Latest news with #BerryCorp
Yahoo
18-07-2025
- Business
- Yahoo
Newsom Proposes to Ease Permits for Oil Drilling in California
(Bloomberg) -- California Governor Gavin Newsom is proposing a bill to streamline permitting for new oil wells that environmental groups say would wipe out scrutiny of the industry. The Dutch Intersection Is Coming to Save Your Life Mumbai Facelift Is Inspired by 200-Year-Old New York Blueprint Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say The bill would establish 'plug-to-drill' permitting until 2036 where two wells would have to be plugged and abandoned before a new one is drilled. In addition, drillers no longer would need well approval from the Geologic Energy Management Division, known as CalGem, so long as certain conditions are met. Shares of in-state drillers climbed on the news, with California Resources Corporation jumping 4.8% and Berry Corp. up 6.9%. The draft bill text — seen by Bloomberg News and portions of which were leaked by environmental groups — is the latest in a series of recent shifts Newsom has made in approaching the oil and gas industry after years of regulatory scrutiny. The governor is softening his stance toward the industry this year after refineries operated by Phillips 66 and Valero Energy Corp. decided to shut operations in the state and California's legislature placed a greater emphasis on reducing costs of living for the state's 40 million residents. A spokesperson for the governor said environmental groups are circulating only partial text from the bill. 'We continue to work with the legislature on policy that will help stabilize California's petroleum market while ensuring a safe, reliable, and affordable supply of transportation fuels,' the governor's office said in a statement. In a statement accompanying their leaked text from the bill, 12 environmental justice groups said the proposal amounts to a blank check for unlimited drilling across the state for the next decade. (Adds share price reaction in the third paragraph.) What the Tough Job Market for New College Grads Says About the Economy A Rebel Army Is Building a Rare-Earth Empire on China's Border Godzilla Conquered Japan. Now Its Owner Plots a Global Takeover How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Why Access to Running Water Is a Luxury in Wealthy US Cities ©2025 Bloomberg L.P.
Yahoo
18-07-2025
- Business
- Yahoo
Newsom Proposes to Ease Permits for Oil Drilling in California
(Bloomberg) -- California Governor Gavin Newsom is proposing a bill to streamline permitting for new oil wells that environmental groups say would wipe out scrutiny of the industry. The Dutch Intersection Is Coming to Save Your Life Mumbai Facelift Is Inspired by 200-Year-Old New York Blueprint Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say The bill would establish 'plug-to-drill' permitting until 2036 where two wells would have to be plugged and abandoned before a new one is drilled. In addition, drillers no longer would need well approval from the Geologic Energy Management Division, known as CalGem, so long as certain conditions are met. Shares of in-state drillers climbed on the news, with California Resources Corporation jumping 4.8% and Berry Corp. up 6.9%. The draft bill text — seen by Bloomberg News and portions of which were leaked by environmental groups — is the latest in a series of recent shifts Newsom has made in approaching the oil and gas industry after years of regulatory scrutiny. The governor is softening his stance toward the industry this year after refineries operated by Phillips 66 and Valero Energy Corp. decided to shut operations in the state and California's legislature placed a greater emphasis on reducing costs of living for the state's 40 million residents. A spokesperson for the governor said environmental groups are circulating only partial text from the bill. 'We continue to work with the legislature on policy that will help stabilize California's petroleum market while ensuring a safe, reliable, and affordable supply of transportation fuels,' the governor's office said in a statement. In a statement accompanying their leaked text from the bill, 12 environmental justice groups said the proposal amounts to a blank check for unlimited drilling across the state for the next decade. (Adds share price reaction in the third paragraph.) What the Tough Job Market for New College Grads Says About the Economy A Rebel Army Is Building a Rare-Earth Empire on China's Border Godzilla Conquered Japan. Now Its Owner Plots a Global Takeover How Starbucks' CEO Plans to Tame the Rush-Hour Free-for-All Why Access to Running Water Is a Luxury in Wealthy US Cities ©2025 Bloomberg L.P.
Yahoo
14-03-2025
- Business
- Yahoo
Berry Corp (bry) (BRY) Q4 2024 Earnings Call Highlights: Strong EBITDA Growth Amid Operational ...
