The following is a summary of the Berry Corporation (BRY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Berry Corporation reported Q1 2024 adjusted EBITDA of $69 million and daily production of 25,400 barrels.

• Revenue was slightly lower mainly due to lower oil prices and a 1% drop in oil production.

• The company saw a 10% reduction in lease operating expenses compared to the last quarter, primarily due to decreased fuel gas costs.

• Capital expenditures were stable at $17 million, in line with the annual guidance of $95 million to $110 million.

Business Progress:

• Berry maintains a focus on operational efficiency, production sustenance, carefully chosen capital allocation, and strict safety standards.

• The company is making progress on a horizontal play in the Uinta Basin expecting four horizontal wells to be operational in Q2 2024.

• Berry is committed to reducing 80% of methane emissions from its operations by end of 2025.

• Despite ongoing limitations on new drill permits, the company has enough workover and sidetrack opportunities to keep production up in 2024 and 2025.

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