0001705873-24-000011 | 10-K | XBRL Viewer

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Basis of Presentation and Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Business segments \| segment	2
Number of reportable segments \| segment	2
Capitalized interest	$ 1,000,000	$ 1,000,000	$ 2,000,000
Capitalized exploratory well costs	0	0	0
Capitalized overhead	6,000,000	6,000,000	$ 7,000,000
Net capitalized costs attributable to unproved properties	248,000,000	248,000,000
Impairment of oil and gas properties	$ 0
Oil and gas, price decline percentage	17.00%
Asset retirement obligation, noncurrent	$ 176,578,000	158,491,000
Asset retirement obligation, current	$ 20,000,000	$ 20,000,000
California
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Oil and gas reserves, percentage of oil	100.00%
Utah
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Oil and gas reserves, percentage of oil	60.00%
Oil and gas reserves, percentage of gas	40.00%
Largest customers \| Sales \| Customer one \| E&P
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Concentration risk	41.00%	33.00%	30.00%
Largest customers \| Sales \| Customer two \| E&P
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Concentration risk	20.00%	16.00%	16.00%
Largest customers \| Sales \| Customer three \| E&P
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Concentration risk	10.00%	10.00%	14.00%
Largest customers \| Sales \| Customer four \| E&P
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Concentration risk			12.00%
Largest customers \| Trade accounts receivable \| Customer one
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Concentration risk	31.00%	33.00%
Largest customers \| Trade accounts receivable \| Customer two
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Concentration risk	25.00%	16.00%
Largest customers \| Trade accounts receivable \| Customer three
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Concentration risk		13.00%
Buildings and leasehold improvements \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Expected useful life	15 years
Buildings and leasehold improvements \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Expected useful life	39 years
Plant and pipeline \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Expected useful life	3 years
Plant and pipeline \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Expected useful life	30 years
Furniture and office equipment \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Expected useful life	1 year
Furniture and office equipment \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Expected useful life	10 years
Vehicles \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Expected useful life	1 year
Vehicles \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Expected useful life	10 years
Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs) \| Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Vesting period	1 year
Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs) \| Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Vesting period	3 years

Revenue Recognition - Narrative (Details)	12 Months Ended
Revenue Recognition - Narrative (Details)	Dec. 31, 2023
Oil, natural gas and natural gas liquid sales
Disaggregation of Revenue [Line Items]
Payment term (within)	30 days
Services revenue \| Maximum
Disaggregation of Revenue [Line Items]
Payment term (within)	60 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues and other:
Revenues	$ 863,454	$ 1,055,450	$ 701,349
Gains (losses) on oil and gas sales derivatives	40,006	(137,109)	(156,399)
Total revenues and other	903,460	918,341	544,950
Expenses and other:
Lease operating expenses	316,726	302,321	236,048
Transportation expenses	4,486	4,564	6,897
Marketing expenses	0	299	3,811
Acquisition costs	3,338	0	0
General and administrative expenses	95,873	96,439	73,106
Depreciation, depletion and amortization	160,542	156,847	144,495
Taxes, other than income taxes	57,973	39,495	46,500
Losses (gains) on natural gas purchase derivatives	26,386	(88,795)	(38,577)
Other operating (income) expenses	(1,788)	3,722	3,101
Total expenses and other	812,386	679,550	526,868
Other (expenses) income:
Interest expense	(35,412)	(30,917)	(31,964)
Other, net	(237)	(142)	(247)
Total other (expenses) income	(35,649)	(31,059)	(32,211)
Income (loss) before income taxes	55,425	207,732	(14,129)
Income tax expense (benefit)	18,025	(42,436)	1,413
Net income (loss)	$ 37,400	$ 250,168	$ (15,542)
Net income (loss) per share:
Basic (in dollars per share)	$ 0.49	$ 3.19	$ (0.19)
Diluted (in dollars per share)	$ 0.48	$ 3.03	$ (0.19)
Oil, natural gas and natural gas liquid sales
Revenues and other:
Revenues	$ 669,110	$ 842,449	$ 625,475
Services revenue
Revenues and other:
Revenues	178,554	181,400	35,840
Expenses and other:
Cost of goods sold	141,771	142,819	28,339
Electricity sales
Revenues and other:
Revenues	15,277	30,833	35,636
Expenses and other:
Cost of goods sold	7,079	21,839	23,148
Marketing revenues
Revenues and other:
Revenues	0	289	3,921
Other revenues
Revenues and other:
Revenues	$ 513	$ 479	$ 477

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Cash Dividends

In 2023, we paid total dividends of $0.97 per share, in the form of regular fixed dividends of $0.42 per share and variable dividends of $0.55 per share. In February 2024, our Board of Directors approved a fixed cash dividend of $0.12 per share, and a variable cash dividend of $0.14 per share based on the results of the fourth quarter of 2023, each of which is expected to be paid in March 2024.

For the years ended December 31, 2023, 2022, and 2021, we paid approximately $78 million, $109 million and $11 million, respectively, in cash dividends on our common stock.

The Company anticipates that it will continue to pay quarterly cash dividends in the future. However, the payment and amount of future dividends remain within the discretion of the Board of Directors and will depend upon the Company’s future earnings, financial condition, capital requirements, and other factors.

Common Stock

On March 1, 2022, our Board of Directors approved the 2022 Omnibus Plan, which was subsequently approved by stockholders on May 25, 2022. The 2022 Omnibus Plan authorized the issuance of 2,950,000 shares of common stock, which amount consists of 2,300,000 shares of common stock newly reserved under the 2022 Omnibus Plan and 650,000 shares of common stock remaining available under the 2017 Omnibus Plan. While there are rewards that remain outstanding under the 2017 Omnibus Plan, since the adoption of the 2022 Omnibus Plan, no awards have been granted or may be granted in the future under the 2017 Omnibus Plan. The maximum number of shares remaining that may be issued pursuant to the 2022 Omnibus Plan is 2,631,250 as of December 31, 2023, which is the total number of shares of our common stock remaining available for issuance after counting the number of securities to be issued upon vesting of outstanding RSU and PSU awards, and counting PSUs at the maximum payout level. Shares reserved at maximum payout that do not vest at maximum are made available for future grants.

Voting Rights. Each share of common stock is entitled to one vote with respect to each matter on which holders of common stock are entitled to vote. Holders of common stock do not have cumulative voting rights.

Dividend Rights. Holders of common stock will be entitled to receive dividends, if any, as may be declared from time to time by our Board of Directors out of legally available funds.

Liquidation Rights. Upon liquidation, dissolution or winding up of the Company, holders of our common stock will be entitled to share ratably in the assets of the Company that are legally available for distribution to holders of our common stock after payment of the Company’s debts and other liabilities.

Preemptive and Conversion Rights. Holders of common stock have no preemptive, conversion or other rights to subscribe for additional shares.

Registration Rights Agreement

On June 28, 2018, Berry Corp. entered into an amended and restated registration rights agreement (the “Registration Rights Agreement”) with certain holders of our Common Stock and Preferred Stock in connection with our IPO.

In accordance with the Registration Rights Agreement, Berry Corp. filed a shelf registration statement with the SEC on December 10, 2018, which was declared effective on December 13, 2018. The shelf registration statement registered the resale, on a delayed or continuous basis, of all Registrable Securities that have been timely designated for inclusion by specified Holders (as defined in the Registration Rights Agreement). Generally, “Registrable Securities” includes (i) common stock and preferred stock issued by Berry Corp. in connection with the IPO to stockholders party to the Registration Rights Agreement, and (ii) preferred stock that was purchased by the participants in the rights offering noted above and (iii) common stock into which the preferred stock converts, except that “Registrable Securities” does not include securities that have been sold under an effective registration statement or Rule 144 under the Securities Act. The Registration Rights Agreement will terminate when there are no longer any Registrable Securities outstanding.

Shares Outstanding

As of December 31, 2023, there were 75,667,430 shares of common stock outstanding. Up to an additional 4,886,044 shares were issuable for unvested restricted stock units and performance restricted stock units (assuming maximum achievement of performance goals) under the Company's 2022 Omnibus Incentive Plan as of December 31, 2023.

Stock Repurchase Program

For the year ended December 31, 2023, we repurchased 1.4 million shares (all in the second quarter) for approximately $10 million. Since the program began in December 2018 through December 31, 2023, the Company had repurchased a total of 11.9 million shares, cumulatively under the stock repurchase program for approximately $114 million in aggregate. As previously disclosed, the Company implemented a shareholder return model in early 2022, for which the Company may allocate a portion of Adjusted Free Cash Flow to opportunistic share repurchases.

In February 2023, the Board of Directors approved an increase of $102 million to the Company’s stock repurchase authorization increasing the Company’s share authority to $200 million. As of December 31, 2023, the Company’s remaining total share repurchase authority was $190 million. The Board of Directors’ authorization permits the Company to make purchases of its common stock from time to time in the open market and in privately negotiated transactions, subject to market conditions and other factors, up to the aggregate amount authorized by the Board of Directors. The Board of Directors’ authorization has no expiration date.

We repurchased approximately $51 million and $2 million of shares in 2022 and 2021, respectively.

Repurchases may be made from time to time in the open market, in privately negotiated transactions or by other means, as determined in the Company’s sole discretion. The manner, timing and amount of any purchases will be determined based on our evaluation of market conditions, stock price, compliance with outstanding agreements and other factors. Purchases may be commenced or suspended at any time without notice and do not obligate the company to purchase shares during any period or at all. Any shares repurchased are reflected as treasury stock and any shares acquired will be available for general corporate purposes.

Stock-Based Compensation

The Company has awarded restricted stock units (“RSUs”) that are solely time-based awards and performance-based restricted stock units (“PSUs”) that include (i) total stockholder return PSUs (“TSR PSUs”) (a) awards with a market objective measured against both absolute total stockholder return (“Absolute TSR”) and a relative total stockholder return (“Relative TSR”) over the performance period, (b) awards with a market objective measured against only the Absolute TSR over the performance period and (ii) awards based on the Company's average cash returned on invested capital (“CROIC PSUs” and “ROIC PSUs”) over the performance period. CROIC PSUs are awarded to certain Berry employees, while ROIC PSUs are awarded to certain CJWS employees. Depending on the results achieved during the three-year performance period, the actual number of shares that a grant recipient receives at the end of the period may range from 0% to 200% of the TSR PSUs granted in 2023, 0% to 250% of the TSR PSUs granted in 2022 and 2021, 0% to 200% of the CROIC PSUs granted in 2023, 2022 and 2021, and 0% to 200% of the ROIC PSUs granted in 2023 and 2022. No ROIC PSUs were granted prior to 2022.

The fair value of the RSUs, CROIC PSUs and ROIC PSUs was determined using the grant date stock price. The fair value of the TSR PSUs was determined using a Monte Carlo simulation analysis to estimate the total shareholder return ranking of the Company, including a comparison against the peer group over the performance periods. The expected volatility of the Company’s common stock at the date of grant was estimated based on average volatility rates for the Company and selected guideline public companies. The dividend yield assumption was based on the then current annualized declared dividend. The risk-free interest rate assumption was based on observed interest rates consistent with the three-year performance measurement period.

For the years ended December 31, 2023, 2022, and 2021 the stock-based compensation expense was approximately $15 million, $18 million, and $14 million, respectively. For the years ended December 31, 2023 and 2022, the income tax benefit was $5 million and $2 million, respectively. For the year ended December 31, 2021, the stock-based compensation income tax benefit was not material.

The table below summarizes the activity relating to RSUs issued under the 2017 and 2022 Omnibus Plans during the year ended December 31, 2023. The RSUs vest ratably over three years. Unrecognized compensation cost associated with the RSUs at December 31, 2023 was approximately $9 million which will be recognized over a weighted-average period of approximately two years.


	Number of shares	Weighted-average Grant Date Fair Value
	(shares in thousands)
Non-vested at December 31, 2022	2,519	$	6.94
Granted	1,031	$	8.92
Vested	(1,362)	$	6.61
Forfeited	(273)	$	7.88
Non-vested at December 31, 2023	1,915	$	8.11

The table below summarizes the activity relating to the PSUs issued under the 2017 and 2022 Omnibus Plans during the year ended December 31, 2023. Unrecognized compensation cost associated with the PSUs at December 31, 2023 is approximately $6 million which will be recognized over a weighted-average period of approximately two years.


	Number of shares	Weighted-average Grant Date Fair Value
	(shares in thousands)
Non-vested at December 31, 2022	2,601	$	11.18
Granted	437	$	10.72
Performance factor adjustment	49	$	5.11
Vested	(1,145)	$	13.61
Forfeited	(360)	$	11.74
Non-vested at December 31, 2023	1,582	$	8.98

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Current taxes:
Federal	$	850	$	642	$	—
State	2,295		1,597		581
Total current taxes	3,145		2,239		581
Deferred taxes:
Federal	11,914		(44,053)		832
State	2,966		(622)		—
Total deferred taxes	14,880		(44,675)		832
Total current and deferred taxes	$	18,025	$	(42,436)	$	1,413

Schedule of Reconciliation of the Federal Statutory Tax Rate to the Effective Tax Rate

A reconciliation of the federal statutory tax rate to the effective tax rate is as follows:


	Year Ended December 31,
	2023		2022		2021
Federal statutory rate	21.0	%	21.0	%	21.0	%
State, net of federal tax benefit	5.8	%	6.2	%	3.7	%
Nondeductible compensation	5.5	%	1.8	%	(24.5)	%
Effect of other permanent differences	(1.4)	%	(0.3)	%	(4.7)	%
Tax credits - Prior Year	—	%	(11.5)	%	(29.5)	%
Tax credits - Current Year	—	%	—	%	21.5	%
Return to provision	1.6	%	(0.3)	%	(0.2)	%

Change in valuation allowance	—	%	(37.3)	%	2.7	%
Effective tax rate	32.5	%	(20.4)	%	(10.0)	%

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the deferred tax assets and liabilities are as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	9,300	$	22,402
GHG liabilities and other accruals	16,027		10,728
Asset retirement obligations	53,751		48,994
Derivative instruments	(826)		2,280
Tax credits	86,410		88,908
Other	3,336		2,882


Total deferred tax assets	167,998		176,194
Deferred tax liabilities:
Book tax differences in property basis	(140,034)		(133,350)

Total deferred tax liabilities	(140,034)		(133,350)
Net deferred tax asset	$	27,964	$	42,844

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current taxes:
Federal	$ 850	$ 642	$ 0
State	2,295	1,597	581
Total current taxes	3,145	2,239	581
Deferred taxes:
Federal	11,914	(44,053)	832
State	2,966	(622)	0
Total deferred taxes	14,880	(44,675)	832
Total current and deferred taxes	$ 18,025	$ (42,436)	$ 1,413

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Derivatives - Narrative (Details) $ in Millions	3 Months Ended				10 Months Ended	11 Months Ended	12 Months Ended
Derivatives - Narrative (Details) $ in Millions	Dec. 31, 2024 $ / bbl bbl	Sep. 30, 2024 $ / bbl bbl	Jun. 30, 2024 $ / bbl bbl	Mar. 31, 2024 $ / bbl bbl	Dec. 31, 2024 $ / bbl bbl	Dec. 31, 2024 $ / bbl bbl	Dec. 31, 2026 $ / bbl bbl	Dec. 31, 2025 $ / bbl bbl	Dec. 31, 2023 USD ($)	Jan. 01, 2026 $ / bbl	Jan. 01, 2025 $ / bbl	Mar. 01, 2024 $ / bbl	Feb. 01, 2024 $ / bbl
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Target period to cover operating expenses and fixed charges (up to)									3 years
Target period for fixing the price natural gas purchases used in steam operations (up to)									3 years
Deferred premiums, remaining \| $									$ 2
Forecast \| Brent - Crude Oil Production, Swaps
Derivative [Line Items]
Hedged volume (bbls) \| bbl	1,254,656	1,297,749	1,429,294	1,445,118			1,151,768	1,939,125
Weighted-average price ($/bbl) \| $ / bbl	76.59	76.53	78.93	78.94	76.59	76.59	70.27	75.14
Forecast \| Brent - Crude Oil Production, Swaps \| Subsequent Event
Derivative [Line Items]
Hedged volume (bbls) \| bbl					1,000	1,000	2,000	2,000
Weighted-average price ($/bbl) \| $ / bbl										71.75	75.45	80.00	78.60
Forecast \| Purchased Calls \| Subsequent Event
Derivative [Line Items]
Hedged volume (bbls) \| bbl						1,000
Weighted-average price ($/bbl) \| $ / bbl													105.00

Stockholders' Equity - Cash Dividend (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 29, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Dividends declared on common stock (in dollars per share)		$ 0.97	$ 1.34	$ 0.20
Dividends paid on common stock		$ 78,190	$ 109,455	$ 11,486
Cash Dividend
Class of Stock [Line Items]
Dividends declared on common stock (in dollars per share)		$ 0.42
Dividends paid on common stock		$ 78,000	$ 109,000	$ 11,000
Cash Dividend \| Subsequent Event
Class of Stock [Line Items]
Dividends declared on common stock (in dollars per share)	$ 0.12
Variable Rate Dividend
Class of Stock [Line Items]
Dividends declared on common stock (in dollars per share)		$ 0.55
Variable Rate Dividend \| Subsequent Event
Class of Stock [Line Items]
Dividends declared on common stock (in dollars per share)	$ 0.14

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Stockholders' Equity - RSUs and PRUs Activity (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of shares
Performance factor adjustment (in shares) \| shares	49
Weighted-average Grant Date Fair Value
Performance factor adjustment (in usd per share) \| $ / shares	$ 5.11
Restricted Stock Units (RSUs)
Number of shares
Outstanding, beginning of period (in shares) \| shares	2,519
Granted (in shares) \| shares	1,031
Vested (in shares) \| shares	(1,362)
Forfeited (in shares) \| shares	(273)
Outstanding, end of period (in shares) \| shares	1,915
Weighted-average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share) \| $ / shares	$ 6.94
Granted (in dollars per share) \| $ / shares	8.92
Vested (in dollars per share) \| $ / shares	6.61
Forfeited (in dollars per share) \| $ / shares	7.88
Outstanding, end of period (in dollars per share) \| $ / shares	$ 8.11
Performance-based Restricted Stock Units (PSUs)
Number of shares
Outstanding, beginning of period (in shares) \| shares	2,601
Granted (in shares) \| shares	437
Vested (in shares) \| shares	(1,145)
Forfeited (in shares) \| shares	(360)
Outstanding, end of period (in shares) \| shares	1,582
Weighted-average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share) \| $ / shares	$ 11.18
Granted (in dollars per share) \| $ / shares	10.72
Vested (in dollars per share) \| $ / shares	13.61
Forfeited (in dollars per share) \| $ / shares	11.74
Outstanding, end of period (in dollars per share) \| $ / shares	$ 8.98

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue, excluding assessed tax	$ 863,454	$ 1,055,450	$ 701,349
Gains (losses) on oil and gas sales derivatives	40,006	(137,109)	(156,399)
Total revenues and other	903,460	918,341	544,950
Intersegment Eliminations \| E&P
Disaggregation of Revenue [Line Items]
Total revenue, excluding assessed tax	(7,000)	(3,000)
Operating Segments \| E&P
Disaggregation of Revenue [Line Items]
Total revenue, excluding assessed tax	684,900	874,190	665,509
Oil sales
Disaggregation of Revenue [Line Items]
Total revenue, excluding assessed tax	643,027	806,631	587,613
Natural gas sales
Disaggregation of Revenue [Line Items]
Total revenue, excluding assessed tax	22,293	29,515	32,679
Natural gas liquids sales
Disaggregation of Revenue [Line Items]
Total revenue, excluding assessed tax	3,790	6,303	5,183
Services revenue
Disaggregation of Revenue [Line Items]
Total revenue, excluding assessed tax	178,554	181,400	35,840
Services revenue \| E&P
Disaggregation of Revenue [Line Items]
Total revenue, excluding assessed tax	179,000	181,000
Services revenue \| Operating Segments \| E&P
Disaggregation of Revenue [Line Items]
Total revenue, excluding assessed tax	186,000	184,000
Electricity sales
Disaggregation of Revenue [Line Items]
Total revenue, excluding assessed tax	15,277	30,833	35,636
Marketing revenues
Disaggregation of Revenue [Line Items]
Total revenue, excluding assessed tax	0	289	3,921
Other revenues
Disaggregation of Revenue [Line Items]
Total revenue, excluding assessed tax	$ 513	$ 479	$ 477

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Information

The following table represents selected financial information for the periods presented regarding the Company's business segments on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis.


