BRY - Berry Corporation: Exploring Uinta Basin Opportunities

2024-05-08 11:04:37 ET

Summary

• Berry Corporation is projected to generate $143 million in 2024 free cash flow before bolt-on acquisitions.
• Berry is using bolt-on acquisitions to help maintain production due to the uncertain California regulatory environment around new drill permits.
• It also entered into a $10 million farm-in agreement to participate in four Uinta wells.

Berry Corporation ( BRY ) appears capable of generating $143 million in free cash flow in 2024 at current strip prices. This is with a capital expenditure budget that will likely result in some production declines compared to 2023 exit rate levels, though....

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