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Berry Corporation (BRY-4.07%) (bry) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing oil, natural gas, and NGL sales of $154 million, a decrease from $172 million in the same quarter the previous year. Service revenue also decreased to $25 million from $45 million, reflecting reduced activity and rates.
Lease operating expenses decreased to $54 million from $60 million in the same quarter of the previous year, primarily due to lower natural gas costs. General and administrative expenses were $19 million, down from $21 million, with the decrease attributed to lower stock compensation costs.
The company reported a net income of $69.9 million for the quarter, compared to a net loss of $45.1 million in the previous year. The improvement is largely due to gains on derivatives and lower operating expenses.
Berry Corporation's cash provided by operating activities was $70.7 million for the quarter. Capital expenditures for the quarter were $25.9 million, leading to a free cash flow of $44.8 million.
The filing also details Berry's hedging activities, with oil and gas derivatives contributing to a net gain of $67.7 million for the quarter. The company continues to hedge a significant portion of its anticipated cash flows.
Berry Corporation's liquidity at the end of the quarter was $104 million, consisting of $9 million in cash and $95 million available under its credit facilities. The company expects to fund its capital development programs from cash flow from operations.
The company announced a fixed cash dividend of $0.03 per share, reflecting a reduction from previous quarters as part of a revised capital allocation strategy prioritizing debt reduction.
Berry Corporation's 2024 Term Loan Credit Agreement became effective on November 6, 2024, providing for aggregate commitments of $545 million, which will be used to refinance existing debt and support general corporate purposes.
The filing includes a discussion of regulatory developments impacting Berry's operations, including the implementation of California's SB 1137 and AB 218, which affect oil and gas production in certain setback areas.
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) quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.