In This Story
Berry Corporation (bry) (BRY-9.06%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements and operational data, reporting total revenues of $776.5 million, a decrease from $903.5 million in the previous year. The decline in revenue is attributed to lower oil and gas prices and reduced service revenue from its well servicing and abandonment services segment.
Berry's oil production remained steady at 23.5 mbbl/d, while natural gas production slightly decreased to 8.7 mmcf/d. The company reported an average realized oil price of $73.70 per barrel, down from $75.05 per barrel in 2023.
Lease operating expenses decreased by 29% to $225.8 million, primarily due to lower fuel costs. General and administrative expenses also decreased by 20% to $76.6 million, reflecting various cost-saving initiatives.
Berry recorded an impairment charge of $44 million related to unproved properties affected by California Senate Bill No. 1137, which restricts new drilling activities within 3,200 feet of sensitive receptors.
The company reported net income of $19.3 million for 2024, a decrease from $37.4 million in 2023. Adjusted EBITDA increased by 9% to $291.8 million, driven by cost reductions.
Berry's capital expenditures for 2024 totaled $102.4 million, up from $73.1 million in 2023, with a focus on maintaining production levels and strategic acquisitions.
The company ended the year with $15.3 million in cash and cash equivalents and $450 million outstanding on its 2024 Term Loan. Berry also established a new Senior Secured Revolving Credit Agreement with a borrowing base of $95 million.
Berry continues to focus on maintaining production levels, optimizing capital efficiency, and enhancing cash flows through strategic acquisitions and operational improvements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Berry Corporation (bry) annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.