A multi-well drilling operation for Berry Corp. in the Indian Canyon of Duchesne County, Utah. (Source: Berry Corp.)
Berry Corp. took steps to fortify its balance sheet amid “the current commodity price environment,” the company said April 23.
The California and Utah oil producer updated investors on its hedging strategy and liquidity position during a period of commodity price volatility.
Berry converted 2,300 bbl/d of 2026 and 2027 oil puts and collars into fixed-price swaps, raising the floor price by an average $6/bbl.
For the rest of 2025, Berry has 17,300 bbl/d hedged at an average Brent price of $74.69/bbl, roughly 73% of its full-year oil production guidance.
Berry has hedged 12,500 bbl/d in 2026 and 2027 at an average price of $69.45/bbl, including swaps and floor prices on collars.
“Our favorable hedge position reflects our proven strategy and Berry’s long-standing commitment to deliver sustainable cash flow through commodity price cycles,” said Berry CEO Fernando Araujo. “Our shallow decline rate, low capital intensity assets and strong hedge book provides for continued debt reduction and shareholder returns.”
As of March 31, Berry had $120 million in total liquidity, including $39 million in cash, $49 million available under a revolver and $32 million available in delayed draw borrowings under its term loan.
The company’s liquidity position was $119 million as of April 22.
Berry’s legacy is in the California Central Valley, including the prolific Kern County, California. But the company aims to grow production with new horizontal developments in Utah’s Uinta Basin, Araujo told Hart Energy last year.
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