Financial Position - As of March 31, 2025, Berry Corporation reported $39 million in cash and cash equivalents, $49 million available for borrowings under its revolving credit facility, and $32 million available for delayed draw borrowings under its term loan facility[6]. Hedging and Investor Relations - The company announced updates to its hedging program and participation in upcoming investor conferences on April 23, 2025[6]. Financial Reporting - The financial information provided is preliminary and subject to the completion of the company's financial closing procedures for the three months ended March 31, 2025[6]. - The press release containing this information is unaudited and is attached as Exhibit 99.1[6]. Forward-Looking Statements - Management's forward-looking statements regarding future expectations are subject to risks and uncertainties that could cause actual results to differ materially[8].

Core Insights - Berry Corporation has strengthened its hedge and liquidity position, raising the average hedged price for 2026 and 2027 by $6 per barrel on 2.3 million barrels per day (MBbls/d) [1][6] - The company is 73% hedged for the remainder of 2025 and 63% hedged for 2026 based on its production guidance [1][6] - As of March 31, 2025, Berry had $120 million in liquidity, which includes $39 million in cash, $49 million available for borrowings, and $32 million for delayed draw borrowings [3] Hedging and Financial Position - Berry's hedging strategy has resulted in a favorable position, with a balance of 2025 oil hedged at an average price of $74.69 per barrel Brent [6] - The company has converted 2.3 MBbls/d of collars and puts into swaps, raising the floor price by $6 per barrel on average [6] - The mark-to-market (MTM) value for crude oil as of April 21, 2025, is $105 million [6] Liquidity and Upcoming Events - As of April 22, 2025, Berry's liquidity position is $119 million, with $14 million in letters of credit and no outstanding borrowings under its credit facility [3] - Berry's executives will participate in several upcoming investor events, including the ONE Houlihan Lokey Global Conference and the Louisiana Energy Conference [7]

Core Viewpoint - Berry Corporation will report its first quarter 2025 results on May 8, 2025, before U.S. financial markets open, and will host a conference call to discuss these results [1][2]. Company Overview - Berry Corporation is a publicly traded independent upstream energy company focused on onshore, low geologic risk, long-lived oil and gas reserves, operating in two segments: exploration and production (E&P) and well servicing and abandonment services [2]. - The 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]. Earnings Call Information - The earnings call is scheduled for May 8, 2025, at 11:00 AM Eastern Time, with a live audio webcast available [1]. - Participants can dial in using the toll-free number (800) 715-9871 with the passcode 6035522 to ask questions during the call [2].

Company Overview - Berry Corporation is a publicly traded independent upstream energy company focused on onshore, low geologic risk, long-lived oil and gas reserves, operating in two segments: exploration and production (E&P) and well servicing and abandonment services [3] - The 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) [3] Leadership Appointment - Jenarae Garland has been appointed as Vice President, General Counsel, Corporate Secretary, and Chief Compliance Officer, effective immediately [1] - Garland has extensive experience in the energy sector, having previously served as Deputy General Counsel at Phillips 66 and in various roles at Occidental Petroleum [2] Strategic Importance - The appointment of Garland is seen as pivotal for Berry Corporation during a critical growth phase, with expectations for her to positively impact the company's performance and culture [2] - The company aims to drive sustainable and profitable growth, with Garland expected to work closely with the board of directors and executive leadership team [2]

Core Viewpoint - Bri-Chem Corp. reported a significant decline in financial performance for the fourth quarter and the full year of 2024, primarily due to decreased US drilling activity and a lower average rig count, leading to reduced sales and increased losses [1][5][11]. Financial Performance Summary - Consolidated sales for Q4 2024 were $20.6 million, a decrease of 23% from $26.8 million in Q4 2023 [5][7]. - Adjusted EBITDA for Q4 2024 was negative $1.2 million, down from $1.9 million in Q4 2023, reflecting a decrease of $3.1 million [10][19]. - The operating loss for Q4 2024 was $1.5 million, compared to operating earnings of $1 million in the same period last year [10]. - The net loss for Q4 2024 was $1.6 million, compared to net earnings of $467,000 in Q4 2023, marking a 440% decline [5][19]. Yearly Financial Overview - For the full year 2024, consolidated sales totaled $83.1 million, a decrease of 22% from $106.0 million in 2023 [5]. - Adjusted net loss for the year was $5.1 million, compared to adjusted net earnings of $1.4 million in 2023, representing a 476% decline [5][19]. - Total assets decreased by 15% to $58.2 million from $68.4 million in 2023 [6]. Segment Performance - Canadian drilling fluids distribution sales were $2 million in Q4 2024, down from $3.9 million in Q4 2023, attributed to slowing sales of select commodity items [8]. - US drilling fluids distribution sales were $12 million in Q4 2024, a decrease of 26% from $16.1 million in Q4 2023, linked to a decline in the US rig count [8]. - Canadian blending and packaging division saw a slight increase in sales to $4.7 million in Q4 2024 from $4.4 million in Q4 2023, driven by higher cementing and stimulation activities [9]. Working Capital and Debt - Working capital as of December 31, 2024, was $4.5 million, a decrease of 72% from $15.9 million in 2023, due to a change in loan classification [6]. - Long-term debt was eliminated, with the company reporting no long-term debt as of December 31, 2024 [6]. Industry Outlook - The oil and gas industry faces challenges from volatile commodity prices and restrained growth in North American drilling activity [11]. - Potential changes in US and Canadian government policies, including tariffs on Canadian crude oil, create uncertainty for the industry [11]. - The company aims to remain adaptable and seek new opportunities while monitoring market conditions closely [11].

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, ...