New York, May 01, 2024 - PRISM MarketView - The energy exploration and PRISM Oil and Gas Index company, Berry Corporation (BRY) announced its Q1 earnings today that disappointed on estimates. Q1 EPS was $0.14 vs FactSet $0.18 and revenues had a steeper miss at $131.1M vs FactSet $182.7M driven by lower oil prices and decrease in volumes. Despite the miss, the company anticipates full year results to align with the guidance provided in March. Additionally, the company has signed an agreement to farm into four horizontal wells that will offset their Uinta Basin, UT acreage. The wells are expected to be on production by June 2024.
Berry Corporation Reports First Quarter 2024 Financial and Operating Results, Declares Dividend
DALLAS, May 01, 2024 (GLOBE NEWSWIRE) -- Berry Corporation (bry) (NASDAQ: BRY) (“Berry” or the “Company”) announced first quarter 2024 results and declared a fixed dividend. The details for today’s earnings call and webcast are listed below. Quarterly Highlights & Recent Announcements Produced 25,400 boe/d, above the midpoint of 2024 annual guidance of 25,200 boe/dDeclared first quarter fixed dividends of $0.12 per shareAcquired all necessary 2024 California Greenhouse Gas allowances at a 7% dis
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On its earnings call, management cited its consideration of joint-ventures to help reduce capital commitment for drilling in Utah which would help manage the higher costs associated with non-California wells.
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