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BERRY CORPORATION

(BRY)
  Report
Real-time Estimate Cboe BZX  -  01:02 2022-12-01 pm EST
8.810 USD   -2.22%
11/30Berry Corp (bry) : Change in Directors or Principal Officers, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
AQ
11/30Berry Names New Chief Executive, Chief Financial Officer, President; Eliminates Chief Operating Officer Role
MT
11/29Berry Corporation Announces Management Succession Plan, Reinforces Focus on Shareholder Return Maximization
AQ
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California oil producer Berry Corp explores sale -sources

10/06/2022 | 02:37pm EST

Oct 6 (Reuters) - Berry Corporation is exploring strategic options that could result in a sale of the California-focused oil producer, people familiar with the matter said on Thursday.

The company is considering a wide range of options as it undertakes the strategic review with the help of a financial adviser, said the sources, who cautioned that a final decision on pursuing any specific course has not been made.

Berry's share price initially jumped 15% after the Reuters story. By mid-afternoon trading it was 9.4% higher, giving the company a market value of about $730 million. It also holds long-term debt worth $395 million as of June 30.

The sources requested anonymity as these discussions are confidential.

Berry could attract interest from suitors backed by private equity funds or international energy companies, one of the sources said.

Berry did not respond to requests for comment.

Originally formed in 1909 during the golden days of oil drilling in California, Berry in its current form was created from the bankruptcy of LINN Energy in 2017 and became a standalone public company the following year.

Its shares have gained 10% from the start of the year, according to Refinitiv Eikon, lagging other oil and gas stocks which have jumped on the back of elevated commodity prices. By comparison, the S&P 500 energy sector has climbed 49% this year.

Around 80% of Berry's production came from California in the second quarter, with the remainder from Utah's Uinta basin. The company also has a well servicing business.

Despite its rich oil history, California has become increasingly difficult for producers to operate in, with the state vowing to phase out oil extraction entirely by 2045.

Such conditions are forcing oil and gas companies to reassess their future plans in the state. Shell PLC and Exxon Mobil Corp agreed last month to sell their California joint venture to investment firm IKAV for $4 billion. (Reporting by Shariq Khan in Bengaluru and David French in New York Editing by Marguerita Choy and Susan Fenton)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BERRY CORPORATION -2.22% 8.815 Delayed Quote.7.01%
SHELL PLC -2.54% 2382 Delayed Quote.50.70%
All news about BERRY CORPORATION
11/30Berry Corp (bry) : Change in Directors or Principal Officers, Regulation FD Disclosure, Fi..
AQ
11/30Berry Names New Chief Executive, Chief Financial Officer, President; Eliminates Chief O..
MT
11/29Berry Corporation Announces Management Succession Plan, Reinforces Focus on Shareholder..
AQ
11/29Berry Corporation Management Changes, Effective January 1, 2023
CI
11/29Berry Corporation Announces Chief Financial Officer Changes
CI
11/29Berry Corporation Announces Chief Executive Officer Changes
CI
11/28UK minister hints at onshore wind ban U-turn as Tory rebellion grows
AN
11/28In Arizona, election deniers refuse to back down
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11/25UBS Adjusts Price Target on Berry Global to $75 From $69, Maintains Buy Rating
MT
11/15Berry Global Posts Mixed Fourth-Quarter Results, Guides 2023 Earnings Below Consensus a..
MT
More news
Analyst Recommendations on BERRY CORPORATION
More recommendations
Financials (USD)
Sales 2022 871 M - -
Net income 2022 204 M - -
Net Debt 2022 370 M - -
P/E ratio 2022 3,59x
Yield 2022 2,89%
Capitalization 692 M 692 M -
EV / Sales 2022 1,22x
Capi. / Sales 2023 0,80x
Nbr of Employees 1 224
Free-Float 87,6%
Chart BERRY CORPORATION
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Technical analysis trends BERRY CORPORATION
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 9,01 $
Average target price 11,90 $
Spread / Average Target 32,1%
EPS Revisions
Managers and Directors
Arthur Trem Smith Chairman, President & Chief Executive Officer
Cary D. Baetz Chief Financial Officer, Director & Executive VP
Fernando Araujo Chief Operating Officer & Executive Vice President
Anne L. Mariucci Lead Independent Director
Donald L. Paul Independent Director
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