	Year Ended December 31, 2023
	E&P		Well Servicing and Abandonment		Corporate/Eliminations		Consolidated Company
	(in thousands)
Revenues(1)	$	684,900	$	185,767	$	(7,213)	$	863,454









Net income (loss) before income taxes	$	163,819	$	13,462	$	(121,856)	$	55,425

Capital expenditures	$	64,844	$	5,805	$	2,478	$	73,127
Total assets	$	1,652,979	$	68,670	$	(127,491)	$	1,594,158


	Year Ended December 31, 2022
	E&P		Well Servicing and Abandonment		Corporate/Eliminations		Consolidated Company
	(in thousands)
Revenues(1)	$	874,190	$	184,448	$	(3,188)	$	1,055,450








Net income (loss) before income taxes	$	303,178	$	14,747	$	(110,193)	$	207,732

Capital expenditures	$	141,930	$	8,455	$	2,536	$	152,921
Total assets	$	1,563,251	$	83,461	$	(15,682)	$	1,631,030


	Year Ended December 31, 2021
	E&P		Well Servicing and Abandonment		Corporate/Eliminations		Consolidated Company
	(in thousands)
Revenues(1)	$	665,509	$	35,840	$	—	$	701,349








Net income (loss) before income taxes	$	82,826	$	1	$	(96,956)	$	(14,129)

Capital expenditures	$	129,479	$	1,029	$	2,211	$	132,719
Total assets	$	1,450,157	$	81,093	$	(74,771)	$	1,456,479

__________

(1) These revenues do not include hedge settlements.

Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 9,300	$ 22,402
GHG liabilities and other accruals	16,027	10,728
Asset retirement obligations	53,751	48,994
Derivative instruments	(826)	2,280
Tax credits	86,410	88,908
Other	3,336	2,882
Total deferred tax assets	167,998	176,194
Deferred tax liabilities:
Book tax differences in property basis	(140,034)	(133,350)
Total deferred tax liabilities	(140,034)	(133,350)
Net deferred tax asset	$ 27,964	$ 42,844

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Components Of Income Tax Expense (Benefit) [Line Items]
Effective tax rate	32.50%	(20.40%)	(10.00%)
Net operating loss carryforwards	$ 41
State and Local Jurisdiction
Components Of Income Tax Expense (Benefit) [Line Items]
Net operating loss carryforwards	17
State and Local Jurisdiction \| State Tax Credit Carryforward
Components Of Income Tax Expense (Benefit) [Line Items]
Tax credit carryforwards	8
State and Local Jurisdiction \| State Tax Credit Carryforward, Net of Federal Benefit
Components Of Income Tax Expense (Benefit) [Line Items]
Tax credit carryforwards	7
Domestic \| General Business Tax Credit Carryforward
Components Of Income Tax Expense (Benefit) [Line Items]
Tax credit carryforwards	$ 79

Stockholders' Equity - Stock Repurchase Program (Narrative) (Details) - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2023
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased (in shares)	1.4
Repurchase of stock	$ 10,029,000	$ 51,303,000	$ 2,441,000
Shares repurchased or acquired (in shares)	11.9
Treasury stock, aggregate repurchase value	$ 114,000,000
Stock Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Increased authorized amount on repurchased shares				$ 102,000,000
Authorized amount of repurchases	$ 190,000,000			$ 200,000,000

Defined Contribution Plan	12 Months Ended
Defined Contribution Plan	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined Contribution Plan	Defined Contribution Plan We sponsor a defined contribution retirement plan (the “401(k) Plan”) under section 401(k) of the Internal Revenue Code to assist all full-time employees in providing for retirement or other future financial needs. Employees are eligible to participate in the 401(k) Plan on their date of hire. As of January 2021, the Company reinstated the Plan's matching contributions to 100% of the first 3% of compensation deferred by the participant. As of July 2021, the Company increased the Plan's matching contributions to 100% of the first 6% of compensation deferred by the participant. We expensed approximately $6 million, $6 million, and $2 million for the years ended December 31, 2023, 2022, and 2021, respectively, under the provisions of the 401(k) Plan.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Debt - Narrative (Details) - USD ($)		1 Months Ended	12 Months Ended
Debt - Narrative (Details) - USD ($)	Aug. 26, 2021	Feb. 28, 2018	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 29, 2020
Debt Instrument [Line Items]
Debt issuance costs			$ 3,007,000	$ 4,265,000
Amortization of debt issuance costs			2,636,000	2,590,000	$ 4,430,000
Interest period one	1 month
Interest period two	3 months
Interest period three	6 months
Bond repurchase program, authorized amount						$ 75,000,000
Repurchased amount			0
Interest expense
Debt Instrument [Line Items]
Amortization of debt issuance costs			3,000,000	2,000,000	$ 4,000,000
2026 Notes \| Unsecured debt
Debt Instrument [Line Items]
Fair value of debt			$ 391,000,000	369,000,000
Principal amount of debt issued		$ 400,000,000
Interest rate		7.00%	7.00%
Proceeds from issuance of debt		$ 391,000,000
Revolving credit facility \| RBL Facility \| Line of credit
Debt Instrument [Line Items]
Credit facility, issuance costs, net of amortization			$ 3,000,000	$ 4,000,000
Revolving credit facility \| 2021 RBL Facility \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity			500,000,000
Borrowing base			200,000,000
Elected commitments			$ 200,000,000
Commitment fee	0.50%
Percentage of borrowing capacity, line of credit facility			0.25
Leverage ratio (no more than)			2.75
Current ratio (at least)			1.0
Value of proven oil and gas reserves serving as collateral (at least)			90.00%
Borrowings outstanding			$ 31,000,000
Letters of credit outstanding			10,000,000
Available borrowing capacity			159,000,000
Revolving credit facility \| 2021 RBL Facility \| Line of credit \| Base Rate \| Minimum
Debt Instrument [Line Items]
Applicable margin	2.00%
Revolving credit facility \| 2021 RBL Facility \| Line of credit \| Base Rate \| Maximum
Debt Instrument [Line Items]
Applicable margin	3.00%
Revolving credit facility \| 2021 RBL Facility \| Line of credit \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Applicable margin	3.00%
Revolving credit facility \| 2021 RBL Facility \| Line of credit \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Applicable margin	4.00%
Revolving credit facility \| 2022 ABL Facility \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 10,000,000
Percentage of borrowing capacity, line of credit facility			0.80
Borrowings outstanding			$ 0
Letters of credit outstanding			3,000,000
Available borrowing capacity			7,000,000
Borrowing base elected			$ 10,000,000
Revolving credit facility \| 2022 ABL Facility \| Line of credit \| C&J Well Services
Debt Instrument [Line Items]
Maximum ratio of total liabilities to total net worth			1.5
Maximum percentage of revolving advances outstanding			0.90
Maximum net income before taxes			$ 1.00
Revolving credit facility \| 2022 ABL Facility \| Line of credit \| Prime Rate
Debt Instrument [Line Items]
Applicable margin			1.25%
Letter of credit \| 2021 RBL Facility \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 20,000,000
Letter of credit \| 2022 ABL Facility \| Line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 7,500,000

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

We account for leases in accordance with ASC 842, Leases, using the modified retrospective approach that requires us to determine our lease balances as of the date of adoption.

The Company determines if an arrangement is a lease at inception of the contract. If an arrangement is a lease, the present value of the related lease payments is recorded as a liability and an equal amount is capitalized as a right of use asset on the Company’s balance sheet. Right of use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. We have long-term operating leases generally for offices. The Company’s estimated incremental borrowing rate, determined at the lease commencement date using the Company’s average secured borrowing rate, is used to calculate present value.

Leases with an initial term of 12 months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term.

The components of lease expense are as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Lease Cost
Operating lease cost	$	2,526	$	1,992

Total net lease cost	$	2,526	$	1,992

The following table presents the consolidated balance sheet information related to leases as of December 31, 2023 and 2022.


	As of December 31,
	2023		2022		Balance Sheet Classification
	(in thousands)
Leases
Assets

Operating lease assets	$	7,549	$	6,325	Other noncurrent assets

Total assets	$	7,549	$	6,325

Liabilities
Operating lease liability	$	2,944	$	1,666	Accounts payable and accrued expenses
Operating lease noncurrent liability	5,126		5,213		Other noncurrent liabilities

Total liabilities	$	8,070	$	6,879


	As of December 31,
	2023		2022
Long-Term and Discount Rate
Weighted-average remaining lease term:

Operating Lease	3.3 years		4.3 years
Weighted-average discount rate:

Operating Lease	7	%	5	%

The following table presents a schedule of future minimum lease payments required under all operating lease agreements as of December 31, 2023.


	As of December 31,
	2023		2022
	(in thousands)
2024	$	3,369	$	1,963
2025	2,138		1,650
2026	1,864		1,542
2027	1,241		1,549
2028	313		935
Thereafter	54		—
Total lease payments	8,979		7,639
Less: Imputed interest	(909)		(760)
Total lease obligations	8,070		6,879
Less: Current obligations	(2,944)		(1,666)
Long-term lease obligations	$	5,126	$	5,213

Supplemental consolidated statement of cash flow information related to leases is as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows from operating leases	$	2,565	$	2,128


ROU assets obtained in exchange for operating lease liabilities	$	3,295	$	7,956

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flow from operating activities:
Net income (loss)	$ 37,400	$ 250,168	$ (15,542)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	160,542	156,847	144,495
Amortization of debt issuance costs	2,636	2,590	4,430
Stock-based compensation expense	14,356	16,973	13,783
Deferred income taxes	15,813	(45,566)	819
(Decrease) in allowance for doubtful accounts	(211)	0	(1,349)
Other operating expenses (income)	1,834	160	(487)
Derivatives activities:
Total (gains) losses	(13,620)	48,314	117,822
Cash settlements received (paid) on derivatives	5,895	(88,023)	(91,634)
Changes in assets and liabilities:
Decrease (increase) in accounts receivable	30,197	(15,409)	(15,614)
Decrease (increase) in other assets	1,002	6,725	(24,824)
(Decrease) increase in accounts payable and accrued expenses	(39,122)	36,100	4,045
(Decrease) in other liabilities	(18,065)	(7,938)	(13,456)
Net cash provided by operating activities	198,657	360,941	122,488
Capital expenditures:
Capital expenditures	(73,127)	(152,921)	(132,719)
Changes in capital expenditures accruals	(7,944)	14,286	482
Acquisitions, net of cash received	(94,201)	(25,917)	(50,568)
Acquisition of properties and equipment and other	0	0	(876)
Proceeds received from divestitures	0	0	14,025
Proceeds from sale of property and equipment and other	0	0	869
Net cash used in investing activities	(175,272)	(164,552)	(168,787)
Cash flow from financing activities:
Dividends paid on common stock	(78,190)	(109,455)	(11,486)
Repurchase of common stock	(10,029)	(51,303)	(2,440)
Shares withheld for payment of taxes on equity awards and other	(6,916)	(4,136)	(1,543)
Debt issuance costs	(665)	(528)	(3,506)
Net cash used in financing activities	(64,800)	(165,422)	(18,975)
Net (decrease) increase in cash and cash equivalents	(41,415)	30,967	(65,274)
Cash and cash equivalents:
Beginning	46,250	15,283	80,557
Ending	4,835	46,250	15,283
RBL Facility
Cash flow from financing activities:
Borrowings under credit facility	538,000	247,000	119,000
Repayments on credit facility	(507,000)	(247,000)	(119,000)
2022 ABL Facility
Cash flow from financing activities:
Borrowings under credit facility	0	2,000	0
Repayments on credit facility	$ 0	$ (2,000)	$ 0

Stockholders' Equity - Common Stock (Narrative) (Details)	1 Months Ended
	Jun. 27, 2018 vote	Dec. 31, 2023 shares	Mar. 01, 2022 shares
Class of Stock [Line Items]
Number of voting rights per share \| vote	1
2022 Omnibus Incentive Plan
Class of Stock [Line Items]
Shares authorized, common stock (in shares)			2,950,000
Number of shares available for grant (in shares)		2,631,250
2022 Omnibus Incentive Plan ("2022 Plan"), Newly Reserved
Class of Stock [Line Items]
Shares authorized, common stock (in shares)			2,300,000
2017 Omnibus Plan
Class of Stock [Line Items]
Shares authorized, common stock (in shares)			650,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table represents the Company's preliminary purchase price allocation, including preliminary working capital adjustments, of the estimated fair value of the Macpherson Energy net assets as of the closing date. The Company recorded measurement period adjustments to the initial opening balance sheet.


	September 15, 2023 (As initially reported)		Measurement Period Adjustments		September 15, 2023 (As adjusted)
	(in thousands)
Cash and cash equivalents	$	3,845	$	—	$	3,845
Accounts receivable, net of allowance for doubtful accounts	12,694		2,458		15,152
Other current assets	1,541		10,301		11,842
Property and equipment	76,472		(14,022)		62,450
Other noncurrent assets	1,865		(1)		1,864
Total assets acquired	96,417		(1,264)		95,153
Accounts payable and accrued expenses assumed	(15,502)		571		(14,931)
Asset retirement obligation	(7,422)		1,146		(6,276)
Other noncurrent liabilities	(434)		1		(433)
Net assets acquired	$	73,059	$	454	$	73,513

Schedule of Pro Forma Information

The following unaudited pro forma information is not necessarily indicative of the results that would have been achieved if the Macpherson Acquisition had occurred in the past, and should not be relied upon as an indication of the operating results that the Company would have achieved if the acquisition had occurred at the beginning of the periods presented, and our operating results, or the future results.


	Pro Forma
	Year Ended December 31,
	2023		2022
	(unaudited) (in thousands)
Revenue	$	940,125	$	1,017,536
Net income	$	43,707	$	288,217

The following unaudited pro forma information is not necessarily indicative of the results that would have been achieved if the CJWS acquisition had occurred in the past, and should not be relied upon as an indication of the operating results that the Company would have achieved if the acquisition had occurred at the beginning of the periods presented, and our operating results, or the future results.


	Pro Forma
	Year Ended December 31, 2021

	(unaudited) (in thousands)
Revenue	$	664,549
Net income	$	740

Segment Reporting - Narrative (Details) $ in Thousands	12 Months Ended
Segment Reporting - Narrative (Details) $ in Thousands	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Business segments \| segment	2
Intersegment eliminations, revenue	$ (863,454)	$ (1,055,450)	$ (701,349)
Intersegment Eliminations \| E&P
Segment Reporting Information [Line Items]
Intersegment eliminations, revenue	$ 7,000	$ 3,000

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
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+ Details

Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Significant Accounting Policies

“Berry Corp.” refers to Berry Corporation (bry), a Delaware corporation, which is the sole member of each of its Delaware limited liability company subsidiaries: (1) Berry Petroleum Company, LLC (“Berry LLC”), (2) CJ Berry Well Services Management, LLC (“C&J Management”) and (3) C&J Well Services, LLC (“C&J”), (“C&J,” together with C&J Management, “CJWS”). As the context may require, the “Company,” “we,” “our” or similar words in this report refer to, as the context may require, Berry Corp., together with its subsidiaries, Berry LLC, C&J Management and C&J. In July 2023, we executed an agreement to acquire Macpherson Energy Corporation and its subsidiaries, a privately held Kern County, California operator, and we closed the acquisition in September 2023 (“Macpherson Acquisition”). As of September 15, 2023, Berry LLC owns Macpherson Energy, LLC (formerly known as Macpherson Energy Corporation) and its subsidiaries (“Macpherson Energy”).

Nature of Business

We are a western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived oil and gas reserves. We operate in two business segments: (i) exploration and production (“E&P”) and (ii) well servicing and abandonment. Our E&P assets are located in California and Utah, are characterized by high oil content and are predominantly located in rural areas with low population. Our California assets are in the San Joaquin basin (100% oil), while our Utah assets are in the Uinta basin (60% oil and 40% gas). We operate our well servicing and abandonment segment in California.

Principles of Consolidation and Reporting

The consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. We eliminated all significant intercompany transactions and balances upon consolidation. For oil and gas E&P joint ventures in which we have a direct working interest, we account for our proportionate share of assets, liabilities, revenue, expense and cash flows within the relevant lines of the financial statements.

Segment Reporting

The Company has two reportable segments. Reportable segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), our Chief Executive Officer, in deciding how to allocate resources and assess performance.

The E&P segment consists of the exploration and production of onshore, low geologic risk, long-lived oil and gas reserves located in California and Utah.

The well servicing and abandonment segment provides wellsite services in California to oil and natural gas production companies, with a focus on well servicing, well abandonment services and water logistics.

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with GAAP required management of the Company to make informed estimates and assumptions about future events. These estimates and the underlying assumptions affect the amount of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses.

Estimates that are particularly significant to the financial statements include estimates of our reserves of oil and gas; future cash flows from oil and gas properties; depreciation, depletion and amortization; asset retirement obligations; fair values of commodity derivatives; stock-based compensation; fair values of assets acquired and liabilities assumed; and income taxes.

Cash Equivalents

We consider all highly liquid short-term investments with original maturities of three months or less to be cash equivalents.

Inventories

Inventories were included in other current assets. Oil and natural gas inventories were valued at the lower of cost or net realizable value. Materials and supplies were valued at their weighted-average cost and are reviewed periodically for obsolescence.

Oil and Natural Gas Properties

Proved Properties

We account for oil and natural gas properties in accordance with the successful efforts method. Under this method, all acquisition and development costs of proved properties are capitalized, grouped by field, and amortized over the remaining life of the associated proved reserves. Costs of retired, sold or abandoned properties that constitute a part of an amortization base are charged or credited, net of proceeds, to accumulated depreciation, depletion and amortization unless doing so significantly affects the unit-of-production amortization rate, in which case a gain or loss is recognized in the current period. Gains or losses from the disposal of other properties are recognized in the current period. For assets acquired, we base the capitalized cost on fair value at the acquisition date. We expense expenditures for maintenance and repairs necessary to maintain properties in operating condition, as well as annual lease rentals, as they are incurred. Estimated dismantlement and abandonment costs are capitalized at their estimated net present value and amortized over the remaining lives of the related assets. Interest is capitalized only during the periods in which these assets are brought to their intended use. The amount of capitalized interest was approximately $1 million, $1 million and $2 million in 2023, 2022 and 2021, respectively. We only capitalize the interest on borrowed funds related to our share of costs associated with qualifying capital expenditures. The amount of capitalized exploratory well costs was zero for all periods presented and the amount of capitalized overhead was approximately $6 million, $6 million and $7 million in 2023, 2022 and 2021, respectively.

