DALLAS, Nov. 29, 2022 (GLOBE NEWSWIRE) — Berry Corporation (bry) (NASDAQ: BRY) today announced a leadership evolution effective January 1, 2023.
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Trem Smith, current Chairman of the Board, President and CEO of Berry, will become Executive Chairman.
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Berry’s current Chief Operating Officer, Fernando Araujo, takes over as Chief Executive Officer (COO position will be abolished).
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Berry’s current general counsel and corporate secretary, Daniel Hunter, will become president and will be responsible for the legal, finance, human resources, health, safety and environmental functions.
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Berry’s current Chief Accounting Officer, Mike Helm, will become Chief Financial Officer (he will also retain his Chief Accounting Officer designation). Berry’s current CFO and board member, Cary Batz, will remain with the company through March 2023 in a role on the board and as a special advisor to assist with the transition.
“Since joining Berry six years ago, the Board and I have worked to develop a strong and talented group of leaders to ensure the continued success of the company. Fernando ‘s entrepreneurial spirit and strong operational experience managing the Company’s assets has delivered excellent shareholder returns and has demonstrated his leadership ability and suitability to lead Berry. We have demonstrated our ability to respond flexibly to a rapidly changing environment and successfully execute on our strategic objectives while delivering strong health, safety and environmental performance.” and has over 30 years of leadership roles at some of the industry’s most prominent companies, including Shell, Repsol, Apache, and Schlumberger.
“The foundation of our future success is built on a strong and value-generating shareholder return model, a cash-flow-generating hedge book and a portfolio of oil producing assets that underpin our ability to deliver strong cash-flow results. The Board and I believe that this team is the team that will guide Berry’s future success by continuously strengthening the business and reducing overall costs to deliver the highest level of return on capital for our shareholders. I am proud of what we have accomplished together over the past six years, and I am confident that this team will implement proven plans to optimize assets and maximize shareholder returns. I am confident that we will continue.”
Fernando Araujo says: We are confident in our ability to build a proven business model and expect to maximize shareholder returns by focusing on operational excellence and strong cost control. ”
About Berry Corporation (BRY)
Berry is an independent western U.S. upstream energy company focused on low-risk, long-lived, conventional onshore oil reserves located primarily in California’s San Joaquin and Uinta Basins. Utah. Berry also has well service and waiver functions in California operating as C&J Well Services. For more information, please visit the company’s website bry.com.
Forward-Looking Statements
The information in this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. any plan, activity, event, purpose, goal, strategy, or plan, activity, event, goal, strategy, or plan, activity, event, goal, strategy, or that we expect, believe, or predict may or may occur in the future; To deal with development. The forward-looking statements in this press release are based on various assumptions, many of which are based on additional assumptions. Although we believe these assumptions to be reasonable when made, these assumptions are inherently difficult or impossible to predict and are subject to significant uncertainties and contingencies beyond our control. Accordingly, such forward-looking statements involve significant risks and uncertainties that could materially affect our projected results of operations, liquidity, cash flows and business prospects. increase. It is described under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and in the Company’s subsequent filings with the SEC. Forward-looking statements generally include the following: Likely, likely, likely, likely, aim, prospect, plan, may, predict, predict, seek, should, target, will or intention, and event or other similar words that reflect the likely nature of the outcome. Forward-looking statements speak only as of the date such statements are made and may apply, whether as a result of new information, future events or otherwise. We undertake no obligation to revise or update any forward-looking statements except law. Investors are advised to carefully consider disclosure of filings with the Securities and Exchange Commission. These documents are available through the Company’s website, the investor contact information below, or from the SEC’s website at www.sec.gov.
CONTACT: CONTACT Todd Crabtree – Director, Investor Relations (661) 616-3811 ir@bry.com
