Berry Petroleum’s Pivotal Merger Vote Amid Quarterly Losses

Berry Petroleum faces a defining moment as shareholders prepare to vote on a transformative merger with California Resources Corporation, while the company navigates challenging quarterly results. The upcoming December 15 shareholder meeting will determine whether the billion-dollar acquisition proceeds, even as regulatory approvals remain pending.

The independent energy producer reported disappointing third-quarter figures this Tuesday, recording a net loss of $26 million, equivalent to $0.34 per share. Even when adjusted for special items, the company remained in negative territory with a $6 million deficit. Despite these losses, operational metrics revealed underlying strength: Berry generated $55 million in operating cash flow and reduced its debt burden by $11 million during the quarter. Production levels reached 23,900 barrels Read more…