Berry Corporation’s Q1 2025 Results and Outlook

Berry Petroleum ( (BRY) ) has released its Q1 earnings. Here is a breakdown of the information Berry Petroleum presented to its investors.

Berry Corporation, a publicly traded independent upstream energy company, focuses on onshore oil and gas reserves in the western United States, operating primarily in California and Utah. The company is known for its low geologic risk and long-lived reserves, with a significant emphasis on oil production.

In its first quarter of 2025, Berry Corporation reported a net loss of $97 million, primarily due to a non-cash impairment charge. Despite this, the company reaffirmed its full-year guidance, highlighting a strong hedge position that protects cash flows and liquidity. The company also announced a quarterly dividend of $0.03 per share, reflecting a 5% annual yield.

Key financial metrics for the quarter included an adjusted net income of $9 million and an adjusted EBITDA of $68 million. Berry produced 24.7 MBoe/d, with 93% being oil, which was slightly down from the previous quarter due to planned downtime. The company also managed to pay down $11 million in debt and increased its liquidity to $120 million.

Looking forward, Berry Corporation remains confident in its ability to navigate market volatility, supported by its strong hedge position and low breakeven assets. The company plans to continue its focus on high-quality, low-capital intensity assets, expecting to fully fund its 2025 plan with cash flow from operations, even at prices below current levels.