We evaluate the impairment of our proved oil and natural gas properties and other property and equipment generally on a field-by-field basis or at the lowest level for which cash flows are identifiable, whenever events or changes in circumstance indicate that the carrying value may not be recoverable. We reduce the carrying values of proved properties to fair value when the expected undiscounted future cash flows are less than net book value. We measure the fair values of proved properties using valuation techniques consistent with the income approach, converting future cash flows to a single discounted amount. Significant inputs used to determine the fair values of proved properties include estimates of: (i) reserves; (ii) future operating and development costs; (iii) future commodity prices; and (iv) a risk-adjusted discount rate. These inputs require significant judgments and estimates by our management at the time of the valuation which can change significantly over time. The underlying commodity prices are embedded in our estimated cash flows and are the product of a process that begins with the relevant forward curve pricing, adjusted for estimated location and quality differentials, as well as other factors our management believes will impact realizable prices. The fair value was estimated using inputs characteristic of a Level 3 fair value measurement.

Unproved Properties

A portion of the carrying value of our oil and gas properties was attributable to unproved properties. At December 31, 2023 and 2022, the net capitalized costs attributable to unproved properties were approximately $248 million for both periods. The unproved amounts were not subject to depreciation, depletion and amortization until they were classified as proved properties and amortized on a unit-of-production basis.

We evaluate the impairment of our unproved oil and gas properties whenever events or changes in circumstances indicate the carrying value may not be recoverable. If the exploration and development work were to be unsuccessful, or management decided not to pursue development of these properties as a result of lower commodity prices, higher development and operating costs, adverse change in regulatory environment, contractual conditions or other factors, the capitalized costs of such properties would be expensed. The timing of any write-downs of unproved properties, if warranted, depends upon management’s plans, the nature, timing and extent of future exploration and development activities and their results.

Impairment

At the end of each quarter, management assesses the carrying value of the proved oil and gas properties for impairment by considering changes in proved reserve quantities, oil and natural gas prices, operating costs, capital costs, and future drilling plans. At December 31, 2023, there was a significant decline in proved reserves quantities in two of our seven depletion units compared to December 31, 2022 due to declining prices and changes in our development plans. Reserves quantities are price sensitive and the year-over-year change in price declined over 17%. In addition, the regulatory environment continues to limit future drilling plans. For all periods presented, we did not record any impairment charges for proved and unproved properties in accordance with the relevant GAAP rules and requirements. However, if we experience further decline in price, reduction in reserve quantities, including due to a change in development plans or regulatory rulings that impact us negatively, the carrying value of these proved oil and gas properties could become partially or entirely impaired.

Other Property and Equipment

Other property and equipment includes natural gas gathering systems, pipelines, cogeneration facilities, buildings, well servicing and abandonment vehicles and equipment, software, data processing and telecommunications equipment, office furniture and equipment, and other fixed assets. These assets are recorded at cost, depreciated using the straight-line method based on expected useful lives ranging from 15 to 39 years for buildings and improvements, 3 to 30 years for cogeneration facilities, natural gas plants and pipelines, 1 to 10 years for furniture and equipment, 1 to 10 years for well servicing and abandonment vehicles and equipment and other equipment, and the salvage value is considered as applicable. Other property and equipment assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Business Combinations

The Company records business combinations using the acquisition method of accounting. Under the acquisition method of accounting, identifiable assets acquired and liabilities assumed are recorded at their acquisition-date fair values. The excess of the purchase price over the estimated fair value, if any, is recorded as goodwill. Changes in the estimated fair values of net assets recorded for acquisitions prior to the finalization of more detailed analysis, but not to exceed one year from the date of acquisition, will adjust the amount of the purchase price allocations accordingly. Measurement period adjustments are reflected in the period in which they occur.

To allocate the purchase price consideration for acquisitions, we estimate the fair values of the assets and liabilities acquired using accepted valuation methods, and, in many cases, such estimates are based on our judgments as to the future operating cash flows expected to be generated from the acquired assets throughout their estimated useful lives. Our estimates and judgments of the fair value of acquired businesses could prove to be inexact, and the

use of inaccurate fair value estimates could result in the improper allocation of the acquisition purchase price consideration to acquired assets and liabilities, which could result in asset impairments, the recording of previously unrecorded liabilities, and other financial statement adjustments. The difficulty in estimating the fair values of acquired assets and liabilities is increased during periods of economic uncertainty.

For the Macpherson Acquisition that closed in September 2023, the acquired proved property, equipment and other assets and liabilities are stated at fair value, and amortization on the acquired proved oil and gas property is computed using units-of-production method over the remaining proved reserves and depreciation of other property and equipment is computed using the straight-line method over the estimated useful lives of each asset. This property was combined with an existing field for depletion purposes. For more information, see Note 10, Acquisitions and Divestitures.

Asset Retirement Obligation

We recognize the value of asset retirement obligations (“AROs”) in the period in which a determination is made that a legal obligation exists to dismantle an asset and remediate the property at the end of its useful life and the cost of the obligation can be reasonably estimated. The liability amounts were based on future retirement cost estimates and incorporate many assumptions such as time to abandonment, technological changes, future inflation rates and the risk-adjusted discount rate. When the liability is initially recorded, we capitalized the cost by increasing the related property, plant and equipment (“PP&E”) balances. If the estimated future cost of the AROs changes, we record an adjustment to both the ARO and PP&E. Over time, the liability is increased and the capitalized cost is depreciated over the useful life of the asset. Accretion expense is also recognized over time as the discounted liabilities are accreted to their expected settlement value and is included in depreciation, depletion and amortization in the statement of operations.

The following table summarizes activity in our ARO account in which approximately $177 million and $158 million were included in long-term liabilities as of December 31, 2023 and December 31, 2022, respectively, with the remaining $20 million current portion for each period included in accrued liabilities:


	Year Ended December 31,
	2023		2022
	(in thousands)
Beginning balance	$	178,491	$	163,925
Liabilities incurred including from acquisitions	10,230		3,028
Settlements and payments	(17,110)		(19,558)

Accretion expense	11,980		10,848
Reduction due to property sales	—		(1,210)
Revisions	12,987		21,458

Ending balance	$	196,578	$	178,491

Revenue Recognition

The majority of the Company's revenue is from the E&P business, which includes the sale of crude oil, natural gas and NGLs, as well as electricity from its cogeneration plants. The remaining revenue is generated from the well servicing and abandonment business. See Note 12, Revenue Recognition, for information regarding the Company’s revenue recognition policy.

Fair Value Measurements

We have categorized our assets and liabilities that are measured at fair value in a three-level fair value hierarchy, based on the inputs to the valuation techniques: Level 1—using quoted prices in active markets for the

assets or liabilities; Level 2—using observable inputs other than quoted prices for the assets or liabilities; and Level 3—using unobservable inputs. Transfers between levels, if any, are recognized at the end of each reporting period. We primarily apply the market approach for recurring fair value measurement, maximize our use of observable inputs and minimize use of unobservable inputs. We generally use an income approach to measure fair value when observable inputs are unavailable. This approach utilizes management’s judgments regarding expectations of projected cash flows and discounts those cash flows using a risk-adjusted discount rate.

The only items on our balance sheet that would be affected by recurring fair value measurements are derivatives and the emission allowances required by California’s cap-and-trade program. We determine the fair value of our oil and gas sales and natural gas purchase derivatives and emission allowances required by California’s cap-and-trade program using valuation techniques which utilize market quotes and pricing analysis. Inputs include publicly available prices and forward price curves generated from a compilation of data gathered from third parties. We classify these measurements as Level 2.

We use market-observable prices for assets when comparable transactions can be identified that are similar to the asset being valued. When we are required to measure fair value and there is not a market-observable price for the asset or for a similar asset then the income approach is based on management’s best assumptions regarding expectations of future net cash flows. PP&E is written down to fair value if we determine that there has been an impairment in its value. The fair value is determined as of the date of the assessment using discounted cash flow models based on management’s expectations for the future. Inputs include estimates of future production, prices based on commodity forward price curves as of the date of the estimate, estimated future operating and development costs and a risk-adjusted discount rate. However, assumptions used reflect assets highest and best use and a market participant’s view of long-term prices, costs and other factors and are consistent with assumptions used in our business plans and investment decisions. We classify these measurements as Level 3.

Stock-based Compensation

We have issued restricted stock units (“RSUs”) that vest over time and performance-based restricted stock units (“PSUs”) that include (i) total stockholder return PSUs (“TSR PSUs”) (a) awards with a market objective measured against both absolute total stockholder return (“Absolute TSR”) and a relative total stockholder return (“Relative TSR”) over the performance period and (b) awards with a market objective measured against only the Absolute TSR over the performance period and (ii) awards based on the Company's average cash returned on invested capital (“CROIC PSUs” and “ROIC PSUs”) over the performance period. CROIC PSUs are awarded to certain Berry employees, while ROIC PSUs are awarded to certain CJWS employees. The fair value of the stock-based awards is determined at the date of grant and is not remeasured. The fair value of the RSUs, CROIC PSUs and ROIC PSUs was determined using the grant date stock price. The fair value of the TSR PSUs was determined using a Monte Carlo simulation analysis to estimate the total shareholder return ranking of the Company, including a comparison against the peer group over the performance periods, as applicable. Estimates used in the Monte Carlo valuation model are considered highly complex and subjective. Compensation expense, net of actual forfeitures, for the RSUs and PSUs is recognized on a straight-line basis over the requisite service periods, which is over the awards’ respective vesting or performance periods which range from one to three years.

Other Loss Contingencies

In the normal course of business, we are involved in lawsuits, claims and other environmental and legal proceedings and audits. We accrue reserves for these matters when it is probable that a liability has been incurred and the liability can be reasonably estimated. In addition, we disclose, if material, in aggregate, our exposure to loss in excess of the amount recorded on the balance sheet for these matters if it is reasonably possible that an additional material loss may be incurred. We review our loss contingencies on an ongoing basis.

Loss contingencies are based on judgments made by management with respect to the likely outcome of these matters and are adjusted as appropriate. Management’s judgments could change based on new information, changes

in, or interpretations of, laws or regulations, changes in management’s plans or intentions, opinions regarding the outcome of legal proceedings, or other factors.

Electricity Cost Allocation

We own several cogeneration facilities. Our investment in cogeneration facilities has been for the express purpose of lowering steam costs in our heavy oil operations in California and securing operating control of the respective steam generation. Cogeneration, also called combined heat and power, extracts energy from the exhaust of a turbine, which would otherwise be wasted, to produce steam. Such cogeneration operations also produce electricity. We allocate steam and electricity costs to lease operating expenses based on the conversion efficiency of the cogeneration facilities plus certain direct costs of producing steam. We also allocate a portion of the electricity production costs related to the power we sell to third parties, which is reported in “electricity generation expenses” in the statement of operations.

Income Taxes

Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their tax basis. Deferred tax assets are recognized when it is more likely than not that they will be realized. We periodically assess our deferred tax assets and reduce such assets by a valuation allowance if we deem it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. We recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, based on the technical merits of the position. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense (benefit).

Earnings per Share

Basic earnings (loss) per share is calculated as net income (loss) divided by the weighted-average shares of common stock outstanding during the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average shares of common stock outstanding, including the effect of potentially dilutive securities. For basic earnings per share (“EPS”), the weighted-average number of common stock outstanding excludes outstanding shares related to unvested restricted stock awards. For diluted EPS, the basic shares outstanding are adjusted by adding potentially dilutive securities, unless their effect is anti-dilutive. We did not have any participating securities in the periods presented.

We compute basic and diluted EPS using the two-class method required for participating securities. Common stock awards are considered participating securities when such shares have non-forfeitable dividend rights at the same rate as common stock. Our dividend rights are forfeitable, and are not considered participating securities. Under the two-class method, undistributed earnings allocated to participating securities are subtracted from net income attributable to common stock in determining net income attributable to common stockholders. In loss periods, no allocation is made to participating securities because the participating securities do not share in losses.

Business and Credit Concentrations

We maintain our cash in bank deposit accounts which, at times, may exceed federally insured amounts. We have not experienced any losses in such accounts. We believe we are not exposed to any significant credit risk on our cash.

We sell oil, natural gas and NGLs to various types of customers, including pipelines, refineries and other oil and natural gas companies and electricity to utility companies. We also perform well servicing and abandonment for oil and natural gas companies. Based on the current demand for oil, natural gas, NGLs, as well as our well servicing and abandonment services and the availability of other purchasers, we believe that the loss of any one of our major

purchasers would not have a material adverse effect on our financial condition, results of operations or net cash provided by operating activities.

For the year ended December 31, 2023, our three largest customers represented approximately 41%, 20%, and 10% of our sales. For the year ended December 31, 2022, our three largest customers represented approximately 33%, 16%, and 10% of our sales. For the year ended December 31, 2021, our four largest customers represented 30%, 16%, 14% and 12% of our sales. All such customers were customers of our E&P segment and one customer was also a customer of our well servicing and abandonment segment.

At December 31, 2023, net accounts receivable including joint interest billings, from two customers represented approximately 31% and 25% of our receivables. At December 31, 2022, net accounts receivable including joint interest billings, from three customers represented approximately 33%, 16%, and 13% of our receivables.

SEC Filing Status

The Company’s emerging growth company (“EGC”) status expired as of December 31, 2023, due to completing the five fiscal years following our initial public offering (“IPO”) in 2018. As of December 31, 2023, the Company will be required to adopt new or revised accounting standards when they are applicable to public companies that are not EGCs, to comply with auditor attestation requirements Section 404(b) of the Sarbanes-Oxley Act and will not have the benefit of certain reduced disclosure requirements available to EGCs.

New Accounting Standards Issued, But Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to improve the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss and contains other disclosure requirements. The purpose of the guidance is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact the new guidance will have on our consolidated financial statements.

In December 2023, the FASB issued rules to enhance the annual income tax disclosure to address investors’ request for more information regarding tax risks and opportunities present in an entity’s operations related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for fiscal periods beginning after December 15, 2024, with early adoption permitted for annual financial statements. We are currently evaluating the impact the new guidance will have on our consolidated financial statements.

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

The following table summarizes our outstanding debt:


	December 31, 2023		December 31, 2022		Interest Rate	Maturity	Security
	(in thousands)
2021 RBL Facility	$	31,000	$	—	variable rates 10.50% (2023) and 9.50% (2022)	August 26, 2025	Mortgage on 90% of Present Value of proven oil and gas reserves and lien on certain other assets
2022 ABL Facility	—		—		variable rates 9.75% (2023) and 8.3% (2022)	June 5, 2025	CJWS property and certain other assets
2026 Notes	400,000		400,000		7.0%	February 15, 2026	Unsecured
Long-Term Debt - Principal Amount	431,000		400,000
Less: Debt Issuance Costs	(3,007)		(4,265)
Long-Term Debt, net	$	427,993	$	395,735

Deferred Financing Costs

We incurred legal and bank fees related to the issuance of debt. At December 31, 2023 and 2022, debt issuance costs reported in “other noncurrent assets” on the balance sheet were approximately (i) $3 million and $4 million, respectively, net of amortization, for the Credit Agreement, dated as of August 26, 2021, among Berry Corp, as a guarantor, Berry LLC, as the borrower, JPMorgan Chase Bank, N.A., as the administrative agent and an issuing bank, and each of the lenders from time to time party thereto (as amended, restated, modified or otherwise supplemented from time to time, the “2021 RBL Facility”) and (ii) an immaterial amount, net of amortization, for the Revolving Loan and Security Agreement, dated as of August 9, 2022, among C&J and C&J Management, as borrowers, and Tri Counties Bank, as lender (as amended, restated, supplemented or otherwise modified from time to time, the “2022 ABL Facility”). At December 31, 2023 and 2022, debt issuance costs, net of amortization, for the unsecured notes due February 2026 (the “2026 Notes”) reported in “Long-Term Debt, net” on the balance sheet were approximately $3 million and $4 million, respectively.

For the years ended December 31, 2023, 2022, and 2021, the amortization expense for the 2021 RBL Facility, the 2022 ABL Facility and the 2026 Notes combined, was approximately $3 million, $2 million, and $4 million, respectively. The amortization of debt issuance costs is presented in “interest expense” on the consolidated statements of operations.

Fair Value

Our debt is recorded at the carrying amount on the balance sheets. The carrying amounts of the 2021 RBL Facility and the 2022 ABL Facility approximate fair value because the interest rates are variable and reflect market rates. The 2021 RBL Facility and 2022 ABL Facility are Level 2 in the fair value hierarchy. The fair value of the 2026 Notes was approximately $391 million and $369 million at December 31, 2023 and 2022, respectively. The 2026 Notes are Level 1 in the fair value hierarchy.

2021 RBL Facility

The 2021 RBL Facility provides for a revolving loan with up to $500 million of commitment, subject to a reserve borrowing base and an aggregate elected commitment amount. The borrowing base under the 2021 RBL Facility is redetermined semi-annually, and the borrowing base redeterminations generally become effective each May and November, although the borrower and the lenders may each make one interim redetermination between scheduled redeterminations.

As of December 31, 2023, the 2021 RBL Facility had a $500 million revolving commitment, a $200 million borrowing base, a $200 million aggregate elected commitment amount and a $20 million sublimit for the issuance of letters of credit (with borrowing availability being reduced by the face amount of any letters of credit issued under the subfacility). Availability under the 2021 RBL Facility may not exceed the lesser of the aggregate elected commitment amount or the borrowing base less outstanding advances and letters of credit. The 2021 RBL Facility matures on August 26, 2025, unless terminated earlier in accordance with the terms of the 2021 RBL Facility. The 2021 RBL Facility is available to us for general corporate purposes, including working capital.

The outstanding borrowings under the 2021 RBL Facility bear interest at a rate equal to, at our option, either (a) a customary base rate plus an applicable margin ranging from 2.0% to 3.0% or (b) a term SOFR reference rate, plus an applicable margin ranging from 3.0% to 4.0%, in each case determined based on the utilization level under the 2021 RBL Facility. Interest on base rate borrowings is payable quarterly in arrears and interest on term SOFR borrowings accrues in respect of interest periods of one, three or six months, at the election of the borrower, and is payable on the last day of such interest period (or, for interest periods of six months, three months after the commencement of such interest period and at the end of such interest period). Unused commitment fees are charged at a rate of 0.50%.

The 2021 RBL Facility provides that, to the extent we incur unsecured indebtedness, including any amounts raised in the future, the borrowing base will be reduced by an amount equal to 25% of the amount of such unsecured debt. In addition, the 2021 RBL Facility requires us to maintain on a consolidated basis as of each quarter-end (i) a leverage ratio of not more than 2.75 to 1.0 and (ii) a current ratio of not less than 1.0 to 1.0. As of December 31, 2023, we were in compliance with all of the debt covenants.

The 2021 RBL Facility also contains other customary affirmative and negative covenants, as well as events of default and remedies. If we do not comply with the financial and other covenants in the 2021 RBL Facility, the lenders may, subject to customary cure rights, require immediate payment of all amounts outstanding under the 2021 RBL Facility and terminate the commitments thereunder.

The 2021 RBL Facility is guaranteed by Berry Corp. and certain of its subsidiaries. Each future subsidiary of Berry Corp., with certain exceptions, is required to guarantee our obligations and obligations of the other guarantors under the 2021 RBL Facility and under certain hedging transactions and banking services arrangements. The lenders under the 2021 RBL Facility hold a mortgage on at least 90% of the present value of our proven oil and gas reserves. The obligations of Berry LLC and the guarantors are also secured by liens on substantially all of our personal property, subject to customary exceptions.

