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Berry Petroleum Company profile

About Berry Corporation (Bry)

Berry Corporation (bry) is an independent upstream energy company. The Company operates through two segments: development and production (D&P), and well servicing and abandonment. The development and production segment is engaged in the development and production of onshore conventional oil reserves primarily located in California, as well as Utah. Its California operating area consists of properties located in Midway-Sunset, South Belridge, McKittrick and Poso Creek fields in the San Joaquin basin in Kern County. The Company operates Uinta basin operations in the Brundage Canyon, Ashley Forest, and Lake Canyon areas in Utah. The well servicing and abandonment segment provides wellsite services in California to oil and natural gas production companies, with a focus on well servicing, well abandonment services and water logistics. The Company’s subsidiaries include Berry Petroleum Company, LLC; CJ Berry Well Services Management, LLC; and C&J Well Services, LLC.

Financial summary

BRIEF: For the fiscal year ended 31 December 2021, Berry Corporation (Bry) revenues increased 4% to $545M. Net loss decreased 94% to $15.5M. Revenues reflect Oil sales segment increase of 62% to $587.6M. Lower net loss reflects Impairment of oil and gas properties decrease from $289.1M (expense) to $0K. Basic Earnings per Share excluding Extraordinary Items increased from -$3.29 to -$0.19.