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DALLAS - Berry Petroleum (NASDAQ:BRY) Corporation (NASDAQ: BRY) saw its shares soar 10.7% in after-hours trading on Wednesday after the oil and gas producer reported fourth quarter earnings and revenue that topped analyst expectations.
The company posted adjusted earnings per share of $0.21 for Q4, beating the consensus estimate of $0.12. Revenue came in at $187.78 million, surpassing expectations of $177.33 million.
For the full year 2024, Berry reported net income of $19 million, or $0.25 per diluted share. Adjusted net income was $52 million, or $0.68 per diluted share. The company generated $210 million in operating cash flow and $108 million in free cash flow for the year.
Berry’s production averaged 26.1 thousand barrels of oil equivalent per day (MBoe/d) in Q4, up 5% from the previous quarter and 1% YoY. Oil comprised 93% of total production.
Looking ahead to 2025, Berry expects full year production of 24.8-26.0 MBoe/d, with oil making up approximately 93% of the total. The company plans capital expenditures of $110-120 million, with about 40% directed to its Utah assets compared to 25% in 2024.
"Our fourth quarter and year-end results highlight our continued success advancing our long-term strategy of generating sustainable free cash flow with high rate of return projects, while improving capital efficiency and our cost structure," said CEO Fernando Araujo.
Berry also declared a quarterly dividend of $0.03 per share.
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