Berry Corporation (bry) (NASDAQ: BRY) (“bry” or the “Company”)
today announced it will report its full first quarter 2021
financial results on Tuesday, May 4, 2021 after the close of U.S.
financial markets. It will host a conference call on Wednesday, May
5, 2021 to discuss these results. The conference call information
is included below. The Company also reported select preliminary
first quarter 2021 results today in association with upcoming
investor relations activities.
The Company expects its Adjusted EBITDA(1) (on a
hedged basis) for the first quarter of 2021 to be within a range of
$46 million to $48 million, generated by improving production,
lower operating costs and rising crude oil prices. The Company also
benefited from higher natural gas sales in the Rockies, as a result
of acute higher prices from the shortage of natural gas during the
February deep freeze that affected much of the nation.
The Company expects total production for the
first quarter 2021 to be in the range of 27,000 boe/d to 27,200
boe/d, with 23,800 bbl/d to 24,000 bbl/d of oil production. Using
the midpoint, this represents a 3% and 2% increase in oil and total
production, respectively, over the fourth quarter of 2020.
Capital Expenditures for the quarter were
between $24 million and $26 million which was primarily for
drilling 45 development wells in California.
Earnings Conference Call |
|
|
Live Call Date: |
Wednesday, May 5, 2021 |
Live Call Time: |
9:00 a.m. Eastern Time (6 a.m. Pacific Time) |
Live Call Dial-in: |
877-491-5169 from the U.S. |
|
720-405-2254 from international locations |
Live Call Passcode: |
8438708 |
|
|
A live audio webcast will be available at
bry.com/category/events. |
|
|
An audio replay will be available shortly after the
broadcast: |
Replay Dates: |
Through Wednesday, May 19, 2021 |
Replay Dial-in: |
855-859-2056 from the U.S. |
|
404-537-3406 from international locations |
Replay Passcode: |
8438708 |
|
|
A replay of the audio webcast will also be archived
at ir.bry.com/reports-resources. |
_________
(1) Reconciliation of Adjusted EBITDA to the
most directly comparable GAAP financial measures of income (loss)
before income taxes and net cash provided (used) by operating
activities, respectively.
|
Three Months Ended |
|
March 31, 2021 |
|
(in millions) |
Adjusted EBITDA reconciliation to loss before income
taxes: |
Low |
|
High |
Loss before income taxes |
$ |
(25 |
) |
|
|
$ |
(24 |
) |
|
Add (Subtract): |
|
|
|
Interest expense |
9 |
|
|
|
9 |
|
|
Depreciation, depletion, and amortization |
33 |
|
|
|
34 |
|
|
(Gains) losses on derivatives |
25 |
|
|
|
25 |
|
|
Net cash received (paid) for scheduled derivative settlements |
(1 |
) |
|
|
(1 |
) |
|
Other operating expense |
1 |
|
|
|
1 |
|
|
Stock compensation expense |
4 |
|
|
|
4 |
|
|
Adjusted EBITDA (on hedged basis) |
$ |
46 |
|
|
|
$ |
48 |
|
|
|
|
|
|
Adjusted EBITDA reconciliation to net cash provided by
operating activities: |
Net cash provided by operating activities |
$ |
30 |
|
|
|
$ |
31 |
|
|
Add (Subtract): |
|
|
|
Cash interest payments |
15 |
|
|
|
15 |
|
|
Cash income tax payments |
— |
|
|
|
— |
|
|
Other changes in operating assets and liabilities |
1 |
|
|
|
2 |
|
|
Adjusted EBITDA (on hedged basis) |
$ |
46 |
|
|
|
$ |
48 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA is not a measure as determined
by GAAP. Adjusted EBITDA is a supplemental non-GAAP financial
measure used by management and external users of our financial
statements, such as industry analysts, investors, lenders and
rating agencies. We define Adjusted EBITDA as earnings before
interest expense; income taxes; depreciation, depletion, and
amortization; derivative gains or losses net of cash received or
paid for scheduled derivative settlements; impairments; stock
compensation expense; and other unusual, out-of-period and
infrequent items. Our management believes Adjusted EBITDA provides
useful information in assessing our financial condition, results of
operations and cash flows and is widely used by the industry and
the investment community. The measure also allows our management to
more effectively evaluate our operating performance and compare the
results between periods without regard to our financing methods or
capital structure. While Adjusted EBITDA is a non-GAAP measure, the
amounts included in the calculation of Adjusted EBITDA were
computed in accordance with GAAP. This measure is provided in
addition to, and not as an alternative for, income and liquidity
measures calculated in accordance with GAAP and should not be
considered as an alternative to, or more meaningful than, income
and liquidity measures calculated in accordance with GAAP. Our
computations of Adjusted EBITDA may not be comparable to other
similarly titled measures used by other companies. Adjusted EBITDA
should be read in conjunction with the information contained in our
financial statements prepared in accordance with GAAP.
