Welcome to our dedicated page for Berry news (Ticker: BRY), a resource for investors and traders seeking the latest updates and insights on Berry stock.
Berry Corporation (BRY) was a western United States independent upstream energy company focused on onshore, low-geologic-risk, long-lived oil and gas reserves before its completed combination with California Resources Corporation. Company news covered exploration and production activity in California’s San Joaquin Basin and Utah’s Uinta Basin, well servicing and abandonment work through C&J Well Services, and operating updates tied to oil-heavy production, hedging, liquidity, debt reduction, safety metrics and quarterly dividends.
Recurring corporate developments also included earnings releases, conference-call notices, shareholder voting matters and merger-related disclosures culminating in Berry becoming a direct, wholly owned subsidiary of California Resources Corporation.
Berry Corporation (BRY) reported a net loss of $65 million ($0.81 per diluted share) for Q2 2020, contrasting with an Adjusted Net Income of $5 million ($0.06 per diluted share>. The Adjusted EBITDA was $57 million, down from $72 million in Q1 due to low oil prices and demand disruption from COVID-19. The company achieved a 16% reduction in unhedged operating expenses and generated positive Levered Free Cash Flow. Production declined by 5%, with capital expenditures down by 58%. Berry anticipates ongoing market challenges but remains focused on maintaining cash flow and liquidity.
Berry Corporation (BRY) announced that it will report its second quarter 2020 financial results on August 4, 2020, after the U.S. markets close. A conference call to discuss these results is scheduled for August 5, 2020, at 9:00 a.m. Eastern Time (6:00 a.m. Pacific Time). Interested parties can join the call by dialing 877-491-5169 in the U.S. or 720-405-2254 internationally. An audio webcast will be available on Berry's website, with a replay accessible until August 26, 2020.
Berry Corporation (BRY) announced the completion of its semi-annual bank redetermination, reducing its RBL elected commitment to $200 million, resulting in $1 million annual savings. The company maintains no outstanding borrowings on its credit line, which is primarily used for working capital. Additionally, Berry has hedged over 14,300 barrels per day at approximately $46 Brent for the first half of 2021, enhancing its financial visibility. This proactive approach aims to strengthen its position amid a low-price environment and achieve efficient operations.
Berry Corporation (BRY) reported a net loss of $115 million or $1.45 per diluted share for Q1 2020, while Adjusted Net Income was $18 million or $0.23 per diluted share. The company faced challenges due to COVID-19 and OPEC+ dynamics, impacting oil prices and demand. However, they achieved an Adjusted EBITDA of $72 million and maintained liquidity with $382 million available under their revolver. Production averaged 30,800 Boe/d with capital expenditures at $39 million. The management emphasized a strong balance sheet and proactive measures to navigate the downturn.