Q2 2024 Berry Corporation (Bry) Earnings Call Transcript
Key Points
- Berry Corp (bry) (BRY) delivered strong financial and operational results in Q2 2024, generating adjusted EBITDA of $74 million.
- Production was sustained at 25,300 barrels of oil equivalent per day, supported by strong development activity and base production protection.
- The company successfully drilled 19 wells in Q2, with production outperforming expected results.
- Berry Corp (bry) (BRY) achieved significant cost reductions, including an 11% decrease in lease operating expenses and a 10% reduction in adjusted G&A expenses.
- The company reported zero recordable incidents and zero lost time incidents for the third consecutive quarter, highlighting its commitment to safety.
- Berry Corp (bry) (BRY) did not provide specific production rates or expectations for the new wells in Utah, leaving some uncertainty for investors.
- The company's capital expenditures peaked in Q2, which may raise concerns about future cash flow management.
- Despite strong performance, the company faces risks and uncertainties that could impact future results, as highlighted in their safe harbor statement.
- Berry Corp (bry) (BRY) is still in the early stages of its Utah horizontal well development, which carries inherent risks and uncertainties.
- The company is actively seeking additional acquisitions in California, which may involve complex negotiations and potential integration challenges.
Thanks for standing by and welcome to Berry Corporation's second quarter 2024 earnings call.
(Operator Instructions)
As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Todd Crabtree, Investor Relations. Please go ahead, sir.
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Thank you, Jonathan, and welcome everyone. Thank you for joining us for Berry's second quarter 2024 earnings teleconference. Earlier today, Berry issued an earnings release highlighting 2024 second quarter results. Speaking this morning will be Fernando Araujo, our Chief Executive Officer; Danielle Hunter, our President; and Mike Helm, our Chief Financial Officer.
Before we begin, I would like to call your attention to the safe harbor language found in our earnings release that was issued this morning. The release of today's discussion contains certain projections and other forward-looking statements within the meaning of federal securities laws. These statements
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