Q1 2024 Berry Corp Earnings Call

May 1, 2024

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Operator: Good day, and thank you for standing by. Welcome to the Berry Corporation Q1 2024 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Todd Crabtree, Investor Relations. Please go ahead.

Speaker Change: Good day and thank you for standing by welcome to the Berry Corporation Q1, 'twenty 'twenty four earnings call.

At this time all participants are in listen only mode. After the speaker's presentation, there will be a question and answer.

Speaker Change: Session to ask a question. During this session you will need to press star one one on your telephone you will then hear an automated message advising your hand is raised to withdraw your question. Please press star. One again. Please be advised today's conference is being recorded I would now like to hand, the conference over to your first speaker today, Todd Crabtree Investor Relations.

Todd Crabtree: Please go ahead.

Todd Crabtree: Thank you Gerald and welcome everyone and thank you for joining us for Berry's first quarter 2024 earnings teleconference earlier today Berry issued an earnings release, highlighting 2024 first quarter results speaking this morning will be Fernando <unk>, Our Chief Executive Officer, Danielle Hunter, our President and Mike <unk>, our chief financial.

Todd Crabtree: Thank you, Gerald, and welcome, everyone. And thank you for joining us for Berry's first quarter 2024 earnings teleconference. Earlier today, Berry issued an earnings release highlighting our 2024 first quarter results. Speaking this morning will be Fernando Araujo, our Chief Executive Officer, Danielle Hunter, our President, and Mike Helm, our Chief Financial Officer.

Sure.

Speaker Change: Before we begin I would like to call your attention to the Safe Harbor language found in our earnings release that was issued this morning.

Todd Crabtree: Before we begin, I would like to call your attention to the Safe Harbor language found in our earnings release that was issued this morning. The release and today's discussion contain certain projections and other forward-looking statements within the meaning of federal securities laws. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements. These include risks and other factors outlined in our filings with the FDA, including our 10-Q, which will be filed later today.

Todd Crabtree: Police in todays discussion contains certain projections and other forward looking statements within the meaning of federal Securities laws. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements.

Include risks and other factors outlined in our filings with the SEC, including our 10-Q, which will be filed later today our website <unk> Dot com has a link to the earnings release and our most recent investor presentation any information, including forward looking statements made on this call or contained in the earnings release and that presentation.

Todd Crabtree: Our website, bry.com, has a link to the earnings release and our most recent investor presentation. Any information, including forward-looking statements, made on this call or contained in the earnings release in that presentation, reflects our analysis as of the date made and we have no plans or duty to update them, except as required by law.

Reflects our analysis as of the date made we have no plans or duty to update them, except as required by law. Please refer to the tables in our earnings release and on our website for a reconciliation between all adjusted measures mentioned in today's call and the related GAAP measures. We will also post the replay link of this call and the transcript on our website.

Todd Crabtree: Please refer to the tables in our earnings release and on our website for reconciliation between all adjusted measures mentioned in today's call and the related gap measures. We will also post the replay link of this call and the transcript on our website. I will now turn the call over to Fernando.

I will now turn the call over to Fernando.

Fernando Araujo: Thanks, Todd. Welcome, everyone, and thank you for joining us. In the first quarter, we delivered solid financial and operational results, generating adjusted EBITDA of $69 million and producing 25,400 barrels a day. These results are in line with projections, and we expect to deliver full-year results consistent with the guidance provided in March. We are focused on maximizing enterprise value by generating sustainable free cash flow through operational excellence. Operational excellence includes keeping production essentially flat, acquiring accretive-producing bolt-ons, efficiently allocating capital, managing our cost structure, and prioritizing safety and compliance. Let's review our first quarter results through that lens. Production for the quarter was flat to our 2023 full-year average.

Fernando: Thanks, Todd and welcome everyone and thank you for joining us in the first quarter, we delivered solid financial and operational results generating adjusted EBITDA.

Fernando: Six of $69 million and producing 25500 barrels a day.

Fernando: These results are in line with projections and we expect to deliver full year results consistent with the guidance provided in March.

Fernando: We are focused on maximizing enterprise value by generating sustainable free cash flow through operational excellence.

Fernando: Operational excellence includes keeping production essentially flat.

Fernando: Wiring accretive producing bolt ons.

Fernando: Recently, allocating capital managing our cost structure, and prioritizing safety and compliance.

Fernando: Let's review, our first quarter results through that lens production.

Fernando: Production for the quarter was flat to our 2023 full year average.

Fernando Araujo: Base production remains strong, especially from our thermal dynamite reservoirs. We drilled and completed nine sidetracks as planned, and we are in the process of drilling a 20-well sidetrack campaign in our Midway Sunset field. We also make progress reducing costs, highlighted by a 10% reduction in lease operating expenses compared to last quarter. Moreover, we are currently in the process of acquiring additional working interest in our Round Mountain field by reallocating capital from our development plan.

Fernando: Production remains strong, especially from our thermal diatomite reservoirs.

Fernando: We drilled and completed <unk> as planned.

Fernando: And we are in the process of drilling a two well sidetrack campaigning our midway sunset field.

Fernando: We also made progress reducing cost.

Fernando: Highlighted by a 10% reduction in lease operating expenses compared to last quarter.

Fernando: Moreover, we are currently in the process of acquiring additional working interest in a round mountain field.

Fernando: Reallocating capital from our development plan.

Fernando: This acquisition represents approximately 100 barrels of oil per day annualized.

Fernando Araujo: This acquisition represents approximately 100 barrels of oil per day annually. Underpinning these accomplishments is our commitment to superior HS&E performance and regulatory compliance. Our safety performance remains strong, and for the second quarter in a row, we had zero recordable incidents, with zero lost time incidents, and no reportable spills.

Fernando: Underpinning. These accomplishments is our commitment to superior H SME performance and regulatory compliance.

Fernando: Our safety performance remains strong and for the second quarter in a row, we have zero recordable incidents.

Fernando: Zero lost time incidents and no reportable spills.

Fernando: Since our last earnings call there has been a development in the ongoing current county.

