Q3 2024 Berry Corporation (Bry) Earnings Call Transcript
Key Points
- Berry Corp (bry) (BRY) delivered strong financial and operational results in Q3 2024, maintaining a focus on optimizing operations and managing assets to drive sustainable free cash flow.
- The company successfully refinanced its debt with a new $545 million term loan credit facility, positioning it well for strategic opportunities and long-term shareholder value.
- Production from drilling activities, particularly in the thermal diatomite reservoir, exceeded expectations with returns greater than 100%, highlighting the quality of Berry Corp (bry) (BRY)'s assets.
- Berry Corp (bry) (BRY) achieved its methane reduction goal over a year ahead of schedule, resulting in significant cost savings and environmental benefits.
- The company has a strong inventory of permits in California, ensuring stable production through 2026, and is actively pursuing opportunities in the Uinta Basin with promising results from horizontal wells.
- Total production for the quarter averaged 24,800 barrels of oil equivalent per day, a slight decrease from the prior quarter due to timing issues in connecting new wells.
- Realized crude prices were down 7% at $72.40 per barrel for the quarter, impacting total commodity revenue.
- The company's capital expenditure peaked mid-year, with Q3 CapEx at $26 million, reflecting a reduction but still impacting free cash flow.
- Berry Corp (bry) (BRY) adjusted its dividend policy to a fixed rate of $0.12 per share annually, which is a reduction from previous levels.
- The company faces ongoing regulatory and permitting challenges in California, which could impact future drilling and production activities.
Welcome to the Berry Corporation Q3 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Todd Crabtree, Investor Relations. Please go ahead.
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Thank you, Korain, and welcome, everyone, and thank you for joining us for Berry's third-quarter 2024 earnings conference call.
Earlier today, Berry issued an earnings release highlighting 2024 third quarter results and other exciting developments. Speaking this morning will be Fernando Araujo, Berry's 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 and today's discussion contain certain projections and other forward-looking statements within the meaning of federal securities
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