Berry Corporation (NASDAQ:BRY) Q3 2023 Earnings Conference Call November 1, 2023 11:00 AM ET

Company Participants

Todd Crabtree - Head, IR

Fernando Araujo - CEO

Mike Helm - VP, CFO & CAO

Conference Call Participants

Charles Meade - Johnson Rice

Nicholas Pope - Seaport Research

Steven Busch - Everglades Resources, Inc

Operator

Good day, and thank you for standing by. Welcome to the Berry Corporation Q3 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Todd Crabtree with Investor Relations. Todd, floor is yours.

Todd Crabtree

Thank you, Liz, and welcome, everyone. Thank you for joining us for Berry's third quarter 2023 earnings webcast. Earlier today, Berry issued an earnings release highlighting 2023 third quarter results. Speaking this morning will be Fernando Araujo, our Chief Executive Officer; and Mike Helm, our Chief Financial Officer.

Before we begin, I would like to call your attention to the safe harbor language found in our earnings release that was issued this morning. The release and today's discussion contain certain projections and other forward-looking statements within the meaning of federal securities laws. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements. These include risks and other factors outlined in our filings with the SEC, including our 10-Q, which will be filed later today.

Our website, bry.com, has a link to the earnings release and our most recent investor presentation. Any information, including forward-looking statements made on this call are contained in the earnings release and that presentation reflects our analysis as of the date made. We have no plans or duty to update them, except as required by law. Please refer to the tables in our earnings release and on our website for a reconciliation between all adjusted measures mentioned in today's call and the related GAAP measures. We will also post the replay link of this call and the transcript on our website.

I will now turn the call over to Fernando.

Fernando Araujo

Thanks, Todd. Welcome, everyone, and thank you for joining us. In the third quarter, we continued to deliver strong financial and operational results generating $70 million in adjusted EBITDA and producing 25,300 barrels a day. We executed on our strategy to maximize shareholder value and generate meaningful and sustainable cash flow. In line with our shareholder return model, the Board declared total dividends of $0.21 per share, a 50% increase compared to the prior quarter.