As of December 31, 2023, we had $31 million borrowings outstanding, $10 million in letters of credit outstanding, and approximately $159 million of available borrowing capacity under the 2021 RBL Facility.

2022 ABL Facility

Subject to satisfaction of customary conditions precedent to borrowing, as of December 31, 2023, C&J and C&J Management could borrow up to the lesser of (x) $10 million and (y) the borrowing base under the 2022 ABL Facility, with a letter of credit subfacility for the issuance of letters of credit in an aggregate amount not to exceed $7.5 million (with borrowing availability being reduced by the face amount of any letters of credit issued under the subfacility). The “borrowing base” is an amount equal to 80% of the balance due on eligible accounts receivable,

subject to reserves that the lender may implement in its reasonable discretion. As of December 31, 2023, the borrowing base was $10 million. Interest on the outstanding principal amount of the revolving loans under the 2022 ABL Facility accrues at a per annum rate equal to 1.25% in excess of the variable rate of interest, on a per annum basis, which is announced and/or published in the “Money Rates” section of The Wall Street Journal from time to time as its “Prime Rate.” Interest is due quarterly, in arrears. The 2022 ABL Facility matures on June 5, 2025, unless terminated in accordance with the terms of the 2022 ABL Facility.

The 2022 ABL Facility requires C&J and C&J Management to comply with the following financial covenants (i) maintain on a consolidated basis a ratio of total liabilities to tangible net worth of no greater than 1.5 to 1.0 at any time; (ii) reduce the amount of revolving advances outstanding under the 2022 ABL Facility to not more than 90% of the lesser of (a) the maximum revolving advance amount or (b) the borrowing base, as of the lender’s close of business on the last day of each fiscal quarter; and (iii) maintain net income before taxes of not less than $1.00 as of each fiscal year end. As of December 31, 2023, each of C&J and C&J Management was in compliance with all of the debt covenants.

The 2022 ABL Facility also contains other customary affirmative and negative covenants, as well as events of default and remedies. If C&J or C&J Management does not comply with the financial and other covenants in the 2022 ABL Facility, the lender may, subject to customary cure rights, require immediate payment of all amounts outstanding under the 2022 ABL Facility and terminate the commitment thereunder. The obligations of C&J and C&J Management under the 2022 ABL Facility are not guaranteed by Berry Corp. or Berry LLC and Berry Corp. and Berry LLC do not and are not required to provide any credit support for such obligations.

As of December 31, 2023, each of C&J and C&J Management had no borrowings and $3 million letters of credit outstanding with $7 million of available borrowing capacity under the 2022 ABL Facility.

Senior Unsecured Notes

In February 2018, Berry LLC completed a private issuance of $400 million in aggregate principal amount of 7.0% senior unsecured notes due February 2026, which resulted in net proceeds to us of approximately $391 million after deducting expenses and the initial purchasers’ discount.

The 2026 Notes are Berry LLC’s senior unsecured obligations and rank equally in right of payment with all of our other senior indebtedness and senior to any of our subordinated indebtedness. The 2026 Notes are fully and unconditionally guaranteed on a senior unsecured basis by Berry Corp and certain of its subsidiaries. C&J and C&J Management do not guarantee the 2026 Notes. Macpherson Energy and certain of its subsidiaries became guarantors of the 2026 Notes on January 4, 2024 and February 8, 2024 pursuant to supplemental indentures.

The indenture governing the 2026 Notes contains customary covenants and events of default (in some cases, subject to grace periods). We were in compliance with all covenants under the 2026 Notes as of December 31, 2023.

Debt Repurchase Program

In February 2020, the board of directors (the “Board of Directors”) adopted a program to spend up to $75 million for the opportunistic repurchase of our 2026 Notes. The manner, timing and amount of any purchases will be determined based on our evaluation of market conditions, compliance with outstanding agreements and other factors, may be commenced or suspended at any time without notice and do not obligate Berry Corp. to purchase the 2026 Notes during any period or at all. We have not yet repurchased any notes under this program.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Activity in ARO Account


	Year Ended December 31,
	2023		2022
	(in thousands)
Beginning balance	$	178,491	$	163,925
Liabilities incurred including from acquisitions	10,230		3,028
Settlements and payments	(17,110)		(19,558)

Accretion expense	11,980		10,848
Reduction due to property sales	—		(1,210)
Revisions	12,987		21,458

Ending balance	$	196,578	$	178,491

Supplemental Disclosures to the Balance Sheets and Statements of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Current Assets

Other current assets reported on the consolidated balance sheets included the following:


	December 31, 2023		December 31, 2022
	(in thousands)
Prepaid expenses	$	12,330	$	12,330

Materials and supplies	17,021		8,976
Prepaid deposits	9,012		7,266
Oil inventories	4,098		4,036

Other	1,298		1,117
Total other current assets	$	43,759	$	33,725

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses on the consolidated balance sheets included the following:


	December 31, 2023		December 31, 2022
	(in thousands)
Accounts payable - trade	$	31,184	$	40,286
Deferred acquisition payable(1)	18,999		—
Accrued expenses	55,663		85,360
Royalties payable	28,179		38,264

Greenhouse gas liability - current portion	37,945		—
Taxes other than income tax liability	6,488		6,640
Accrued interest	11,999		10,885

Asset retirement obligation - current portion	20,000		20,000
Operating lease liability	2,944		1,666

Total accounts payable and accrued expenses	$	213,401	$	203,101

__________

(1) Relates to the remaining payable of $20 million, on a discounted basis, for the Macpherson Acquisition due in July 2024.

Supplemental Cash Flow Information

Supplemental disclosures to the consolidated statements of cash flows are presented below:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Supplemental Disclosures of Significant Non-Cash Operating Activities:
Greenhouse gas liability - reclassification from current liability to long-term	$	—	$	8,000	$	—
Greenhouse gas liability - reclassification from long-term to current liability	$	37,945	$	—	$	—
Supplemental Disclosures of Significant Non-Cash Investing Activities:
Deferred consideration payable for acquisition	$	18,999	$	—	$	—
Material inventory transfers to oil and natural gas properties	$	1,694	$	2,707	$	3,424
Supplemental Disclosures of Cash Payments (Receipts):
Interest, net of amounts capitalized	$	32,251	$	29,792	$	29,211
Income taxes payments	$	3,282	$	3,633	$	699

Leases - Schedule of Maturity Schedule (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 3,369	$ 1,963
2025	2,138	1,650
2026	1,864	1,542
2027	1,241	1,549
2028	313	935
Thereafter	54	0
Total lease payments	8,979	7,639
Less: Imputed interest	(909)	(760)
Total liabilities	8,070	6,879
Less: Current obligations	(2,944)	(1,666)
Operating lease noncurrent liability	$ 5,126	$ 5,213

Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Feb. 28, 2018
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 431,000	$ 400,000
Less: Debt Issuance Costs	(3,007)	(4,265)
Long-Term Debt, net	427,993	395,735
Unsecured debt \| 2026 Notes
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 400,000	400,000
Interest Rate	7.00%		7.00%
Revolving credit facility \| Line of credit \| 2021 RBL Facility
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 31,000	$ 0
Variable rate	10.50%	9.50%
Security	90.00%
Revolving credit facility \| Line of credit \| 2022 ABL Facility
Debt Instrument [Line Items]
Long-Term Debt - Principal Amount	$ 0	$ 0
Variable rate	9.75%	8.30%

Supplemental Disclosures to the Balance Sheets and Statements of Cash Flows

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Disclosures to the Balance Sheets and Statements of Cash Flows

Other current assets reported on the consolidated balance sheets included the following:


	December 31, 2023		December 31, 2022
	(in thousands)
Prepaid expenses	$	12,330	$	12,330

Materials and supplies	17,021		8,976
Prepaid deposits	9,012		7,266
Oil inventories	4,098		4,036

Other	1,298		1,117
Total other current assets	$	43,759	$	33,725

Other non-current assets at December 31, 2023 included approximately $8 million of operating lease right-of-use assets, net of amortization and $3 million of deferred financing costs, net of amortization. At December 31, 2022, other non-current assets included approximately $6 million of operating lease right-of-use assets, net of amortization and $4 million of deferred financing costs, net of amortization.

Accounts payable and accrued expenses on the consolidated balance sheets included the following:


	December 31, 2023		December 31, 2022
	(in thousands)
Accounts payable - trade	$	31,184	$	40,286
Deferred acquisition payable(1)	18,999		—
Accrued expenses	55,663		85,360
Royalties payable	28,179		38,264

Greenhouse gas liability - current portion	37,945		—
Taxes other than income tax liability	6,488		6,640
Accrued interest	11,999		10,885

Asset retirement obligation - current portion	20,000		20,000
Operating lease liability	2,944		1,666

Total accounts payable and accrued expenses	$	213,401	$	203,101

__________

(1) Relates to the remaining payable of $20 million, on a discounted basis, for the Macpherson Acquisition due in July 2024.

At December 31, 2023, other non-current liabilities included approximately $5 million of non-current operating lease liability. At December 31, 2022, other non-current liabilities included approximately $23 million of non-current greenhouse gas liability, which was due in the fourth quarter of 2024, and $5 million of non-current operating lease liability.

Supplemental Information on the Statement of Operations

For the year ended December 31, 2023, other operating income was $2 million and mainly consisted of net property tax refunds from prior periods and a net gain on equipment sales. For the years ended December 31, 2022, and 2021, other operating expenses were $4 million and $3 million respectively. For the year ended December 31, 2022, other operating expenses mainly consisted of $2 million in royalty audit charges incurred prior to our emergence and restructuring in 2017, and approximately $2 million loss on the divestiture of the Piceance properties. For the year ended December 31, 2021, other operating expenses mainly consisted of expensing

$3 million of unamortized debt issuance costs related to the 2017 RBL facility, approximately $3 million of supplemental property tax assessments, royalty audit charges and tank rental costs, and $2 million of various other costs such as excess abandonment costs and legal fees, partially offset by approximately $2 million on the gain on the sale of properties and over $2 million of income from employee retention credits.

Supplemental Cash Flow Information

Supplemental disclosures to the consolidated statements of cash flows are presented below:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Supplemental Disclosures of Significant Non-Cash Operating Activities:
Greenhouse gas liability - reclassification from current liability to long-term	$	—	$	8,000	$	—
Greenhouse gas liability - reclassification from long-term to current liability	$	37,945	$	—	$	—
Supplemental Disclosures of Significant Non-Cash Investing Activities:
Deferred consideration payable for acquisition	$	18,999	$	—	$	—
Material inventory transfers to oil and natural gas properties	$	1,694	$	2,707	$	3,424
Supplemental Disclosures of Cash Payments (Receipts):
Interest, net of amounts capitalized	$	32,251	$	29,792	$	29,211
Income taxes payments	$	3,282	$	3,633	$	699

Oil and Natural Gas Properties and Other Property and Equipment - Schedule of Other Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Other property and equipment	$ 167,767	$ 155,619
Less accumulated depreciation	(74,668)	(55,781)
Total other property and equipment, net	93,099	99,838
Cogeneration facilities, natural gas plants and pipelines
Property, Plant and Equipment [Line Items]
Other property and equipment	62,818	58,357
Vehicles and service equipment
Property, Plant and Equipment [Line Items]
Other property and equipment	55,295	50,522
Furniture and equipment
Property, Plant and Equipment [Line Items]
Other property and equipment	27,335	25,902
Land
Property, Plant and Equipment [Line Items]
Other property and equipment	13,903	13,902
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Other property and equipment	$ 8,416	$ 6,936

Income Taxes -Schedule of Reconciliation of the Federal Statutory Tax Rate to the Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory rate	21.00%	21.00%	21.00%
State, net of federal tax benefit	5.80%	6.20%	3.70%
Nondeductible compensation	5.50%	1.80%	(24.50%)
Effect of other permanent differences	(1.40%)	(0.30%)	(4.70%)
Tax credits - Prior Year	0.00%	(11.50%)	(29.50%)
Tax credits - Current Year	0.00%	0.00%	21.50%
Return to provision	1.60%	(0.30%)	(0.20%)
Change in valuation allowance	0.00%	(37.30%)	2.70%
Effective tax rate	32.50%	(20.40%)	(10.00%)

Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenue, excluding assessed tax	$ 863,454	$ 1,055,450	$ 701,349
Net income (loss) before income taxes	55,425	207,732	(14,129)
Capital expenditures	73,127	152,921	132,719
Total assets	1,594,158	1,631,030	1,456,479
Corporate and Eliminations
Segment Reporting Information [Line Items]
Total revenue, excluding assessed tax	(7,213)	(3,188)	0
Net income (loss) before income taxes	(121,856)	(110,193)	(96,956)
Capital expenditures	2,478	2,536	2,211
Total assets	(127,491)	(15,682)	(74,771)
E&P \| Operating Segments
Segment Reporting Information [Line Items]
Total revenue, excluding assessed tax	684,900	874,190	665,509
Net income (loss) before income taxes	163,819	303,178	82,826
Capital expenditures	64,844	141,930	129,479
Total assets	1,652,979	1,563,251	1,450,157
Well Servicing and Abandonment \| Operating Segments
Segment Reporting Information [Line Items]
Total revenue, excluding assessed tax	185,767	184,448	35,840
Net income (loss) before income taxes	13,462	14,747	1
Capital expenditures	5,805	8,455	1,029
Total assets	$ 68,670	$ 83,461	$ 81,093

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Dallas, TX
Auditor Firm ID	185

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Divestitures

Acquisitions in 2023

In September 2023, we completed the acquisition of Macpherson Energy, a privately held Kern County, California operator. The total purchase price was approximately $70 million, subject to customary purchase price adjustments. The transaction was structured such that approximately $53 million was paid at closing, including purchase price adjustments, and approximately $20 million will be paid in July 2024, subject to purchase price adjustments.

The Macpherson transaction was accounted for as a business combination under the acquisition method of accounting. When determining the fair values of assets acquired and liabilities assumed, management made significant estimates, judgments and assumptions. The assets acquired and liabilities assumed are included in the E&P segment, which are classified as Level 3. The following table represents the Company's preliminary purchase price allocation, including preliminary working capital adjustments, of the estimated fair value of the Macpherson Energy net assets as of the closing date. The Company recorded measurement period adjustments to the initial opening balance sheet.


	September 15, 2023 (As initially reported)		Measurement Period Adjustments		September 15, 2023 (As adjusted)
	(in thousands)
Cash and cash equivalents	$	3,845	$	—	$	3,845
Accounts receivable, net of allowance for doubtful accounts	12,694		2,458		15,152
Other current assets	1,541		10,301		11,842
Property and equipment	76,472		(14,022)		62,450
Other noncurrent assets	1,865		(1)		1,864
Total assets acquired	96,417		(1,264)		95,153
Accounts payable and accrued expenses assumed	(15,502)		571		(14,931)
Asset retirement obligation	(7,422)		1,146		(6,276)
Other noncurrent liabilities	(434)		1		(433)
Net assets acquired	$	73,059	$	454	$	73,513

The revenue and net income from Macpherson Energy was $14 million and $6 million, respectively, from the acquisition date to December 31, 2023. The unaudited pro forma information presented below has been prepared to give effect to the Macpherson Acquisition as if it had occurred at the beginning of the periods presented. The unaudited pro forma information includes the effects from the allocation of the acquisition purchase price on depreciation and amortization as well as the Macpherson Acquisition costs charged to earnings during the years ended December 31, 2023 and 2022. The unaudited pro forma information is presented for illustration purposes only and is based on estimates and assumptions the Company deemed appropriate. The following unaudited pro forma information is not necessarily indicative of the results that would have been achieved if the Macpherson Acquisition had occurred in the past, and should not be relied upon as an indication of the operating results that the Company would have achieved if the acquisition had occurred at the beginning of the periods presented, and our operating results, or the future results.


	Pro Forma
	Year Ended December 31,
	2023		2022
	(unaudited) (in thousands)
Revenue	$	940,125	$	1,017,536
Net income	$	43,707	$	288,217

We acquired Macpherson Energy because their assets are high-quality, low decline oil producing properties, and are a natural fit with our existing rural Kern County portfolio. In addition to the attractive base production, we see upside for near-term production enhancement and development opportunities.

Also in December 2023, we acquired additional highly synergistic working interests in Kern County, California, for $33 million after purchase price adjustments. This transaction, supports our overall strategic plan to efficiently maintain our California production. During 2023, we also acquired various oil and gas properties which consisted of proved properties, for approximately $10 million in aggregate. Each of these acquisitions was accounted for as an asset acquisition as substantially all of the fair value was concentrated in oil and gas property interests.

Acquisitions and Divestitures in 2022

In January 2022, we completed the divestiture of all of our natural gas properties in Colorado, which were in the Piceance basin. The divestiture closed with a loss of approximately $2 million. Our 2021 production from these properties was 1.2 mboe/d.

In February 2022, we completed the acquisition of oil and gas producing assets in the Antelope Creek area of Utah for approximately $18 million. These assets are adjacent to our existing Uinta assets and prior to our acquisition produced approximately 0.6 mboe/d.

During 2022, we also acquired various oil and gas properties, most of which consisted of unproved properties for approximately $8 million in aggregate.

Acquisitions in 2021

On October 1, 2021, we acquired one of the largest well servicing and abandonment businesses in California, which operates as CJWS. The purchase price was $53 million, including closing adjustments mainly related to working capital, which we funded with cash on hand of $51 million in 2021 and $2 million in 2022. The CJWS transaction costs were approximately $3 million. The acquired business activities are owned and operated by C&J Well Services, a wholly-owned subsidiary of Berry Corp. formed for the purposes of acquiring these businesses and establishing an independent well services and abandonment company.

The CJWS transaction was accounted for as a business combination under the acquisition method of accounting. When determining the fair values of assets acquired and liabilities assumed, management made significant estimates, judgments and assumptions. The assets acquired and liabilities assumed are included in the well servicing and abandonment segment.

The unaudited pro forma information presented below has been prepared to give effect to the CJWS acquisition as if it had occurred at the beginning of the periods presented. The unaudited pro forma information includes the effects from the allocation of the acquisition purchase price on depreciation and amortization as well as the CJWS acquisition costs charged to earnings during the 2021 period. The unaudited pro forma information is presented for illustration purposes only and is based on estimates and assumptions the Company deemed appropriate. The following unaudited pro forma information is not necessarily indicative of the results that would have been achieved if the CJWS acquisition had occurred in the past, and should not be relied upon as an indication of the operating results that the Company would have achieved if the acquisition had occurred at the beginning of the periods presented, and our operating results, or the future results.


	Pro Forma
	Year Ended December 31, 2021

	(unaudited) (in thousands)
Revenue	$	664,549
Net income	$	740

In October 2021, our E&P segment completed the sale of our Placerita Field property in the Ventura Basin in Los Angeles County, California for approximately $14 million. We recorded a gain on the sale of approximately $2 million in 2021.

