Berry Corporation (bry) (BRY) 2023年年度报告「NASDAQ」.pdf

1、Delivering Excellence Through Ingenuity2 0 2 3 A N N UA L R E P O R T2 0 2 3 A N N U A L R E P O R T1Delivering Meaningful Value to ShareholdersL E T T E R F R O M T H E C E O2023 was a year of strong execution for Berry,defined by delivering excellence through our technical and operating strengths,

2、efficiently managing the business,and enhancing our future cash flow generation by acquiring bolt-on opportunitiesalready producing properties with upside potential.Guided by our companys core values,we executed on the key elements of our corporate strategy and continued to generate sustainable shar

3、eholder returns and shareholder value.In 2023,we returned a total of$65 million to shareholders in the form of dividend payments and share repurchases.One of the top priorities for Berry in 2023 was identifying accretive,producing bolt-on opportunities,and we did,closing on two value-creating,cash f

4、low accretive acquisitions.The Macpherson Acquisition that we closed in September 2023,and the complementary working interest acquisition we made in December 2023,have helped us maintain base production levels and will enhance our free cash flow for 2024.Both acquisitions were completed without addi

5、ng to our long-term debt and will be paid off in 2024.Berry remains well positioned to be a consolidator,and we will continue to pursue acquisitions in and outside of California that will support production and increase future free cash flow and shareholder value.In 2023,we maintained steady product

6、ion partly by effectively developing and managing our reservoirs,and we did so with lower capital expenditures than budgeted.Working together,our operations,production and reservoir teams improved surveillance standards,data collection and analysis,resulting in year-over-year cost savings and evolut