Berry Corp (bry) SEC 10-Q Report

Berry Corp (bry) has released its Q3 2025 Form 10-Q report, showing total revenues of $543.9 million, down from $597.4 million last year. The company reported a net loss of $89.1 million, compared to a net income of $21.0 million in the prior year. Key operational highlights include drilling 31 wells in California and completing a four-well horizontal pad in Utah. The company plans to focus on thermal diatomite assets and horizontal drilling, with a merger with California Resources Corporation expected to close in Q1 2026.

Berry Corp (bry), a company engaged in the exploration and production of oil, natural gas, and natural gas liquids, has released its Form 10-Q report for the third quarter of 2025. The report highlights significant financial and operational metrics, reflecting the company's performance and strategic initiatives during the period.

Financial Highlights

Total Revenues and Other: $543.9 million, reflecting a decrease from $597.4 million in the same period last year, primarily due to lower oil, natural gas, and natural gas liquids sales.
Net (Loss) Income: $(89.1) million, compared to a net income of $21.0 million in the prior year, driven by a significant impairment charge and lower revenues.
Basic (Loss) Earnings Per Share: $(1.15), down from $0.27 in the previous year, reflecting the net loss incurred during the period.
Diluted (Loss) Earnings Per Share: $(1.15), consistent with the basic loss per share, indicating no dilution effect due to the net loss.

Business Highlights

Revenue Segments: The company operates in two main segments: Exploration and Production (E&P) and Well Servicing and Abandonment Services. The E&P segment focuses on oil, natural gas, and natural gas liquids sales, while the Well Servicing and Abandonment Services segment provides services to third-party operators and the company's own E&P operations.
Geographical Performance: The company's E&P operations are concentrated in California and Utah. In California, the focus is on conventional, shallow oil reservoirs in the San Joaquin Basin, which are characterized by low geological risk and high oil content. In Utah, the company operates in the Uinta Basin, focusing on vertical well development and horizontal drilling opportunities.
Sales Units: During the first three quarters of 2025, the company drilled and completed 31 wells in California, with 27 being thermal diatomite sidetracks. In Utah, the company completed an operated, four-well horizontal pad in the Uteland Butte reservoir, marking its first operated horizontal pad on its Uinta Basin acreage.
New Production Launches: The company executed a farm-in agreement for a 30% working interest on a horizontal well targeting the Castle Peak reservoir in the Uinta Basin, which was brought online in October 2025. This marks a significant step in expanding the company's production capabilities in the region.
Future Outlook: The company plans to continue its focus on developing its thermal diatomite assets in California and exploring horizontal drilling opportunities in the Uinta Basin, Utah. The pending merger with California Resources Corporation is expected to close in the first quarter of 2026, which may impact future operations and strategic direction.

SEC Filing: Berry Corp (bry) [ BRY ] - 10-Q - Nov. 05, 2025