Berry (BRY) Financial Report Summaries

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Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigious
Readability	H.S. senior Avg

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From filing 10-Q 2024 Q3

Financial report summary

Risks

The recent definitive implementation of SB 1137 to restrict the production of oil and gas in certain setback areas is expected to negatively impact our reserves and could result in decreased demand for fossil fuels within the states where we operate.
We may face increased local restrictions on oil and gas exploration and production operations or even be prohibited from operating in certain areas as a result of recently enacted California legislation.
We may not be successful in refinancing, repaying or extending the maturity of our 2026 Notes or our 2021 RBL Facility, and any such refinancing may not be obtainable on terms favorable to us.

Management Discussion

Three Months Ended September 30, 2024 compared to Three Months Ended June 30, 2024.
(1) The well servicing and abandonment segment provides services to our E&P segment. Prior to the intercompany elimination, service revenue was approximately $31 million and $37 million and the intercompany elimination was $5 million and $6 million for the quarters ended September 30, 2024 and June 30, 2024, respectively.
Oil, natural gas and NGL sales decreased by $14 million, or 8%, to approximately $154 million for the three months ended September 30, 2024, compared to the three months ended June 30, 2024. The decrease was driven by a $12 million decrease in oil prices and a $2 million decrease in oil volumes.