Berry Corporation

Berry Corporation is an independent upstream energy company focused on the development and production of conventional oil reserves in the western United States. Berry's properties are located in the oil-rich San Joaquin basin in California as well as the Uinta basin in Utah. As of December 2022, Berry had 1P reserves of 110 million barrels of oil equivalent (MMBoe), over 89% of which is crude oil.

The company is currently in the production and development stage, having identified over 9,800 gross future drilling locations on its existing acreage that could provide decades of drilling inventory at current activity levels. In 2022, Berry's average production was approximately 25,300 barrels of oil equivalent per day, of which over 90% was oil. The company plans to focus future development in California using its extensive expertise in conventional reservoirs and secondary recovery techniques like waterflooding and steamflooding.

In addition to its oil and gas operations, Berry also provides well construction and servicing in California through its subsidiary C&J Well Services. This business targets the large market opportunity around plugging and remediating idle or orphaned wells in the state.

Berry Corporation currently has a market capitalization of approximately $650 million as of November 2023 with strong inventory base with continued focus on portfolio optimization.