Berry Corporation (Bry)
NASDAQ:BRY
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Berry Corporation (Bry)
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Berry Corporation (Bry)
Berry Corp. is an energy exploration company. The company is headquartered in Dallas, Texas and currently employs 1,224 full-time employees. The company went IPO on 2017-07-14. The firm operates through two segments: development and production (D&P), and well servicing and abandonment. The development and production segment is engaged in the development and production of onshore conventional oil reserves primarily located in California, as well as Utah. Its California operating area consists of properties located in Midway-Sunset, South Belridge, McKittrick and Poso Creek fields in the San Joaquin basin in Kern County. The firm operates Uinta basin operations in the Brundage Canyon, Ashley Forest, and Lake Canyon areas in Utah. The well servicing and abandonment segment provides wellsite services in California to oil and natural gas production companies, with a focus on well servicing, well abandonment services and water logistics. The Company’s subsidiaries include Berry Petroleum Company, LLC; CJ Berry Well Services Management, LLC; and C&J Well Services, LLC.
Berry Corp. is an energy exploration company. The company is headquartered in Dallas, Texas and currently employs 1,224 full-time employees. The company went IPO on 2017-07-14. The firm operates through two segments: development and production (D&P), and well servicing and abandonment. The development and production segment is engaged in the development and production of onshore conventional oil reserves primarily located in California, as well as Utah. Its California operating area consists of properties located in Midway-Sunset, South Belridge, McKittrick and Poso Creek fields in the San Joaquin basin in Kern County. The firm operates Uinta basin operations in the Brundage Canyon, Ashley Forest, and Lake Canyon areas in Utah. The well servicing and abandonment segment provides wellsite services in California to oil and natural gas production companies, with a focus on well servicing, well abandonment services and water logistics. The Company’s subsidiaries include Berry Petroleum Company, LLC; CJ Berry Well Services Management, LLC; and C&J Well Services, LLC.
Stable Guidance: Berry maintained its 2025 guidance unchanged despite ongoing macro volatility.
Strong Hedge Position: 71% of expected oil production for the rest of 2025 is hedged at about $75 per Brent barrel, providing cash flow visibility.
Debt Reduction: The company paid down $11 million in debt this quarter and $23 million year-to-date, with plans to reduce debt by at least $45 million in 2025.
Regulatory Progress: Positive developments in California permitting and regulatory reforms could streamline future projects and benefit both E&P and service operations.
Operational Efficiency: Achieved 20% lower drilling costs on its first operated horizontal pad in Utah and sees further savings potential.
Dividend Commitment: Declared a $0.03 per share dividend, equating to a 4% annualized yield, reinforcing shareholder return focus.
Safety: Another quarter with zero recordable or lost time incidents in E&P operations.