Fernando Araujo: Since our last earnings call, there has been a development in the ongoing Kern County EIR litigation, which our President, Danielle Hunter, will address in her remarks. However, I want to emphasize that our 2024 development activity and production plan do not depend on the reinstatement of the current Kern County EIR. In fact, successful execution of our 2024 plan does not require the issuance of permits to drill new wells.

Fernando: Litigation, which our president and Neil Hunter will address in her remarks.

Fernando: However, I want to emphasize that our 2020 for development activity and production plan and do not depend on the reinstatement of the Kern County IR.

Fernando: In fact successful execution of our 2024 plan does not require the issuance of permits to drill new wells.

Fernando Araujo: Until the Kern County EIR is reinstated, we will continue to execute on a proven strategy to maintain production through workovers and sidetracks, as well as potentially reallocating capital to accretive bolt-on acquisitions. Additionally, the Uinta Basin is an important part of our portfolio, and we are making progress on the horizontal play we previewed last quarter. In April, we farmed into a 21% working interest in four horizontal wells that are expected to be put on production in the second quarter of 2024.

Fernando: Until the current county IR is reinstated we will continue to execute on our proven strategy to maintain production through workovers and sidetracked as well as potentially reallocating capital to accretive bolt on acquisitions.

Fernando: Additionally, the Uinta basin as an important part of our portfolio and we are making progress on the horizontal play we previewed last quarter.

Fernando: In April we farm into a 21% working interest.

Fernando: And four horizontal wells that are expected to be put on production in the second quarter of 2020.

Fernando Araujo: These are adjacent to our existing operations in Utah, and the results from these wells will be used to evaluate future development opportunities on our acreage. We believe we have the potential to develop approximately 22,000 net acres with horizontal wells. We'll have more to share as results become available. I will now turn the call over to Mike.

Fernando: These are adjacent to our existing operations in Utah.

Fernando: Given the results from these wells will be used to evaluate future development opportunities in our acreage.

Fernando: We believe we have the potential to develop approximately 22000 net acres with horizontal wells.

Fernando: We will have more to share as results become available I will now turn the call over to Mike.

Mike: Fernando I will highlight a few financial takeaways for the quarter for more in depth information. Please refer to our earnings release issued earlier this morning, and our 10-Q to be filed later today.

Michael S. Helm: I will highlight a few financial takeaways for the quarter. For more in-depth information, please refer to our earnings release issued earlier this morning and our 10-Q to be filed later today.

Michael S. Helm: In the first quarter, adjusted EBITDA of $69 million was essentially flat to the fourth quarter of 2023. Quarter over quarter, lower revenue was offset by lower lease operating expenses. We experienced 4% lower commodity revenues as a result of a 1% decrease in oil production and lower oil prices. Lease operating expenses were down 10% sequentially, primarily due to decreased fuel gas costs. Expenses from field operations were $27.21 per BOE, which was lower than Q4-23 and below the midpoint of our 2024 guidance.

Mike: In the first quarter adjusted EBITDA of $69 million was essentially flat to the fourth quarter of 2023.

Mike: Quarter over quarter, lower revenue was offset by lower lease operating expenses, we experienced 4% lower commodity revenues as a result of a 1% decrease in oil production and lower oil prices lease operating expenses were down 10% sequentially, primarily due to decreased fuel gas costs.

Mike: That's just from field operations were $27 21 per BOE, which was lower than Q4, 'twenty three and below the midpoint of our 2020 for guidance.

Mike: Highlighting another success in our cost savings efforts, we were able to purchase our remaining greenhouse gas credit needs for the year at a total cost that was approximately 7% less than what we expected to spend.

Michael S. Helm: Highlighting another success in our cost savings efforts, we were able to purchase our remaining greenhouse gas credit needs for the year at a total cost that was approximately 7 percent less than what we expected to spend.

Michael S. Helm: CapEx for the quarter remains flat at $17 million, and we expect to be within our annual CapEx guidance of $95 to $110 million for the year. We expect our capital cadence to show increased activity over the next three quarters, peaking in the middle of the year. Our adjusted free cash flow, which drives our shareholder return model, is historically lowest in the first quarter of each year due to seasonal working capital usage.

Mike: Capex for the quarter remained flat at $17 million and we expect to be within our annual capex guidance of $95 million to $110 million for the year, we expect our capital cadence to show increased activity over the next three quarters, peaking in the middle of the year.

Mike: Our adjusted free cash flow, which drives our shareholder return model is historically lowest in the first quarter of each year due to seasonal working capital uses.

Michael S. Helm: These include annual and semi-annual payments for such items as royalties, interest, and certain employee compensation. In Q1 2024, our adjusted free cash flow was $1 million compared to $55 million in Q4 2023. This decrease was primarily due to seasonal working capital usage.

Mike: These include annual and semiannual payments for such items as royalties interest and certain employee compensation.

Mike: In Q1 2024, our adjusted free cash flow was $1 million compared to $55 million in Q4 of 23. This decrease was primarily due to the seasonal working capital uses.

Michael S. Helm: Our first quarter of 2024 results were significantly higher than the prior year's first quarter due to higher earnings, improved working capital impacts, and slightly lower capital expenditures. As we have mentioned previously, we are fully focused on managing our debt and leverage and currently expect that much of the adjusted fee cash flow for the year will be used to pay down our revolvers. The current revolver balance is largely related to the accretive bolt-on acquisition we made at the end of the year.

Mike: Our first quarter 2024 results were significantly higher than the prior year's first quarter due to higher earnings improved working capital impacts and slightly lower capital expenditures.

Mike: As we've mentioned previously we are fully focused on managing our debt and leverage and currently expect that much of the adjusted free cash flow for the year will be used to pay down our revolver.

Mike: Current revolver balances largely related to the accretive bolt on acquisition, we made at the end of the year.

Michael S. Helm: We will also look to opportunistically refinance our notes, which mature in early 2026. Last week, the board approved our plan, 12 cents per share, first quarter fixed dividend. As was the case in the first quarter of 2023, there will be no variable dividend for the first quarter of 2024 due to the nominal adjusted fee cash flow generated for the quarter. And now, I'll turn the call over to Berry's president, Daniel

Mike: We will also look to opportunistically refinance our notes, which mature in early 2026.

