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Berry Corp. has added more Brent-based oil hedges to protect cash flows for fiscal year 2020.
The Company now has 24,000 oil barrels, or approximately 80% of its Brent-based production, hedged at $59.85 Brent through December 2020. This includes an additional 8,000 bbl/d added, running from April 2020 through year-end 2020, since the Company's most recent earnings report on February 26, 2020.
President & CEO Trem Smith said: "Based on the uncertainties surrounding the global economy, we have decided to hedge the overwhelming majority of our 2020 production. This action should ensure that we have the appropriate pricing to execute our 2020 budget. With the unknown global impact of the coronavirus, we do believe it is in the best interest of our shareholders to remove uncertainty for 2020.
"Under our increased hedged position for 2020, we are still planning for year-over-year oil growth in the 10-12% range, paying one of the industry's best dividend yields, and building excess cash. Our 2020 strategy highlights how Berry is uniquely positioned to create shareholder value throughout energy market cycles. We remain committed to delivering industry leading returns, achieving year-over-year production growth with disciplined capital spending, and generating attractive excess levered free cash flow."
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