Berry Corporation announced its financial and operational results for the first quarter of 2025 on May 8, 2025, reporting a net loss of $96.68 million, compared to a net loss of $40.08 million in the prior year. Revenue for the quarter was $182.65 million, up from $136.08 million year-over-year.
A significant non-cash pre-tax asset impairment charge of $157.91 million was recorded on certain non-thermal diatomite proved properties in California. This charge was attributed to changes in reserve recoverability estimates and commodity price volatility, compounded by U.S. domestic policy shifts and increased natural gas prices.
Despite the impairment, Berry reaffirmed its full-year 2025 production guidance, expecting average daily production in the range of 24,800 boe/d to 26,000 boe/d. The company's Board of Directors also approved a quarterly cash dividend of $0.03 per share, payable on May 29, 2025.
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