flow and Balance Sheet Data](index=10&type=section&id=Cash%20Flow%20and%20Balance%20Sheet%20Data) FY2024 net cash from operating activities increased, while net cash used in investing activities decreased significantly, with total assets of $1.52 billion at year-end Cash Flow Data (Year Ended, $ in thousands) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $210,220 | $198,657 | | Net cash used in investing activities | $(105,556) | $(175,272) | | Net cash used in financing activities | $(79,463) | $(64,800) | Balance Sheet Data (As of Dec 31, $ in thousands) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | Total current assets | $149,643 | $140,800 | | Total property, plant and equipment, net | $1,320,380 | $1,406,612 | | Long-term debt | $384,633 | $427,993 | | Total stockholders' equity | $730,636 | $757,976 | [Commodity Pricing](index=11&type=section&id=Commodity%20Pricing) In 2024, the weighted average realized sales prices for oil and natural gas, both before and after hedges, are presented for comparative analysis Weighted Average Realized Sales Prices (Year Ended) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Oil without hedges ($/bbl) | $73.70 | $75.05 | | Oil with hedges ($/bbl) | $72.11 | $71.67 | | Natural gas ($/mcf) | $2.70 | $6.94 | | Purchased Natural Gas, after hedges ($/mmbtu) | $4.53 | $6.42 | [Production Statistics](index=13&type=section&id=Production%20Statistics) Q4 2024 total production increased from Q3, driven by California oil, while full-year 2024 total production remained flat Net Production Per Day | Production (MBoe/d) | Q4 2024 | Q3 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Oil (MBbl/d) | 24.3 | 22.8 | 24.0 | 23.5 | 23.5 | | Total Natural Gas (Boe/d) | 1.4 | 1.6 | 1.3 | 1.5 | 1.5 | | Total NGLs (MBbl/d) | 0.4 | 0.4 | 0.6 | 0.4 | 0.4 | | **Total Production (MBoe/d)** | **26.1** | **24.8** | **25.9** | **25.4** | **25.4** | [Capital Expenditures](index=13&type=section&id=Capital%20Expenditures) Full-year 2024 capital expenditures significantly increased from 2023, while fourth-quarter expenditures remained consistent year-over-year Capital Expenditures ($ in thousands) | Period | 2024 | 2023 | | :--- | :--- | :--- | | Q4 | $17,217 | $17,003 | | Full Year | $102,352 | $73,127 | [Non-GAAP Financial Measures and Reconciliations](index=14&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) Provides reconciliations for key non-GAAP financial measures, including Adjusted EBITDA, Free Cash Flow, Leverage Ratio, Adjusted Net Income, and E&P Operating Costs [Adjusted EBITDA Reconciliation](index=15&type=section&id=Adjusted%20EBITDA%20Reconciliation) Adjusted EBITDA for Q4 and full year 2024 increased, with the reconciliation from net income including adjustments for various non-recurring items Adjusted EBITDA Reconciliation (Year Ended, $ in thousands) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | Net income | $19,251 | $37,400 | | Add: Interest, Taxes, DD&A, etc. | $272,513 | $230,857 | | **Adjusted EBITDA** | **$291,764** | **$268,257** | [Free Cash Flow Reconciliation](index=16&type=section&id=Free%20Cash%20Flow%20Reconciliation) Full-year 2024 Free Cash Flow decreased from 2023, calculated as net cash from operations less capital expenditures Free Cash Flow Reconciliation (Year Ended, $ in thousands) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $210,220 | $198,657 | | Subtract: Capital expenditures | $(102,352) | $(73,127) | | **Free Cash Flow** | **$107,868** | **$125,530** | [Leverage Ratio](index=16&type=section&id=Leverage%20Ratio) As of year-end 2024, Berry's leverage ratio was 1.49x, calculated based on net debt and trailing twelve-month Adjusted EBITDA Leverage Ratio Calculation (as of Dec 31, 2024, $ in thousands) | Line Item | Value | | :--- | :--- | | 2024 Term loan borrowings | $450,000 | | Subtract: Unrestricted cash | $(15,336) | | **Net Debt** | **$434,664** | | Trailing twelve month Adjusted EBITDA | $291,764 | | **Leverage Ratio** | **1.49x** | [Adjusted Net Income (Loss) Reconciliation](index=17&type=section&id=Adjusted%20Net%20Income%20(Loss)%20Reconciliation) Full-year 2024 Adjusted Net Income increased from 2023, with primary adjustments to GAAP net income including derivative effects and impairment charges Adjusted Net Income Reconciliation (Year Ended, $ in thousands) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | Net income | $19,251 | $37,400 | | Total additions (subtractions), net | $45,657 | $2,522 | | Income tax expense of adjustments | $(12,473) | $(692) | | **Adjusted Net Income** | **$52,435** | **$39,230** | [E&P Operating Costs](index=19&type=section&id=E%26P%20Operating%20Costs) Full-year 2024 lease operating expenses (LOE) per-boe significantly improved from 2023, both unhedged and hedged, primarily driven by lower energy costs Lease Operating Expenses (Year Ended, per boe) | Line Item | 2024 | 2023 | | :--- | :--- | :--- | | Energy LOE - unhedged | $11.21 | $21.16 | | Non-energy LOE | $13.10 | $13.05 | | **Lease operating expenses (unhedged)** | **$24.31** | **$34.21** | | Gas purchase hedges - realized | $2.63 | $(3.76) | | **Lease operating expenses - hedged** | **$26.94** | **$30.45** | [Proved Reserves Analysis](index=21&type=section&id=Proved%20Reserves%20Analysis) Provides an analysis of Berry Corporation's proved reserves, including breakdown by location, PV-10 reconciliation, and changes in 2024 [Proved Reserves by Location](index=21&type=section&id=Proved%20Reserves%20by%20Location) As of year-end 2024, total proved reserves were 107 MMBoe, with California assets comprising the majority and a significant portion being proved developed Proved Reserves as of December 31, 2024 (MMBoe) | Category | California | Utah | Total | | :--- | :--- | :--- | :--- | | Proved Developed | 54 | 8 | 62 | | Proved Undeveloped | 41 | 4 | 45 | | **Total Proved** | **95** | **12** | **107** | [PV-10 Reconciliation](index=21&type=section&id=PV-10%20Reconciliation) The total company PV-10 value of proved reserves as of year-end 2024 was significant, resulting in a substantial standardized measure after deducting future income taxes PV-10 Reconciliation (as of Dec 31, 2024, $ in millions) | Line Item | Value | | :--- | :--- | | California PV-10 | $2,143 | | Utah PV-10 | $110 | | **Total Company PV-10** | **$2,253** | | Less: present value of future income taxes | $(442) | | **Standardized measure of discounted future net cash flows** | **$1,811** | [2024 Reserve Changes](index=22&type=section&id=2024%20Reserve%20Changes) In 2024, the company added significant reserves through various categories, achieving a strong total reserve replacement ratio of 147% 2024 Reserve Changes (in MMBoe) | Category | Total Company | | :--- | :--- | | Extensions and discoveries | 1 | | Revisions of previous estimates | 11 | | Purchases of minerals | 1 | | **Total reserves changes** | **13** | | Production | (9) | | **Reserve replacement ratio** | **147%** |

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]