Mike: Last week the board approved our plan <unk> 12 per share first quarter fixed dividend as was the case in the first quarter of 'twenty three there will be no variable dividend for the first quarter of 'twenty four due to the nominal adjusted free cash flow generated for the quarter.

Danielle Hunter: Thanks, Mike. Good morning, everyone.

Mike: And now I'll turn the call over to Berry's President Daniel Hunter. Thanks, Mike Good morning, everyone.

Danielle Hunter: As Fernando noted, there has been a development in ongoing Kern County EIR litigation, which essentially has restricted the issuance of neutral permits on and off over the last few years. On March 7th, the appeals court issued its ruling, which did not reinstate the Kern County EIR. Instead, the EIR will remain staged until the county can remedy the three areas that the court found... Based on what we know today, we expect the process will likely take 18 to 24 months to be fully resolved.

Danielle Hunter: As Linda noted there has been a development and ongoing Kern County, <unk> litigation, which essentially has restricted the issuance of new drill permits on and off over the last few years.

Danielle Hunter: On March seven the Appeals court issued a ruling which did not reinstate the Kern County IR.

Danielle Hunter: And the IR will remain stayed until the county can really three areas at the ports found deficient.

Danielle Hunter: Based on what we know today, we expect the process will likely take 18 to 24 months to be fully resolved.

Danielle Hunter: While we are exploring alternatives to obtain neutral permits in the meantime, I want to reiterate that our 2024 plans do not require neutral permits and are not reliant on reinstatement of the EIR. Looking ahead to 2025, we believe that we have sufficient inventory of workover and sidetrack opportunities that should allow us to sustain production, as we did in 2023 and have planned to do in 2024. Switching gears, producing oil and gas safely, responsibly, and efficiently is how we deliver value to our shareholders. Minimizing our environmental impact, including lowering the carbon intensity of our operations in a cost-effective manner, is an integral part of our strategy and operational best practice.

Danielle Hunter: While we are exploring alternatives to obtain new drill permits in the meantime, I want to reiterate that our 2024 plans do not require neutral permits and are not reliant on reinstatement of DIR.

Danielle Hunter: Looking ahead to 2025, we believe that we have sufficient inventory of workover and sidetrack opportunities that should allow us to sustain production.

Danielle Hunter: And as we did in 2023 and have planned to do in 'twenty four.

Danielle Hunter: Switching gear, producing oil and gas safely responsibly and efficiently, it's how we deliver value to our shareholders.

Danielle Hunter: Minimizing our environmental impact, including lowering the carbon intensity of our operations in a cost effective manner.

Danielle Hunter: An integral part of our strategy and operational best practices.

Danielle Hunter: Last month, we issued our updated Sustainable Business Report, which provides a transparent look at our organization. A highlight that we want to share with you today is that we have set a methane emissions reduction goal. Specifically, we are aiming to eliminate at least 80% of methane emissions associated with our existing operations from a 2022 baseline by the end of 2025. Based on current estimates, we believe this achievement will reduce Berry's total Scope 1 GHG emissions from that baseline by approximately 10%.

Danielle Hunter: Last month, we issued our updated sustainable business report, which provides a transparent look at our organization.

Danielle Hunter: A highlight that we want to share with you today that we have set and methane emissions reduction goal.

Danielle Hunter: Specifically, we are aiming to eliminate at least 80% of methane emissions associated with our existing operations from a 2020 to baseline by the end of 2025.

Danielle Hunter: Based on current estimates we believe this achievement.

Danielle Hunter: Berry's total scope, one <unk> emissions from that baseline by approximately 10%.

Danielle Hunter: To do this, we're planning to replace all regulated natural gas pneumatic devices with zero emission devices in the second half of this year. Based on current estimates, this investment should allow us to achieve our 80% methane emissions reduction target and also mitigate the Inflation Reduction Act's waste emission charges for assets. Additional information, including about the source of Berry's emissions and our approach to managing them, is in our Sustainable Business Report, which is available on our website.

Danielle Hunter: To do that we're planning to replace all regulated natural gas nomadic devices with zero emission devices in the second half of this year.

Danielle Hunter: Based on current estimates this investment should allow us to achieve our 80% methane emissions reduction targets and also mitigate the inflation reduction acts waste emission charges for asset.

Danielle Hunter: Additional information, including about the source various emissions in our approach to managing them as they are.

Danielle Hunter: Dana will business report, which is available on our website.

Danielle Hunter: We take seriously our responsibility as environmental stewards, and our approach to sustainability is integral to our strategy to be a best-in-class operator for all of our stakeholders, our communities, and our environment. We will work to continuously improve the ways in which we operate by investing in economical solutions that drive operational efficiencies and add value to our business, while reducing our emissions. We look forward to providing future updates on our progress.

Danielle Hunter: We take seriously our responsibility as environmental stewards and our approach to sustainability is integral to our strategy to be a best in class operator for all of our stakeholders, our communities and our environment.

Danielle Hunter: We will work to continuously improve the ways in which we operate by investing and economical solutions that drive operational efficiencies and add value to our business, while reducing our mission.

Danielle Hunter: We look forward to providing future updates on our progress.

Danielle Hunter: Yeah.

Fernando Araujo: Thanks, Danny. We are off to a strong start in 2024, and I am confident that we will achieve another solid year of performance. The focus for the rest of the year remains the following. One, optimizing performance from our base business, defined by sustaining production levels while maintaining high environmental and safety standards and managing costs. Two, improving our capital structure by refinancing our notes due in 2026 at the right time under the most favorable conditions.

Speaker Change: Thanks, Dan we are off to a strong start in 2024 and I am confident that we will.

Speaker Change: Chief another solid year of performance.

Speaker Change: Focus for the rest of the year remains the following.

Speaker Change: One optimizing performance from our base business declined by sustaining production levels, while maintaining high environmental and safety standards and managing cost.

Speaker Change: <unk>.

Speaker Change: Improving our capital structure by refinancing our notes due in 2026 at the right time under the most favorable conditions.

Fernando Araujo: And three, continuing to pursue growth opportunities in our EMP business, focusing on cash-enhancing accretive transactions that will provide scale and geographic diversification. This is the foundation of our strategy to maximize long-term enterprise value. I will now turn the call over to the operator for questions.

