Berry (BRY) Q4 2024 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2024, with adjusted EBITDA of $292 million (up 9% YoY), free cash flow of $108 million, and production averaging 25.4 MBoe/d, near the top of guidance and flat year-over-year.

• Advanced key value drivers, including unlocking development in the thermal diatomite reservoir in California and launching a horizontal well program in the Uinta Basin.

• Maintained high health, safety, and environmental standards, with a TRIR of 0.64 and significant progress in methane emissions reduction (>80% from 2022 baseline, ahead of schedule).

• Appointed new CFO, Jeff Magids, in January 2025, bringing significant industry and M&A experience.

• Achieved full-year 2024 results above midpoint of guidance for production, operational expenses, G&A, and capex.

Financial highlights

• Oil and gas sales reached $648 million for 2024, with realized oil prices at $73.70/bbl (92% of Brent).

• Adjusted EBITDA for Q4 was $82 million, up 22% sequentially; full-year free cash flow was $108 million.

• CapEx totaled $102 million for the year, in line with guidance and up from $73 million in FY23.

• Year-end total debt stood at $450 million, with liquidity of $110 million and a leverage ratio of 1.49x.

• Year-end proved reserves increased 4% to 107 MMBoe, with a PV-10 value of $2.3 billion.

Outlook and guidance

• 2025 production guidance: 24,800–26,000 Boe/d, with ~93% oil.

• 2025 capital expenditures expected at $110–$120 million, with 40% allocated to Utah (up from 25% in 2024) and 60% to California.

• Plan to drill approximately 50 gross wells in 2025, sustaining production year-over-year.

• 75% of estimated 2025 oil production hedged at an average strike price of $74.24 per Brent barrel.

• Non-energy LOE guidance: $13.00–$15.00/boe; Adjusted G&A: $6.35–$6.75/boe.