Berry Corp (BRY) Loses Energy on Its Q1 Earnings as Stock Trades Down

The energy exploration and PRISM Oil and Gas Index company, Berry Corporation (BRY) announced its Q1 earnings today that disappointed on estimates. Q1 EPS was $0.14 vs FactSet $0.18 and revenues had a steeper miss at $131.1M vs FactSet $182.7M driven by lower oil prices and decrease in volumes. Despite the miss, the company anticipates full year results to align with the guidance provided in March. Additionally, the company has  signed an agreement to farm into four horizontal wells that will offset their Uinta Basin, UT acreage. The wells are expected to be on production by June 2024.

On its earnings call, management cited its consideration of joint-ventures to help reduce capital commitment for drilling in Utah which would help manage the higher costs associated with non-California wells.