Berry Corporation Announces Third Quarter 2025 Financial and Operational Results, Continued Debt Reduction and Quarterly Dividend

Core Viewpoint - Berry Corporation reported its financial and operational results for Q3 2025, highlighting a net loss and a pending merger with California Resources Corporation, which has led to the suspension of supplemental slides and conference calls for this quarter [1][3][5]. Financial and Operating Summary - Production for Q3 2025 was 23.9 MBoe/d, consistent with Q2 2025 but down from 24.8 MBoe/d in Q3 2024 [3][34]. - Oil, natural gas, and NGL revenues totaled $128 million, slightly up from $126 million in Q2 2025 but down from $154 million in Q3 2024 [3][22]. - The company reported a net loss of $26 million, or $0.34 per diluted share, compared to a net income of $34 million in Q2 2025 and $70 million in Q3 2024 [3][23]. - Adjusted EBITDA for the quarter was $49 million, down from $53 million in Q2 2025 and $67 million in Q3 2024 [3][22]. - Free cash flow was $38 million, a significant improvement from a negative $26 million in Q2 2025 but down from $45 million in Q3 2024 [3][22]. Capital Structure - As of September 30, 2025, Berry had $416 million outstanding on its term loan facility and no borrowings under its revolving credit facility, with total liquidity of $94 million [4][6]. Debt Reduction and Shareholder Returns - The company paid down approximately $11 million of debt during the quarter, bringing the year-to-date total debt reduction to approximately $34 million [6][5]. - A quarterly cash dividend of $0.03 per share was approved, representing a 4% annual yield [6][5]. Production Statistics - The company produced 21.8 MBbl/d of oil, with California contributing 18.4 MBbl/d and Utah 3.4 MBbl/d [34]. - Total natural gas production was 9.1 MMcf/d, consistent with Q2 2025 [34]. Commodity Pricing - The average realized price for oil without hedge was $62.21 per barrel, while the price with hedge was $67.33 per barrel [27]. - Natural gas was sold at an average price of $2.99 per mcf [27]. Current Hedging Summary - As of October 31, 2025, Berry has hedged 18.2 MBbls/d of oil production at an average price of $74.15 per barrel for the remainder of 2025 [8][30].