The following is a summary of the Berry Corporation (BRY) Q4 2024 Earnings Call Transcript:

Financial Performance:

• Berry Corporation reported a strong financial performance for Q4 2024, with adjusted EBITDA of $292 million, a 9% increase from 2023.

• The company reduced hedged LOE by 12% and adjusted G&A by over 6% year-over-year.

• Free cash flow for the full year was reported at $108 million.

• Total annual production was maintained at 25,400 barrels of oil equivalent per day, consistent with the prior year.

• Berry's total debt at year-end was $450 million with a leverage ratio of 1.5 times.

Business Progress:

• Berry Corporation emphasized strategic advancements, notably enhancing the development potential of their thermal diatomite reservoir in California and initiating a horizontal well development program in the Uinta Basin.

• Introduced significant operational improvements such as drilling 56 gross wells during the year, improving capital efficiency, and exceeding type curves in most operational areas.

• In 2025, plans include sustaining production levels and drilling approximately 50 gross wells, with an active rig program ongoing in California and a new horizontal drilling campaign in Utah.

Opportunities:

• Significant growth opportunities highlighted in both California and the Uinta Basin, with the initiation of a horizontal well program indicating a shift from earlier vertical wells to more productive horizontal well formats in key reservoirs.

Risks:

• The progression and expansion into horizontal drilling in the Uinta Basin indicate a potential risk should the expected production increases and cost efficiencies not materialize as planned.

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