Berry Corporation (bry) (BRY) 2020年年度报告「NASDAQ」.pdf

1、“One of brys core financial tenets has always been to live out of Levered Free Cash Flow while protecting our base production.Even in the midst of an unprecedented year we successfully delivered on our plan.”We achieved the best Safety Record to date.In 2020 our Total Recordable Incident Rate,or TRI

2、R,was 0.5,our lowest rate ever.This is well below the United States average for all industries,which is a TRIR of 3.0.Over the last year,bry faced new and evolving situations in the oil and gas market,proactively adapted operations in the midst of a pandemic,and continued to navigate the volatile po

3、litical landscape of California.Relatively speaking,our challenges were not unique compared to others in the industry,but our 2020 performance and results were.One of brys core financial tenets has always been to live out of Levered Free Cash Flow while protecting our base production.Even in the mid

4、st of an unprecedented year we successfully delivered on our plan.Early on in the year,we took aggressive action to improve our hedge position to allow us to sustain operations even in the worst pricing situation imaginable.We also took advantage of our agile drilling plans and worked proactively to

5、 keep our year-over-year production flat.We also developed and deployed a strategic cost savings plan designed to identify and trim 10%in sustainable year-over-year expenses.Our goal was not just to cut costs for short-term gain,but to improve efficiencies,upgrade talent,and reorganize functions for

6、 greater collaboration and efficacy for brys long-term success.As the pandemic began to unfold in the United States,and particularly in California,we quickly adjusted our operations to allow office personnel to work from home,while still supporting essential workers in the field 24/7.The health,safe