Savvy Trades and Investments

[2morrowsGains]

BRY...On the other hand though, Berry's cash flow is/has been very strong. They have done an excellent job of paying down debt while paying a nice dividend.
Re: Debt reduction (from last Q's cc)...

"On the strength of our free cash flow, we continue to prioritize debt reduction in Q2, driving our revolver balance down to $36 million at the end of the quarter, and we further reduced the revolver to $28 million at the end of July and this included the final payment of $20 million we made on the 2023 Macpherson transaction. Reducing our debt balances speaks to Berry's proactive nature to maintain a strong balance sheet"

Berry also has nice gas assets in Utah. NG has been going up at a good clip as oil prices have been dropping.
I'll be reset next week, so we'll see what happens and I'll go from there. But if I'm going to sell any losses in BRY and SD, I don't want to chance buying VTLE or REI for 30 days past that because I want/need the losses for this year..

Re: Berry's Utah gas assets (this is from their Q2 cc)...

"Turning to Utah. The Uinta Basin has seen increased activity and consolidation, and this is exciting. The 4 horizontal wells we formed into earlier this year were put on production in the second quarter on our performing better than our predrill estimates. These 4 wells are adjacent to our existing acreage on operations. We believe the resource on Berry's nearly 100,000 net operated acres which is almost entirely held by production, has the potential to be significant. Berry has a cost advantage position in this play.
We are in the shallow end of the basin.
We have no entry cost and have significant infrastructure in place, which will drive our long-term capital efficiency. An example of this is our gas production and related infrastructure, which will help us reduce fuel costs in our drilling and completion operations. Based on what we know today, these wells are highly economical and will compete for capital with the rest of our portfolio.
Our strategy with this plant is consistent with our capital discipline and proven financial policy of living within free cash flow while increasing enterprise value. We've kicked off a process to farm out a portion of our 2025 and 2026 program, which we believe will allow us to better manage capital and could potentially bring additional technical insight.
We are very excited about the resource potential we have in Utah and look forward to sharing our future development plans later this year."
https://capedge.com/transcript/1705873/2024Q2/BRY