Acquisitions and Divestitures - Additional Information (Details) $ in Thousands		1 Months Ended						3 Months Ended	4 Months Ended	12 Months Ended
	Oct. 01, 2021 USD ($)	Jul. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Feb. 28, 2022 USD ($) MMBoe	Jan. 31, 2022 USD ($) MMBoe	Oct. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acquisitions, net of cash received										$ 94,201	$ 25,917	$ 50,568
Proceeds received from divestitures										0	0	14,025
Gain on sale												$ 2,000
Antelope Creek Acquisition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acquisition amount					$ 18,000
Boe produced \| MMBoe					0.6
Various Oil and Gas Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acquisition amount										10,000	8,000
Oil and Gas Properties in Kern County, California
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Acquisition amount			$ 33,000
Piceance Basin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposition of oil and gas property						$ (2,000)					(2,000)
Production per day, from acquisition \| MMBoe						1.2
Placerita Field
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds received from divestitures							$ 14,000
Gain on sale							$ 2,000
Macpherson Energy Corporation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration transferred in acquisition				$ 70,000
Payments to acquire business				$ 53,000
Revenue									$ 14,000
Net income									6,000
Macpherson Energy Corporation \| Forecast
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments to acquire business		$ 20,000
C&J Well Services Acquisition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration transferred in acquisition	$ 53,000
Acquisitions, net of cash received								$ 51,000			$ 2,000
Transaction costs			$ 3,000						$ 3,000	$ 3,000

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation and Reporting	Principles of Consolidation and Reporting The consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. We eliminated all significant intercompany transactions and balances upon consolidation. For oil and gas E&P joint ventures in which we have a direct working interest, we account for our proportionate share of assets, liabilities, revenue, expense and cash flows within the relevant lines of the financial statements.
Segment Reporting	Segment Reporting The Company has two reportable segments. Reportable segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), our Chief Executive Officer, in deciding how to allocate resources and assess performance. The E&P segment consists of the exploration and production of onshore, low geologic risk, long-lived oil and gas reserves located in California and Utah. The well servicing and abandonment segment provides wellsite services in California to oil and natural gas production companies, with a focus on well servicing, well abandonment services and water logistics.
Use of Estimates	Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with GAAP required management of the Company to make informed estimates and assumptions about future events. These estimates and the underlying assumptions affect the amount of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Estimates that are particularly significant to the financial statements include estimates of our reserves of oil and gas; future cash flows from oil and gas properties; depreciation, depletion and amortization; asset retirement obligations; fair values of commodity derivatives; stock-based compensation; fair values of assets acquired and liabilities assumed; and income taxes.
Cash Equivalents	Cash Equivalents We consider all highly liquid short-term investments with original maturities of three months or less to be cash equivalents.
Inventories	Inventories Inventories were included in other current assets. Oil and natural gas inventories were valued at the lower of cost or net realizable value. Materials and supplies were valued at their weighted-average cost and are reviewed periodically for obsolescence.
Oil and Natural Gas Properties	Oil and Natural Gas Properties Proved Properties We account for oil and natural gas properties in accordance with the successful efforts method. Under this method, all acquisition and development costs of proved properties are capitalized, grouped by field, and amortized over the remaining life of the associated proved reserves. Costs of retired, sold or abandoned properties that constitute a part of an amortization base are charged or credited, net of proceeds, to accumulated depreciation, depletion and amortization unless doing so significantly affects the unit-of-production amortization rate, in which case a gain or loss is recognized in the current period. Gains or losses from the disposal of other properties are recognized in the current period. For assets acquired, we base the capitalized cost on fair value at the acquisition date. We expense expenditures for maintenance and repairs necessary to maintain properties in operating condition, as well as annual lease rentals, as they are incurred. Estimated dismantlement and abandonment costs are capitalized at their estimated net present value and amortized over the remaining lives of the related assets. Interest is capitalized only during the periods in which these assets are brought to their intended use. The amount of capitalized interest was approximately $1 million, $1 million and $2 million in 2023, 2022 and 2021, respectively. We only capitalize the interest on borrowed funds related to our share of costs associated with qualifying capital expenditures. The amount of capitalized exploratory well costs was zero for all periods presented and the amount of capitalized overhead was approximately $6 million, $6 million and $7 million in 2023, 2022 and 2021, respectively. We evaluate the impairment of our proved oil and natural gas properties and other property and equipment generally on a field-by-field basis or at the lowest level for which cash flows are identifiable, whenever events or changes in circumstance indicate that the carrying value may not be recoverable. We reduce the carrying values of proved properties to fair value when the expected undiscounted future cash flows are less than net book value. We measure the fair values of proved properties using valuation techniques consistent with the income approach, converting future cash flows to a single discounted amount. Significant inputs used to determine the fair values of proved properties include estimates of: (i) reserves; (ii) future operating and development costs; (iii) future commodity prices; and (iv) a risk-adjusted discount rate. These inputs require significant judgments and estimates by our management at the time of the valuation which can change significantly over time. The underlying commodity prices are embedded in our estimated cash flows and are the product of a process that begins with the relevant forward curve pricing, adjusted for estimated location and quality differentials, as well as other factors our management believes will impact realizable prices. The fair value was estimated using inputs characteristic of a Level 3 fair value measurement. Unproved Properties A portion of the carrying value of our oil and gas properties was attributable to unproved properties. At December 31, 2023 and 2022, the net capitalized costs attributable to unproved properties were approximately $248 million for both periods. The unproved amounts were not subject to depreciation, depletion and amortization until they were classified as proved properties and amortized on a unit-of-production basis. We evaluate the impairment of our unproved oil and gas properties whenever events or changes in circumstances indicate the carrying value may not be recoverable. If the exploration and development work were to be unsuccessful, or management decided not to pursue development of these properties as a result of lower commodity prices, higher development and operating costs, adverse change in regulatory environment, contractual conditions or other factors, the capitalized costs of such properties would be expensed. The timing of any write-downs of unproved properties, if warranted, depends upon management’s plans, the nature, timing and extent of future exploration and development activities and their results. Impairment At the end of each quarter, management assesses the carrying value of the proved oil and gas properties for impairment by considering changes in proved reserve quantities, oil and natural gas prices, operating costs, capital costs, and future drilling plans. At December 31, 2023, there was a significant decline in proved reserves quantities in two of our seven depletion units compared to December 31, 2022 due to declining prices and changes in our development plans. Reserves quantities are price sensitive and the year-over-year change in price declined over 17%. In addition, the regulatory environment continues to limit future drilling plans. For all periods presented, we did not record any impairment charges for proved and unproved properties in accordance with the relevant GAAP rules and requirements. However, if we experience further decline in price, reduction in reserve quantities, including due to a change in development plans or regulatory rulings that impact us negatively, the carrying value of these proved oil and gas properties could become partially or entirely impaired.
Other Property and Equipment	Other Property and Equipment Other property and equipment includes natural gas gathering systems, pipelines, cogeneration facilities, buildings, well servicing and abandonment vehicles and equipment, software, data processing and telecommunications equipment, office furniture and equipment, and other fixed assets. These assets are recorded at cost, depreciated using the straight-line method based on expected useful lives ranging from 15 to 39 years for buildings and improvements, 3 to 30 years for cogeneration facilities, natural gas plants and pipelines, 1 to 10 years for furniture and equipment, 1 to 10 years for well servicing and abandonment vehicles and equipment and other equipment, and the salvage value is considered as applicable. Other property and equipment assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Business Combinations	Business Combinations The Company records business combinations using the acquisition method of accounting. Under the acquisition method of accounting, identifiable assets acquired and liabilities assumed are recorded at their acquisition-date fair values. The excess of the purchase price over the estimated fair value, if any, is recorded as goodwill. Changes in the estimated fair values of net assets recorded for acquisitions prior to the finalization of more detailed analysis, but not to exceed one year from the date of acquisition, will adjust the amount of the purchase price allocations accordingly. Measurement period adjustments are reflected in the period in which they occur. To allocate the purchase price consideration for acquisitions, we estimate the fair values of the assets and liabilities acquired using accepted valuation methods, and, in many cases, such estimates are based on our judgments as to the future operating cash flows expected to be generated from the acquired assets throughout their estimated useful lives. Our estimates and judgments of the fair value of acquired businesses could prove to be inexact, and the use of inaccurate fair value estimates could result in the improper allocation of the acquisition purchase price consideration to acquired assets and liabilities, which could result in asset impairments, the recording of previously unrecorded liabilities, and other financial statement adjustments. The difficulty in estimating the fair values of acquired assets and liabilities is increased during periods of economic uncertainty. For the Macpherson Acquisition that closed in September 2023, the acquired proved property, equipment and other assets and liabilities are stated at fair value, and amortization on the acquired proved oil and gas property is computed using units-of-production method over the remaining proved reserves and depreciation of other property and equipment is computed using the straight-line method over the estimated useful lives of each asset. This property was combined with an existing field for depletion purposes.
Asset Retirement Obligation	Asset Retirement Obligation We recognize the value of asset retirement obligations (“AROs”) in the period in which a determination is made that a legal obligation exists to dismantle an asset and remediate the property at the end of its useful life and the cost of the obligation can be reasonably estimated. The liability amounts were based on future retirement cost estimates and incorporate many assumptions such as time to abandonment, technological changes, future inflation rates and the risk-adjusted discount rate. When the liability is initially recorded, we capitalized the cost by increasing the related property, plant and equipment (“PP&E”) balances. If the estimated future cost of the AROs changes, we record an adjustment to both the ARO and PP&E. Over time, the liability is increased and the capitalized cost is depreciated over the useful life of the asset. Accretion expense is also recognized over time as the discounted liabilities are accreted to their expected settlement value and is included in depreciation, depletion and amortization in the statement of operations.
Revenue Recognition	Revenue Recognition The majority of the Company's revenue is from the E&P business, which includes the sale of crude oil, natural gas and NGLs, as well as electricity from its cogeneration plants. The remaining revenue is generated from the well servicing and abandonment business. We account for revenue in accordance with the Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, using the modified retrospective method. The performance obligations that are unsatisfied at the end of a reporting period relate solely to future volumes that we have yet to sell. As such, these are wholly unsatisfied performance obligations as each unit of product represents a separate performance obligation as well as a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. We derive revenue from sales of oil, natural gas and natural gas liquids (“NGL”), with the remaining revenue generated from sales of electricity, marketing activities, and, as of October 1, 2021, our a well servicing and abandonment business, CJWS. Revenue from CJWS is primarily generated from well servicing and abandonment business. The following is a description of our principal activities from which we generate revenue. Revenues are recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. Oil, Natural Gas and NGLs We recognize revenue from the sale of our oil, natural gas and NGL production when delivery has occurred and control passes to the customer. Our oil and natural gas contracts are short term, typically less than a year and our NGL contracts are both short and long term. We consider our performance obligations to be satisfied upon transfer of control of the commodity. Our commodity sales contracts are indexed to a market price or an average index price. We recognize revenue in the amount that we expect to receive once we are able to adequately estimate the consideration (i.e., when market prices are known or estimated). Our contracts with customers typically require payment within 30 days following invoicing. Service Revenue We recognize service revenue from the well servicing and abandonment business upon delivery of the service to the customer. These services are consumed by our customers when they are provided on their sites. Revenue is recognized as performance obligations have been completed on a daily basis, when all of the proper customer approvals are obtained. We do not have any long-term service contracts; nor do we have revenue expected to be recognized in any future year related to remaining performance obligations or contracts with variable consideration related to undelivered performance obligations. Our contracts with customers generally require payment within 60 days following invoicing. Electricity Sales The electrical output of our cogeneration facilities that is not used in our operations is sold to the California market based on market pricing, which includes capacity payments. The portion sold from our cogeneration facilities is sold under contracts to California utility companies, based on the market pricing. Revenue is recognized over time when obligations under the terms of a contract with our customer are satisfied; generally, this occurs upon delivery of the electricity. Revenue is measured as the amount of consideration we expect to receive based on average index pricing with payment due the month following delivery. Capacity payments are based on a fixed annual amount per kilowatt hour and monthly rates vary based on seasonality, which is consistent with how we earn the capacity payment. Capacity payments are settled monthly. We consider our performance obligations to be satisfied upon delivery of electricity or as the contracted amount of energy is made available to the customer in the case of capacity payments. We report electricity revenue as electricity sales on our consolidated statements of operations. Marketing Revenue Marketing revenue primarily includes our activities associated with transporting and marketing third-party volumes. These sales are made under the same agreements with the same purchaser as our natural gas sales discussed above. We consider our performance obligations to be satisfied upon transfer of control of the commodity. Revenues are presented excluding costs incurred prior to transferring control of these volumes to the customer, or the costs to purchase these volumes when we are acting as the principal. The revenues and expenses related to the sale and purchase of third-party volumes are presented separately as marketing revenue and marketing expenses on the consolidated statements of operations. In January 2022, we sold our Piceance Colorado operations, which included third-party marketing activities. Historically, these activities accounted for nearly all of our marketing revenues.
Fair Value Measurements	Fair Value Measurements We have categorized our assets and liabilities that are measured at fair value in a three-level fair value hierarchy, based on the inputs to the valuation techniques: Level 1—using quoted prices in active markets for the assets or liabilities; Level 2—using observable inputs other than quoted prices for the assets or liabilities; and Level 3—using unobservable inputs. Transfers between levels, if any, are recognized at the end of each reporting period. We primarily apply the market approach for recurring fair value measurement, maximize our use of observable inputs and minimize use of unobservable inputs. We generally use an income approach to measure fair value when observable inputs are unavailable. This approach utilizes management’s judgments regarding expectations of projected cash flows and discounts those cash flows using a risk-adjusted discount rate. The only items on our balance sheet that would be affected by recurring fair value measurements are derivatives and the emission allowances required by California’s cap-and-trade program. We determine the fair value of our oil and gas sales and natural gas purchase derivatives and emission allowances required by California’s cap-and-trade program using valuation techniques which utilize market quotes and pricing analysis. Inputs include publicly available prices and forward price curves generated from a compilation of data gathered from third parties. We classify these measurements as Level 2. We use market-observable prices for assets when comparable transactions can be identified that are similar to the asset being valued. When we are required to measure fair value and there is not a market-observable price for the asset or for a similar asset then the income approach is based on management’s best assumptions regarding expectations of future net cash flows. PP&E is written down to fair value if we determine that there has been an impairment in its value. The fair value is determined as of the date of the assessment using discounted cash flow models based on management’s expectations for the future. Inputs include estimates of future production, prices based on commodity forward price curves as of the date of the estimate, estimated future operating and development costs and a risk-adjusted discount rate. However, assumptions used reflect assets highest and best use and a market participant’s view of long-term prices, costs and other factors and are consistent with assumptions used in our business plans and investment decisions. We classify these measurements as Level 3.
Stock-based Compensation	Stock-based Compensation We have issued restricted stock units (“RSUs”) that vest over time and performance-based restricted stock units (“PSUs”) that include (i) total stockholder return PSUs (“TSR PSUs”) (a) awards with a market objective measured against both absolute total stockholder return (“Absolute TSR”) and a relative total stockholder return (“Relative TSR”) over the performance period and (b) awards with a market objective measured against only the Absolute TSR over the performance period and (ii) awards based on the Company's average cash returned on invested capital (“CROIC PSUs” and “ROIC PSUs”) over the performance period. CROIC PSUs are awarded to certain Berry employees, while ROIC PSUs are awarded to certain CJWS employees. The fair value of the stock-based awards is determined at the date of grant and is not remeasured. The fair value of the RSUs, CROIC PSUs and ROIC PSUs was determined using the grant date stock price. The fair value of the TSR PSUs was determined using a Monte Carlo simulation analysis to estimate the total shareholder return ranking of the Company, including a comparison against the peer group over the performance periods, as applicable. Estimates used in the Monte Carlo valuation model are considered highly complex and subjective. Compensation expense, net of actual forfeitures, for the RSUs and PSUs is recognized on a straight-line basis over the requisite service periods, which is over the awards’ respective vesting or performance periods which range from one to three years.
Other Loss Contingencies	Other Loss Contingencies In the normal course of business, we are involved in lawsuits, claims and other environmental and legal proceedings and audits. We accrue reserves for these matters when it is probable that a liability has been incurred and the liability can be reasonably estimated. In addition, we disclose, if material, in aggregate, our exposure to loss in excess of the amount recorded on the balance sheet for these matters if it is reasonably possible that an additional material loss may be incurred. We review our loss contingencies on an ongoing basis. Loss contingencies are based on judgments made by management with respect to the likely outcome of these matters and are adjusted as appropriate. Management’s judgments could change based on new information, changes in, or interpretations of, laws or regulations, changes in management’s plans or intentions, opinions regarding the outcome of legal proceedings, or other factors.
Electricity Cost Allocation	Electricity Cost Allocation We own several cogeneration facilities. Our investment in cogeneration facilities has been for the express purpose of lowering steam costs in our heavy oil operations in California and securing operating control of the respective steam generation. Cogeneration, also called combined heat and power, extracts energy from the exhaust of a turbine, which would otherwise be wasted, to produce steam. Such cogeneration operations also produce electricity. We allocate steam and electricity costs to lease operating expenses based on the conversion efficiency of the cogeneration facilities plus certain direct costs of producing steam. We also allocate a portion of the electricity production costs related to the power we sell to third parties, which is reported in “electricity generation expenses” in the statement of operations.
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their tax basis. Deferred tax assets are recognized when it is more likely than not that they will be realized. We periodically assess our deferred tax assets and reduce such assets by a valuation allowance if we deem it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. We recognize a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, based on the technical merits of the position. Interest and penalties related to unrecognized tax benefits are recognized in income tax expense (benefit).
Earnings per Share	Earnings per Share Basic earnings (loss) per share is calculated as net income (loss) divided by the weighted-average shares of common stock outstanding during the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average shares of common stock outstanding, including the effect of potentially dilutive securities. For basic earnings per share (“EPS”), the weighted-average number of common stock outstanding excludes outstanding shares related to unvested restricted stock awards. For diluted EPS, the basic shares outstanding are adjusted by adding potentially dilutive securities, unless their effect is anti-dilutive. We did not have any participating securities in the periods presented. We compute basic and diluted EPS using the two-class method required for participating securities. Common stock awards are considered participating securities when such shares have non-forfeitable dividend rights at the same rate as common stock. Our dividend rights are forfeitable, and are not considered participating securities. Under the two-class method, undistributed earnings allocated to participating securities are subtracted from net income attributable to common stock in determining net income attributable to common stockholders. In loss periods, no allocation is made to participating securities because the participating securities do not share in losses.
Business and Credit Concentrations	Business and Credit Concentrations We maintain our cash in bank deposit accounts which, at times, may exceed federally insured amounts. We have not experienced any losses in such accounts. We believe we are not exposed to any significant credit risk on our cash. We sell oil, natural gas and NGLs to various types of customers, including pipelines, refineries and other oil and natural gas companies and electricity to utility companies. We also perform well servicing and abandonment for oil and natural gas companies. Based on the current demand for oil, natural gas, NGLs, as well as our well servicing and abandonment services and the availability of other purchasers, we believe that the loss of any one of our major purchasers would not have a material adverse effect on our financial condition, results of operations or net cash provided by operating activities.
New Accounting Standards Issued, But Not Yet Adopted	New Accounting Standards Issued, But Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued guidance to improve the reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss and contains other disclosure requirements. The purpose of the guidance is to enable investors to better understand an entity’s overall performance and assess potential future cash flows. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We are currently evaluating the impact the new guidance will have on our consolidated financial statements. In December 2023, the FASB issued rules to enhance the annual income tax disclosure to address investors’ request for more information regarding tax risks and opportunities present in an entity’s operations related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for fiscal periods beginning after December 15, 2024, with early adoption permitted for annual financial statements. We are currently evaluating the impact the new guidance will have on our consolidated financial statements.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings (Accumulated Deficit)
Beginning balance at Dec. 31, 2020	$ 714,036	$ 85	$ 915,877	$ (49,995)	$ (151,931)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for payment of taxes on equity awards	(1,543)		(1,543)
Stock based compensation	14,434		14,434
Issuance of common stock	1	1
Purchase of treasury stock	(2,441)			(2,441)
Dividends declared on common stock	(16,297)		(16,297)
Net income (loss)	(15,542)				(15,542)
Ending balance at Dec. 31, 2021	692,648	86	912,471	(52,436)	(167,473)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for payment of taxes on equity awards	(4,136)		(4,136)
Stock based compensation	17,762		17,762
Purchase of treasury stock	(51,303)			(51,303)
Dividends declared on common stock	(104,654)		(104,654)
Net income (loss)	250,168				250,168
Ending balance at Dec. 31, 2022	800,485	86	821,443	(103,739)	82,695
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for payment of taxes on equity awards	(6,916)		(6,916)
Stock based compensation	15,223		15,223
Issuance of common stock	2	2
Purchase of treasury stock	(10,029)			(10,029)
Dividends declared on common stock	(78,189)		(10,593)		(67,596)
Net income (loss)	37,400				37,400
Ending balance at Dec. 31, 2023	$ 757,976	$ 88	$ 819,157	$ (113,768)	$ 52,499

