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Despite its slow-decline heavy crude wells, Berry faces extreme operational risk in California, a state actively rejecting hydrocarbons, such as the governor's order to halt gas-powered car sales by 2035.
Additional factors are the drop in demand due to the coronavirus pandemic and the oil supply-demand imbalance hangover from the spring price war between Saudi Arabia and Russia.
Despite steady-state operations, Berry has eliminated its dividend to conserve cash and has successfully hedged its production.