Earnings summaries and quarterly performance for Berry Corp (bry).
Executive leadership at Berry Corp (bry).
Board of directors at Berry Corp (bry).
Research analysts who have asked questions during Berry Corp (bry) earnings calls.
CM
Charles Meade
Johnson Rice & Company L.L.C.
4 questions for BRY
Also covers: APA, COP, CRGY +17 more
NP
Nate Pendleton
Texas Capital
2 questions for BRY
Also covers: AROC, CRC, NGS +4 more
ES
Emma Schwartz
Jefferies Financial Group Inc.
1 question for BRY
Also covers: VTS
JS
Jay Spencer
Stifel, Nicolaus & Company, Incorporated
1 question for BRY
Also covers: EAF, NGS
Michael Schwartz
Jefferies LLC
1 question for BRY
NP
Nathaniel Pendleton
Stifel
1 question for BRY
Also covers: AROC, CRC, GEVO +1 more
Recent press releases and 8-K filings for BRY.
Berry Stockholders Approve Combination with CRC
BRY
M&A
Proxy Vote Outcomes
- Berry Corporation stockholders approved the combination with California Resources Corporation (CRC) at a Special Meeting held on December 15, 2025.
- The transaction was supported by approximately 73% of total shares outstanding and 98% of the shares voted.
- Under the merger agreement, Berry stockholders will receive a fixed exchange ratio of 0.0718 shares of CRC common stock for each share of Berry common stock.
- The closing of the transaction is expected to occur on December 18, 2025.
Dec 15, 2025, 10:27 PM
Berry Stockholders Approve Combination with CRC
BRY
M&A
Proxy Vote Outcomes
- Berry Corporation (BRY) stockholders voted to approve its combination with California Resources Corporation (CRC) on December 15, 2025.
- The transaction was approved by approximately 73% of the total shares outstanding and 98% of the shares voted.
- Under the terms of the merger agreement, Berry stockholders will receive a fixed exchange ratio of 0.0718 shares of CRC common stock for each share of Berry common stock.
- The closing of the transaction is expected to occur on December 18.
Dec 15, 2025, 5:15 PM
Berry Corporation Announces Q3 2025 Financial and Operational Results, Debt Reduction, and Dividend
BRY
Earnings
Dividends
M&A
- Berry Corporation reported a net loss of $26 million, or $0.34 per diluted share, and an Adjusted Net Loss of $6 million, or $0.08 per share, for the third quarter of 2025.
- The company generated $55 million in operating cash flow, $49 million in Adjusted EBITDA, and $38 million in Free Cash Flow during Q3 2025.
- Production for the quarter was 23.9 thousand barrels of oil equivalent per day (MBoe/d), with 91% oil.
- Berry paid down approximately $11 million of total debt in Q3 2025, bringing the year-to-date total debt reduction to approximately $34 million, and approved a quarterly cash dividend of $0.03 per share.
- A special shareholder meeting to approve the pending merger with California Resources Corporation is scheduled for December 15, 2025. Due to the merger, Berry has discontinued providing guidance.
Nov 5, 2025, 3:20 PM
Berry Corporation Announces Third Quarter 2025 Results and Merger Update
BRY
Earnings
Dividends
M&A
- Berry Corporation reported a net loss of $26 million, or $0.34 per diluted share, and an Adjusted Net Loss of $6 million, or $0.08 per share, for the third quarter of 2025.
- The company generated $55 million in operating cash flow, $49 million in Adjusted EBITDA, and $38 million in Free Cash Flow during Q3 2025.
- Production for the quarter was 23.9 thousand barrels of oil equivalent per day (MBoe/d) (91% oil), and the company paid down approximately $11 million of total debt.
- A quarterly cash dividend of $0.03 per share was approved, and a special shareholder meeting to approve the pending merger with California Resources Corporation (CRC) is scheduled for December 15, 2025.
Nov 5, 2025, 2:00 PM
California Resources Corporation Reports Strong Q3 2025 Results, Announces Dividend Increase, and Provides Berry Merger Update
BRY
Earnings
M&A
Dividends
- California Resources Corporation reported net income of $64 million, adjusted EBITDAX of $338 million, and $188 million of free cash flow for the third quarter of 2025. The company's net total production was 137 thousand barrels of oil equivalent per day (MBoe/d).
- The company announced a 5% increase in its quarterly dividend to $0.405 per share, payable in the fourth quarter of 2025. As of September 30, 2025, $205 million remained for share repurchases.
- CRC provided an update on its definitive agreement to combine with Berry Corporation in an all-stock transaction, with Berry shareholders receiving 0.0718 shares of CRC common stock for each Berry share, and the transaction is expected to close in Q1 2026.