Adjusted EBITDA: $292 million for 2024, a 9% increase over 2023. Oil and Gas Sales: $648 million for the full year, excluding derivatives. Average Annual Production: 25,400 barrels of oil equivalent per day. Adjusted G&A: Reduced by more than 6% year over year. Hedged LOE: Reduced by 12% year over year. Free Cash Flow: $108 million for the full year. Total Debt: $450 million at year-end. Liquidity: $110 million at year-end. Leverage Ratio: 1.5 times. Capital Expenditure: $102 million for the full year. Reserve Replacement Ratio: 147% for 2024. Proved Reserves: 107 million barrels of oil equivalent with a PV-10 value of $2.3 billion. Dividend: Fixed dividend of $0.03 per share for the fourth quarter. Warning! GuruFocus has detected 5 Warning Signs with BRY. Release Date: March 13, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Berry Corp (bry) (NASDAQ:BRY) achieved a 9% increase in adjusted EBITDA in 2024, reaching $292 million. The company successfully reduced hedged Lease Operating Expenses (LOE) by 12% and adjusted General & Administrative (G&A) expenses by over 6% year-over-year. Berry Corp (bry) (NASDAQ:BRY) maintained stable production levels, averaging 25,400 barrels of oil equivalent per day, despite a 35% decline in California's statewide oil production over the past six years. The company drilled 56 gross wells in 2024, with plans to sustain production and drill approximately 50 gross wells in 2025. Berry Corp (bry) (NASDAQ:BRY) achieved a reserve replacement ratio of 147% in 2024, with a PV-10 value of $2.3 billion at SEC pricing. Berry Corp (bry) (NASDAQ:BRY) faces uncertainties related to the reinstatement of the Kern County Environmental Impact Report (EIR), which affects new drill applications. The company is exposed to risks and uncertainties that may cause actual results to differ materially from projections, as highlighted in their safe harbor statement. Berry Corp (bry) (NASDAQ:BRY) has a significant portion of its future development plans reliant on successful permitting processes, which can be subject to delays. The company has a high leverage ratio of 1.5 times, with total debt standing at $450 million. Berry Corp (bry) (NASDAQ:BRY) is navigating a competitive landscape in California, with potential consolidation needed in the P&A service sector to realize material increases in pricing or activity levels. Q: Can you discuss the differences in production rates between the first and second sets of wells in the Uinta Basin and what this means for future expectations? A: The first set of wells targeted the Uteland Butte reservoir with two three-mile and two two-mile lateral wells, averaging 1,100 barrels per day. The second set, consisting of two three-mile laterals, averaged close to 2,000 barrels per day. The geology is consistent across our acreage, and we expect similar strong results from our first operated pad, which could be transformational for Barry. - Fernando Araujo, CEO Q: What is the current acquisition environment in California, and is there an increased willingness among private operators to sell? A: We are actively pursuing bolt-on opportunities in California, particularly in Kern County, where we can realize synergies. We are in discussions with several small private operators, and while these opportunities are not large in size, they are significant in terms of production. - Fernando Araujo, CEO Q: How are joint venture discussions progressing for future development in Utah, especially given recent market volatility and well results? A: We are in talks with various parties about a potential JV for 2025 and beyond to mitigate capital requirements and accelerate development. However, we are comfortable proceeding independently until a deal that adds value to Barry is reached. - Fernando Araujo, CEO Q: Can you elaborate on the impact of recent abandonment legislation in California and the competitive landscape for C&J? A: The legislation increases P&A obligations based on idle well inventory, with minimal impact on Barry but significant for larger operators. C&J, as a major P&A operator, is well-positioned to benefit. However, consolidation in the service provider market is needed before any material increase in activity or pricing. - Danielle Hunter, President Q: How does the current permitting situation in California affect Barry's operations, and what would be the impact if the Kern County EIR were reinstated? A: We have numerous sidetrack opportunities in California, particularly in the Thermal Diatomite, which remain a priority even if the Kern County EIR is reinstated. The current permitting situation does not affect our operations significantly. - Fernando Araujo, CEO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
