Segment Information

6 Months Ended

Jun. 30, 2025

We operate in two business segments: (i) E&P and (ii) well servicing and abandonment services. 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. The well servicing and abandonment services 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.

Net income (loss) before income taxes is the measure reported to the chief operating decision maker (CODM) for purposes of making decisions about allocating resources to and assessing performance of each segment. This

measure allows our management to effectively evaluate our operating performance by segment and compare the results between periods. The CODM is our Chief Executive Officer.

The well servicing and abandonment services segment provides services to our E&P segment, as such, we recorded an intercompany elimination in revenue and expense during consolidation for the three and six months ended June 30, 2025 and 2024, respectively.

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.


	Three Months Ended June 30, 2025
	E&P		Well Servicing and Abandonment Services		Total Reportable Segments		Corporate/Eliminations		Consolidated Company
	(in thousands)
Revenues and other:
Oil, natural gas and natural gas liquid sales	$	125,637	$	—	$	125,637	$	—	$	125,637
Service revenue	$	—	$	31,082	$	31,082	$	(8,258)	$	22,824
Gains on oil and gas derivatives	$	56,423	$	—	$	56,423	$	—	$	56,423
Other revenue (1)	$	5,194	$	—	$	5,194	$	—	$	5,194
Total revenues and other	$	187,254	$	31,082	$	218,336	$	(8,258)	$	210,078

__________

(1) Other revenue generally consists of revenues related to electricity sales and marketing activities.


	Three Months Ended June 30, 2025
	E&P		Well Servicing and Abandonment Services		Total Reportable Segments		Corporate/Eliminations		Consolidated Company
	(in thousands)
Segment Operating Revenues	$	187,254	$	31,082	$	218,336	$	(8,258)	$	210,078
Less:
Lease operating expenses	53,193		—		53,193		—		53,193
Loss on natural gas purchase derivatives	3,130		—		3,130		—		3,130
Cost of services	—		27,259		27,259		(8,258)		19,001
Other operating expenses (1)	2,194		—		2,194		—		2,194
Taxes, other than income taxes	12,957		—		12,957		—		12,957
Other expenses (2)	34,779		4,119		38,898		18,341		57,239
Interest expense and other, net	—		—		—		15,572		15,572
Segment profit (loss)	81,001		(296)		80,705

Income before income taxes									46,792

Capital expenditures	$	53,350	$	333	$	53,683	$	566	$	54,249
Total assets	$	1,429,078	$	43,451	$	1,472,529	$	(44,414)	$	1,428,115

__________

(1) Amounts for our E&P segment include electricity, transportation, and marketing costs.

(2) Includes depreciation, depletion, and amortization expenses of approximately $33 million and $2 million for our E&P and Well Servicing and Abandonment Services segments. Also includes corporate depreciation, depletion, and amortization expenses of approximately $1 million. Other expenses for each reportable segment and corporate also primarily include general and administrative expenses, and other operating income (expenses).


	Three Months Ended June 30, 2024
	E&P		Well Servicing and Abandonment Services		Total Reportable Segments		Corporate/Eliminations		Consolidated Company
	(in thousands)
Revenues and other:
Oil, natural gas and natural gas liquid sales	$	168,781	$	—	$	168,781	$	—	$	168,781
Service revenue	$	—	$	36,680	$	36,680	$	(5,525)	$	31,155
Losses on oil and gas derivatives	$	(5,844)	$	—	$	(5,844)	$	—	$	(5,844)
Other revenue (1)	$	5,542	$	—	$	5,542	$	—	$	5,542
Total revenues and other	$	168,479	$	36,680	$	205,159	$	(5,525)	$	199,634

__________

(1) Other revenue generally consists of revenues related to electricity sales and marketing activities.


	Three Months Ended June 30, 2024
	E&P		Well Servicing and Abandonment Services		Total Reportable Segments		Corporate/Eliminations		Consolidated Company
	(in thousands)
Segment Operating Revenues	$	168,479	$	36,680	$	205,159	$	(5,525)	$	199,634
Less:
Lease operating expenses	53,885		—		53,885		—		53,885
Losses on natural gas purchase derivatives	2,642		—		2,642		—		2,642
Cost of services	—		30,546		30,546		(5,525)		25,021
Other operating expenses (1)	3,510		—		3,510		—		3,510
Taxes, other than income taxes	12,674		—		12,674		—		12,674
Other expenses (2)	81,908		5,017		86,925		16,969		103,894
Interest expense and other, net	—		—		—		10,103		10,103
Segment profit	13,860		1,117		14,977

Loss before income taxes									(12,095)

Capital expenditures	$	41,735	$	468	$	42,203	$	122	$	42,325
Total assets	$	1,547,334	$	63,329	$	1,610,663	$	(77,754)	$	1,532,909

__________

(1) Amounts for our E&P segment include electricity, transportation, and marketing costs.

