Berry Strengthens Financial Position With Improved Hedge And Liquidity Update, Raising 2026–2027 Average Hedged Oil Price By $6/Barrel On 2.3 MBbls/d, Now 73% Hedged For 2025 And 63% For 2026 Based On Production Guidance

Berry Corporation (bry) (NASDAQ:BRY) ("Berry" or the "Company") today provided an update on its hedge and liquidity position, further bolstering the Company's financial strength and visibility in the current commodity price environment. The Company raised the average hedged price in 2026 and 2027 by $6 per barrel on 2.3 MBbls/d. The Company's oil volumes are 73% hedged for the remainder of 2025 and 63% hedged for 2026, based on the midpoint of Berry's full year 2025 oil production guidance. Berry's latest hedge information is included in its current investor presentation available on the Company's website at www.bry.com.

 

Hedging and Mark-to-Market (MTM) Update:

• Converted 2.3 MBbls/d of collars and puts in 2026 and 2027 into swaps, raising the floor price by $6/Bbl on average
• Balance of 2025 (April-December): 17.3 MBbls/d oil hedged at an average price of $74.69/Bbl Brent (73% of full year 2025 guidance)
• 2026-2027: 12.5 MBbls/d oil hedged at an average price of $69.45/Bbl Brent factoring in swaps and the floor prices of the collars
• MTM (crude oil) as of 4/21/25: $105 million

Liquidity Update

Berry also provided an update on its strengthened liquidity position since year-end. As of March 31, 2025, the Company had $120 million of liquidity, consisting of $39 million of cash and cash equivalents, $49 million available for borrowings under its revolving credit facility and $32 million available for delayed draw borrowings under its term loan facility. As of April 22, 2025, the Company had a liquidity position of $119 million with $14 million of letters of credit and no borrowings outstanding under its credit facility.