Berry (BRY) Q3 2025 earnings summary

Executive summary

• Q3 2025 reported a net loss of $26 million ($0.34 per diluted share), with adjusted net loss of $6 million, and a pending merger with California Resources Corporation expected to close in Q1 2026, subject to approvals and a shareholder vote on December 15, 2025.

• The company operates in two segments: E&P (California and Utah) and well servicing/abandonment services.

• Average daily production for Q3 2025 was 23.9 mboe/d (91% oil), down 4% year-over-year, with California production impacted by a steam-to-surface event.

• Generated $55 million in operating cash flow, $49 million in adjusted EBITDA, and $38 million in free cash flow for Q3 2025.

• Declared a quarterly dividend of $0.03 per share, representing a 4% annualized yield.

Financial highlights

• Q3 2025 revenue was $151 million, down 42% from Q3 2024, with oil, natural gas & NGL revenues at $128 million.

• Adjusted EBITDA for Q3 2025 was $49 million, down from $67 million year-over-year.

• Free cash flow for Q3 2025 was $38 million, compared to $45 million in Q3 2024.

• Net loss for the nine months ended September 30, 2025 was $89 million, compared to net income of $21 million for the same period in 2024.

• Non-cash pre-tax asset impairment charge of $158 million recorded in Q1 2025 on California proved properties.

Outlook and guidance

• Discontinued forward guidance due to the pending merger; cautioned investors not to rely on previous forward-looking statements.

• 2025 capital expenditure budget is $110–$120 million, expected to be funded from operating cash flow.

• Full-year 2025 plugging and abandonment spend expected at $22–$26 million.

• Company expects sufficient liquidity for at least the next 12 months, with $94 million liquidity at quarter-end.