Berry Petroleum says has 'ample liquidity' with no-near term debt maturities » 09:3604/0104/01/20
"We believe Berry…
"We believe Berry has the balance sheet and operational flexibility to successfully manage through the current oil price environment and we have taken immediate and decisive action to protect our cash flow and liquidity position. We have a track-record of generating free cash flow and delivering value to our shareholders, and our long-term business model remains based on living within Levered Free Cash Flow while protecting our base production and our balance sheet, generating value from capital investments, and returning capital to our shareholders," stated Trem Smith, Berry board chair and chief executive officer. "Our current near-term plans anticipate a significantly challenging couple of years, which we are confident Berry will successfully weather. We have a strong balance sheet; we are well hedged through 2020 and into 2021; we can scale up and down quickly with no long-term operational commitments; and, most importantly, we are committed and able to live within Levered Free Cash Flow. Our priority is on maximizing our cash position and maintaining substantial liquidity, which are tremendously valuable in these times. We will continue to judiciously manage ours to ensure Berry is strongly positioned to capitalize on the eventual market improvements. We will continue to seek additional, sustainable cost savings and efficiency improvements, thus managing the risk of an extended period of weaker commodity prices, while maintaining our sharp focus on safety and mechanical integrity."
Berry Petroleum sees 2020 year-end cash balance $90M-$110M 09:3504/0104/01/20
Berry Petroleum reports total hedge book worth over $187M » 09:3504/0104/01/20
Enhanced its hedge…
Enhanced its hedge portfolio with nearly 100% of California oil hedged in 2020 and additional 2021 hedge positions, resulting in a total hedge book worth more than $187M.
Berry Petroleum reduces non-employee G&A expenses by over $5M » 09:3404/0104/01/20
Reduced non-employee annualized General and Administrative expenses by more than $5 million
Berry Petroleum temporarily suspends regulary quarterly dividend 09:3404/0104/01/20
Berry Petroleum targets 2020 production flat to down 2% 09:3304/0104/01/20
Berry Petroleum reduces planned 2020 capex » 09:3304/0104/01/20
Reduced planned 2020…
Reduced planned 2020 capital expenditures by approximately 50% from original 2020 budget midpoint of guidance, which is a nearly 70% reduction from 2019 actual
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Berry Petroleum assumed with an Equal Weight rating at Wells Fargo » 06:1703/1003/10/20
Wells Fargo analyst Tom…
Wells Fargo analyst Tom Hughes assumed coverage of Berry Petroleum with an Equal Weight rating and a price target of $5, lower than the previous $10 price target. While Berry's beta to oil prices is clearly significant with a ~89% oil mix on 4Q19 production, the company recently announced it had added Brent hedges to its portfolio, which brings guided oil volumes protected by hedging up to ~82%, Hughes says. He adds that 2020 growth will likely be 2H20 weighted as sandstone development didn't become the commanding force in drilling efforts until 4Q19, putting peak production from these wells in the 3Q20 time frame.
Oil-linked stocks see mass of downgrades on potential 'Energy Armageddon' » 11:2303/0903/09/20
HAL, SLB, HP, HLX, CLB, FET, WHD, AMNA, APA, CHK, DVN, OVV, EOG, MRO, OXY, CDEV, CPE, ESTE, FANG, MTDR, PE, PXD, REI, ROSE, WPX, XEC, CLR, ERF, NOG, WLL, MGY, WTI, SM, PDCE, NBL, BCEI, AXAS, VET, AM, ENLC, ET, OKE, PAA, PAGP, TELL, TRGP, BRY, GPOR, QEP
Oil exploration and…
Berry Petroleum downgraded to Neutral from Overweight at Piper Sandler » 06:3803/0903/09/20
Piper Sandler analyst…
Piper Sandler analyst Kashy Harrison downgraded Berry Petroleum to Neutral from Overweight with a price target of $4.50, down from $12. The analyst downgraded Exploration and Production names due to the uncertainty surrounding oil prices. At some point, there will be buying opportunities for E&Ps, but investors are likely to "shoot first and ask questions later when oil ultimately finds a bottom," Harrison tells investors in a research note.