Berry Corporation (bry) Hires Fernando Araujo as New Chief Operating Officer
Berry Corporation (BRY) announced the appointment of Fernando Araujo as Executive Vice President and Chief Operating Officer, effective immediately.
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Rhea-AI Summary
Berry Corporation (BRY) announced the appointment of Fernando Araujo as Executive Vice President and Chief Operating Officer, effective immediately. Araujo, a seasoned professional with 30 years of experience from major companies like Shell and Schlumberger, succeeds retiring COO Gary Grove. His vast expertise includes overseeing significant production levels across multiple countries. CEO Trem Smith expressed confidence that Araujo’s entrepreneurial spirit will enhance Berry's operations, improve efficiencies, and contribute to shareholder value amidst ongoing environmental initiatives.
Positive
- Fernando Araujo brings 30 years of industry experience, potentially enhancing operational efficiency.
- Araujo's background includes managing over 260,000 BOE per day, which may lead to improved production.
- The leadership change aims to maximize assets and align with environmental goals, promoting responsible energy provision.
Negative
- Transitioning to a new COO may result in operational continuity concerns during the adjustment period.
Details
News Market Reaction – BRY
The recorded move for BRY in the trading session of this news was -2.48%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
DALLAS, Aug. 20, 2020 (GLOBE NEWSWIRE) -- Berry Corporation (bry)(NASDAQ: BRY) announced that industry veteran Fernando Araujo is joining the Company as Executive Vice President and Chief Operating Officer to succeed retiring COO Gary Grove.
Mr. Araujo joins Berry with 30 years of experience having worked for some of the most accomplished brands in the industry including Shell Oil, Repsol S.A., Apache Corporation, and Schlumberger. He has most recently served as Schlumberger Production Management’s Director for Western Hemisphere Assets based out of Houston, Texas. In this role he has been responsible for over 260,000 BOE per day of production from fields in Argentina, Ecuador, Colombia, Mexico, USA, and Canada.
“We are excited to welcome Fernando to the Berry team. Fernando’s wealth of knowledge and experience will be a great complement to our team,” said Trem Smith, CEO of Berry. “Fernando brings an entrepreneurial spirit that will help us achieve our goal of building shareholder value by maximizing our assets, leveraging the application of the latest technologies to improve efficiencies while protecting our people and the environment and partnering with the state of California to responsibly provide affordable energy and meet environmental goals. We are deeply appreciative of the solid operational foundation Gary Grove established during his tenure with Berry and wish him well in his retirement.”
ABOUT BERRY CORPORATION (BRY)
Berry is a publicly traded (NASDAQ: BRY) western United States independent upstream energy company with a focus on the conventional, long-lived oil reserves in the San Joaquin basin of California. More information can be found at the Company’s website at bry.com.
CONTACT Berry Corporation (bry) Todd Crabtree – Manager, Investor Relations (661) 616-3811
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