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
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.