BRY Research | Milton Maxwell

BRY

Berry Corporation

3.1900

-0.1400-4.2%

Dec 16, 4:00:02 PM EST

Upcoming Earnings

Report date

≈ -/-

Earnings Call Transcripts

This Quarter (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '25)

No earnings call transcript available

Key Stats

Market Cap

247.57M

P/E (TTM)

Basic EPS (TTM)

-1.17

Dividend Yield

0.04%

Recent Filings

8-K

Merger completed, BRY delisted

12/18/25Dec 18, 2025

Berry Corporation completed its merger with California Resources Corporation on December 18, 2025, becoming a wholly-owned subsidiary. Shareholders received 0.2318 shares of CRC stock per Berry share. BRY delisted from Nasdaq; all directors and key officers resigned. Credit agreements terminated, obligations paid off.

8-K

Merger approved, closes soon

12/15/25Dec 15, 2025

Berry stockholders approved the merger with California Resources Corporation on December 15, 2025, with 73% of outstanding shares and 98% of voted shares in favor. Under the agreement dated September 14, 2025, Berry holders receive 0.0718 CRC shares per Berry share. Closing expected December 18. Risks include potential closing condition failures.

8-K

HSR clearance achieved

11/12/25Nov 12, 2025

Berry Corporation's HSR antitrust waiting period expired November 10, 2025, clearing a key hurdle for its merger with California Resources Corporation, after which Berry becomes CRC's wholly-owned subsidiary. Shareholder approval and FERC authorization remain pending. Merger risks include integration delays and failure to meet closing conditions.

8-K

Q3 steady output, debt cut

11/5/25Nov 5, 2025

Berry reported Q3 2025 results with steady 23.9 MBoe/d production (91% oil), $55M operating cash flow, and $38M free cash flow driving $11M debt paydown. Yet a $26M net loss stemmed from derivative losses and merger costs. Pending CRC merger halts guidance; shareholder vote set for December 15.

10-Q

Q3 FY2025 results

11/5/25Nov 5, 2025

Berry's Q3 revenues fell 42% y/y to $151M on 17% lower oil sales from weaker prices and 4% volume drop to 23.9 mboe/d, yet operating cash flow held at $55M with Utah horizontals boosting output 17% y/y. Q/q revenues slid 28% to $151M amid derivative losses and steam event downtime, but free cash flow (derived: $38M) stayed positive. Debt dipped to $416M term loan (11.8% rate, Dec 2027 maturity) with $49M revolver availability and $13M cash; $3M merger costs with CRC (0.0718 exchange ratio, Q1 2026 target) hit books. Pending CRC merger hangs over approvals.

About

Berry Corporation operates as an independent upstream energy company in the western United States. It operates through two segments, Exploration and Production (E&P); and Well Servicing and Abandonment. The E&P segment engages in the development and production of onshore, low geologic risk, and long-lived oil and gas reserves primarily located in California and Utah. The Well Servicing and Abandonment segment provides wellsite services in California to oil and natural gas production companies with a focus on well servicing, well abandonment services, and water logistics. The company was founded in 1909 and is headquartered in Dallas, Texas.

CEO

Mr. Fernando Araujo

IPO

7/18/2018

Website

https://www.bry.com

Employees

1,070

Sector

Energy

Industry

Oil & Gas E&P