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BRY Berry

Berry is a publicly traded western United States independent upstream energy company with a focus on the conventional, long-lived oil reserves in the San Joaquin basin of California.

Company profile

Ticker
BRY
Exchange
Website
CEO
Arthur Trem Smith
Employees
Incorporated
Location
Fiscal year end
Former names
Berry Petroleum Corp
SEC CIK
Subsidiaries
Berry Petroleum Company, LLC ...

BRY stock data

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Calendar

4 Aug 21
18 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Berry earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 74.92M 74.92M 74.92M 74.92M 74.92M 74.92M
Cash burn (monthly) 7.48M (positive/no burn) 4.32M 10.69M (positive/no burn) (positive/no burn)
Cash used (since last report) 27M n/a 15.58M 38.58M n/a n/a
Cash remaining 47.92M n/a 59.34M 36.33M n/a n/a
Runway (months of cash) 6.4 n/a 13.7 3.4 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Sep 21 Fernando Araujo Common Stock Payment of exercise Dispose F No No 6.12 3,780 23.13K 7,149
15 Sep 21 Fernando Araujo Common Stock Option exercise Acquire M No No 0 10,929 0 10,929
15 Sep 21 Fernando Araujo RSU Common Stock Option exercise Dispose M No No 0 10,929 0 21,858
15 Mar 21 Kurt E. Neher Common Stock Payment of exercise Dispose F No No 6.17 1,681 10.37K 84,087
15 Mar 21 Kurt E. Neher Common Stock Option exercise Acquire M No No 0 4,861 0 85,768
15 Mar 21 Kurt E. Neher RSU Common Stock Option exercise Dispose M No No 0 4,861 0 0
4 Mar 21 Renee J Hornbaker RSU Common Stock Grant Acquire A No No 0 24,490 0 24,490
4 Mar 21 Anne L Mariucci RSU Common Stock Grant Acquire A No No 0 24,490 0 24,490
4 Mar 21 Donald L Paul RSU Common Stock Grant Acquire A No No 0 24,490 0 24,490

