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.
Track the latest news and press releases for Berry Corporation (NASDAQ: BRY), a western United States independent upstream energy company focused on conventional oil and gas production in California and Utah. Berry operates through two primary business segments: exploration and production of long-lived, low-decline oil reserves, and well servicing and abandonment services through its C&J Well Services subsidiary.
Berry's exploration and production operations center on mature heavy oil fields in California's San Joaquin Basin, where the company employs thermal enhanced oil recovery techniques including cyclic steam injection and continuous steamflooding. The company also maintains operations in Utah's Uinta Basin, providing portfolio diversification with lighter oil production that does not require thermal recovery methods.
The well servicing and abandonment segment, operated through C&J Well Services, provides oilfield services throughout California. These services include well maintenance and workover operations, recompletion services, fluid management, and specialized plugging and abandonment services for wells that have reached the end of their productive life.
Follow BRY news coverage for updates on production operations, thermal recovery projects, well servicing activities, environmental initiatives, regulatory developments affecting California oil production, and corporate announcements. News items may include operational updates from the San Joaquin Basin and Uinta Basin properties, C&J Well Services contract awards, sustainability initiatives, and industry partnerships.
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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