Berry (BRY) Q1 2025 earnings summary

Executive summary

• Reaffirmed full-year 2025 guidance, supported by a strong hedge position, balance sheet strength, and resilient business model.

• Q1 2025 production averaged 24.7 MBoe/d (93% oil), slightly down sequentially due to planned downtime and curtailments.

• Net loss of $97 million, driven by a $158 million non-cash impairment on California assets; Adjusted EBITDA was $68 million and Free Cash Flow was $17 million.

• Paid down $11 million in debt and returned $2 million to shareholders via a $0.03/share dividend.

• Maintained focus on sustainable free cash flow, capital efficiency, and shareholder returns.

Financial highlights

• Q1 2025 oil and gas sales were $148 million; total revenue was $183 million, aided by derivative gains.

• Adjusted EBITDA was $68 million; Free Cash Flow was $17 million; operating cash flow was $46 million.

• Lease operating expenses (LOE) were $57 million, with hedged LOE at $26.40/Boe, 9% below FY25 guidance midpoint.

• Paid down $11 million in debt; liquidity increased to $120 million, with no borrowings under the $95 million revolver.

• Board declared a $0.03/share dividend for Q2 2025.

Outlook and guidance

• FY25 production guidance: 24,800–26,000 Boe/d, 93% oil; capital expenditures expected at $110–$120 million, with 60% to California and 40% to Utah.

• 73% of oil production hedged for 2025 at $74.69/Bbl; 63% hedged for 2026 at $69.42/Bbl.

• Most CapEx for 2025 expected by end of Q3, with new wells online and production growth anticipated in H2 2025.

• Non-energy LOE guidance: $13.00–$15.00/Boe; energy LOE (unhedged): $12.70–$14.50/Boe.

• Building permit inventory for 2026 drilling program.