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) 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.