The following is a summary of the Berry Corporation (BRY) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Berry Corporation generated $97 million in adjusted free cash flow in 2023, with $55 million of this amount coming from Q4.

• The company returned $65 million to shareholders via dividends and share repurchases; with the Q4 dividend declared at $0.26 per share, amounting to a total annual dividend of $0.73 per share.

• Berry reported strong financial management by repaying $53 million in borrowings and reducing its adjusted G&A expenses by about 4% from 2022 levels.

• The company demonstrated continued commitment to low leverage and cash flow accretive acquisitions.

Business Progress:

• Berry achieved full year average production of 25,400 barrels per day, expanding through two financially accretive acquisitions, ending the year with 103 million barrels of proven reserves.

• The company navigated the California regulatory environment effectively, managing to maintain steady production with less capital expenditure than initially planned.

• Moving into 2024, Berry looks forward to managing expenses, employing strategic hedging, maintaining production through workovers, sidetracks, and further accretive bolt-on acquisitions.

• The company also plans to step into horizontal drilling, and has started producing light oil from 2 wells with production numbers higher than average from shallow reservoirs in California.

• The company is actively working on reducing its carbon footprint, notably with the Hill Solar project that became fully operational in 2023, offsetting 30% of the company's power demand and saving about $300,000 annually.

• Berry Corp plans to refinance its notes due in early 2026, renew its revolvers, and further reduce G&A expenses by an additional 6% in 2024.

More details: Berry Corp (bry) IR

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