Berry Corporation Stock Price, News & Analysis

Berry Corporation (BRY) reported its fourth quarter and full-year 2021 results, showing a net income of $9 million for Q4 and a net loss of $16 million for the year. Adjusted EBITDA was $60 million for Q4 and $212 million for the full year. The company increased production by 5% in Q4 compared to the prior year. A quarterly dividend of $0.06 was approved for Q1 2022. Looking ahead, Berry expects a cash return in the mid- to high teens percentage for 2022 and plans to spend $125-$135 million in capital expenditures to maintain production levels.

Berry Corporation (BRY) announced it will report its fourth quarter and full year 2021 financial results on February 22, 2022, after U.S. markets close. A conference call to discuss the results is scheduled for February 23, 2022, at 9:00 a.m. ET. Interested parties can access the call via bry.com/category/events. Dial-in details include a U.S. number, 877-491-5169, and an international number, 720-405-2254. Replay options will be available until February 26, 2022, with specific dial-in details provided.

Berry Corporation (BRY) announced a new shareholder return model effective January 1, 2022, aimed at enhancing cash returns to shareholders. The model allocates 60% of discretionary free cash flow to cash variable dividends and debt repurchases, with 40% directed towards organic growth and capital retention. Since its public debut in 2018, BRY has returned nearly $130 million to shareholders. Chairman and CEO Trem Smith emphasized the company's focus on maintaining production while providing value to shareholders through sustainable financial practices.

Berry Corporation (BRY) reported a strong Q3 2021, with a net income of $10 million, or $0.12 per diluted share, and Adjusted EBITDA of $59.3 million, marking a 46% increase sequentially. The Board declared a quarterly dividend of $0.06 per share for Q4 2021 and announced a new shareholder return model starting in 2022. Key achievements include the acquisition of C&J Well Services and a completed $500 million RBL credit facility. Average daily oil production rose to 27,400 boe/d, despite challenges from new operator onboarding and a truck driver shortage.

Berry Corporation (BRY) announced that it will release its third quarter 2021 financial results on November 2, 2021, after U.S. markets close. A conference call to discuss these results will follow on November 3, 2021, at 9:00 a.m. ET. Participants can access the call via a live audio webcast. For those wishing to ask questions, a dial-in number is provided. A replay of the conference call will be available until November 17, 2021. Berry Corporation operates primarily in the San Joaquin basin of California, focusing on long-lived oil reserves.

Berry Corporation (BRY) has acquired Basic Energy Services' California operations, officially closing the deal on October 1, 2021. This acquisition, valued at approximately $43 million, allows BRY to enhance its position in the rig servicing and well abandonment market, estimated at around $6 billion. The new subsidiary, C&J Well Services, will support California's energy transition goals, focusing on reducing emissions from idle wells. BRY's CEO emphasized the strategic fit and commitment to delivering top-tier services in California.

Berry Corporation (BRY) announced a new Reserve Based Lending (RBL) facility with a borrowing base of $500 million and a commitment of $200 million, replacing the previous facility. The company also stated it has repurchased approximately 471,000 shares under its $100 million buyback program, with $47 million remaining. Management emphasized a disciplined capital allocation strategy focused on returning cash to shareholders while maintaining operational liquidity. The leverage ratio has decreased to 3:1, aligning with macroeconomic conditions.

Berry Corporation (BRY) has announced a $27 million asset purchase agreement as a stalking horse bidder to acquire Basic Energy Services' California business lines amid Basic's bankruptcy proceedings. This acquisition aims to bolster BRY's capabilities in well servicing and water logistics, enhancing profitability and diversifying its revenue stream. The expected benefits include a significant growth opportunity in the $6 billion market for plugging and decommissioning orphaned wells in California. The deal requires U.S. Bankruptcy Court approval.

Berry Corporation (BRY) announced a 50% increase in its quarterly dividend to $0.06 per share, effective for Q3 2021. This decision reflects a strong second quarter performance, with an Adjusted EBITDA of $41 million and total production up 1% to 27,300 boe/d. Despite a net loss of $13 million, the company has returned 115% of its IPO proceeds to shareholders since going public in 2018. The dividend payment is scheduled for October 15, 2021.