Financial report summary

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Risks
  • Attempts by several states to restrict the production of oil and gas could negatively impact our operations and result in decreased demand for fossil fuels within the states where we operate.
  • The COVID-19 global pandemic has adversely affected our business, and the ultimate effect on our operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted.
  • Our ability to operate profitably and maintain our business and financial condition are highly dependent on commodity prices, which is driven by numerous factors beyond our control. The outbreak of COVID-19 followed by certain actions taken by OPEC+ caused crude oil prices to decline significantly beginning in the first quarter of 2020 and prices remained below pre-pandemic levels for a prolonged period. If oil prices further decline, our business, financial condition and results of operations may be materially and adversely affected.
  • The marketability of our production is dependent upon transportation and storage facilities and other facilities, most of which we do not control, and the availability of such transportation and storage capabilities, which have been severely limited by recent market conditions related to the COVID-19 pandemic and the accompanying oversupply of oil and natural gas. If we are unable to access such facilities on commercially reasonable terms, our operations would likely be interrupted, our production could be curtailed, and our revenues reduced, among other adverse consequences.
  • Estimates of proved reserves and related future net cash flows are not precise. The actual quantities of our proved reserves and future net cash flows may prove to be lower than estimated.
  • Unless we replace oil and natural gas reserves, our future reserves and production will decline.
  • Drilling for and producing oil and natural gas has many uncertainties that could adversely affect our results.
  • We may not drill our identified sites at the times we scheduled or at all.
  • Competition in the oil and natural gas industry is intense, making it more difficult for us to acquire properties, market oil or natural gas and secure trained personnel.
  • We may be unable to make attractive acquisitions or successfully integrate acquired businesses or assets or enter into attractive joint ventures, and any inability to do so may disrupt our business and hinder our ability to grow.
  • We are dependent on our cogeneration facilities to produce steam for our operations. Contracts for the sale of surplus electricity, economic market prices and regulatory conditions affect the economic value of these facilities to our operations.
  • Our producing properties are located primarily in California, making us vulnerable to risks associated with having operations concentrated in this geographic area.
  • Most of our operations are in California, much of which is conducted in areas that may be at risk of damage from fire, mudslides, earthquakes or other natural disasters.
  • Operational issues and inability or unwillingness of third parties to provide sufficient facilities and services to us on commercially reasonable terms or otherwise could restrict access to markets for the commodities we produce.
  • We may incur substantial losses and be subject to substantial liability claims as a result of catastrophic events. We may not be insured for, or our insurance may be inadequate to protect us against, these risks.
  • We may be involved in legal proceedings that could result in substantial liabilities.
  • The loss of senior management or technical personnel could adversely affect operations.
  • Information technology failures and cyberattacks could affect us significantly.
  • We may not be able to use a portion of our net operating loss carryforwards and other tax attributes to reduce our future U.S. federal and state income tax obligations, which could adversely affect our cash flows.
  • Our business requires continual capital expenditures. We may be unable to fund these investments through operating cash flow or obtain any needed additional capital on satisfactory terms or at all, which could lead to a
  • decline in our oil and natural gas reserves or production. Our capital program is also susceptible to risks, including regulatory and permitting risks, that could materially affect its implementation.
  • We may be unable to, or may choose not to, enter into sufficient fixed-price purchase or other hedging agreements to fully protect against decreasing spreads between the price of natural gas and oil on an energy equivalent basis or may otherwise be unable to obtain sufficient quantities of natural gas to conduct our steam operations economically or at desired levels, and our commodity-price risk-management activities may prevent us from fully benefiting from price increases and may expose us to other risks.
  • Our existing debt agreements have restrictive covenants that could limit our growth, financial flexibility and our ability to engage in certain activities. In addition, the borrowing base under the RBL Facility is subject to periodic redeterminations and our lenders could reduce capital available to us for investment.
  • We may not be able to generate sufficient cash to service all of our indebtedness and may be forced to take other actions to satisfy our obligations under our debt arrangements, which may not be successful.
  • Declines in commodity prices, changes in expected capital development, increases in operating costs or adverse changes in well performance may result in write-downs of the carrying amounts of our assets.
  • We have significant concentrations of credit risk with our customers and the inability of one or more of our customers to meet their obligations or the loss of any one of our major oil and natural gas purchasers may have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • Our business is highly regulated and governmental authorities can delay or deny permits and approvals or change the requirements governing our operations, including the permitting approval process for oil and gas exploration, extraction, operations and production activities, well stimulation, enhanced production techniques and fluid injection or disposal, that could increase costs, restrict operations and delay our implementation of, or cause us to change, our business strategy and plans.
  • Potential future legislation may generally affect the taxation of natural gas and oil exploration and development companies and may adversely affect our operations and cash flows.
  • Derivatives legislation and regulations could have an adverse effect on our ability to use derivative instruments to reduce the risks associated with our business.
  • Our operations are subject to a series of risks arising out of the threat of climate change that could result in increased operating costs, limit the areas in which we may conduct oil and natural gas exploration and production activities, and reduce demand for the oil and natural gas we produce.
  • There may be circumstances in which the interests of our significant stockholders could be in conflict with the interests of our other stockholders.
  • Our significant stockholders and their affiliates are not limited in their ability to compete with us, and the corporate opportunity provisions in the Certificate of Incorporation could enable our significant stockholders to benefit from corporate opportunities that might otherwise be available to us.
  • Future sales of our common stock in the public market could reduce our stock price, and any additional capital raised by us through the sale of equity or convertible securities may dilute your ownership in us.
  • The payment of dividends will be at the discretion of our Board of Directors.
  • We may issue preferred stock whose terms could adversely affect the voting power or value of our common stock.
  • We are an “emerging growth company,” and are able to take advantage of reduced disclosure requirements applicable to “emerging growth companies,” which could make our common stock less attractive to investors.
  • Our internal control over financial reporting is not currently required to meet all of the standards required by Section 404 of the Sarbanes-Oxley Act, but failure to achieve and maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business and share price.
  • Certain provisions of our Certificate of Incorporation and Bylaws may make it difficult for stockholders to change the composition of our board of directors and may discourage, delay or prevent a merger or acquisition that some stockholders may consider beneficial.
  • Our Certificate of Incorporation designates the Court of Chancery of the State of Delaware as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or agents.
  • Changes in the method of determining London Interbank Offered Rate (“LIBOR”), or the replacement of LIBOR with an alternative reference rate, may adversely affect interest expense related to outstanding debt.
Management Discussion
  • Three Months Ended June 30, 2021 compared to Three Months Ended March 31, 2021.
  • Oil, natural gas and NGL sales increased by $13 million, or 9%, to approximately $148 million for the three months ended June 30, 2021, compared to the three months ended March 31, 2021. The increase was driven by $17 million and $2 million higher unhedged oil prices and oil sales volumes, respectively, partially offset by $7 million of lower unhedged natural gas prices.
  • In the first quarter of 2021, the United States experienced a sharp, and unusually large increase in natural gas prices caused by an unprecedented February demand spike from Winter Storm Uri that impacted much of the nation. This had a dramatic impact on both our natural gas and electricity sales, driving significant revenue increases in the first quarter. The impact on our fuel gas cost in California was not nearly as pronounced due to our effective hedging program and our proactive reduction in fuel usage during the highly volatile period in February.
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