- The company ended Q3 2025 with $180 million in available cash and $1,154 million of liquidity. CRC also redeemed all remaining $122 million of its 2026 Senior Notes on October 10, 2025.
Nov 4, 2025, 9:32 PM
Berry Corporation Enters into Merger Agreement with California Resources Corporation
BRY
M&A
Takeover Bid
- Berry Corporation (BRY) entered into an Agreement and Plan of Merger with California Resources Corporation on September 14, 2025.
- At the effective time of the merger, each share of Berry Corporation common stock will be converted into 0.0718 shares of California Resources Corporation common stock, with cash paid in lieu of fractional shares.
- The Company's Board of Directors has unanimously approved the merger, determining it to be advisable, fair, and in the best interests of the Company and its stockholders, and recommends its adoption.
- The completion of the merger is subject to customary closing conditions, including required approval from Berry Corporation's stockholders, authorization for listing of California Resources Corporation shares on the New York Stock Exchange, expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, and the effectiveness of a Form S-4 registration statement.
- Guggenheim Securities, LLC, acting as Berry Corporation's financial advisor, provided an opinion that the exchange ratio is fair from a financial point of view to the holders of Berry Corporation common stock.
Sep 16, 2025, 10:05 AM
California Resources Corporation Announces All-Stock Combination with Berry Corporation
BRY
M&A
New Projects/Investments
Debt Issuance
- California Resources Corporation (CRC) announced an all-stock combination with Berry Corporation, enhancing scale and creating significant operating and cost synergies.
- The transaction is valued at approximately 2.9 times 2025 consensus EBITDAX and $30,000 per flowing barrel, and is expected to deliver accretion of more than 10% to second half 2025 operating cash flow and free cash flow before synergies.
- The combined company targets annual synergies of $80 million to $90 million within twelve months, representing approximately 12% of the transaction value, primarily from corporate, lower interest costs, operating improvements, and supply chain efficiencies.
- Upon closing, CRC shareholders will own 94% of the combined company, and the pro forma last twelve months leverage ratio is expected to be about 0.8 times, making it essentially credit neutral.
- Closing is currently expected during 2026, subject to customary conditions including regulatory clearance and Berry shareholder approval.
Sep 15, 2025, 1:00 PM
California Resources Corporation announces all-stock combination with Berry Corporation
BRY
M&A
New Projects/Investments
- California Resources Corporation (CRC) announced an all-stock combination with Berry Corporation, valued at approximately 2.9 times 2025 consensus EBITDAX and about $30,000 per flowing barrel.
- The transaction is expected to be accretive by more than 10% to second half 2025 operating cash flow and free cash flow before synergies, with targeted annual synergies of $80-$90 million within 12 months.
- The combination will add approximately 20,000 barrels of oil per day of California-based production and 20,000 mostly adjacent net acres to CRC's portfolio.
- CRC shareholders will own 94% of the combined company upon closing, which is anticipated during the first quarter of 2026.
- Recent legislative actions in California, including SB 237, are expected to incentivize local production, allowing for up to 2,000 new wells annually in Kern County for a decade starting January 2026, which will benefit the combined entity.
Sep 15, 2025, 1:00 PM
California Resources Announces Combination with Berry Corporation
BRY
M&A
- California Resources (CRC) is undertaking a bolt-on combination with Berry Corporation (BRY).
- The transaction is valued at $717 million and is expected to close in Q1 2026.
- CRC is projected to own approximately 94% of the pro forma company.
- The combination is anticipated to generate $80 - $90 million in targeted annual synergies and is expected to be immediately accretive, driving >10% pro forma OCF & FCF per share.
- The pro forma company is expected to maintain a strong balance sheet with a Last Twelve Months (LTM) leverage ratio of 0.8x as of 2Q25.
Sep 15, 2025, 1:00 PM
California Resources Corporation Announces All-Stock Combination with Berry Corporation
BRY
M&A
Guidance Update
New Projects/Investments
- California Resources Corporation (CRC) announced an all-stock combination with Berry Corporation (BRY).
- The transaction is expected to deliver accretion of more than 10% to second half 2025 operating cash flow and free cash flow, even before incorporating anticipated synergies.
- CRC is targeting annual synergies of $80-$90 million within 12 months, representing approximately 12% of the transaction value.
- Berry will add approximately 20,000 barrels of oil per day of California-based production and about 20,000 mostly adjacent net acres.
- The closing of the combination is currently expected to occur during the first quarter of 2026, subject to customary closing conditions, including regulatory clearance and Berry shareholder approval.
Sep 15, 2025, 1:00 PM
Quarterly earnings call transcripts for Berry Corp (bry).
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