Berry Corporation provides update on hedge, liquidity position

Berry Corporation (BRY) provided an update on its hedge and liquidity position, further bolstering the Company’s financial strength and visibility in the current commodity price environment. The Company raised the average hedged price in 2026 and 2027 by $6 per barrel on 2.3 MBbls/d. The Company’s oil volumes are 73% hedged for the remainder of 2025 and 63% hedged for 2026, based on the midpoint of Berry’s full year 2025 oil production guidance. Fernando Araujo, CEO, commented, “Our favorable hedge position reflects our proven strategy and Berry’s long-standing commitment to deliver sustainable cash flow through commodity price cycles. Our shallow decline rate, low capital intensity assets and strong hedge book provides for continued debt reduction and shareholder returns. Berry is well positioned to protect its balance sheet amidst recent market volatility.” Hedging and Mark-to-Market Update: Converted 2.3 MBbls/d of collars and puts in 2026 and 2027 into swaps, raising the floor price by $6/Bbl on average. Balance of 2025: 17.3 MBbls/d oil hedged at an average price of $74.69/Bbl Brent. 2026-2027: 12.5 MBbls/d oil hedged at an average price of $69.45/Bbl Brent factoring in swaps and the floor prices of the collars. MTM as of 4/21/25: $105M. Berry also provided an update on its strengthened liquidity position since year-end. As of March 31, the Company had $120M of liquidity, consisting of $39M of cash and cash equivalents, $49M available for borrowings under its revolving credit facility and $32M available for delayed draw borrowings under its term loan facility. As of April 22, the Company had a liquidity position of $119M with $14M of letters of credit and no borrowings outstanding under its credit facility.