贝利石油 2024年度报告

FORM10-K ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year EndedDecember 31, 2024OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_______________ to _______________Commission file number001-38606 BERRY CORPORATION (bry)(Exact name of registrant as specified in its charter) 81-5410470 (I.R.S. Employer Identification Number) (State of incorporation or organization) 16000 Dallas Parkway,Suite 500Dallas,Texas75248(661)616-3900(Address of principal executive offices, including zip codeRegistrant’s telephone number, including area code): Securities registered pursuant to Section12(b) of the Act: Securities registered pursuant to Section12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act. Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 ofRegulationS-T (§232.405) during the preceding 12months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or anemerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company”in Rule12b-2 of the Exchange Act. Largeacceleratedfiler☐Accelerated filer☒Non-accelerated filer☐Smallerreportingcompany☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation receivedby any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). Yes☐No☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the commonequity was last sold, as of the last business day of the registrant’s most recently completed second fiscal quarter was $433.5million. DOCUMENTS INCORPORATED BY REFERENCE The Company’s definitive proxy statement relating to the annual meeting of shareholders (to be held May20, 2025) will be filed with the Securities andExchange Commission within 120 days after the close of the Company’s fiscal year ended December 31, 2024 and is incorporated by reference in Part IIIto the extent described herein. Table of Contents Part I Item 1 and 2. Business and PropertiesOur CompanyThe Berry AdvantageOur Business StrategiesOur Capital ProgramOur Areas of Operation - E&POur Well Servicing and AbandonmentServicesBusinessOur Assets and Production InformationOur ReservesMethods of Recovery and Marketing ArrangementsTitle to PropertiesCompetitionSeasonalityRegulatory MattersHuman Capital ResourcesCorporate InformationItem 1A. Risk FactorsItem 1B. Unresolved Staff CommentsItem 1C. CybersecurityItem 3. Legal ProceedingsItem 4. Mine Safety DisclosurePart II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesItem 6. ReservedItem 7. Management's Discussion and Analysis of Financial Condition and Results of OperationsExecutive OverviewHow We Plan and Evaluate OperationsBusiness Environment, Market Conditions and OutlookInflationCertain Operating and Financial InformationResults of OperationsLiquidity and Capital Reso