Berry Corporation cuts dividend by 75%
Berry Corporation (BRY) announced a new fixed quarterly dividend of $0.03 per share, down 75% from the previous fixed dividend.
The Company’s Board of Directors declared fixed dividends totaling $0.03 per share on the company’s outstanding common stock. The dividends are payable on November 25, 2024 to shareholders of record at the close of business on November 15, 2024.
“We remain committed to a disciplined approach to maintaining a healthy balance sheet, and our dividend policy now targets a fixed dividend rate of $0.12 per share annually, subject to board approval. This new approach is designed to return capital to our shareholders at a sustainable level, while enabling us to pursue the highest capital return opportunities in front of us, including developing our assets in the Uinta Basin,”stated Mike Helm, Berry’s Chief Financial Officer.
The annual dividend of $0.12 per share yields 2.7% at a stock price of $4.52 for Berry Corporation. The company paid two special dividends in 2024: $0.05 in August and $0.14 in 2024. The dividend was suspended in 2020.
Berry is a western United States independent upstream energy company with a focus on the conventional, long-lived oil reserves in the San Joaquin basin of California. Berry Corporation became a public company as Berry Petroleum in July 2018 and had been paying a dividend since 2018 prior to the suspension announced in April 2020.