Danielle Hunter: Three continue to pursue growth opportunities in our E&P business, focusing on cash enhancing accretive transactions that will provide scale and geographic diversification.

Danielle Hunter: This is the foundation of our strategy to maximize long term enterprise value.

Speaker Change: I will now turn the call over to the operator for questions.

Speaker Change: Thank you.

Operator: Thank you. At this time, we will conduct a question and answer session. As a reminder, to ask a question, you will need to press star one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A list. Our first question comes from Charles Meade of Johnson Rice. The floor is yours.

Speaker Change: At this time, we will conduct a question and answer session. As a reminder to ask a question you will need to press star one one on your telephone and wait for your name to be announced.

Danielle Hunter: To withdraw your question. Please press star one again, please standby, while we compile the Q&A roster.

Danielle Hunter: Our first question comes from Charles Meade of Johnson Rice, the floor is yours.

Danielle Hunter: Okay.

Charles Arthur Meade: Good morning, Fernando. Also, Danielle and Mike.

Charles Arthur Meade: Good morning, Fernando also.

Speaker Change: Danielle and Mike.

Charles Arthur Meade: I wanted to ask a question first about the Thermal Dynamite. You called it out both in your press release and your prepared comments that your Thermal Dynamite sidetracks are performing well. Can you please tell me is this the normal sort of thing, where some parts of your portfolio outperform, some parts underperform, or is this a kind of repeated, sustained..., better than expected, reservoir performance?

Charles Arthur Meade: I wanted to ask a question first about the the thermal diatomite you you called it out both in your in your press release and the in your prepared comments that your thermal diatomite sidetracked are performing well.

Charles Arthur Meade: Can you is this is just the.

Charles Arthur Meade: The normal sort of thing where you have some parts of your portfolio outperformed some parts underperformer or is this a is this a kind of a repeated sustained.

Danielle Hunter: Better than expected.

Danielle Hunter:

Danielle Hunter: Reservoir performance for you guys.

Fernando Araujo: Yeah, let me let me clarify that, and thanks Charles for the question. That's a really good question, and we are very proud of the performance that we have in the thermal diatomite. And in actuality, Charles, we haven't drilled any wells or sidetracks in the thermal diatomite until we started drilling some wells at the end of last year, and we just put on production. So over the past five years since Q4 2019, we've actually been able to increase the production in our Thermal Dynamite Reservoir by 19% just with a workover activity and by enhancing our steam injection strategy from the reservoirs.

Speaker Change: Yeah, Let me, let me clarify that and thanks Charles for the question. That's a really good question and we are very proud of the performance that we have in the thermal diatomite and Thats reality Charles.

Speaker Change: We haven't drilled any wells a sidetrack.

Speaker Change: The thermal diatomite until we started drilling some wells at the end of last year and we just put on production.

Speaker Change: So over the past five years since Q4 2019, we've actually been able to increase the production in our thermal diatomite reservoir by 19%.

Speaker Change: Just with Workover activity and by enhancing our.

Speaker Change: Our steam injection strategy.

Speaker Change: From the reservoirs.

Fernando Araujo: The thermal diatomite is a great reservoir, a very, very productive reservoir. And just through proper surveillance, proper reservoir management, and workover activity, we've been able to increase its production by, like I said, 19% over the past four or five years. We have drilled some wells. They were just put on production earlier in April, and for the next call, in the next few weeks, we'll have some results, and we'll for sure update you on the results from the site.

Speaker Change: The thermal diatomite is a great reservoir very very productive reservoir and just through proper surveillance proper reservoir management and Workover activity, we've been able to increase.

Speaker Change: Its production by like I said, 19% over the past four or five years.

Speaker Change: We have a drill some wells.

Speaker Change: They're just there was just put on production earlier in April and for the next call in the next few weeks, we will have some results and we will for sure I'll update you on the results from those wells from the sidetrack.

Charles Arthur Meade: Got it, got it, thank you. And then, as a follow-up, and... I recognize this is peering into the future a little bit with the play on Utah, but... I'm wondering really about capital costs because if I think about Berry, who you've traditionally been, and the price tag for a typical well project for you guys, and then you look at the price tag on... for a typical unconventional horizontal well, I mean, there's an order of magnitude difference in those D&C costs.

Speaker Change: Got it got it. Thank you and then as a follow up it and.

Speaker Change: I recognize this is disappearing into the future a little bit.

Speaker Change: The play in Utah, but.

Speaker Change: I'm I'm wondering really about capital cost because if I think about Berry, who who had been traditionally.

Speaker Change: The price tag for a typical well project for you guys and then you look at the price tag on.

Speaker Change: On a typical.

Speaker Change: Conventional horizontal well I mean, there's there's an order of magnitude difference and those D&C costs. So.

Charles Arthur Meade: So the 21% on the first four wells is helpful. We can kind of bracket that, maybe 8 to 10 million bucks or something like that for 24. But where I'm going with this question is, in the success case, where you guys, let's say you de-risked some of these, let's say four or five DSUs on your 22,000 acres, uh... you know you might be looking at uh... you look at a one-rig program in 25, and then suddenly you talk about a big step up in CapEx.

Speaker Change: The 21% on the first four wells is helpful. We can kind of bracket that and you know maybe eight to 10 million bucks or something like that for 424, but where I'm going with this question is in the success case.

Speaker Change: Where are you guys, let's say you you you derisked.

Speaker Change: Some of these let's say four or five <unk> on your on your 22000 acres.

Speaker Change: You know you might be looking at.

Speaker Change: Yeah.

Speaker Change: Look at it one way one rig program.

Speaker Change: Sure.

Speaker Change: And 25, and then suddenly you talk about.

Speaker Change: A big step up in Capex. So how are you guys thinking about this are you thinking what's your existing working interest in the in that 22000 net acres are you thinking of in the success case, bringing in a partner or is that perhaps already contemplated just kind of if you could frame up.

Charles Arthur Meade: So how are you guys thinking about this? Are you thinking about what your existing working interest in that 22,000 net acres is? Are you thinking of, in the success case, bringing in a partner, or is that perhaps already contemplated? Just kind of if you could frame up what that would look like in the success case for us?

