Trem Smith , Berry’s current Board Chairman, President and CEO, to become Executive Chairman.- Berry’s current Chief Operating Officer
Fernando Araujo to become Chief Executive Officer (the position of COO will be eliminated). - Berry’s current General Counsel and Corporate Secretary
Danielle Hunter to become President with responsibility for the Legal, Finance, Human Resources, and Health, Safety and Environmental functions. - Berry’s current Chief Accounting Officer
Mike Helm to become Chief Financial Officer (also maintaining Chief Accounting Officer designation).Cary Baetz , Berry’s current CFO and member of the Board, will remain at the Company in his board role and as a special advisor helping in the transition untilMarch 2023 .
“Since joining Berry six years ago, the Board and I have worked to develop a group of strong and capable leaders to ensure the Company’s continued success. Fernando’s entrepreneurial spirit and strong operational experience managing our assets have delivered excellent shareholder returns and he has proven his leadership abilities and suitability to lead Berry. Among other strengths, he has demonstrated the ability to be flexible in ever changing environments, adapting to successfully execute on our strategic goals, while delivering strong health, safety and environmental performance,” said
“The foundation for the company’s future success is built on a strong, value-creating shareholder return model, a cash flow generating hedge book, and a portfolio of oil producing assets that underpin the Company’s ability to deliver strong cash flow results. The Board and I are confident this is the team to lead Berry’s future success by continuing to strengthen our operations while reducing overall expenses to deliver top-tier returns of capital to shareholders. I’m proud of what we have accomplished together over the past 6 years and am positive this team will continue to execute our proven plan to optimize our assets and maximize shareholder return,” Smith concluded.
ABOUT
Berry is a publicly traded (NASDAQ: BRY) western
FORWARD LOOKING STATEMENTS
The information in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address plans, activities, events, objectives, goals, strategies, or developments that the Company expects, believes or anticipates will or may occur in the future, including expectations relating to our share repurchase program and our shareholder return model. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although we believe that these assumptions were reasonable when made, these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control. Therefore, such forward-looking statements involve significant risks and uncertainties that could materially affect our expected results of operations, liquidity, cash flows and business prospects, including risks related to market conditions associated with our share repurchase program and our shareholder return model and those risks described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended
CONTACTTodd Crabtree – Director, Investor Relations (661) 616-3811 ir@bry.com
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