Core Viewpoint - Riley Exploration Permian, Inc. has appointed Bobby Saadati as an independent member of its board of directors, effective February 4, 2026, which is expected to enhance the company's strategic direction and shareholder value [1][4]. Company Overview - Riley Exploration Permian, Inc. is a growth-oriented upstream oil and gas company operating in Texas and New Mexico, with infrastructure projects that complement its operations [4]. New Board Member Profile - Bobby Saadati is a senior executive in the oil and gas industry with extensive experience in energy investing, operations, mergers and acquisitions, and corporate strategy [2]. - Saadati has served as CEO of IKAV Energy USA since May 2020 and has held leadership roles at Aera Energy, California Resources Corporation, Devon Energy, Jefferies, and BP [3]. - He holds a B.A. in political science from the University of California, San Diego, a J.D. from Trinity Law School, and an M.B.A. from the University of Chicago [3]. Leadership Statement - Riley Permian's Chairman and CEO, Bobby Riley, expressed confidence that Saadati's diverse track record and operational leadership will add value to the board and enhance long-term shareholder value [4].

Core Insights - CRC is leading the way in lower-carbon operations by collaborating with renewable energy developers like Luminia to enhance energy efficiency and reduce carbon emissions [1][2] - The projects aim to deliver on-site renewable energy generation, which is expected to lower energy costs for CRC's field operations and intermittently offset up to 30 MW of daytime grid load [1] - CRC's initiatives are part of a broader commitment to responsible energy production and innovation, contributing to California's clean energy goals [2] Company Overview - California Resources Corporation (CRC) is an independent energy and carbon management company focused on energy transition and environmental stewardship [4] - CRC aims to maximize the value of its land and mineral ownership while developing carbon capture and storage (CCS) and other emissions-reducing projects [4] - Luminia, headquartered in San Diego, is a renewable energy developer that partners with various stakeholders to design and operate clean energy projects [3]

Financial Performance & Strategy - CRC's 3Q25 net total production was 137 MBOE/D, with 78% oil[12] - 3Q25 Adjusted EBITDAX was $338 million[12] - Net Operating Cash Flow Before WC Changes was $322 million in 3Q25[12] - Shareholder returns YTD25 totaled $454 million[12], including $32 million in dividends in 3Q25[23] - The company repaid $122 million of 2026 Senior Notes at par[12] - CRC exited 3Q25 with a leverage ratio of 0.6x[12] - The company raised its dividend by 5% for the 4th consecutive annual increase[12] Merger & Synergies - CRC announced a strategic merger with BRY, expected to close in 1Q26[12] - The BRY merger is estimated to generate annual synergies of $80-$90 million within 12 months post-close[12] - To refinance BRY's debt at close, CRC raised $231 million[12] Carbon Management & Power - CRC is working with MiQ to expand ICG certifications across its operations in California[12] - A new agreement with Capital Power includes up to 3 MMTPA of CO2 emissions[12] - CTV and CPX plan to jointly evaluate and develop CCS solutions for Capital Power's La Paloma facility[33] Guidance & Hedging - 4Q25E net production is guided at 131-135 MBOE/D, with approximately 78% oil[52] - Approximately 70% of remaining 2025E net oil production is hedged with an average Brent floor price of ~$67 per barrel[49] - Approximately 70% of remaining 2025E internal fuel consumption is hedged at an average natural gas price of ~$4 per MMBtu[51]

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].

Core Insights - Carbon TerraVault Holdings, LLC (CTV) has signed a memorandum of understanding (MOU) with Capital Power to manage up to 3 million metric tons of CO2 emissions annually, indicating a significant step in carbon management and decarbonization efforts in California [1][8] Financial Performance - In the third quarter of 2025, CTV reported other operating expenses of $10 million, a decrease from $14 million in the second quarter [4] - General and administrative expenses increased to $4 million from $3 million in the previous quarter [4] - Capital investments rose significantly to $15 million from $5 million in the second quarter [4] - Adjusted EBITDAX improved slightly to $(14) million from $(17) million in the second quarter [4] Future Guidance - For the fourth quarter of 2025, CTV expects capital investments to be between $15 million and $20 million [6][7] - Other operating expenses are projected to be between $12 million and $16 million, while general and administrative expenses are estimated to be between $2 million and $4 million [7] - Adjusted EBITDAX is anticipated to range from $(19) million to $(15) million [7] Strategic Developments - The California government has enacted SB 614, which allows for the safe transport of captured CO2 by pipeline, facilitating CCS development [8] - CTV is on track to complete California's first CCS project at the Elk Hills cryogenic gas plant by the end of 2025, with the first CO2 injection expected in early 2026, pending regulatory approvals [8] - CTV is in discussions with multiple parties to supply power from the Elk Hills Power Plant, leveraging CO2 storage reservoirs for decarbonized energy solutions [8] - Plans are underway to submit additional Class VI permit applications to the EPA for approximately 100 million metric tons of CO2 storage in Central California [8]

