Berry Corp (bry)

CIK:0001705873|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues and other:
Revenues	$ 155,808	$ 186,274	$ 486,639	$ 599,032
(Losses) gains on oil and gas sales derivatives	(4,666)	75,434	57,232	(1,610)
Total revenues and other	151,142	261,708	543,871	597,422
Expenses and other:
Lease operating expenses	58,137	54,900	168,612	170,061
Transportation expenses	1,337	1,332	3,501	3,430
Marketing expenses	1,651	1,825	2,288	8,100
Acquisition and other transaction costs	3,286	971	3,596	4,982
General and administrative expenses	20,242	19,111	60,817	58,226
Depreciation, depletion, and amortization	38,514	42,749	114,200	128,423
Impairment of oil and gas properties	0	0	157,910	43,980
Taxes, other than income taxes	14,056	10,351	36,253	38,714
Losses (gains) on natural gas purchase derivatives	16,049	7,775	13,488	14,898
Other operating income	(2,314)	(4,687)	(548)	(8,024)
Total expenses and other	170,206	158,483	621,024	540,950
Other expenses
Interest expense	(16,430)	(8,986)	(47,115)	(28,176)
Other, net	(2)	56	211	(80)
Total other expenses	(16,432)	(8,930)	(46,904)	(28,256)
(Loss) income before income taxes	(35,496)	94,295	(124,057)	28,216
Income tax expense (benefit)	(9,479)	24,432	(34,964)	7,206
Net (loss) income	$ (26,017)	$ 69,863	$ (89,093)	$ 21,010
Net (loss) income per share:
Basic (in dollars per share)	$ (0.34)	$ 0.91	$ (1.15)	$ 0.27
Diluted (in dollars per share)	$ (0.34)	$ 0.91	$ (1.15)	$ 0.27
Oil, natural gas and natural gas liquids sales
Revenues and other:
Revenues	$ 128,489	$ 154,438	$ 401,988	$ 489,537
Services revenue
Revenues and other:
Revenues	20,762	25,465	67,250	88,303
Expenses and other:
Cost of services	18,410	22,911	58,236	75,236
Electricity sales
Revenues and other:
Revenues	5,314	4,410	15,167	12,344
Expenses and other:
Cost of services	838	1,245	2,671	2,924
Marketing and other revenues
Revenues and other:
Revenues	$ 1,243	$ 1,961	$ 2,234	$ 8,848

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net (loss) income	$ (89,093)	$ 21,010
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion and amortization	114,200	128,423
Amortization of debt issuance costs	6,060	2,126
Impairment of oil and gas properties	157,910	43,980
Stock-based compensation expense	6,679	4,676
Deferred income taxes	(32,480)	4,850
Other operating expenses	2,271	(2,135)
Derivative activities:
Total (gains) losses	(43,744)	16,508
Cash settlements received (paid) on derivatives	7,678	(38,606)
Changes in assets and liabilities:
Decrease in accounts receivable	9,097	12,414
Decrease in other assets	759	7,072
Increase (decrease) in accounts payable and accrued expenses	1,599	(48,819)
(Decrease) increase in other liabilities	(11,015)	17,360
Net cash provided by operating activities	129,921	168,859
Capital expenditures:
Capital expenditures	(99,659)	(85,135)
Changes in capital expenditures accruals	(1,992)	1,219
Acquisitions, net of cash received	0	(9,188)
Proceeds from sale of property and equipment and other	520	7,455
Net cash used in investing activities	(101,131)	(85,649)
Cash flows from financing activities:
Dividends paid on common stock	(8,402)	(46,721)
Payment of deferred acquisition payable	0	(20,000)
Shares withheld for payment of taxes on equity awards and other	(1,325)	(5,257)
Debt issuance cost	(1,735)	(3,096)
Net cash used in financing activities	(45,212)	(78,574)
Net (decrease) increase in cash and cash equivalents	(16,422)	4,636
Cash, cash equivalents and restricted cash:
Beginning	30,036	4,835
Ending	13,614	9,471
2024 term loan
Cash flows from financing activities:
Repayments of long-term lines of credit	(33,750)	0
2024 revolver
Cash flows from financing activities:
Repayments of long-term lines of credit	(148,000)	0
Proceeds from long-term lines of credit	148,000	0
Former revolving credit facility
Cash flows from financing activities:
Repayments of long-term lines of credit	0	(506,000)
Proceeds from long-term lines of credit	$ 0	$ 502,500

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 13,364	$ 15,336
Restricted cash	250	14,700
Accounts receivable, net of allowance for doubtful accounts of $655 at September 30, 2025 and December 31, 2024	68,565	77,630
Derivative instruments	25,687	4,526
Other current assets	35,914	37,451
Total current assets	143,780	149,643
Noncurrent assets:
Oil and natural gas properties	2,073,474	1,975,456
Accumulated depletion and amortization	(979,831)	(735,304)
Total oil and natural gas properties, net	1,093,643	1,240,152
Other property and equipment	173,854	171,303
Accumulated depreciation	(109,901)	(91,075)
Total other property and equipment, net	63,953	80,228
Deferred income taxes	57,647	26,779
Derivative instruments	18,898	11,697
Other noncurrent assets	9,077	9,187
Total assets	1,386,998	1,517,686
Current liabilities:
Accounts payable and accrued expenses	133,214	133,809
Derivative instruments	0	7,703
Current portion of long-term debt, net	45,000	45,000
Income taxes payable		1,368
Total current liabilities	178,214	187,880
Noncurrent liabilities:
Long-term debt, net	354,469	384,633
Deferred income taxes	0	1,612
Asset retirement obligations	177,585	185,283
Other noncurrent liabilities	37,748	27,642
Commitments and Contingencies - Note 4
Stockholders' equity:
Common stock ($0.001 par value; 750,000,000 shares authorized; 89,605,653 and 88,942,805 shares issued; and 77,601,842 and 76,938,994 shares outstanding, at September 30, 2025 and December 31, 2024, respectively)	90	89
Additional paid-in-capital	785,391	787,953
Treasury stock, at cost (12,003,811 shares at September 30, 2025 and December 31, 2024, respectively)	(113,768)	(113,768)
(Accumulated deficit) retained earnings	(32,731)	56,362
Total stockholders' equity	638,982	730,636
Total liabilities and stockholders' equity	$ 1,386,998	$ 1,517,686