Berry Corporation: Q4 Should Benefit From A Full Quarter From Macpherson Assets

Nov. 24, 2023 4:32 AM ETBerry Corporation (BRY) StockBRY7 Comments

Summary

  • Berry averaged 25,300 BOEPD in Q3 2023 production, along with generating $35 million in adjusted free cash flow.
  • Berry's Macpherson acquisition may have contributed around 300 BOEPD in Q3 production with its mid-September close.
  • Macpherson's production is expected to be 2,400 BOEPD in 2024, and this should meaningfully help Berry's Q4 2023 results as well.
  • While Berry's operational performance has been good, the 2024 Brent strip has come down by $6 since I last looked at Berry.
  • Looking for more investing ideas like this one? Get them exclusively at Distressed Value Investing. Learn More »

Oil pumps at the horizon.

Torsten Asmus

Berry Corporation (NASDAQ:BRY) reported solid Q3 2023 results, generating $35 million in adjusted free cash flow with its Macpherson acquisition only contributing a small amount during the quarter. The Macpherson acquisition closed in mid-September, so Berry's Q4 2023 results

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This article was written by

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Aaron Chow, aka Elephant Analytics has 15+ years of analytical experience and is a top rated analyst on TipRanks. Aaron previously co-founded a mobile gaming company (Absolute Games) that was acquired by PENN Entertainment. He used his analytical and modeling skills to design the in-game economic models for two mobile apps with over 30 million in combined installs. He is the author of the investing group Distressed Value Investing, which focuses on both value opportunities and distressed plays, with a significant focus on the energy sector. Learn more>>

Analyst’s Disclosure:I/we have a beneficial long position in the shares of BRY either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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