Berry Shares Slip After Q3 Results; $545 Million Term Loan Secured

MT Newswires Live

Nov 08, 2024

Berry (BRY) shares were down 8% in Thursday trading after the upstream energy company reported Q3 adjusted diluted earnings of $0.14 per share, down from $0.15 a year earlier.

Analysts polled by Capital IQ expected $0.15.

Revenue for the quarter ended Sept. 30 was $259.8 million, up from $118.8 million a year earlier.

Two analysts surveyed by Capital IQ expected $181 million.

The company declared a fixed dividend of $0.03, payable Nov. 25 to shareholders as of Nov. 15.

Meanwhile, the company said it secured a new $545 million term loan facility from Valor Upstream Credit Partners, a firm managed by Breakwall Capital and Vitol.

The loan will be used to redeem all of the company's $400 million notes due 2026 and refinance an existing credit facility due in August 2025, Berry said.

Price: 5.12, Change: -0.46, Percent Change: -8.24

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