Berry Corporation reports Q1 adjusted EPS 14c, consensus 17c

Reports Q1 revenue $131.111M, consensus $175.53M. “In the first quarter, we delivered solid financial and operational results. The results are in line with projections, and we expect to deliver full-year results consistent with the production, capital and cost guidance we provided in March. Our teams have shown a remarkable ability to deploy their ingenuity and demonstrate resiliency in the face of a dynamic California regulatory environment. We continue to see strong base production, especially from our thermal diatomite reservoirs. By June 2024, we are also expecting first production from four horizontal well farm-in in Utah; an upside potential that could change our development outlook for the basin in future years. I want to emphasize that our 2024 development activity and production plan does not depend on the issuance of new drill permits, and so is not impacted by the ongoing Kern County EIR litigation which essentially has restricted the issuance of new drill permits,” said Fernando Araujo, Berry’s Chief Executive Officer.