About bry
Bry is a publicly traded (NASDAQ: BRY) western
United States independent upstream energy company with a focus on
the conventional, long-lived oil reserves in the San Joaquin basin
of California. More information can be found at the Company’s
website at bry.com.
Forward-Looking Statements
The information in this press release includes
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. All statements, other than statements of historical
facts, included in this press release that address plans,
activities, events, objectives, goals, strategies, or developments
that the Company expects, believes or anticipates will or may occur
in the future, such as those regarding financial position;
liquidity; cash flows; anticipated financial and operating,
results; capital program and development and production plans;
operations and business strategy; potential acquisition
opportunities; reserves; hedging activities; capital expenditures,
return of capital; payment, improvement of future dividends; future
repurchases of stock or debt; capital investments, recovery factors
and other guidance are forward-looking statements. The
forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions. Although we believe that these assumptions were
reasonable when made, these assumptions are inherently subject to
significant uncertainties and contingencies which are difficult or
impossible to predict and are beyond our control. Therefore, such
forward-looking statements involve significant risks and
uncertainties that could materially affect our expected results of
operations, liquidity, cash flows and business prospects.
Bry cautions you that these forward-looking
statements are subject to all of the risks and uncertainties,
incident to the exploration for and development, production,
gathering and sale of natural gas, NGLs and oil most of which are
difficult to predict and many of which are beyond bry’s control.
These risks include, but are not limited to, commodity price
volatility; legislative and regulatory processes and actions that
may prevent, delay or otherwise restrict our ability to drill and
develop our assets, including regulatory approval and permitting
requirements; legislative and regulatory initiatives in California
or our other areas of operation addressing climate change or other
environmental concerns; drilling, production and other operating
risks; investment in and development of competing or alternative
energy sources; uncertainties inherent in estimating natural gas
and oil reserves and in projecting future rates of production; cash
flow and access to capital; the timing and funding of development
expenditures; environmental risks; effects of hedging arrangements;
potential shut-ins of production due to lack of downstream demand
or storage capacity; the impact and duration of the ongoing
COVID-19 pandemic on demand and pricing levels; and the other risks
described under the heading “Item 1A. Risk Factors” in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2020.
You can typically identify forward-looking
statements by words such as aim, anticipate, achievable, believe,
budget, continue, could, effort, estimate, expect, forecast, goal,
guidance, intend, likely, may, might, objective, outlook, plan,
potential, predict, project, seek, should, target, will or would
and other similar words that reflect the prospective nature of
events or outcomes.
Any forward-looking statement speaks only as of
the date on which such statement is made, and we undertake no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise
except as required by applicable law. Investors are urged to
consider carefully the disclosure in our filings with the
Securities and Exchange Commission, available from us at via our
website or via the Investor Relations contact below, or from the
SEC’s website at www.sec.gov.
Contact
Contact: bry
Todd Crabtree - Manager, Investor Relations
(661) 616-3811
ir@bry.com
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