Francisco Leon is the CEO of California Resources Corporation. Joins us now for a Power Lunch exclusive and I think is this your first ever CNBC interview. >> It is. It is.Thanks for having me. >> Well, I'm I'm glad you could do it. Thank you for coming on.This is interesting. Um before we get into sort of your company in general, 550 a gallon. I'm driving around here.I'm thinking, okay, there's a refinery going to be shut down, I think later this year. They're talking about shutting down a refinery across ...

Core Viewpoint - Monteverde & Associates PC is investigating the proposed sale of Berry Corporation to California Resources Corporation, questioning the fairness of the deal for Berry shareholders [1]. Company Overview - Monteverde & Associates PC is a national class action securities firm based in the Empire State Building, New York City, recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report [1][2]. - The firm has a successful track record in recovering millions for shareholders through litigation in trial and appellate courts, including the U.S. Supreme Court [2]. Transaction Details - Under the proposed transaction, Berry shareholders will receive 0.0718 shares of California Resources common stock for each share of Berry they own [1].

Core Viewpoint - Halper Sadeh LLC is investigating the fairness of the sale of Berry Corporation to California Resources Corporation, specifically whether the exchange ratio of 0.0718 shares of California Resources for each share of Berry is equitable for Berry shareholders [1]. Group 1: Investigation Details - The investigation focuses on potential violations of federal securities laws and breaches of fiduciary duties by Berry and its board, including failure to secure the best possible consideration for shareholders and not adequately disclosing material information necessary for assessing the merger [3]. - Halper Sadeh LLC may seek increased consideration for Berry shareholders, additional disclosures, and other forms of relief related to the proposed transaction [4]. Group 2: Legal Rights and Options - Berry shareholders are encouraged to explore their legal rights and options regarding the transaction, with contact information provided for further inquiries [2][6].

Core Viewpoint - California Resources Corporation (CRC) has announced an all-stock combination with Berry Corporation, indicating a strategic move to enhance its market position and operational capabilities [1][2]. Group 1: Company Overview - The call is led by CRC's President and CEO, Francisco Leon, with participation from Berry's CEO, Fernando Araujo, highlighting the collaborative nature of the announcement [2]. - CRC's executive team is present for the discussion and Q&A, indicating a comprehensive approach to stakeholder engagement [2]. Group 2: Financial Disclosures - Supplemental slides detailing non-GAAP financial measures reconciled to GAAP measures are available on the Investor Relations section of CRC's website, emphasizing transparency in financial reporting [2]. - The discussion includes forward-looking remarks based on current expectations, with a caution that actual results may differ due to various factors, which is a standard practice in corporate communications [3].

Core Viewpoint - California Resources Corporation (CRC) has announced an all-stock combination with Berry Corporation, indicating a strategic move to enhance its market position and operational capabilities [1][2]. Group 1: Company Overview - The call is led by CRC's President and CEO, Francisco Leon, with participation from Berry's CEO, Fernando Araujo, highlighting the collaborative nature of the announcement [2]. - CRC's executive team is present for the discussion and Q&A, indicating a comprehensive approach to stakeholder engagement [2]. Group 2: Financial Disclosures - Supplemental slides detailing non-GAAP financial measures reconciled to GAAP measures are available on the Investor Relations section of CRC's website, emphasizing transparency in financial reporting [2]. - The discussion includes forward-looking remarks based on current expectations, with a caution that actual results may differ due to various factors, which is a standard practice in corporate communications [3].