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Acquisitions and Divestitures - Preliminary Allocation of the Purchase Price (Details) - Macpherson Energy Corporation $ in Thousands	Sep. 15, 2023 USD ($)
Business Acquisition [Line Items]
Cash and cash equivalents	$ 3,845
Accounts receivable, net of allowance for doubtful accounts	15,152
Measurement period adjustments, accounts receivable, net of allowance for doubtful accounts	2,458
Other current assets	11,842
Measurement period adjustments, other current assets	10,301
Property and equipment	62,450
Measurement period adjustments, property, plant, and equipment	(14,022)
Other noncurrent assets	1,864
Measurement period adjustments, other noncurrent assets	(1)
Total assets acquired	95,153
Measurement period adjustments, assets	(1,264)
Accounts payable and accrued expenses assumed	(14,931)
Measurement period adjustments, accounts payable and accrued expenses	571
Asset retirement obligation	(6,276)
Measurement period adjustments, asset retirement obligation	1,146
Other noncurrent liabilities	(433)
Measurement period adjustments, noncurrent liabilities, other	1
Net assets acquired	73,513
Measurement period adjustments, consideration transferred	454
September 15, 2023 (As initially reported)
Business Acquisition [Line Items]
Cash and cash equivalents	3,845
Accounts receivable, net of allowance for doubtful accounts	12,694
Other current assets	1,541
Property and equipment	76,472
Other noncurrent assets	1,865
Total assets acquired	96,417
Accounts payable and accrued expenses assumed	(15,502)
Asset retirement obligation	(7,422)
Other noncurrent liabilities	(434)
Net assets acquired	$ 73,059

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 655	$ 866
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	87,671,241	86,350,771
Common stock, shares outstanding (in shares)	75,667,430	75,767,503
Treasury stock, shares at cost (in shares)	12,003,811	10,583,268

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share


	Year Ended December 31,
	2023		2022		2021
	(in thousands except per share amounts)
Basic EPS calculation
Net income (loss)	$	37,400	$	250,168	$	(15,542)
Weighted-average shares of common stock outstanding	76,038		78,517		80,209
Basic income (loss) per share	$	0.49	$	3.19	$	(0.19)
Diluted EPS calculation
Net income (loss)	$	37,400	$	250,168	$	(15,542)
Weighted-average shares of common stock outstanding	76,038		78,517		80,209
Dilutive effect of potentially dilutive securities(1)	1,545		4,069		—
Weighted-average common shares outstanding - diluted	77,583		82,586		80,209
Diluted income (loss) per share	$	0.48	$	3.03	$	(0.19)

__________

(1) We excluded 3.3 million of combined RSUs and PSUs from the diluted weighted-average common shares outstanding because their effect was anti-dilutive for the year ended December 31, 2021.

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

We operate in two business segments: (i) E&P and (ii) well servicing and abandonment. The E&P segment is engaged in the exploration and production of onshore, low geologic risk, long-lived oil and gas reserves located in California and Utah. As of September 15, 2023, E&P also includes the assets, liabilities and results of operations acquired from Macpherson Energy. The well servicing and abandonment segment is operated by CJWS and provides wellsite services in California to oil and natural gas production companies, with a focus on well servicing, well abandonment services and water logistics.

The well servicing and abandonment segment occasionally provides services to our E&P segment, as such, we recorded an intercompany elimination of $7 million and $3 million in revenue and expense during consolidation for the years ended December 31, 2023 and 2022, respectively.


	Year Ended December 31, 2023
	E&P		Well Servicing and Abandonment		Corporate/Eliminations		Consolidated Company
	(in thousands)
Revenues(1)	$	684,900	$	185,767	$	(7,213)	$	863,454









Net income (loss) before income taxes	$	163,819	$	13,462	$	(121,856)	$	55,425

Capital expenditures	$	64,844	$	5,805	$	2,478	$	73,127
Total assets	$	1,652,979	$	68,670	$	(127,491)	$	1,594,158


	Year Ended December 31, 2022
	E&P		Well Servicing and Abandonment		Corporate/Eliminations		Consolidated Company
	(in thousands)
Revenues(1)	$	874,190	$	184,448	$	(3,188)	$	1,055,450








Net income (loss) before income taxes	$	303,178	$	14,747	$	(110,193)	$	207,732

Capital expenditures	$	141,930	$	8,455	$	2,536	$	152,921
Total assets	$	1,563,251	$	83,461	$	(15,682)	$	1,631,030


	Year Ended December 31, 2021
	E&P		Well Servicing and Abandonment		Corporate/Eliminations		Consolidated Company
	(in thousands)
Revenues(1)	$	665,509	$	35,840	$	—	$	701,349








Net income (loss) before income taxes	$	82,826	$	1	$	(96,956)	$	(14,129)

Capital expenditures	$	129,479	$	1,029	$	2,211	$	132,719
Total assets	$	1,450,157	$	81,093	$	(74,771)	$	1,456,479

__________

(1) These revenues do not include hedge settlements.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Acquisitions and Divestitures - Unaudited Pro Forma Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Macpherson Energy Corporation
Business Acquisition [Line Items]
Revenue	$ 940,125	$ 1,017,536
Net income	$ 43,707	$ 288,217
C&J Well Services Acquisition
Business Acquisition [Line Items]
Revenue			$ 664,549
Net income			$ 740

Oil and Natural Gas Properties and Other Property and Equipment

12 Months Ended

Dec. 31, 2023

Extractive Industries [Abstract]

Oil and Natural Gas Properties and Other Property and Equipment

Oil and Natural Gas Capitalized Costs

Aggregate capitalized costs related to oil, natural gas and NGL production activities with applicable accumulated depletion and amortization are presented below:


	December 31, 2023		December 31, 2022
	(in thousands)
Proved properties	$	1,658,246	$	1,477,791
Unproved properties	247,888		248,073
Total proved and unproved properties	1,906,134		1,725,864
Less: Accumulated depletion and amortization	(592,621)		(465,889)
Total proved and unproved properties, net	$	1,313,513	$	1,259,975

Other Property and Equipment

Other property and equipment consisted of the following:


	December 31, 2023		December 31, 2022(1)
	(in thousands)
Cogeneration facilities, natural gas plants and pipelines	$	62,818	$	58,357
Vehicles and service equipment	55,295		50,522
Furniture and equipment	27,335		25,902
Land	13,903		13,902
Buildings and leasehold improvements	8,416		6,936
Total other property and equipment	167,767		155,619
Less: Accumulated depreciation	(74,668)		(55,781)
Total other property and equipment, net	$	93,099	$	99,838

__________

(1) Certain prior period amounts have been reclassified to conform with the current period presentation. The reclassification had no impact on the balance sheet.

Supplemental Disclosures to the Balance Sheets and Statements of Cash Flows - Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts payable - trade	$ 31,184	$ 40,286
Deferred acquisition payable	18,999	0
Accrued expenses	55,663	85,360
Royalties payable	28,179	38,264
Greenhouse gas liability - current portion	37,945	0
Taxes other than income tax liability	6,488	6,640
Accrued interest	11,999	10,885
Asset retirement obligation - current portion	20,000	20,000
Total lease obligations	2,944	1,666
Total accounts payable and accrued expenses	213,401	$ 203,101
Macpherson Energy Corporation
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred acquisition payable	$ 20,000

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

We calculate basic earnings (loss) per share by dividing net income (loss) by the weighted-average number of common shares outstanding for each period presented. Common shares issuable upon the satisfaction of certain conditions pursuant to a contractual agreement, are considered common shares outstanding and are included in the computation of net earnings (loss) per share.

The RSUs and PSUs are not a participating security as the dividends are forfeitable. For the years ended December 31, 2023 and December 31, 2022, 1,545,000 and 4,069,000 incremental PSU and RSU shares were included in the diluted EPS calculation, respectively. For the year ended December 2021, no incremental RSU or

PSU shares were included in the diluted EPS calculation as their effect was anti-dilutive under the “if-converted” method.


	Year Ended December 31,
	2023		2022		2021
	(in thousands except per share amounts)
Basic EPS calculation
Net income (loss)	$	37,400	$	250,168	$	(15,542)
Weighted-average shares of common stock outstanding	76,038		78,517		80,209
Basic income (loss) per share	$	0.49	$	3.19	$	(0.19)
Diluted EPS calculation
Net income (loss)	$	37,400	$	250,168	$	(15,542)
Weighted-average shares of common stock outstanding	76,038		78,517		80,209
Dilutive effect of potentially dilutive securities(1)	1,545		4,069		—
Weighted-average common shares outstanding - diluted	77,583		82,586		80,209
Diluted income (loss) per share	$	0.48	$	3.03	$	(0.19)

__________

(1) We excluded 3.3 million of combined RSUs and PSUs from the diluted weighted-average common shares outstanding because their effect was anti-dilutive for the year ended December 31, 2021.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Derivatives -Schedule of Derivative Transactions Resulting in Crude Oil Production and Gas Purchases Hedges (Details) - Forecast	3 Months Ended				12 Months Ended
	Dec. 31, 2024 MMBTU $ / bbl $ / MMBtu bbl	Sep. 30, 2024 MMBTU $ / bbl $ / MMBtu bbl	Jun. 30, 2024 MMBTU $ / bbl $ / MMBtu bbl	Mar. 31, 2024 MMBTU $ / bbl $ / MMBtu bbl	Dec. 31, 2026 MMBTU $ / bbl $ / MMBtu bbl	Dec. 31, 2025 MMBTU $ / bbl $ / MMBtu bbl
Brent - Crude Oil Production, Swaps
Derivative [Line Items]
Hedged volume (bbls) \| bbl	1,254,656	1,297,749	1,429,294	1,445,118	1,151,768	1,939,125
Weighted-average price ($/bbl) \| $ / bbl	76.59	76.53	78.93	78.94	70.27	75.14
Brent - Crude Oil Production, Sold Calls
Derivative [Line Items]
Hedged volume (bbls) \| bbl	184,000	184,000	182,000	182,000	1,251,500	2,486,127
Weighted-average price ($/bbl) \| $ / bbl	105.00	105.00	105.00	105.00	85.53	91.11
Brent - Crude Oil Production, Purchased Puts
Derivative [Line Items]
Hedged volume (bbls) \| bbl	322,000	322,000	318,500	318,500	1,251,500	2,486,127
Weighted-average price ($/bbl) \| $ / bbl	50.00	50.00	50.00	50.00	60.00	58.53
Brent - Crude Oil Production, Sold Puts
Derivative [Line Items]
Hedged volume (bbls) \| bbl	46,000	46,000	45,500	45,500	0	0
Weighted-average price ($/bbl) \| $ / bbl	40.00	40.00	40.00	40.00	0	0
NWPL - Natural Gas Purchases, Swaps
Derivative [Line Items]
Hedged volume (mmbtu) \| MMBTU	3,680,000	3,680,000	3,640,000	3,040,000	0	6,080,000
Weighted-average price ($/mmbtu) \| $ / MMBtu	3.96	3.96	3.96	4.11	0	4.27
HH - Natural Gas Purchases, Purchased Calls
Derivative [Line Items]
Hedged volume (mmbtu) \| MMBTU	0	0	0	600,000	0	0
Weighted-average price ($/mmbtu) \| $ / MMBtu	0	0	0	3.38	0	0
Gas Basis Differentials, NWPL/HH Basis Swaps
Derivative [Line Items]
Hedged volume (mmbtu) \| MMBTU	0	0	0	600,000	0	0
Weighted-average price ($/mmbtu) \| $ / MMBtu	0	0	0	4.10	0	0

Supplemental Disclosures to the Balance Sheets and Statements of Cash Flows - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 12,330	$ 12,330
Materials and supplies	17,021	8,976
Prepaid deposits	9,012	7,266
Oil inventories	4,098	4,036
Other	1,298	1,117
Total other current assets	$ 43,759	$ 33,725

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The change in our effective tax rate from (20.4)% for the year ended December 31, 2022 to 32.5% for the year ended December 31, 2023 was primarily due to recognition of U.S. federal general business credits in 2022 related to the 2021 tax period and the release of the valuation allowance in 2022. The credits are available to offset future federal income tax liabilities. The change in our effective rate from (10.0)% for the year ended December 31, 2021 to (20.4)% for the year ended December 31, 2022 was primarily due to recognition of U.S. federal general business credits in 2022 related to the 2021 tax period and release of the valuation allowance.


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Current taxes:
Federal	$	850	$	642	$	—
State	2,295		1,597		581
Total current taxes	3,145		2,239		581
Deferred taxes:
Federal	11,914		(44,053)		832
State	2,966		(622)		—
Total deferred taxes	14,880		(44,675)		832
Total current and deferred taxes	$	18,025	$	(42,436)	$	1,413

A reconciliation of the federal statutory tax rate to the effective tax rate is as follows:


	Year Ended December 31,
	2023		2022		2021
Federal statutory rate	21.0	%	21.0	%	21.0	%
State, net of federal tax benefit	5.8	%	6.2	%	3.7	%
Nondeductible compensation	5.5	%	1.8	%	(24.5)	%
Effect of other permanent differences	(1.4)	%	(0.3)	%	(4.7)	%
Tax credits - Prior Year	—	%	(11.5)	%	(29.5)	%
Tax credits - Current Year	—	%	—	%	21.5	%
Return to provision	1.6	%	(0.3)	%	(0.2)	%

Change in valuation allowance	—	%	(37.3)	%	2.7	%
Effective tax rate	32.5	%	(20.4)	%	(10.0)	%

Significant components of the deferred tax assets and liabilities are as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	9,300	$	22,402
GHG liabilities and other accruals	16,027		10,728
Asset retirement obligations	53,751		48,994
Derivative instruments	(826)		2,280
Tax credits	86,410		88,908
Other	3,336		2,882


Total deferred tax assets	167,998		176,194
Deferred tax liabilities:
Book tax differences in property basis	(140,034)		(133,350)

Total deferred tax liabilities	(140,034)		(133,350)
Net deferred tax asset	$	27,964	$	42,844

As of December 31, 2023, the Company had approximately $41 million of federal net operating loss (“NOL”) carryforwards and $17 million state net operating loss carryforwards. The federal net operating loss carryovers have no expiration date. State net operating loss carry forwards will expire in varying amounts beginning after taxable year 2037. In addition, as of December 31, 2023, the Company had U.S. federal general business tax credit carryforwards totaling $79 million and state tax credits of $8 million ($7 million net of federal benefit), which, if unused, will begin to expire after taxable years ended 2037 and 2033, respectively.

In recording deferred income tax assets, we consider whether it is more likely than not that some portion or all of the deferred income tax assets will be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income of the appropriate character during the periods in which those deferred income tax assets would be deductible. We assessed the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. As of December 31, 2023, due to the positive evidence of cumulative income in recent years and the reversal of existing federal and state temporary differences, we determined there is sufficient positive evidence to conclude that it is more likely than not that our deferred tax assets are realizable.

We had no material uncertain tax positions at December 31, 2023 or 2022. We do not believe that the total unrecognized benefits will significantly increase within the next 12 months.

We are subject to taxation in the United States and various state jurisdictions. We are not currently under audit by any federal or state income tax authority. The 2020 through 2023 federal and 2019 through 2023 state tax years generally remain open to examination under the respective statute of limitations.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Leases -Schedule of Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Operating lease assets	$ 7,549	$ 6,325
Total assets	7,549	6,325
Liabilities
Operating lease liability	2,944	1,666
Operating lease noncurrent liability	5,126	5,213
Total liabilities	$ 8,070	$ 6,879
Weighted average remaining lease term (in years)	3 years 3 months 18 days	4 years 3 months 18 days
Weighted average discount rate	7.00%	5.00%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities, Current	Accounts Payable and Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

Defined Contribution Plan (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Defined contribution plan, matching contribution percentage	100.00%	100.00%
Defined contribution plan, matching contribution, percentage of employee's gross pay (up to)	6.00%	3.00%
Defined contribution plan, cost			$ 6	$ 6	$ 2

Earnings Per Share - Narrative (Details) - shares	12 Months Ended
Earnings Per Share - Narrative (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	1,545,000	4,069,000	0

Leases - Schedule of Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 2,565	$ 2,128
ROU assets obtained in exchange for operating lease liabilities	$ 3,295	$ 7,956

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table provides disaggregated revenue for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Oil sales	$	643,027	$	806,631	$	587,613
Natural gas sales	22,293		29,515		32,679
Natural gas liquids sales	3,790		6,303		5,183
Service revenue(1)	178,554		181,400		35,840
Electricity sales	15,277		30,833		35,636
Marketing revenues	—		289		3,921
Other revenues	513		479		477
Revenues from contracts with customers	863,454		1,055,450		701,349
Gains (losses) on oil and gas sales derivatives	40,006		(137,109)		(156,399)
Total revenues and other	$	903,460	$	918,341	$	544,950

__________

(1) The well servicing and abandonment segment occasionally provides services to our E&P segment. Prior to the intercompany elimination, service revenue was approximately $186 million and $184 million, and after the intercompany elimination of $7 million and $3 million, net service revenue was $179 million and $181 million for years ended December 31, 2023 and 2022, respectively.

