Berry Corporation reports Q2 adjusted EPS 18, consensus 20c

Reports Q2 revenue $197.82M, consensus $177.17M. Produced 25,300 Boe/d, flat vs. Q1. “In Q2, we delivered strong financial and operational results. Our teams continue to execute reliably and with excellence, and we remain on track to deliver results in line with our full year guidance provided earlier this year. We are focused on creating value by generating sustainable free cash flow with high rates of return in low capital intensity projects, optimizing our cost structure, and maintaining balance sheet strength while meeting high compliance standards,” said CEO Fernando Araujo. “The Uinta Basin has seen increased activity and consolidation. Development activity focused on drilling horizontal wells across the basin is moving towards our existing acreage. In April 2024, we purchased a 21% working interest in four, two-to-three mile lateral wells in the Uteland Butte reservoir, which were put on production in Q2 of 2024. These wells are adjacent to our existing operations and their results will be used to evaluate similar horizontal opportunities on our own acreage. This four-well horizontal program is exceeding pre-drill estimates. With a high working interest in almost 100,000 acres and the majority of acreage held by production in multiple trends, we are strategically positioned to develop our own acreage horizontally at an optimal pace.”