Overview

* Berry reports Q3 net loss of $26 mln vs yr-ago profit

* Company says registration statement related to merger agreement with California Resources went live on Nov 3

* Berry paid down $11 mln of debt in Q3, total debt reduction $34 mln year-to-date

Outlook

* Berry has discontinued providing guidance due to pending merger with CRC

Result Drivers

* STABLE PRODUCTION - Berry maintained production at 23.9 MBoe/d, consistent with the previous quarter

* DERIVATIVE LOSSES - Losses on oil and gas sales derivatives negatively impacted financial results

* DEBT REDUCTION - Berry reduced total debt by $11 mln in Q3, focusing on financial stability

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Miss -$0.08 $0.06 (3

Adjusted Analysts

EPS )

Q3 EPS -$0.34

Q3 -$6 mln

Adjusted

Net

Income

Q3 Net -$26 mln

Income

Q3 $49 mln

Adjusted

EBITDA

Q3 Capex $17 mln

Q3 $0.03

Dividend

Q3 Free $38 mln

Cash

Flow

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

* Wall Street's median 12-month price target for Berry Corporation (Bry) ( BRY ) is $4.50, about 26.2% above its November 4 closing price of $3.32

* The stock recently traded at 56 times the next 12-month earnings vs. a P/E of 31 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)