Berry Corporation has announced its financial and operational results for the second quarter of 2025, as well as a quarterly cash dividend of $0.03 per share.

Highlights

• Reaffirmed FY25 guidance; favorable hedge position protects cash flows and liquidity position
• Produced 23.9 MBoe/d (92% oil), in-line with plan
• Paid down approximately $11 million of total debt; year-to-date total debt reduction of approximately $23 million, in-line with target of at least $45 million of total debt reduction in 2025
• Returned cash to shareholders via quarterly dividend, representing a 4% dividend yield(1) on an annual basis
• Year-to-date hedged LOE trending 6% below midpoint of FY25 guidance
• Reported net income of $34 million, or $0.43 per diluted share
• Generated operating cash flow of $29 million and Adjusted EBITDA(2) of $53 million
• Reported zero recordable incidents and zero lost-time incidents in our E&P operations

Other Updates

• Oil volumes 71%(3) hedged for remainder of 2025 at $74.59/Bbl and 63%(3) hedged for 2026 at $69.55/Bbl
• Mark-to-market (crude oil) hedge value of $30 million as of July 31, 2025
• Production from all four horizontal Uinta wells expected in August, with first well currently on flowback and second well running final completion

(1) Based on BRY share price of $3.02 as of July 31, 2025.
(2) Non-GAAP Financial Measure
(3) Based on the midpoint of full year 2025 oil production guidance.

Fernando Araujo, Berry’s Chief Executive Officer, said, 
“Our full year drilling activity is now complete and we are positioned for sequential production growth through the end of the year. On the regulatory front, we are encouraged by positive developments in California which could potentially open up new drill permitting pathways by year-end. Irrespective of the outcome, we have the permits in hand today to execute our multi-year development plans.”

In Utah, we began flowback of our first well and our second well is running final completion today, with the remaining two expected to be online later this month. Our Uinta wells should help drive production growth over the second half of the year. Due to an early startup of frac operations, we pulled forward a portion of full-year capex into the second quarter. Our average well cost is approximately 20% below the average cost of our non-op wells. We will also be testing the Castle Peak through a non-operated well just north of our acreage which we expect to be online in the fourth quarter. Berry is poised for strong free cash flow generation through the remainder of the year.”

KeyFacts Energy Industry Directory: Berry Corporation