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Berry (BRY) investor relations material
Berry Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 reported a net loss of $26 million ($0.34 per diluted share), with adjusted net loss of $6 million, and a pending merger with California Resources Corporation expected to close in Q1 2026, subject to approvals and a shareholder vote on December 15, 2025.
The company operates in two segments: E&P (California and Utah) and well servicing/abandonment services.
Average daily production for Q3 2025 was 23.9 mboe/d (91% oil), down 4% year-over-year, with California production impacted by a steam-to-surface event.
Generated $55 million in operating cash flow, $49 million in adjusted EBITDA, and $38 million in free cash flow for Q3 2025.
Declared a quarterly dividend of $0.03 per share, representing a 4% annualized yield.
Financial highlights
Q3 2025 revenue was $151 million, down 42% from Q3 2024, with oil, natural gas & NGL revenues at $128 million.
Adjusted EBITDA for Q3 2025 was $49 million, down from $67 million year-over-year.
Free cash flow for Q3 2025 was $38 million, compared to $45 million in Q3 2024.
Net loss for the nine months ended September 30, 2025 was $89 million, compared to net income of $21 million for the same period in 2024.
Non-cash pre-tax asset impairment charge of $158 million recorded in Q1 2025 on California proved properties.
Outlook and guidance
Discontinued forward guidance due to the pending merger; cautioned investors not to rely on previous forward-looking statements.
2025 capital expenditure budget is $110–$120 million, expected to be funded from operating cash flow.
Full-year 2025 plugging and abandonment spend expected at $22–$26 million.
Company expects sufficient liquidity for at least the next 12 months, with $94 million liquidity at quarter-end.
Post-merger strategic focus for combined entity
Uinta pad's impact on Q3 production and profitability?
Effect of gas purchase hedges on Q3 energy LOE?
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Next Berry earnings date
Q4 202511 Mar, 2026
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Frequently asked questions
Berry Corporation is an independent upstream energy company focused on the development and production of oil and natural gas. The company primarily operates in California, Utah, and Colorado, emphasizing conventional, oil-weighted assets. The company is headquartered in Dallas, Texas, and its shares are listed on the NASDAQ.
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