Stockholders' Equity - Stock-Based Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 15	$ 18	$ 14
Tax benefit from compensation expense	$ 5	$ 2	$ 0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,031
Vesting period	3 years
Unrecognized compensation costs	$ 9
Unrecognized compensation cost, weighted average period of recognition	2 years
Performance-based Restricted Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	437
Unrecognized compensation costs	$ 6
Unrecognized compensation cost, weighted average period of recognition	2 years
Minimum \| TSR PSUs Granted in 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted	0.00%
Minimum \| TSR PSUs Granted in 2022 and 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted	0.00%
Minimum \| Berry Employees \| CROIC PSUs and ROIC PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted	0.00%
Minimum \| CJWS Employees \| CROIC PSUs and ROIC PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted	0.00%
Maximum \| TSR PSUs Granted in 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Possible range of shares received over amount granted	200.00%
Maximum \| TSR PSUs Granted in 2022 and 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted	250.00%
Maximum \| Performance-based Restricted Stock Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Maximum \| Berry Employees \| CROIC PSUs and ROIC PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted	200.00%
Maximum \| CJWS Employees \| CROIC PSUs and ROIC PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Possible range of shares received over amount granted	200.00%

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss)	$ 37,400	$ 250,168	$ (15,542)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 4,835	$ 46,250
Accounts receivable, net of allowance for doubtful accounts of $655 and $866 at December 31, 2023 and December 31, 2022	86,918	101,713
Derivative instruments	5,288	36,367
Other current assets	43,759	33,725
Total current assets	140,800	218,055
Noncurrent assets:
Oil and natural gas properties	1,906,134	1,725,864
Accumulated depletion and amortization	(592,621)	(465,889)
Total oil and natural gas properties, net	1,313,513	1,259,975
Other property and equipment	167,767	155,619
Accumulated depreciation	(74,668)	(55,781)
Total other property and equipment, net	93,099	99,838
Deferred income taxes	30,308	42,844
Derivative instruments	5,463	76
Other noncurrent assets	10,975	10,242
Total assets	1,594,158	1,631,030
Current liabilities:
Accounts payable and accrued expenses	213,401	203,101
Derivative instruments	9,781	31,106
Total current liabilities	223,182	234,207
Noncurrent liabilities:
Long-term debt	427,993	395,735
Derivative instruments	959	13,642
Deferred income taxes	2,344	0
Asset retirement obligation	176,578	158,491
Other noncurrent liabilities	5,126	28,470
Commitments and Contingencies - Note 5
Stockholders' Equity:
Common stock ($0.001 par value; 750,000,000 shares authorized; 87,671,241 and 86,350,771 shares issued; and 75,667,430 and 75,767,503 shares outstanding, at December 31, 2023 and December 31, 2022, respectively)	88	86
Additional paid-in capital	819,157	821,443
Treasury stock, at cost (12,003,811 shares at December 31, 2023 and 10,583,268 shares at December 31, 2022)	(113,768)	(103,739)
Retained earnings	52,499	82,695
Total stockholders' equity	757,976	800,485
Total liabilities and stockholders' equity	$ 1,594,158	$ 1,631,030

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2023	Feb. 29, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38606
Entity Registrant Name	BERRY CORPORATION (bry)
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-5410470
Entity Address, Address Line One	16000 Dallas Parkway
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75248
City Area Code	661
Local Phone Number	616-3900
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	BRY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 449.8
Entity Common Stock, Shares Outstanding		76,333,111
Documents Incorporated by Reference	The Company’s definitive proxy statement relating to the annual meeting of shareholders (to be held May 23, 2024) will be filed with the Securities and Exchange Commission within 120 days after the close of the Company’s fiscal year ended December 31, 2023 and is incorporated by reference in Part III to the extent described herein.
Entity Central Index Key	0001705873
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Components of Lease Expense and Cash Flow Information Related to Leases

The components of lease expense are as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Lease Cost
Operating lease cost	$	2,526	$	1,992

Total net lease cost	$	2,526	$	1,992

Supplemental consolidated statement of cash flow information related to leases is as follows:


	Year Ended December 31,
	2023		2022
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows from operating leases	$	2,565	$	2,128


ROU assets obtained in exchange for operating lease liabilities	$	3,295	$	7,956

Schedule of Balance Sheet Information Related to Leases

The following table presents the consolidated balance sheet information related to leases as of December 31, 2023 and 2022.


	As of December 31,
	2023		2022		Balance Sheet Classification
	(in thousands)
Leases
Assets

Operating lease assets	$	7,549	$	6,325	Other noncurrent assets

Total assets	$	7,549	$	6,325

Liabilities
Operating lease liability	$	2,944	$	1,666	Accounts payable and accrued expenses
Operating lease noncurrent liability	5,126		5,213		Other noncurrent liabilities

Total liabilities	$	8,070	$	6,879


	As of December 31,
	2023		2022
Long-Term and Discount Rate
Weighted-average remaining lease term:

Operating Lease	3.3 years		4.3 years
Weighted-average discount rate:

Operating Lease	7	%	5	%

Schedule of Maturity

The following table presents a schedule of future minimum lease payments required under all operating lease agreements as of December 31, 2023.


	As of December 31,
	2023		2022
	(in thousands)
2024	$	3,369	$	1,963
2025	2,138		1,650
2026	1,864		1,542
2027	1,241		1,549
2028	313		935
Thereafter	54		—
Total lease payments	8,979		7,639
Less: Imputed interest	(909)		(760)
Total lease obligations	8,070		6,879
Less: Current obligations	(2,944)		(1,666)
Long-term lease obligations	$	5,126	$	5,213

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

In the normal course of business, we, or our subsidiaries, are the subject of, or party to, pending or threatened legal proceedings, contingencies and commitments involving a variety of matters that seek, or may seek, among other things, compensation for alleged personal injury, breach of contract, property damage or other losses, punitive damages, fines and penalties, remediation costs, or injunctive or declaratory relief.

We accrue for currently outstanding lawsuits, claims and proceedings when it is probable that a liability has been incurred and the liability can be reasonably estimated. We have not recorded any reserve balances at December 31, 2023 and December 31, 2022. We also evaluate the amount of reasonably possible losses that we could incur as a result of these matters. We believe that reasonably possible losses that we could incur in excess of accruals on our balance sheet would not be material to our consolidated financial position or results of operations.

We, or our subsidiaries, or both, have indemnified various parties against specific liabilities those parties might incur in the future in connection with transactions that they have entered into with us. As of December 31, 2023, we are not aware of material indemnity claims pending or threatened against us.

Securities Litigation Matters

On November, 20, 2020, Luis Torres, individually and on behalf of a putative class, filed a securities class action lawsuit (the “Securities Class Action”) in the United States District Court for the Northern District of Texas against Berry Corp. and certain of its current and former directors and officers (collectively, the “Defendants”). The complaint asserts violations of Sections 11 and 15 of the Securities Act of 1933 (as amended, the “Securities Act”), and Sections 10(b) and 20(a) of the Exchange Act of 1934 (as amended, the “Exchange Act”), on behalf of a putative class of all persons who purchased or otherwise acquired (i) common stock pursuant and/or traceable to the Company’s 2018 IPO; or (ii) Berry Corp.’s securities between July 26, 2018 and November 3, 2020 (the “Class Period”). In particular, the complaint alleges that the Defendants made false and misleading statements during the Class Period and in the offering materials for the IPO, concerning the Company’s business, operational efficiency and stability, and compliance policies, that artificially inflated the Company’s stock price, resulting in injury to the purported class members when the value of Berry Corp.’s common stock declined following release of its financial results for the third quarter of 2020 on November 3, 2020.

On November 1, 2021, the court-appointed co-lead plaintiffs filed an amended complaint asserting claims on behalf of the same putative class under Sections 11 and 15 of the Securities Act and Sections 10(b) and 20(a) of the Exchange Act, alleging, among other things, that the Company and the individual Defendants made false and misleading statements between July 26, 2018 and November 3, 2020 regarding the Company’s permits and permitting processes. The amended complaint does not quantify the alleged losses but seeks to recover all damages sustained by the putative class as a result of these alleged securities violations, as well as attorneys’ fees and costs. The Defendants filed a motion to dismiss on January 24, 2022 and on September 13, 2022, the court issued an order denying that motion, and the case moved into discovery. On February 13, 2023, the plaintiffs filed a motion for class certification, and on April 14, 2023, the defendants filed their opposition; the plaintiffs filed their reply on May 26, 2023, and a hearing on the motion for class certification was set for August 23, 2023.

On July 31, 2023, the parties executed a Memorandum of Understanding memorializing an agreement-in-principle to settle all claims in the Securities Class Action for an aggregate sum of $2.5 million. On September 18, 2023, the plaintiffs and Defendants executed a Stipulation and Agreement of Settlement, and the plaintiffs filed a motion seeking preliminary approval of the settlement. On October 18, 2023, the Court granted that motion, issuing a preliminary approval order and scheduling a final settlement approval hearing for February 6, 2024. Following notice to the class and an opt-out and objection process, the Court granted final approval of the settlement at the hearing on February 6, 2024. On February 16, 2024, the Court entered a final settlement-approval order and judgment and terminated the case; the settlement funds will be disbursed to the class from an existing escrow account in coming weeks. The Defendants continue to maintain that the claims are without merit and admit no liability in connection with the settlement.

On October 20, 2022, a shareholder derivative lawsuit (the “Assad Lawsuit”) was filed in the United States District Court for the Northern District of Texas by putative stockholder George Assad, allegedly on behalf of the Company, that piggy-backs on the Securities Class Action and which is currently pending before the same court. The derivative complaint names certain current and former officers and directors as defendants, and generally alleges that they breached their fiduciary duties by causing or failing to prevent the securities violations alleged in the securities class action. The derivative complaint also alleges claims for unjust enrichment as against all defendants, and claims for contribution and indemnification under Sections 10(b) and 21D of the Exchange Act. On January 27, 2023, the court granted the parties’ joint stipulated request to stay the Assad Lawsuit pending resolution of the Securities Class Action.

On January 20, 2023, a second shareholder derivative lawsuit (the “Karp Lawsuit”, together with the Assad Lawsuit, the “Shareholder Derivative Actions”) was filed, this time in the United States District Court for the District of Delaware, by putative stockholder Molly Karp allegedly on behalf of the Company, again piggy-backing on the Securities Class Action. This complaint, similar to the Assad Lawsuit, is brought against certain current and former officers and directors of the Company, asserting breach of fiduciary duty, aiding and abetting, and contribution claims based on the defendants allegedly having caused or failed to prevent the securities violations alleged in the securities class action. In addition, the complaint asserts a claim under Section 14(a) of the Exchange Act, alleging that Berry’s 2022 proxy statement was false and misleading in that it suggested the Company’s internal controls were sufficient and the Board of Directors was adequately overseeing material risks facing the Company when, according to the derivative plaintiff, that was not the case. On February 13, 2023, the court granted the parties’ joint stipulated request to stay the Karp Lawsuit pending resolution of a motion for summary judgment by the defendants in the Securities Class Action. The settlement of the Securities Class Action does not relate to the Shareholder Derivative Actions. The defendants continue to believe the claims in the Shareholder Derivative Actions are without merit and intend to defend vigorously against them, but there can be no assurances as to the outcome. At this time, we are unable to estimate the probability or the amount of liability, if any, related to these matters.

In addition, on or around April 17, 2023, the Company received a stockholder litigation demand that the Board of Directors investigate and commence legal proceedings against certain current and former officers and directors based ostensibly on the same claims asserted in the Shareholder Derivative Actions. The Board of Directors appointed a Demand Review Committee for the purpose of reviewing the demand.

Other Commitments

In the ordinary course of our business, we enter into certain firm commitments to secure transportation of our production, which require a minimum monthly charge regardless of whether the contracted capacity is used or not. At December 31, 2023, future net minimum payments for non-cancelable purchase obligations (excluding oil and natural gas and other mineral leases, utilities, taxes and insurance expense) were as follows:


	2024		2025		2026		2027		2028		Thereafter		Total
	(in thousands)
Off-Balance Sheet arrangements:(1)
Transportation contracts(2)	$	11,517	$	10,051	$	8,082	$	8,082	$	8,083	$	35,438	$	81,253
Other purchase obligations(3)	8,400		8,700		—		—		—		—		17,100
Total contractual obligations	$	19,917	$	18,751	$	8,082	$	8,082	$	8,083	$	35,438	$	98,353

__________

(1) These commitments and contractual obligations are expected to be funded by our cash flow from operations.

(2) Amounts include payments which will become due under long-term agreements to purchase goods and services used in the normal course of business to secure pipeline transportation of natural gas to market and between markets.

(3) Amounts include a drilling commitment in California, for which we are required to drill 57 wells with a minimum commitment of $17.1 million by June 2025. In September 2023, the drilling commitment was amended to defer 28 of those wells to be drilled by December 2024 (previously required to be drilled by October 1, 2023), and the remaining 29 wells to be drilled by June 2025 (previously required to be drilled by June 1, 2024).

Stockholders' Equity - Shares Outstanding (Narrative) (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	75,667,430	75,767,503
2017 Omnibus Incentive Plan
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	75,667,430
Unvested restricted stock units and performance restricted stock units outstanding (in shares)	4,886,044

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

The following table summarizes our outstanding debt:


	December 31, 2023		December 31, 2022		Interest Rate	Maturity	Security
	(in thousands)
2021 RBL Facility	$	31,000	$	—	variable rates 10.50% (2023) and 9.50% (2022)	August 26, 2025	Mortgage on 90% of Present Value of proven oil and gas reserves and lien on certain other assets
2022 ABL Facility	—		—		variable rates 9.75% (2023) and 8.3% (2022)	June 5, 2025	CJWS property and certain other assets
2026 Notes	400,000		400,000		7.0%	February 15, 2026	Unsecured
Long-Term Debt - Principal Amount	431,000		400,000
Less: Debt Issuance Costs	(3,007)		(4,265)
Long-Term Debt, net	$	427,993	$	395,735

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared on common stock (in dollars per share)	$ 0.97	$ 1.34	$ 0.20

Derivatives

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

We utilize derivatives, such as swaps, puts, calls and collars to hedge a portion of our forecasted oil and gas production and gas purchases to reduce exposure to fluctuations in oil and natural gas prices, which addresses our market risk. In addition to satisfying the oil hedging requirements of the 2021 RBL Facility, which specifies the volume and types of our hedges, we target covering our operating expenses and a majority of our fixed charges, which includes capital needed to sustain production levels, as well as interest and fixed dividends as applicable, with the oil and gas sales hedges for a period of up to three years out. Additionally, we target fixing the price for a large portion of our natural gas purchases used in our steam operations for up to three years. We have also entered into gas transportation contracts to help reduce the price fluctuation exposure, however these do not qualify as hedges. We also, from time to time, have entered into agreements to purchase a portion of the natural gas we require for our operations, which we do not record at fair value as derivatives because they qualify for normal purchases and normal sales exclusions. We had no such transactions in the periods presented.

Oil Sales Hedges

For fixed-price sales swaps, we are the seller, so we make settlement payments for prices above the indicated weighted-average price per bbl and per mmbtu, respectively, and receive settlement payments for prices below the indicated weighted-average price per bbl and per mmbtu, respectively.

For our sold call options, we would make settlement payments for prices above the indicated weighted-average price per barrel, net of any deferred premium. No payment would be made or received for prices below the indicated weighted-average price per barrel, other than any applicable deferred premium.

For our purchased puts, we would receive settlement payments for prices below the indicated weighted-average price per barrel, net of any deferred premium. No payment would be made or received for prices above the indicated weighted-average price per barrel, other than any applicable deferred premium.

For our sold puts, we would make settlement payments for prices below the indicated weighted-average price per barrel, net of any deferred premium. No payment would be made or received for prices above the indicated weighted-average price per barrel, other than any applicable deferred premium.

Gas Purchase Hedges

For fixed-price gas purchase swaps, we are the buyer, so we make settlement payments for prices below the indicated weighted-average price per mmbtu and receive settlement payments for prices above the indicated weighted-average price per mmbtu.

For natural gas purchased calls, we receive settlement payments for prices above the indicated weighted-average price per mmbtu, net of any deferred premium. No payment would be made or received for prices below the indicated weighted-average price per mmbtu, other than any applicable deferred premium.

For natural gas basis swaps, we make settlement payments if the difference between NWPL and Henry Hub is below the indicated weighted-average price of our contracts and receive settlement payments if the difference between NWPL and Henry Hub is above the indicated weighted-average price.

For some of our options we paid or received a premium at the time the positions were created and for others, the premium payment or receipt is deferred until the time of settlement. As of December 31, 2023, we have net payable deferred premiums of approximately $2 million, which is reflected in the mark-to-market valuation and will be payable through December 31, 2024.

We use oil and gas production hedges to protect our sales against decreases in oil and gas prices. We also use natural gas purchase hedges to protect our natural gas purchases against increases in prices. We do not enter into

derivative contracts for speculative trading purposes and have not accounted for our derivatives as cash-flow or fair-value hedges. The changes in fair value of these instruments are recorded in current earnings. Gains (losses) on oil and gas sales hedges are classified in the revenues and other section of the statement of operations, while natural gas purchase hedges are included in expenses and other section of the statement of operations.

As of December 31, 2023, we had the following crude oil production and gas purchases hedges:


	Q1 2024		Q2 2024		Q3 2024		Q4 2024		FY 2025		FY 2026
Brent - Crude Oil Production
Swaps
Hedged volume (bbls)	1,445,118		1,429,294		1,297,749		1,254,656		1,939,125		1,151,768
Weighted-average price ($/bbl)	$	78.94	$	78.93	$	76.53	$	76.59	$	75.14	$	70.27
Sold Calls(1)
Hedged volume (bbls)	182,000		182,000		184,000		184,000		2,486,127		1,251,500
Weighted-average price ($/bbl)	$	105.00	$	105.00	$	105.00	$	105.00	$	91.11	$	85.53
Purchased Puts (net)(2)
Hedged volume (bbls)	318,500		318,500		322,000		322,000		2,486,127		1,251,500
Weighted-average price ($/bbl)	$	50.00	$	50.00	$	50.00	$	50.00	$	58.53	$	60.00



Sold Puts (net)(2)
Hedged volume (bbls)	45,500		45,500		46,000		46,000		—		—
Weighted-average price ($/bbl)	$	40.00	$	40.00	$	40.00	$	40.00	$	—	$	—

NWPL - Natural Gas Purchases(3)
Swaps
Hedged volume (mmbtu)	3,040,000		3,640,000		3,680,000		3,680,000		6,080,000		—
Weighted-average price ($/mmbtu)	$	4.11	$	3.96	$	3.96	$	3.96	$	4.27	$	—
HH - Natural Gas Purchases(3)
Purchased Calls
Hedged volume (mmbtu)	600,000		—		—		—		—		—
Weighted-average price ($/mmbtu)	$	3.38	$	—	$	—	$	—	$	—	$	—
Gas Basis Differentials
NWPL/HH - basis swaps(3)
Hedged volume (mmbtu)	600,000		—		—		—		—		—
Weighted-average price ($/mmbtu)	$	4.10	$	—	$	—	$	—	$	—	$	—

__________

(1) Purchased calls and sold calls with the same strike price have been presented on a net basis.

(2) Purchased puts and sold puts have been presented on a net basis.

(3) The term “NWPL” is defined as Northwest Rocky Mountain Pipeline. The term “HH” is defined as Henry Hub.

In addition to the table above, in January and February 2024, we added the following sold oil swaps (Brent): 1,000 bbl/d at $78.60 beginning February 2024 through December 2024, 1,000 bbl/d at $80.00 beginning March 2024 through December 2024, 2,000 bbl/d at $75.45 beginning January 2025 through December 2025, and 2,000 bbl/d at $71.75 beginning January 2026 through December 2026.

In January 2024, we also purchased calls of 1,000 bbl/d at $105.00 beginning February 2024 through December 2024, which are in addition to the table above.

Our commodity derivatives are measured at fair value using industry-standard models with various inputs including publicly available underlying commodity prices and forward curves, and all are classified as Level 2 in the required fair value hierarchy for the periods presented. These commodity derivatives are subject to counterparty netting. The following tables present the fair values (gross and net) of our outstanding derivatives as of December 31, 2023 and 2022.


	December 31, 2023
	Balance Sheet Classification	Gross Amounts Recognized at Fair Value		Gross Amounts Offset in the Balance Sheet		Net Fair Value Presented in the Balance Sheet
	(in thousands)
Assets:
Commodity Contracts	Current assets	$	26,230	$	(20,942)	$	5,288
Commodity Contracts	Non-current assets	28,992		(23,529)		5,463
Liabilities:
Commodity Contracts	Current liabilities	(30,723)		20,942		(9,781)
Commodity Contracts	Non-current liabilities	(24,488)		23,529		(959)
Total derivatives		$	11	$	—	$	11


	December 31, 2022
	Balance Sheet Classification	Gross Amounts Recognized at Fair Value		Gross Amounts Offset in the Balance Sheet		Net Fair Value Presented in the Balance Sheet
	(in thousands)
Assets:
Commodity Contracts	Current assets	$	66,974	$	(30,607)	$	36,367
Commodity Contracts	Non-current assets	39,886		(39,810)		76
Liabilities:
Commodity Contracts	Current liabilities	(61,713)		30,607		(31,106)
Commodity Contracts	Non-current liabilities	(53,452)		39,810		(13,642)
Total derivatives		$	(8,305)	$	—	$	(8,305)

By using derivative instruments to economically hedge exposure to changes in commodity prices, we expose ourselves to credit risk. Credit risk is the failure of the counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty owes us, which creates credit risk. We do not receive collateral from our counterparties.

