Berry Corporation sees 2023 production at high end of view 25,300 boe/d

Berry Corporation announced select preliminary full year 2023 production and year-end proved reserves data. The Company also reported that it completed a small scale, all cash bolt-on acquisition at year-end 2023 in line with corporate strategy, while reducing revolver debt in the fourth quarter 2023. …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 September 2023 and represents an increase of around 200 boe/d compared to the guidance midpoint. The increase was largely related to improved performance of base production. Proved reserves estimates were approximately 103M barrels of oil equivalent at December 31 based on a third-party reserve report and SEC pricing of $77.30 per barrel for crude oil and $3.725 per thousand cubic feet for natural gas. In 2023…Using strong cash flows from production, Berry also reduced the debt outstanding under its revolver by approximately $25M in the fourth quarter of 2023, which includes the impact of the bolt-on acquisition and had total debt at the end of the year of $428M compared to $454M at the end of the third quarter of 2023. Berry’s CEO, Fernando Araujo, said, “In 2023, Berry maintained steady production by effectively developing and managing its reservoirs, which we did with less capital than originally planned, and through strategic acquisitions. As a result, we expect to deliver 2023 production at the high end of our guidance…”