Berry (bry)(US:BRY) Globenewswireยท2025-08-06 20:05Core 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].