Speaker Change: What that would look like in the success case for us.

Fernando Araujo: Yeah, that's very good, Charles. Another very good question, and you said it yourself. One of the options that we're contemplating and exploring is the possibility of creating a joint venture or finding partners to farm into our acreage to reduce that capital commitment that we would have by drilling those horizontal wells. Because obviously, those horizontal wells are not California wells, as you have mentioned. So we are looking at the possibility of finding partners, and we've got people interested already to come in and be joint venture partners with us.

Speaker Change: Yes, that's very good Charles there's not a very good question and you said it yourself one of the options that were contemplating and exploring the possibility of.

Speaker Change: Creating a joint venture or finding partners to farm into our acreage.

Speaker Change: Two to reduce debt.

Speaker Change: Net capital commitment that we would have by.

Speaker Change: By drilling those horizontal wells, because obviously those horizontal wells are not California wells as you well mentioned so we are looking at the possibility of finding partners and we've got people interested already.

Speaker Change: Two coming in.

Speaker Change: The joint venture partners with us.

Charles Arthur Meade: Got it. That seemed like the first direction you're looking, so I'm glad to know you're looking there. I appreciate the detail.

Speaker Change: Got it that that seemed like the the first direction, you're looking for I'm glad to I'm glad to know you are looking at I appreciate the detail.

Fernando Araujo: Very good. Thank you, Charles. Thank you for your time.

Speaker Change: Very good thank you Charles.

Operator: Thank you for your questions. Again, as a reminder, if you'd like to ask a question, please press star 1 1 on your telephone. One moment while we let the queue populate. At this time, I am showing no further questions. I would now like to turn it back to our CEO, Fernando Araujo, for closing remarks. Thank you. And once again, I want to thank everyone.

Speaker Change: Thank you for your question.

Speaker Change: Again as a reminder, if you'd like to ask a question. Please press star one one on your telephone.

Speaker Change: One moment as we let the queue populate.

Speaker Change: At this time I am showing no further questions.

Fernando: I would now like to turn it back to our CEO Fernando Alright Ho for closing remarks.

Fernando Araujo: Thank you, and once again, I want to thank everyone for your interest in Berry and for the questions. We're very excited about delivering results, just like we've done here over the past several quarters.

Fernando Araujo: Thank you and once again I want to thank everyone for your interest in Berry and for the questions.

Fernando Araujo: We're very excited about delivering results.

Fernando: Just like we've done here over the past several quarters and if you have any additional questions. Please don't hesitate to give us a call reach out and we'll be happy to.

Operator: And if you have any additional questions, please don't hesitate to give us a call. Reach out and we'll be happy to answer any questions or concerns that you may have. Thank you once again. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. [inaudible] ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? ?? ?? ??

Fernando: To answer any questions or concerns that you may have thank you once again.

Operator: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect, and other people who have been arrested in this country.

Speaker Change: Thank you for your participation in today's conference. This does conclude the program you may now disconnect.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: [music].

Operator: I know that I am not alone. I am not alone. I am not alone. I am not alone. I am not alone.

Operator: Sure.

Operator: ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? Music Music Music Music Music Music Music Music, ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? Music Music Music Music Music Music Music Music Music Music Music Music Music Music Music Music Music Music Good day and thank you for standing by. Welcome to the Berry Corporation Q1 2024 earnings call.

Fernando Araujo: [music].

Operator: [music].

Speaker Change: Good day and thank you for standing by welcome to the Berry Corporation Q1, 2024 earnings call.

Operator: At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Todd Crabtree, Investor Relations. Please go ahead.

Operator: At this time all participations are in listen only mode. After the speaker's presentation, there will be a question and answer session.

Operator: Session to ask a question. During this session you will need to press star one one on your telephone you will then hear an automated message advising your hand is raised to withdraw your question. Please press star one again, please be Nevada. Today's conference is being recorded I would now like to hand, the conference over to your first speaker today, Todd Crabtree Investor Relations.

Todd Crabtree: Please go ahead.

Todd Crabtree: Sure.

Speaker Change: Before we begin I would like to call your attention to the Safe Harbor language found in our earnings release that was issued this morning.

Todd Crabtree: The release and today's discussion contains certain projections and other forward looking statements within the meaning of federal Securities laws.

Todd Crabtree: These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements. These include risks and other factors outlined in our filings with the SEC, including our 10-Q, which will be filed later today our website <unk> Dot com has a link to the earnings release and our most recent <unk>.

Todd Crabtree: Mr presentation, any information, including forward looking statements made on this call or contained in the earnings release and that presentation reflects our analysis as of the date made we have no plans or duty to update them, except as required by law. Please refer to the tables in our earnings release and on our website for a reconciliation between all adjust.

Todd Crabtree: Good measures mentioned in today's call and the related GAAP measures. We will also post the replay link of this call and the transcript on our website I will now turn the call over to Fernando.

Fernando Araujo: Please refer to the tables in our earnings release and on our website for reconciliation between all adjusted measures mentioned in today's call and the related gap measures. We will also post the replay link of this call and the transcript on our website. I will now turn the call over to Fernando.

Fernando Araujo: Thanks, Todd and welcome everyone and thank you for joining us in the first quarter, we delivered solid financial and operational results generating adjusted EBITDA.

Fernando Araujo: Fifth.

Fernando Araujo: $69 million and producing 25500 barrels a day.

Fernando Araujo: These results are in line with projections and we expect to deliver full year results consistent with the guidance provided in March.

Fernando Araujo: Yeah.

Fernando Araujo: We are focused on maximizing enterprise value by generating sustainable free cash flow through operational excellence.

Fernando Araujo: Operational excellence includes keeping production essentially flat requiring accretive producing bolt ons efficiently allocating capital managing our cost structure and prioritizing safety and compliance.

Fernando Araujo: Let's review, our first quarter results through that lens.

Fernando Araujo: <unk> for the quarter was flat to our 2023 full year average.