We minimize the credit risk in derivative instruments by limiting our exposure to any single counterparty. In addition, our 2021 RBL Facility prevents us from entering into hedging arrangements that are secured, except with our lenders and their affiliates; or with a non-lender counterparty that does not have an A or A2 credit rating or better from Standard & Poor’s or Moody’s, respectively. In accordance with our standard practice, our commodity derivatives are subject to counterparty netting under agreements governing such derivatives which partially mitigates the counterparty nonperformance risk.

Gains (Losses) on Derivatives

A summary of gains and losses on the derivatives included on the statements of operations is presented below:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Realized gains (losses) on commodity derivatives:
Realized (losses) on oil and gas sales derivatives	$	(28,917)	$	(126,176)	$	(142,531)
Realized gains on natural gas purchase derivatives	34,812		38,153		50,897
Total realized gains (losses) on derivatives	5,895		(88,023)		(91,634)

Unrealized gains (losses) on commodity derivatives:
Unrealized gains (losses) on oil and gas sales derivatives	68,923		(10,933)		(13,868)
Unrealized (losses) gains on natural gas purchase derivatives	(61,198)		50,642		(12,320)
Total unrealized gains (losses) on derivatives	7,725		39,709		(26,188)
Total gains (losses) on derivatives	$	13,620	$	(48,314)	$	(117,822)

Oil and Natural Gas Properties and Other Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Extractive Industries [Abstract]

Schedule of Aggregate Capitalized Costs Related to Oil, Natural Gas and NGL Production Activities

Aggregate capitalized costs related to oil, natural gas and NGL production activities with applicable accumulated depletion and amortization are presented below:


	December 31, 2023		December 31, 2022
	(in thousands)
Proved properties	$	1,658,246	$	1,477,791
Unproved properties	247,888		248,073
Total proved and unproved properties	1,906,134		1,725,864
Less: Accumulated depletion and amortization	(592,621)		(465,889)
Total proved and unproved properties, net	$	1,313,513	$	1,259,975

Schedule of Other Property and Equipment

Other property and equipment consisted of the following:


	December 31, 2023		December 31, 2022(1)
	(in thousands)
Cogeneration facilities, natural gas plants and pipelines	$	62,818	$	58,357
Vehicles and service equipment	55,295		50,522
Furniture and equipment	27,335		25,902
Land	13,903		13,902
Buildings and leasehold improvements	8,416		6,936
Total other property and equipment	167,767		155,619
Less: Accumulated depreciation	(74,668)		(55,781)
Total other property and equipment, net	$	93,099	$	99,838

__________

(1) Certain prior period amounts have been reclassified to conform with the current period presentation. The reclassification had no impact on the balance sheet.

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic EPS calculation
Net income (loss)	$ 37,400	$ 250,168	$ (15,542)
Weighted-average shares of common stock outstanding (in shares)	76,038	78,517	80,209
Basic income (loss) per share (in dollars per share)	$ 0.49	$ 3.19	$ (0.19)
Diluted EPS calculation
Net income (loss)	$ 37,400	$ 250,168	$ (15,542)
Weighted-average shares of common stock outstanding (in shares)	76,038	78,517	80,209
Dilutive effect of potentially dilutive securities (in shares)	1,545	4,069	0
Weighted-average common shares outstanding - diluted (in shares)	77,583	82,586	80,209
Diluted income (loss) per share (in dollars per share)	$ 0.48	$ 3.03	$ (0.19)
Restricted Stock Units (RSUs) and Performance-based Restricted Stock Units (PSUs)
Diluted EPS calculation
Potentially dilutive securities (in shares)			3,300

Supplemental Disclosures to the Balance Sheets and Statements of Cash Flows - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification [Line Items]
Operating lease assets		$ 7,549	$ 6,325
Deferred financing costs, non-current, net of amortization		3,000	4,000
Greenhouse gas liability, noncurrent			23,000
Operating lease noncurrent liability		5,126	5,213
Other operating (income) expenses		$ (1,788)	3,722	$ 3,101
Supplemental property tax assessment			2,000	3,000
Other expenses				2,000
Gain on sale				2,000
Income from employee retention credits				2,000
Piceance Basin
Reclassification [Line Items]
Gain (loss) on disposition of oil and gas property	$ (2,000)		$ (2,000)
Revolving credit facility \| 2017 RBL Facility \| Line of credit
Reclassification [Line Items]
Unamortized debt issuance costs				$ 3,000

Derivatives - Schedule of Fair Values (Gross and Net) of Outstanding Derivatives (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Liabilities:
Total derivatives	$ 11	$ (8,305)
Commodity Contracts \| Current assets
Assets:
Gross Amounts Recognized at Fair Value	26,230	66,974
Gross Amounts Offset in the Balance Sheet	(20,942)	(30,607)
Net Fair Value Presented in the Balance Sheet	5,288	36,367
Commodity Contracts \| Non-current assets
Assets:
Gross Amounts Recognized at Fair Value	28,992	39,886
Gross Amounts Offset in the Balance Sheet	(23,529)	(39,810)
Net Fair Value Presented in the Balance Sheet	5,463	76
Commodity Contracts \| Current liabilities
Liabilities:
Gross Amounts Recognized at Fair Value	(30,723)	(61,713)
Gross Amounts Offset in the Balance Sheet	20,942	30,607
Net Fair Value Presented in the Balance Sheet	(9,781)	(31,106)
Commodity Contracts \| Non-current liabilities
Liabilities:
Gross Amounts Recognized at Fair Value	(24,488)	(53,452)
Gross Amounts Offset in the Balance Sheet	23,529	39,810
Net Fair Value Presented in the Balance Sheet	$ (959)	$ (13,642)

Derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Transactions Resulting in Crude Oil Production and Gas Purchases Hedges

As of December 31, 2023, we had the following crude oil production and gas purchases hedges:


	Q1 2024		Q2 2024		Q3 2024		Q4 2024		FY 2025		FY 2026
Brent - Crude Oil Production
Swaps
Hedged volume (bbls)	1,445,118		1,429,294		1,297,749		1,254,656		1,939,125		1,151,768
Weighted-average price ($/bbl)	$	78.94	$	78.93	$	76.53	$	76.59	$	75.14	$	70.27
Sold Calls(1)
Hedged volume (bbls)	182,000		182,000		184,000		184,000		2,486,127		1,251,500
Weighted-average price ($/bbl)	$	105.00	$	105.00	$	105.00	$	105.00	$	91.11	$	85.53
Purchased Puts (net)(2)
Hedged volume (bbls)	318,500		318,500		322,000		322,000		2,486,127		1,251,500
Weighted-average price ($/bbl)	$	50.00	$	50.00	$	50.00	$	50.00	$	58.53	$	60.00



Sold Puts (net)(2)
Hedged volume (bbls)	45,500		45,500		46,000		46,000		—		—
Weighted-average price ($/bbl)	$	40.00	$	40.00	$	40.00	$	40.00	$	—	$	—

NWPL - Natural Gas Purchases(3)
Swaps
Hedged volume (mmbtu)	3,040,000		3,640,000		3,680,000		3,680,000		6,080,000		—
Weighted-average price ($/mmbtu)	$	4.11	$	3.96	$	3.96	$	3.96	$	4.27	$	—
HH - Natural Gas Purchases(3)
Purchased Calls
Hedged volume (mmbtu)	600,000		—		—		—		—		—
Weighted-average price ($/mmbtu)	$	3.38	$	—	$	—	$	—	$	—	$	—
Gas Basis Differentials
NWPL/HH - basis swaps(3)
Hedged volume (mmbtu)	600,000		—		—		—		—		—
Weighted-average price ($/mmbtu)	$	4.10	$	—	$	—	$	—	$	—	$	—

__________

(1) Purchased calls and sold calls with the same strike price have been presented on a net basis.

(2) Purchased puts and sold puts have been presented on a net basis.

(3) The term “NWPL” is defined as Northwest Rocky Mountain Pipeline. The term “HH” is defined as Henry Hub.

Schedule of Fair Values (Gross and Net) of Outstanding Derivatives

The following tables present the fair values (gross and net) of our outstanding derivatives as of December 31, 2023 and 2022.


	December 31, 2023
	Balance Sheet Classification	Gross Amounts Recognized at Fair Value		Gross Amounts Offset in the Balance Sheet		Net Fair Value Presented in the Balance Sheet
	(in thousands)
Assets:
Commodity Contracts	Current assets	$	26,230	$	(20,942)	$	5,288
Commodity Contracts	Non-current assets	28,992		(23,529)		5,463
Liabilities:
Commodity Contracts	Current liabilities	(30,723)		20,942		(9,781)
Commodity Contracts	Non-current liabilities	(24,488)		23,529		(959)
Total derivatives		$	11	$	—	$	11


	December 31, 2022
	Balance Sheet Classification	Gross Amounts Recognized at Fair Value		Gross Amounts Offset in the Balance Sheet		Net Fair Value Presented in the Balance Sheet
	(in thousands)
Assets:
Commodity Contracts	Current assets	$	66,974	$	(30,607)	$	36,367
Commodity Contracts	Non-current assets	39,886		(39,810)		76
Liabilities:
Commodity Contracts	Current liabilities	(61,713)		30,607		(31,106)
Commodity Contracts	Non-current liabilities	(53,452)		39,810		(13,642)
Total derivatives		$	(8,305)	$	—	$	(8,305)

Schedule of Gains and Losses of Derivatives Instruments in Statement of Operations

A summary of gains and losses on the derivatives included on the statements of operations is presented below:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Realized gains (losses) on commodity derivatives:
Realized (losses) on oil and gas sales derivatives	$	(28,917)	$	(126,176)	$	(142,531)
Realized gains on natural gas purchase derivatives	34,812		38,153		50,897
Total realized gains (losses) on derivatives	5,895		(88,023)		(91,634)

Unrealized gains (losses) on commodity derivatives:
Unrealized gains (losses) on oil and gas sales derivatives	68,923		(10,933)		(13,868)
Unrealized (losses) gains on natural gas purchase derivatives	(61,198)		50,642		(12,320)
Total unrealized gains (losses) on derivatives	7,725		39,709		(26,188)
Total gains (losses) on derivatives	$	13,620	$	(48,314)	$	(117,822)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

We account for revenue in accordance with the Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, using the modified retrospective method.

The performance obligations that are unsatisfied at the end of a reporting period relate solely to future volumes that we have yet to sell. As such, these are wholly unsatisfied performance obligations as each unit of product represents a separate performance obligation as well as a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation.

We derive revenue from sales of oil, natural gas and natural gas liquids (“NGL”), with the remaining revenue generated from sales of electricity, marketing activities, and, as of October 1, 2021, our a well servicing and abandonment business, CJWS. Revenue from CJWS is primarily generated from well servicing and abandonment business.

The following is a description of our principal activities from which we generate revenue. Revenues are recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration we expect to receive in exchange for those goods or services.

Oil, Natural Gas and NGLs

We recognize revenue from the sale of our oil, natural gas and NGL production when delivery has occurred and control passes to the customer. Our oil and natural gas contracts are short term, typically less than a year and our NGL contracts are both short and long term. We consider our performance obligations to be satisfied upon transfer of control of the commodity. Our commodity sales contracts are indexed to a market price or an average index price. We recognize revenue in the amount that we expect to receive once we are able to adequately estimate the consideration (i.e., when market prices are known or estimated). Our contracts with customers typically require payment within 30 days following invoicing.

Service Revenue

We recognize service revenue from the well servicing and abandonment business upon delivery of the service to the customer. These services are consumed by our customers when they are provided on their sites. Revenue is recognized as performance obligations have been completed on a daily basis, when all of the proper customer approvals are obtained. We do not have any long-term service contracts; nor do we have revenue expected to be recognized in any future year related to remaining performance obligations or contracts with variable consideration related to undelivered performance obligations. Our contracts with customers generally require payment within 60 days following invoicing.

Electricity Sales

The electrical output of our cogeneration facilities that is not used in our operations is sold to the California market based on market pricing, which includes capacity payments. The portion sold from our cogeneration facilities is sold under contracts to California utility companies, based on the market pricing. Revenue is recognized over time when obligations under the terms of a contract with our customer are satisfied; generally, this occurs upon delivery of the electricity. Revenue is measured as the amount of consideration we expect to receive based on average index pricing with payment due the month following delivery. Capacity payments are based on a fixed annual amount per kilowatt hour and monthly rates vary based on seasonality, which is consistent with how we earn the capacity payment. Capacity payments are settled monthly. We consider our performance obligations to be satisfied upon delivery of electricity or as the contracted amount of energy is made available to the customer in the case of capacity payments. We report electricity revenue as electricity sales on our consolidated statements of operations.

Marketing Revenue

Marketing revenue primarily includes our activities associated with transporting and marketing third-party volumes. These sales are made under the same agreements with the same purchaser as our natural gas sales discussed above. We consider our performance obligations to be satisfied upon transfer of control of the commodity. Revenues are presented excluding costs incurred prior to transferring control of these volumes to the customer, or the costs to purchase these volumes when we are acting as the principal. The revenues and expenses related to the sale and purchase of third-party volumes are presented separately as marketing revenue and marketing expenses on the consolidated statements of operations. In January 2022, we sold our Piceance Colorado operations, which included third-party marketing activities. Historically, these activities accounted for nearly all of our marketing revenues.

Disaggregated Revenue

The following table provides disaggregated revenue for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
	(in thousands)
Oil sales	$	643,027	$	806,631	$	587,613
Natural gas sales	22,293		29,515		32,679
Natural gas liquids sales	3,790		6,303		5,183
Service revenue(1)	178,554		181,400		35,840
Electricity sales	15,277		30,833		35,636
Marketing revenues	—		289		3,921
Other revenues	513		479		477
Revenues from contracts with customers	863,454		1,055,450		701,349
Gains (losses) on oil and gas sales derivatives	40,006		(137,109)		(156,399)
Total revenues and other	$	903,460	$	918,341	$	544,950

__________

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Derivatives - Schedule of Gains and Losses of Derivatives Instruments in Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Total realized gains (losses) on derivatives	$ 5,895	$ (88,023)	$ (91,634)
Total unrealized gains (losses) on derivatives	7,725	39,709	(26,188)
Total gains (losses) on derivatives	13,620	(48,314)	(117,822)
Oil, natural gas and natural gas liquid sales
Derivative [Line Items]
Total realized gains (losses) on derivatives	(28,917)	(126,176)	(142,531)
Total unrealized gains (losses) on derivatives	68,923	(10,933)	(13,868)
Natural gas sales
Derivative [Line Items]
Total realized gains (losses) on derivatives	34,812	38,153	50,897
Total unrealized gains (losses) on derivatives	$ (61,198)	$ 50,642	$ (12,320)

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Commitments and Contingencies - Schedule of Future Net Minimum Payments for Purchase Obligations and Operating Leases (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2023 well	Dec. 31, 2023 USD ($) well
Contractual Obligation, Fiscal Year Maturity [Abstract]
2024		$ 19,917
2025		18,751
2026		8,082
2027		8,082
2028		8,083
Thereafter		35,438
Total		$ 98,353
Drilling commitment, number of wells \| well		57
Drilling Commitment, Revised Total Commitment, Number of Wells by 2024 \| well	28
Drilling commitment, revised total of number of wells by 2025 \| well	29
Transportation contracts
Minimum purchase obligations
2024		$ 11,517
2025		10,051
2026		8,082
2027		8,082
2028		8,083
Thereafter		35,438
Total		81,253
Other purchase obligations
Minimum purchase obligations
2024		8,400
2025		8,700
2026		0
2027		0
2028		0
Thereafter		0
Contractual Obligation, Fiscal Year Maturity [Abstract]
Total		17,100
Drilling commitment
Contractual Obligation, Fiscal Year Maturity [Abstract]
Total		$ 17,100

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Net Minimum Payments for Purchase Obligations and Operating Leases

At December 31, 2023, future net minimum payments for non-cancelable purchase obligations (excluding oil and natural gas and other mineral leases, utilities, taxes and insurance expense) were as follows:


	2024		2025		2026		2027		2028		Thereafter		Total
	(in thousands)
Off-Balance Sheet arrangements:(1)
Transportation contracts(2)	$	11,517	$	10,051	$	8,082	$	8,082	$	8,083	$	35,438	$	81,253
Other purchase obligations(3)	8,400		8,700		—		—		—		—		17,100
Total contractual obligations	$	19,917	$	18,751	$	8,082	$	8,082	$	8,083	$	35,438	$	98,353

__________

(1) These commitments and contractual obligations are expected to be funded by our cash flow from operations.

Oil and Natural Gas Properties and Other Property and Equipment - Schedule of Aggregate Capitalized Costs Related to Oil, Natural Gas and NGL Production Activities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Extractive Industries [Abstract]
Proved properties	$ 1,658,246	$ 1,477,791
Unproved properties	247,888	248,073
Oil and natural gas properties	1,906,134	1,725,864
Less accumulated depletion and amortization	(592,621)	(465,889)
Total oil and natural gas properties, net	$ 1,313,513	$ 1,259,975

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Restricted Stock Units (RSUs) Activity


	Number of shares	Weighted-average Grant Date Fair Value
	(shares in thousands)
Non-vested at December 31, 2022	2,519	$	6.94
Granted	1,031	$	8.92
Vested	(1,362)	$	6.61
Forfeited	(273)	$	7.88
Non-vested at December 31, 2023	1,915	$	8.11

Schedule of Performance-Based Restricted Stock Unit (PSUs) Activity


	Number of shares	Weighted-average Grant Date Fair Value
	(shares in thousands)
Non-vested at December 31, 2022	2,601	$	11.18
Granted	437	$	10.72
Performance factor adjustment	49	$	5.11
Vested	(1,145)	$	13.61
Forfeited	(360)	$	11.74
Non-vested at December 31, 2023	1,582	$	8.98

Commitments and Contingencies - Narrative (Details) $ in Millions	Jul. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Aggregate sum of settlement	$ 2.5

Basis of Presentation and Significant Accounting Policies - Schedule of Asset Retirement Obligation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Beginning balance	$ 178,491	$ 163,925
Liabilities incurred including from acquisitions	10,230	3,028
Settlements and payments	(17,110)	(19,558)
Accretion expense	11,980	10,848
Reduction due to property sales	0	(1,210)
Revisions	12,987	21,458
Ending balance	$ 196,578	$ 178,491

Supplemental Disclosures to the Balance Sheets and Statements of Cash Flows - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Disclosures of Significant Non-Cash Operating Activities:
Greenhouse gas liability - reclassification from current liability to long-term	$ 0	$ 8,000	$ 0
Greenhouse gas liability - reclassification from long-term to current liability	37,945	0	0
Supplemental Disclosures of Significant Non-Cash Investing Activities:
Deferred consideration payable for acquisition	18,999	0	0
Material inventory transfers to oil and natural gas properties	1,694	2,707	3,424
Supplemental Disclosures of Cash Payments (Receipts):
Interest, net of amounts capitalized	32,251	29,792	29,211
Income taxes payments	$ 3,282	$ 3,633	$ 699

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lease Cost
Operating lease cost	$ 2,526	$ 1,992
Total net lease cost	$ 2,526	$ 1,992