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Dec 31, 2024
Berry Corporation Q4 2024 Earnings Report
Berry Corporation reported a slight revenue decline but maintained stable production levels with strong cash flow generation.
Key Takeaways
Berry Corporation's Q4 2024 revenue was $158 million, reflecting a 8% decline year-over-year. The company posted a net loss of $2 million but achieved an adjusted net income of $17 million. Free cash flow remained positive at $24 million, supported by stable production of 26.1 MBoe/d, a 1% increase from Q4 2023.
Total revenue for Q4 2024 was $158 million, down 8% year-over-year.
Production increased to 26.1 MBoe/d, a 1% rise from Q4 2023.
Net loss of $2 million, with an adjusted net income of $17 million.
Free cash flow remained strong at $24 million.
Berry Corporation
Berry Corporation
Berry Corporation Revenue by Segment
Forward Guidance
Berry Corporation expects stable production for 2025 while continuing to focus on cash flow generation and capital discipline.
Positive Outlook
- Estimated 2025 production of 24.8 - 26.0 MBoe/d, with 93% oil.
- Capital expenditures planned at $110M - $120M, with flexibility for price changes.
- 40% of 2025 capital will be allocated to Utah for development expansion.
- Continued execution of high-return sidetrack drilling program.
- Strong liquidity position with $110 million available cash and credit.
Challenges Ahead
- Revenue decline due to lower realized oil prices.
- Higher lease operating expenses compared to Q3 2024.
- Debt remains at $450 million, with a leverage ratio of 1.49x.
- Market volatility in commodity prices may impact future cash flows.
- Regulatory uncertainties in California could affect drilling operations.