The Company currently estimates that total production for the full year 2023 will be approximately 25,300 barrels of oil equivalent per day (boe/d), with about 93% of the production being oil. The total production estimate is at the high end of the Company’s guidance reported in
Proved reserves estimates were approximately 103 million barrels of oil equivalent at
Following the successful acquisition of
Berry's CEO,
Earnings Call Information
The Company has scheduled the release of its fourth quarter and full year 2023 financial results for
Call Date: | ||
Call Time: | ||
Join the live listen-only audio webcast at https://edge.media-server.com/mmc/p/7kymzcmg or at https://bry.com/category/events. Accompanying slides will also be available at the time of the call at www.bry.com.
If you would like to ask a question on the live call, please preregister at any time using the following link:
https://register.vevent.com/register/BI4cf49100fcd44636a09625e75442bc53.
Once registered, you will receive the dial-in numbers and a unique PIN number. You may then dial-in or have a call back. When you dial in, you will input your PIN and be placed into the call. If you register and forget your PIN or lose your registration confirmation email, you may simply re-register and receive a new PIN.
A web based audio replay will be available shortly after the broadcast and will be archived at https://ir.bry.com/reports-resources as well as https://edge.media-server.com/mmc/p/7kymzcmg or https://bry.com/category/events.
About Berry
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, such as those regarding our financial position; liquidity; cash flows (including, but not limited to, Adjusted Free Cash Flow); financial and operating results; capital program and development and production plans; operations and business strategy; potential acquisition and other strategic opportunities; reserves; capital expenditures; anticipated increases to free cash flow and shareholder returns; and other guidance are forward-looking statements. 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 financial position, financial and operating results, liquidity, cash flows (including, but not limited to, Adjusted Free Cash Flow) and business prospects.
Berry cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to acquisition transactions and the exploration for and development, production, gathering and sale of natural gas, NGLs and oil most of which are difficult to predict and many of which are beyond Berry’s control. These risks include, but are not limited to, commodity price volatility; legislative and regulatory actions that may prevent, delay or otherwise restrict our ability to drill and develop our assets, including with respect to existing and/or new requirements in the regulatory approval and permitting process; legislative and regulatory initiatives in
You can typically identify forward-looking statements by words such as aim, anticipate, achievable, believe, budget, continue, could, effort, estimate, expect, forecast, goal, guidance, intend, likely, may, might, objective, outlook, plan, potential, predict, project, seek, should, target, will or would and other similar words that reflect the prospective nature of events or outcomes.
Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no responsibility to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise except as required by applicable law. Investors are urged to consider carefully the disclosure in our filings with the
NON-GAAP AND OTHER FINANCIAL MEASURES AND SELECTED PRODUCTION INFORMATION
The following table presents our estimated reserves changes and production for 2023:
(estimated and unaudited) (in mmboe) | |||||
Extensions and discoveries | 5 | 5 | |||
Revisions of previous estimates | (12 | ) | (1 | ) | |
Purchases of minerals | 9 | 9 | |||
Sales of minerals | — | — | |||
Total reserves changes | 2 | 13 | |||
Production | 9 | 7 | |||
Reserve replacement ratio | 19 | % | 176 | % | |
Proved reserves to production (R/P) ratio | 11 years | 12 years | |||
Contact Contact:Berry Corporation Todd Crabtree - Director, Investor Relations (661) 616-3811 ir@bry.com
Source:
2024 GlobeNewswire, Inc., source