BRY - Berry Corp. to buy California's Macpherson Energy in $70M deal

2023-07-17 16:28:11 ET

Berry Corp. ( NASDAQ: BRY ) said Monday it agreed to acquire privately-held Macpherson Energy for $70M in cash, with $50M to be paid at closing and the remainder paid in July 2024.

Berry ( BRY ) said the deal adds 2,400 boe/day (100% oil) in 2024, and will improve capital efficiency by ~25% compared to the company's historical trends while reducing the standalone 2023 capital program by re-allocating $35M to fund the acquisition.

The company said the acquisition adds "line of sight to further enhance future shareholder returns from upside potential through production enhancing opportunities utilizing proven technologies, plus fully permitted steamflood expansion from existing wells, in addition to more than 80 PUD locations."

More on Berry Corp.:

• Financial and valuation comparison to sector peers
• Analysis: Berry Corp.: Attractive At Current Prices
• Stock price return: Down 1.5% YTD, up 19% in the past 12 months

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