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Berry Corporation - $BRY STOCK NEWS

Welcome to our dedicated page for Berry Corporation news (Ticker: $BRY), a resource for investors and traders seeking the latest updates and insights on Berry Corporation stock.

Berry Corporation (BRY) Common Stock is a prominent player in the independent energy sector, primarily focused on the production, development, acquisition, exploitation, and exploration of crude oil and natural gas. The company has a rich history, tracing its origins back to 1909 in California's heavy oil production. Since becoming publicly traded in 1987, Berry has expanded its operations to include significant reserves and producing properties in California, Utah (Uinta Basin), Texas (East Texas and Permian Basin), and Colorado (Piceance).

Berry's core business revolves around its Exploration and Production (E&P) segment, which generates the bulk of its revenue. The company is known for its conventional, long-lived oil reserves in the San Joaquin Basin of California. Berry also operates a Well Servicing and Abandonment segment, which plays a crucial role in maintaining and optimizing its oil and gas assets.

As of December 31, 2010, Berry reported proved reserves of 271 million barrels of oil equivalent (BOE), a 15% increase compared to 2009. This mix includes 166 million barrels of crude oil, condensate, and natural gas liquids, along with 630 billion cubic feet of natural gas, representing 61% oil and 39% natural gas. In 2010, Berry's total production averaged 32,700 BOE per day.

In recent developments, Berry Corporation has demonstrated a disciplined capital returns strategy aimed at enhancing free cash flow. The company's acquisition of oil-producing assets has been attractively priced, showcasing its commitment to delivering value to shareholders. Reflecting the MacPherson acquisition and strong results to date, Berry has updated its 2023 full-year guidance, emphasizing its optimistic outlook for the future.

Berry is also proactive in its communication with investors, offering opportunities to preregister for live earnings conference calls. This transparency allows shareholders to stay informed about the company's performance and strategic initiatives.

Financially, Berry maintains a robust position with a clear focus on optimizing its commodity pricing strategies and capital expenditures. The company has shifted a majority of its natural gas purchases to the Rockies, leveraging favorable price indexes. Berry's hedging strategies further strengthen its financial stability, providing protection against market volatility.

Overall, Berry Corporation (BRY) continues to be a significant force in the independent energy sector, underscored by its extensive reserves, strategic acquisitions, and commitment to shareholder value.

Rhea-AI Summary

Berry reported first quarter 2024 financial results, achieving solid operational and financial performance. The company produced 25,400 boe/d, declared a fixed dividend of $0.12 per share, acquired greenhouse gas allowances at a discount, signed an agreement for horizontal wells in Utah, and acquired working interest in Kern County, CA. The company maintained strong safety records, issued a Sustainable Business Report, and set goals for methane emissions reduction. Despite a net loss, the company had resilient results with adjusted EBITDA of $69 million. Berry's CFO highlighted cost management savings and plans for debt reduction. Key financials included $166 million in revenues, $11 million in adjusted net income, $27 million cash flow from operations, and $69 million in adjusted EBITDA for the first quarter of 2024. The company maintained liquidity of $149 million as of March 31, 2024. Quarterly dividends of $0.12 per share were declared, payable on May 24, 2024. The company will host an earnings conference call on May 1, 2024.

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Berry (BRY) to Report First Quarter 2024 Results on May 1, 2024
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Berry Corporation (BRY) announced its fourth quarter and full-year 2023 results, showcasing solid financial performance despite challenges in the energy market. The company reported net income of $63 million for Q4 2023 and $37 million for the full year, with Adjusted Net Income of $10 million and $39 million, respectively. Berry delivered $65 million in shareholder returns, acquired new working interests, and maintained production levels. The company's strategy for 2024 focuses on sustainable free cash flow and value enhancement.
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Berry Corporation (NASDAQ: BRY) announced preliminary full year 2023 production and year-end proved reserves data. The company completed a small-scale acquisition and reduced revolver debt in the fourth quarter 2023. Total production for the full year 2023 is estimated to be approximately 25,300 boe/d.
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Berry Corporation (bry) announced third quarter 2023 results, including a net loss of $45 million or $0.60 per diluted share. Adjusted Net Income was $12 million or $0.15 per diluted share. The company generated Adjusted EBITDA of $70 million and cash flow from operating activities of $55 million. They produced 25,300 boe/d, higher than the first half of 2023 but ~30% lower than planned annual capital expenditures. Berry also closed on an oil producing acquisition at the end of the quarter.
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Berry Corporation (bry) will report its Q3 2023 financial results on November 1, 2023, before the open of U.S. financial markets. A conference call will be held later that morning to discuss these results.
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Berry Corporation completes acquisition of Macpherson Energy Corporation, expects positive impact on cash flows and shareholder returns.
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Berry Corporation announces Q2 2023 results, including net income of $26 million and a 7% increase in production. The company repurchased 1.4 million shares of common stock and signed an agreement to acquire Macpherson Energy Corporation for $70 million.
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Berry Corporation (BRY) Announces Acquisition of Macpherson Energy Corporation for $70 Million in Cash, Expected to Enhance Free Cash Flow and Shareholder Returns. The acquisition of oil producing assets in Kern County, California is part of Berry's disciplined capital returns strategy, aiming to increase future free cash flow generation and returns to shareholders. The transaction is expected to be fully paid for by mid-year 2024 based on current projections for the pro forma company and $75/barrel Brent pricing.
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FAQ

What does Berry Corporation (BRY) do?

Berry Corporation is an independent energy company engaged in the production, development, acquisition, exploitation, and exploration of crude oil and natural gas.

Where are Berry Corporation's principal reserves located?

Berry's principal reserves and producing properties are located in California, Utah, Texas, and Colorado.

How much did Berry Corporation report in proved reserves as of December 31, 2010?

Berry reported proved reserves of 271 million barrels of oil equivalent (BOE), including 166 million barrels of crude oil, condensate, and natural gas liquids, and 630 billion cubic feet of natural gas.

What are Berry Corporation’s main business segments?

Berry operates primarily in two segments: Exploration and Production (E&P) and Well Servicing and Abandonment.

How does Berry Corporation generate most of its revenue?

Berry generates maximum revenue from its Exploration and Production (E&P) segment.

What was Berry Corporation's average daily production in 2010?

In 2010, Berry's total production averaged 32,700 barrels of oil equivalent (BOE) per day.

What recent acquisition has Berry Corporation made?

Berry recently completed an attractively priced acquisition of oil-producing assets as part of its strategy to enhance free cash flow.

How does Berry Corporation manage commodity pricing fluctuations?

Berry employs hedging strategies and optimizes gas purchases by shifting a majority to the Rockies, leveraging favorable price indexes.

What resources are available for Berry Corporation investors?

Berry provides opportunities for investors to preregister for live earnings conference calls, ensuring transparency and up-to-date information.

What is the significance of Berry Corporation's asset mix?

Berry's asset mix includes a substantial proportion of oil and natural gas, representing 61% oil and 39% natural gas, enhancing its resilience and profitability.

Berry Corporation

Nasdaq:BRY

BRY Rankings

BRY Stock Data

475.48M
73.77M
2.24%
91.95%
6.65%
Crude Petroleum and Natural Gas Extraction
Mining, Quarrying, and Oil and Gas Extraction
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United States of America
DALLAS