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) is an independent upstream energy company specializing in onshore oil and gas production across California and Utah. This news hub provides investors and industry professionals with a centralized source for official announcements and operational developments.
Track critical updates including earnings reports, strategic acquisitions, and operational milestones. Our curated collection ensures access to verified information directly from the company, supporting informed decision-making for stakeholders.
Key coverage areas include production innovations, financial disclosures, and sustainability initiatives. Bookmark this page for real-time access to BRY's evolving business landscape and value-driven energy sector leadership.
Berry (NASDAQ: BRY) has reaffirmed its strong liquidity position and ongoing free cash flow generation. As of August 23, 2024, the company had $94 million in available borrowing capacity under its RBL facility and $11 million in cash. Berry has reduced its RBL borrowings by 57% since Q1 2024, with outstanding borrowings at $22 million. The company maintains $125 million in available borrowing capacity until August 26, 2025.
Production remains on track with annual guidance, and Berry has secured necessary permits for its 2024 drilling program and into 2025. The company expects to maintain flat production and free cash flow into 2026. Berry is actively working to address its debt obligations, including discussions to extend or refinance its RBL facility and addressing senior unsecured notes due February 2026.
Berry (NASDAQ: BRY) has issued a correction notice regarding the dividend record date and payment date announced in their August 9, 2024 press release. The dividends totaling $0.17 per share on outstanding common stock, comprising a fixed dividend of $0.12 and a variable dividend of $0.05, will now be payable on August 30, 2024, to stockholders of record as of the close of business on August 23, 2024. This corrects the previously disclosed dates of August 20, 2024, for payment and August 12, 2024, for record. The dividend amounts remain unchanged. The variable dividend is based on cumulative Adjusted Free Cash Flow results for the six months ended June 30, 2024.
Berry (NASDAQ: BRY) reported strong Q2 2024 financial and operational results, declaring quarterly dividends of $0.17 per share. Key highlights include:
- Production of 25,300 Boe/d, flat to Q1 and above midpoint of 2024 guidance
- 11% sequential decrease in Lease Operating Expenses
- Four horizontal farm-in wells in Uinta Basin's Uteland Butte reservoir performing above estimates
- Zero recordable incidents for third consecutive quarter
- Adjusted EBITDA of $74 million, up 7% from Q1 2024
- Cash Flow from Operations of $71 million
- Adjusted Free Cash Flow of $19 million
The company is focused on generating sustainable free cash flow, optimizing costs, and maintaining balance sheet strength while meeting compliance standards.
Berry (NASDAQ: BRY) has announced it will report its second quarter 2024 results on Friday, August 9, 2024, before the U.S. financial markets open. The company will host a conference call and webcast on the same day to discuss these results. The earnings call is scheduled for 8:30 am Eastern Time (7:30 am Central Time / 5:30 am Pacific Time).
Interested parties can join the live audio webcast or preregister to ask questions on the live call. A web-based audio replay will be available shortly after the broadcast and will be archived on the company's website.
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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