BRY - Berry Corporation Releases Select Preliminary 2023 Results and Schedules Fourth Quarter and Full Year 2023 Earnings Release and Conference Call for March 6 | Benzinga
DALLAS, Jan. 18, 2024 (GLOBE NEWSWIRE) -- Berry Corporation (NASDAQ:BRY) ("Berry", or the "Company") today announced select preliminary full year 2023 production and year-end proved reserves data. The Company also reported that it completed a small scale, all cash bolt-on acquisition at year-end 2023 in line with corporate strategy, while reducing revolver debt in the fourth quarter 2023. The Company also scheduled its fourth quarter and full year 2023 financial results release and call; details are included below.
The Company currently estimates that total production for the full year 2023 will be approximately 25,300 barrels of oil equivalent per day (boe/d), with about 93% of the production being oil. The total production estimate is at the high end of the Company's guidance reported in September 2023 and represents an increase of around 200 boe/d compared to the guidance midpoint. The increase was largely related to improved performance of base production.
Proved reserves estimates were approximately 103 million barrels of oil equivalent at December 31, 2023, based on a third-party reserve report and SEC pricing of $77.30 per barrel for crude oil and $3.725 per thousand cubic feet for natural gas. In 2023, Berry achieved a California reserve replacement ratio of approximately 176%, primarily from field extensions and acquisitions which more than offset the impact of 2023 Company-wide production and lower pricing. The Company maintains a large inventory portfolio with a proved reserves to production (R/P) ratio of approximately 11 years.
Following the successful acquisition of Macpherson Energy Corporation (the "Macpherson Acquisition") in September 2023, Berry continued to execute its strategy of acquiring producing bolt-ons and closed on the acquisition of a small, highly synergistic additional working interest in Kern County, California in December 2023. Using strong cash flows from production, Berry also reduced the debt outstanding under its revolver by approximately $25 million in the fourth quarter of 2023, which includes the impact of the bolt-on acquisition and had total debt at the end of the year of $428 million compared to $454 million at the end of the third quarter of 2023.
Berry's CEO, Fernando Araujo, said, "In 2023, Berry maintained steady production by effectively developing and managing its reservoirs, which we did with less capital than originally planned, and through strategic acquisitions. As a result, we expect to deliver 2023 production at the high end of our guidance, which we increased in September in connection with the Macpherson Acquisition, while maintaining a solid balance sheet. Looking to 2024, we will keep working to sustain our production levels through continuous development activity and add free cash flow generating acquisitions that add to our western US portfolio. These activities are consistent with our strategy to enhance free cash flows and optimize our dynamic shareholder return model, while generating shareholder value sustainably."
Earnings Call Information
The Company has scheduled the release of its fourth quarter and full year 2023 financial results for Wednesday, March 6, 2024, before the open of U.S. financial markets and will host a conference call later that morning to discuss these results, with details listed below.
| Call Date: |
| Wednesday, March 6, 2024 |
| Call Time: |
| 11:00 a.m. Eastern Time / 10:00 a.m. Central Time / 8:00 a.m. Pacific Time |
Join the live listen-only audio webcast at https://edge.media-server.com/mmc/p/7kymzcmg or at https://bry.com/category/events. Accompanying slides will also be available at the time of the call ...