Fernando Araujo: Base production remains strong, especially from our thermal dynamite reservoirs. We drilled and completed nine sidetracks as planned, and we are in the process of drilling a 20-well sidetrack campaign in our Midway Sunset Field. We also made progress reducing costs, highlighted by a 10% reduction in lease operating expenses compared to last quarter. Moreover, we are currently in the process of acquiring an additional working interest in our Round Mountain field by reallocating capital from our development plan. This acquisition represents approximately 100 barrels of oil per day annually.

Fernando Araujo: Based production remained strong, especially from our thermal diatomite reservoirs.

Fernando Araujo: We drilled and completed nine sidetracked as planned.

Fernando Araujo: I mean, we are in the process of drilling 20, well sidetrack campaigning our midway sunset field.

Fernando Araujo: We also made progress reducing cost highly.

Fernando Araujo: As highlighted by a 10% reduction in lease operating expenses compared to last quarter.

Fernando Araujo: Moreover, we are currently in the process of acquiring additional working interest in a round mountain field by reallocating capital from our development plan.

Fernando Araujo: This acquisition represents approximately a 100 barrels of oil per day annualized.

Fernando Araujo: Underpinning these accomplishments is our commitment to superior HS&E performance and regulatory compliance. For the second quarter in a row, we had zero recordable incidents, zero lost time incidents, and no reportable spills.

Fernando Araujo: Underpinning these accomplishments as our commitment to superior HSE performance and regulatory compliance.

Fernando Araujo: Our safety performance remains strong and for the second quarter in a row, we have zero recordable incidents.

Fernando Araujo: Zero lost time incidents and no reportable spills.

Fernando Araujo: Since our last earnings call there has been a development in the ongoing current county.

Danielle Hunter: Litigation, which our president and Neil Hunter will address in her remarks.

Fernando Araujo: However, I want to emphasize that our 2020 for development activity and production plan and do not depend on the reinstatement of the Kern County.

Fernando Araujo: In fact successful execution of our 2024 plan does not require the issuance of permits to drill new wells.

Fernando Araujo: Until the current county is reinstated we will continue to execute on our proven strategy to maintain production through workovers and sidetracked as well as potentially reallocating capital to accretive bolt on acquisitions.

Fernando Araujo: Yeah.

Fernando Araujo: Additionally, the Uinta basin as an important part of our portfolio, but we are making progress on the horizontal play we previewed last quarter.

Fernando Araujo: In April we farmed into a 21% working interest in four horizontal wells that are expected to be put on production in the second quarter of 2020.

Fernando Araujo: These are adjacent to our existing operations in Utah.

Mike: Given the results from these wells will be used to evaluate future development opportunities in our acreage.

Mike: We believe we have the potential to develop approximately 22000 net acres with horizontal wells.

Fernando Araujo: We'll have more to share as results become available I will now turn the call over to Mike.

Michael S. Helm: In the first quarter, Adjusted EVA Dubs $69 million was essentially flat to the fourth quarter of 2023. Quarter over quarter, lower revenue was offset by lower lease operating expense. We experienced 4% lower commodity revenues as a result of a 1% decrease in oil production and lower oil prices. Lease operating expenses were down 10% sequentially, primarily due to decreased fuel gas costs. Expenses from field operations were $27.21 per BOE, which was lower than Q4-23 and below the midpoint of our 2024 guidance.

Mike: In the first quarter adjusted EBITDA of $69 million was essentially flat to the fourth quarter of 2023.

Michael S. Helm: Quarter over quarter, lower revenue was offset by lower lease operating expenses, we experienced 4% lower commodity revenues as a result of a 1% decrease in oil production and lower oil prices lease operating expenses were down 10% sequentially, primarily due to decreased fuel gas costs.

Michael S. Helm: That's as from field operations were $27 21 per BOE, which was lower than Q4, 'twenty three and below the midpoint of our 2020 for guidance.

Michael S. Helm: Capex for the quarter remained flat at $17 million and we expect to be within our annual capex guidance of $95 million to $110 million for the year, we expect our capital cadence to show increased activity over the next three quarters, peaking in the middle of the year.

Michael S. Helm: Our adjusted free cash flow, which drives our shareholder return model is historically lowest in the first quarter of each year due to seasonal working capital uses.

Michael S. Helm: These include annual and semi-annual payments for such items as royalties, interest, and certain employee compensation. In Q1 2024, our adjusted free cash flow was $1 million, compared to $55 million in Q4 2023. This decrease was primarily due to seasonal working capital usage.

Michael S. Helm: These include annual and semiannual payments for such items as royalties interest and certain employee compensation.

Michael S. Helm: In Q1 2024, our adjusted free cash flow was $1 million compared to $55 million in Q4 of 23. This decrease was primarily due to the seasonal working capital uses are.

Michael S. Helm: Our first quarter of 2024 results were significantly higher than the prior year's first quarter due to higher earnings, improved working capital impacts, and slightly lower capital expenditure. As we have mentioned previously, we are fully focused on managing our debt and leverage and currently expect that much of the adjusted fee cash flow for the year will be used to pay down our revolvers. The current revolver balance is largely related to the accretive bolt-on acquisition we made at the end of the year.

Michael S. Helm: Our first quarter 2024 results were significantly higher than the prior year's first quarter due to higher earnings improved working capital impacts and slightly lower capital expenditures.

Michael S. Helm: As we've mentioned previously we are fully focused on managing our debt and leverage and currently expect that much of the adjusted free cash flow for the year will be used to pay down our revolver.

Michael S. Helm: Current revolver balance is largely related to the accretive bolt on acquisition, we made at the end of the year.

Michael S. Helm: We will also look to opportunistically refinance our notes, which mature in early 2026.

Daniel: Last week the board approved our planned 12 per share first quarter fixed dividend as was the case in the first quarter of 'twenty three there will be no variable dividend for the first quarter of 'twenty four due to the nominal adjusted free cash flow generated for the quarter.

Michael S. Helm: And now I'll turn the call over to Berry's President Daniel Hunter. Thanks, Mike Good morning, everyone.

Danielle Hunter: Thanks, Mike. Good morning, everyone.

Danielle Hunter: As Fernando noted, there has been a development in ongoing Kern County EIR litigation, which essentially has restricted the issuance of neutral permits on and off over the last few years. On March 7, the appeals court issued its ruling, which did not reinstate the Kern County EIR. Instead, the EIR will remain stayed until the county can remedy the three areas that the court found. Based on what we know today, we expect the process will likely take 18 to 24 months to be fully resolved.

