Berry Corporation Reports Mixed 2024 Financial Results

Berry Petroleum ( (BRY) ) has released its Q4 earnings. Here is a breakdown of the information Berry Petroleum presented to its investors.

Berry Corporation, a publicly traded independent upstream energy company, operates primarily in the onshore oil and gas sector in the western United States, focusing on low geologic risk and long-lived reserves. The company has significant operations in California and Utah, with a strong emphasis on oil production.

Berry Corporation’s financial results for the fourth quarter and full year of 2024 reveal a mixed performance. The company reported a net income of $19 million for the year, with an adjusted net income of $52 million. Despite a net loss of $2 million in the fourth quarter, Berry managed to maintain a steady production rate and declared a quarterly cash dividend of $0.03 per share.

Key financial metrics for 2024 include an operating cash flow of $210 million, adjusted EBITDA of $292 million, and free cash flow of $108 million. Berry successfully reduced its lease operating expenses by 12% year-over-year and achieved a significant reduction in methane emissions. The company’s proved reserves increased by 4% to 107 MMBoe, with a reserve replacement ratio of 147%.

Looking ahead to 2025, Berry Corporation plans to maintain its production levels between 24.8 and 26.0 MBoe/d, with a capital program budget of $110 to $120 million. The company aims to direct 40% of its capital expenditure to Utah, reflecting a strategic shift from the previous year.

Berry Corporation’s management remains optimistic about the future, emphasizing their strategy of generating sustainable free cash flow and improving capital efficiency. The company is actively exploring opportunities for scale and diversification, aiming to enhance cash flows and sustain production while strengthening its balance sheet.