Berry Corporation Stock Price, News & Analysis

Berry Corporation (BRY) reported its fourth quarter and full-year 2022 results with a net income of $72 million, or $0.90 per diluted share for Q4, and a total net income of $250 million, or $3.03 per diluted share for the year. Adjusted EBITDA for 2022 stood at $380 million. Shareholder returns amounted to $189 million, including a planned increase in fixed dividends to $0.48 annually starting Q1 2023. However, fourth quarter performance declined from Q3, largely due to lower commodity prices and increased operational costs. Berry expects a slight drop in annual production for 2023, impacted by permit delays, while maintaining a focus on maximizing free cash flow and shareholder returns.

Berry Corporation (BRY) announced that it will report its fourth quarter and full year 2022 financial results on February 22, 2023, before the U.S. markets open. A conference call is scheduled for the same day at 11:00 a.m. ET, during which the results will be discussed.

For those interested in participating, a live audio webcast can be accessed via this link.

Berry Corporation (BRY) announced significant changes to its executive team, effective January 1, 2023. Trem Smith transitions to Executive Chairman, while Fernando Araujo steps up as CEO, eliminating the COO role. Danielle Hunter becomes President overseeing critical functions, and Mike Helm is appointed CFO. Smith praised Araujo’s operational expertise and leadership. The company aims to strengthen operations, reduce expenses, and enhance shareholder returns through a proven business model and cash flow generation.

Berry Corporation (BRY) reported third quarter 2022 results showing a net income of $192 million, or $2.34 per diluted share. Adjusted EBITDA was $97 million, with discretionary free cash flow of $53 million. The Board declared quarterly dividends of $0.47 per share, totaling $1.34 for 2022 to date. Daily production averaged 25,800 boe/d, down from 26,200 boe/d in Q2. Operating expenses rose by 2%. Guidance for FY 2022 was revised, anticipating capital expenditures between $140 million and $145 million due to inflationary pressures.

Berry Corporation (BRY) announced it will release its Q3 2022 financial results on November 2, 2022, before U.S. markets open. A conference call to discuss these results will follow at 11:00 a.m. ET. Interested parties can join the live audio webcast through the provided links. Registration for questions during the call is available, and a replay will be accessible post-broadcast. Berry focuses on onshore low-risk conventional oil reserves in California's San Joaquin basin.

Berry Corporation (BRY) reported strong second quarter 2022 results with net income of $43 million ($0.52 per diluted share) and Adjusted EBITDA of $110 million, marking a 15% increase from the previous quarter. The company declared a total dividend of $0.62 per share and generated $74 million in discretionary free cash flow. Daily production averaged 26,200 boe/d, slightly down from the prior quarter. Additionally, Berry initiated a promising development for Thermal Diatomite production and continued its early stage CCS efforts while managing operational costs amidst inflationary pressures.

Berry Corporation (BRY) will release its second quarter 2022 financial results on August 3, 2022, before U.S. markets open. Following the report, a conference call will be held at 11:00 a.m. Eastern Time to discuss the results. Interested parties can join the live audio webcast through the provided links or preregister for a Q&A session. A replay of the call will be available afterward on the company's website. Berry operates in the upstream energy sector in California, focusing on conventional oil reserves.

Berry Corporation (BRY) announced a share repurchase of 2 million shares for $22.8 million, equating to 2.5% of outstanding shares. This action is part of its new shareholder return model, which also includes a first-quarter cash return of $0.19 per share. The company has over $127 million remaining in its repurchase authorization. The CFO highlighted that the repurchase could yield an attractive return for shareholders, particularly as the effective share purchase price may be offset by future dividend savings.

Berry Corporation (BRY) reported a Q1 2022 net loss of $57 million, or $0.71 per share, alongside an Adjusted Net Income of $43 million, or $0.51 per share, and an Adjusted EBITDA of $96 million, representing a 58% increase from Q4 2021. The Board declared a total dividend of $0.19 per share, marking a record for the company. Production was 26,700 boe/d, with 91% as oil. The company anticipates FY 2022 cash returns between $1.60 - $1.90 per share, supported by the new shareholder return model and strategic initiatives in ESG-focused projects.