Daniel: As Linda noted there has been a development and ongoing Kern County, <unk> litigation, which essentially has restricted the issuance of new drill permits on and off over the last few years.

Danielle Hunter: On March seven the Appeals court issued a ruling which did not reinstate the Kern County I R.

Danielle Hunter: And the IR will may state until the county can really three areas that support sound decisions.

Danielle Hunter: Based on what we know today, we expect the process will likely take 18 to 24 months to be fully resolved.

Danielle Hunter: While we are exploring alternatives to obtain neutral permits in the meantime, I want to reiterate that our 2024 plans do not require neutral permits and are not reliant on reinstatement of the EIR. Looking ahead to 2025, we believe that we have sufficient inventory of workover and sidetrack opportunities that should allow us to sustain production, same as we did in 2023 and have planned to do in 2024. Switching gears, producing oil and gas safely, responsibly, and efficiently is how we deliver value to our shareholders. Minimizing our environmental impact, including lowering the carbon intensity of our operations in a cost-effective manner, is an integral part of our strategy and operational best practice.

Danielle Hunter: Looking ahead to 2025, we believe that we have sufficient inventory of workover and sidetrack opportunities that should allow us to sustain production.

Danielle Hunter: As we did in 2023 and have planned to do in 'twenty four.

Danielle Hunter: Switching gear, producing oil and gas safely responsibly and efficiently and how we deliver value to our shareholders.

Danielle Hunter: Minimizing our environmental impact, including lowering the carbon intensity of our operations in a cost effective manner.

Danielle Hunter: An integral part of our strategy and operational best practices.

Danielle Hunter: Last month, we issued our updated sustainable business report, which provides a transparent look at our organization.

Danielle Hunter: To do this, we're planning to replace all regulated natural gas pneumatic devices with zero emission devices in the second half of this year. Based on current estimates, this investment should allow us to achieve our 80% methane emissions reduction target and also mitigate the Inflation Reduction Act's waste emission charges for us. Additional information, including about the source of Barry's emissions and our approach to managing them, is in our sustainable business report, which is available on our website.

Danielle Hunter: I'll highlight that we want to share with you today that we have set our methane emissions reduction goal.

Danielle Hunter: Specifically, we are aiming to eliminate at least 80% of methane emissions associated with our existing operations from a 2020 to baseline by the end of 2025.

Danielle Hunter: Based on current estimates we believe this achievement.

Danielle Hunter: Berry's total scope, one TXT emissions from that baseline by approximately 10%.

Danielle Hunter: To do that we're planning to replace all regulated natural gas nomadic devices with zero emission devices in the second half of this year.

Danielle Hunter: Based on current estimates this investment should allow us to achieve our 80% methane emissions reduction target and also mitigate the inflation reduction acts waste emission charges for asset <unk>.

Danielle Hunter: Additional information, including about the source of Berry's emissions in our approach to managing them as they are sustainable business report, which is available on our website.

Danielle Hunter: We look forward to providing future updates on our progress.

Fernando Araujo: Thanks, Danny. We are off to a strong start in 2024, and I am confident that we will achieve another solid year of performance. The focus for the rest of the year remains the following. One, optimizing performance from our base business, defined by sustaining production levels while maintaining high environmental and safety standards and managing costs; and, improving our capital structure by refinancing our notes due in 2026 at the right time under the most favorable conditions.

Speaker Change: Thanks, Dan we are off to a strong start in 2024 and I am confident that we will.

Fernando Araujo: <unk> another solid year of performance.

Fernando Araujo: Focus for the rest of the year remains the following.

Fernando Araujo: One optimizing performance from our base business declined by sustaining production levels, while maintaining high environmental and safety standards and managing cost.

Fernando Araujo: Two.

Fernando Araujo: Improving our capital structure by refinancing our notes due in 2026 at the right time under the most favorable conditions.

Fernando Araujo: And three continuing to pursue growth opportunities in our E&P business, focusing on cash enhancing accretive transactions that will provide scale and geographic diversification.

Fernando Araujo: This is the foundation of our strategy to maximize long term enterprise value.

Fernando Araujo: I will now turn the call over to the operator for questions.

Speaker Change: Thank you.

Operator: To withdraw your question. Please press star one again, please standby, while we compile the Q&A roster.

Operator: Our first question comes from Charles Meade of Johnson Rice, the floor is yours.

Operator: Okay.

Charles Arthur Meade: Good morning, Fernando. Also, Danielle and Mike.

Charles Arthur Meade: Good morning, Fernando also.

Charles Arthur Meade: Danielle and Mike.

Charles Arthur Meade: I wanted to ask a question first about the thermal dynamite. You called it out both in your press release and your prepared comments that your thermal dynamite sidetracks are performing well. Can you please tell me if this is the normal sort of thing where some parts of your portfolio outperform some parts underperform, or is this a kind of repeated, sustained, better than expected reservoir performance?

Charles Arthur Meade: I wanted to ask a question first about the the thermal diatomite you called it out both in your in your press release and the and in your prepared comments that your thermal dynamics sidetracked are performing well.

Charles Arthur Meade: Can you are you is this is this that.

Charles Arthur Meade: The normal sort of thing where you some parts of your portfolio outperformed some parts underperformer or is this a is this a kind of a repeated sustained.

Charles Arthur Meade: Better than expected.

Charles Arthur Meade:

Charles Arthur Meade: Reservoir performance for you guys.

Fernando Araujo: Yeah, let me clarify that, and thanks Charles for the question. That's a really good question, and we are very proud of the performance that we have in the thermal diatomite. In actuality, Charles, we haven't drilled any wells or sidetracks in the thermal diatomite until we started drilling some wells at the end of last year, and we just put on production. So over the past five years since Q4 2019, we've actually been able to increase the production in our thermal diatomite reservoir by 19% just with a workover activity and by enhancing our steam injection strategy from the reservoirs.

Speaker Change: Yeah, Let me let me clarify that then thanks Charles for the question. That's a really good question and we are very proud of the performance that we have in the thermal diatomite and an extra holiday Charles.

