DALLAS - Berry Corporation (NASDAQ:BRY), an independent upstream energy company, announced today that it has achieved production and reserves figures at the upper end of its 2023 guidance. The company reported an estimated total production of approximately 25,300 barrels of oil equivalent per day (boe/d) for the full year 2023, with oil constituting about 93% of this production.
This production level represents a slight increase from the guidance midpoint provided in September 2023 and is attributed to enhanced performance of base production. Berry's year-end proved reserves were estimated at about 103 million barrels of oil equivalent, utilizing SEC pricing of $77.30 per barrel for crude oil and $3.725 per thousand cubic feet for natural gas. These figures are based on a third-party reserve report.
In line with its strategic focus, Berry completed a small-scale, all-cash bolt-on acquisition in Kern County, California at the end of 2023, which complements its existing operations. Furthermore, the company reduced its revolver debt by approximately $25 million in the fourth quarter of 2023. The debt reduction includes the impact of the acquisition, resulting in total debt decreasing to $428 million at year-end from $454 million at the end of the third quarter.
Berry's CEO, Fernando Araujo, commented on the company’s strategy, emphasizing the effective management of reservoirs and strategic acquisitions that contributed to steady production and a solid balance sheet in 2023. Araujo also highlighted the company's intention to sustain production levels and pursue additional cash flow generating acquisitions in 2024.
Berry Corporation, which trades on the NASDAQ, specializes in onshore, conventional oil and gas reserves in the western United States. The company also offers well servicing and abandonment capabilities in California.
The company has scheduled its fourth quarter and full year 2023 financial results release for Wednesday, March 6, 2024, before U.S. financial markets open. A conference call to discuss these results will follow later that morning.
The information provided in this article is based on a press release statement from Berry Corporation.
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