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) was a Nasdaq-listed western United States independent upstream energy company focused on onshore, low geologic risk, long-lived oil and gas reserves. Company news and press releases provide insight into its operations in California’s San Joaquin Basin and Utah’s Uinta Basin, as well as its strategic decisions and, ultimately, its merger with California Resources Corporation (CRC).
Historically, Berry’s news flow has covered topics such as quarterly and annual financial and operational results, capital allocation, hedge and liquidity updates, and guidance for production and capital expenditures. Releases frequently highlighted production volumes, oil-weighted asset performance, and the company’s use of hedging to manage commodity price risk and support its capital program.
Another recurring theme in Berry’s announcements was its two-segment structure: exploration and production (E&P) and well servicing and abandonment services. News items described the performance of E&P assets in California and Utah and provided updates on well servicing and abandonment activities delivered through C&J Well Services (CJWS) in California, including services to third-party operators.
More recent news has focused on corporate transactions and governance, including the announcement of an all-stock combination with California Resources Corporation, the terms of the merger agreement, regulatory milestones such as Hart-Scott-Rodino waiting period expiration, shareholder voting results at the special meeting, and the closing of the merger. These items document the transition of Berry from an independent public company to a wholly owned subsidiary of CRC and the associated delisting of BRY from the Nasdaq Global Select Market.
This news page serves as an archive of Berry-related announcements, offering investors and researchers a way to review the company’s historical operating updates, financial disclosures, and the sequence of events leading to its combination with California Resources Corporation.
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.
DALLAS, April 5, 2022 (GLOBE NEWSWIRE) -- Berry Corporation (bry) will report its first quarter 2022 financial results on May 4, 2022, before U.S. markets open. A conference call will be held on the same day at 11:00 a.m. Eastern Time (8:00 a.m. Pacific Time) to discuss the results. Interested parties can listen live via audio webcast at bry.com/category/events. Dial-in details for questions are provided. An audio replay will be available until May 18, 2022. More information on bry, an independent upstream energy company, can be found at www.bry.com.
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.
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