Fernando Araujo: We haven't drilled any wells are sidetracked.

Fernando Araujo: Thermal diatomite until we started drilling some wells at the end of last year and we just put on production.

Fernando Araujo: So over the past five years since Q4 2019, we've actually been able to increase the production in our thermal diatomite reservoir by 19%.

Fernando Araujo: And just with Workover activity and by enhancing our.

Fernando Araujo: Our steam injection strategy from the reservoirs.

Fernando Araujo: Thermal diatomite is a great reservoir very very productive reservoir and just through proper surveillance proper reservoir management and Workover activity, we've been able to increase.

Fernando Araujo: Its production by like I said, 19% over the past four or five years.

Fernando Araujo: We have a drill some wells.

Fernando Araujo: There was just there was just put on production earlier in April and for the next call.

Fernando Araujo: A few weeks, we will have some results and we will for sure I'll update you on the results from those wells from the sidetrack.

Charles Arthur Meade: Got it, got it, thank you. And then, as a follow-up, and... I recognize this is peering into the future a little bit with the play on Utah, but... I'm wondering really about capital costs, because if I think about Berry, who you've traditionally been, and the price tag for a typical well project for you guys, and then you look at the price tag on... for a typical, you know, unconventional horizontal well, I mean, there's an order of magnitude difference in those D&C costs.

Speaker Change: Got it got it. Thank you and then as a follow up it and.

Charles Arthur Meade: I recognize this is disappearing into the future a little bit with the play in Utah, but.

Charles Arthur Meade:

Charles Arthur Meade: I'm I'm wondering really about capital cost because if I think about Berry, who who you've been traditionally.

Charles Arthur Meade: And the price tag for a typical well project for you guys and then you look at the price tag on.

Charles Arthur Meade: On a typical.

Charles Arthur Meade: Conventional horizontal well I mean, there's there's an order of magnitude difference and those D&C costs. So the.

Charles Arthur Meade: So the 21% on the first four wells is helpful, you know; we can kind of, you know, bracket that, you know, maybe 8 to 10 million bucks or something like that for 24. But where I'm going with this question is, in the success case, where you guys, let's say you de-risked some of these, let's say four or five DSUs on your 22,000 acres, uh... you know you might be looking at uh... you look at a one-rig program in 25, and then suddenly you talk about a big step up in CapEx.

Charles Arthur Meade: The 21% on the first four wells is helpful. We can kind of bracket that you know maybe eight to 10 million bucks or something like that for 424, but where I'm going with this question is in the success case.

Charles Arthur Meade: Where are you guys, let's say you you you Derisked you know.

Charles Arthur Meade: Some of these let's say four or five <unk> on your on your 22000 acres.

Charles Arthur Meade: You know you might be looking at you.

Charles Arthur Meade: When you look at it one way one rig program for <unk> and.

Charles Arthur Meade: <unk> 25, and then suddenly you talk about Oh.

Charles Arthur Meade: Big step up in Capex. So how are you guys thinking about this are you thinking what's your existing working interest in the in that 22000 net acres or are you thinking of in the success case, bringing in a partner or is that perhaps already contemplated just kind of if you could frame up.

Charles Arthur Meade: What that would look like in the success case for us.

Fernando Araujo: Yeah, that's very good, Charles, another very good question, and you said it yourself. One of the options that we're contemplating and exploring is the possibility of creating a joint venture or finding partners to farm into our acreage to reduce that capital commitment that we would have by drilling those horizontal wells. Because obviously those horizontal wells are not California wells, as you have mentioned. So we are looking at the possibility of finding partners, and we've got people interested already to come in and be joint venture partners with us.

Speaker Change: Yeah. That's that's very good Charles has done a very good question and you said it yourself what are the options that we are contemplating and are exploring.

Charles Arthur Meade: Got it. That seemed like the first direction you're looking, so I'm glad to know you're looking there. I appreciate the detail.

Charles Arthur Meade: The possibility of creating a joint venture or finding partners to farm into our acreage.

Charles Arthur Meade: Two to reduce that debt.

Charles Arthur Meade: That capital commitment that we would have by.

Charles Arthur Meade: By drilling those horizontal wells, because obviously those horizontal wells are not California wells as you well mentioned so we are looking at the possibility of finding partners and we've got people interested already.

Charles Arthur Meade: To come in and.

Charles Arthur Meade: The joint venture partners with us.

Charles Arthur Meade: Got it that that seemed like the the first direction, you're looking so I'm glad to I'm glad I know youre looking at I appreciate the detail.

Fernando Araujo: Very good. Thank you, Charles. Thank you for your time.

Speaker Change: Very good thank you Charles.

Operator: Thank you for your questions. Again, as a reminder, if you'd like to ask a question, please press star one one on your telephone. One moment as we let the cue pop in. At this time, I am not taking any further questions. I would now like to turn it back to our CEO, Fernando Araujo, for closing remarks. Thank you, and once again, I want to thank everyone.

Speaker Change: Thank you for your question.

Fernando Araujo: Again as a reminder, if you'd like to ask a question. Please press star one one on your telephone.

Fernando Araujo: One moment as we left the queue populate.

Fernando Araujo: At this time I am showing no further questions.

Fernando Araujo: I would now like to turn it back to our CEO Fernando Alright Hill for closing remarks.

Fernando Araujo: Thank you, and once again, I want to thank everyone for their interest in Berry and for the questions. We are very excited about delivering results, just like we've done here over the past several quarters. And if you have any additional questions, please don't hesitate to give us a call. Reach out, and we'll be happy to answer any questions or concerns that you may have. Thank you once again.

Fernando Araujo: Thank you and once again I want to thank everyone for your interest in Berry and for the questions.

Fernando Araujo: We're very excited about delivering results.

Fernando Araujo: Just like we've done here over the past several quarters and if you have any additional questions. Please don't hesitate to give us a call reach out and we'll be happy to.

Fernando Araujo: To answer any questions or concerns that you may have thank you once again.

Operator: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

Speaker Change: Thank you for your participation in today's conference. This does conclude the program you may now disconnect.

Q1 2024 Berry Corp Earnings Call

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