Berry Corporation (BRY)

In April 2025, Berry Corporation announced its first-quarter earnings release date and updated its hedge and liquidity position, strategically raising the average oil hedge price for 2026 and 2027. In May 2025, the company reported strong first-quarter financial and operational results, reaffirmed its full-year 2025 guidance, and declared a quarterly dividend. In August 2025, Berry Corporation announced its second-quarter financial and operational results, along with continued debt reduction and a quarterly cash dividend. In September 2025, California Resources Corporation (CRC) announced an all-stock combination with Berry Corporation, valued at $717 million, and shareholder investigations were initiated to assess the fairness of the proposed sale to shareholders, and Berry also published its 2025 Sustainability Report. In October 2025, the stock experienced various price movements, and analyst ratings generally indicated a "Reduce" or "Hold" consensus, with an average price target of $4.00.

Berry Corp. focuses on developing long-life, low-decline conventional oil assets and aims for predictable production, actively utilizing hedging strategies to manage commodity price risk and ensure consistent cash flow, which helps to mitigate the impact of short-term price volatility and potential seasonal fluctuations in demand. There is no specific information detailing the seasonality of demand for Berry Corp.'s well servicing and abandonment services, but the company's overall strategy suggests an effort to maintain stable operations despite market dynamics.

Berry Corp. is an independent upstream energy company focused on oil and natural gas exploration, development, and production in the western United States, operating in the Energy sector, specifically in the Oil & Gas Exploration & Production industry. The company's business is divided into two main segments: Exploration and Production (E&P) and Well Servicing and Abandonment. The E&P segment develops and produces onshore, low geologic risk, and long-lived conventional oil and gas reserves. The Well Servicing and Abandonment segment offers wellsite services to oil and natural gas production companies in California. The major products of Berry Corp. include crude oil, natural gas, and natural gas liquids.

Berry Corp.'s primary operations are concentrated in the western United States, with key E&P assets located in California and Utah. In California, the company operates in the San Joaquin Basin, including fields such as Midway-Sunset, South Belridge, McKittrick, and Poso Creek, and also has a presence in the Los Angeles Basin and Ventura Basin. In Utah, its operations are in the Uinta Basin, specifically in the Brundage Canyon, Ashley Forest, and Lake Canyon areas. The Piceance Basin in Colorado is also mentioned as an operating area.

Berry Corp.'s brand reputation has been influenced by the publication of its 2025 Sustainability Report, highlighting its commitment to ESG practices. However, the announcement of the all-stock combination with California Resources Corporation and subsequent shareholder investigations into the fairness of the sale could potentially affect public perception and investor confidence.

Berry Corp. has significant institutional ownership, with major holders including BlackRock, Inc., The Vanguard Group, Inc., and Dimensional Fund Advisors LP. Benefit Street Partners LLC is the largest individual and insider owner, holding 31.53% of the company's shares. Other significant insider owners include Oaktree Capital Group Holdings GP LLC, Oaktree Capital I LP, and Goldman Sachs Asset Management LP.