(2) Includes depreciation, depletion, and amortization expenses of approximately $40 million and $3 million for our E&P and Well Servicing and Abandonment Services segments. Also includes corporate depreciation, depletion, and amortization expenses of approximately $1 million. Our E&P segment recorded a pretax impairment charge of $44 million for the three months ended June 30, 2024. Other expenses for each reportable segment and corporate also primarily include general and administrative expenses, and other operating income (expenses).


	Six Months Ended June 30, 2025
	E&P		Well Servicing and Abandonment Services		Total Reportable Segments		Corporate/Eliminations		Consolidated Company
	(in thousands)
Revenues and other:
Oil, natural gas and natural gas liquid sales	$	273,499	$	—	$	273,499	$	—	$	273,499
Service revenue	—		60,829		60,829		(14,341)		46,488
Gains on oil and gas derivatives	61,898		—		61,898		—		61,898
Other revenue (1)	10,844		—		10,844		—		10,844
Total revenues and other	$	346,241	$	60,829	$	407,070	$	(14,341)	$	392,729

__________

(1) Other revenue generally consists of revenues related to electricity sales and marketing activities.


	Six Months Ended June 30, 2025
	E&P		Well Servicing and Abandonment Services		Total Reportable Segments		Corporate/Eliminations		Consolidated Company
	(in thousands)
Segment Operating Revenues	$	346,241	$	60,829	$	407,070	$	(14,341)	$	392,729
Less:
Lease operating expenses	110,475		—		110,475		—		110,475
(Gains) on natural gas purchase derivatives	(2,561)		—		(2,561)		—		(2,561)
Cost of services	—		54,167		54,167		(14,341)		39,826
Other operating expenses (1)	4,634		—		4,634		—		4,634
Taxes, other than income taxes	22,197		—		22,197		—		22,197
Other expenses (2)	231,912		8,669		240,581		35,666		276,247
Interest expense and other, net	—		—		—		30,472		30,472
Segment loss	(20,416)		(2,007)		(22,423)

Loss before income taxes									$	(88,561)


Capital expenditures	$	80,968	$	389	$	81,357	$	1,281	$	82,638
Total assets	$	1,429,078	$	43,451	$	1,472,529	$	(44,414)	$	1,428,115

__________

(1) Amounts for our E&P segment include electricity, transportation, and marketing costs.

(2) Includes depreciation, depletion, and amortization expenses of approximately $71 million and $4 million for our E&P and Well Servicing and Abandonment Services segments. Also includes corporate depreciation, depletion, and amortization expenses of approximately $1 million. Our E&P segment recorded a pretax impairment charge of $158 million in the first quarter of 2025. Other expenses for each reportable segment and corporate also primarily include general and administrative expenses and other operating income (expenses).


	Six Months Ended June 30, 2024
	E&P		Well Servicing and Abandonment Services		Total Reportable Segments		Corporate/Eliminations		Consolidated Company
	(in thousands)
Revenues and other:
Oil, natural gas and natural gas liquid sales	$	335,099	$	—	$	335,099	$	—	$	335,099
Service revenue	—		72,148		72,148		(9,310)		62,838
(Losses) on oil and gas derivatives	(77,044)		—		(77,044)		—		(77,044)
Other revenue (1)	14,821		—		14,821		—		14,821
Total revenues and other	$	272,876	$	72,148	$	345,024	$	(9,310)	$	335,714

__________

(1) Other revenue generally consists of revenues related to electricity sales and marketing activities.


	Six Months Ended June 30, 2024
	E&P		Well Servicing and Abandonment Services		Total Reportable Segments		Corporate/Eliminations		Consolidated Company
	(in thousands)
Segment Operating Revenues	$	272,876	$	72,148	$	345,024	$	(9,310)	$	335,714
Less:
Lease operating expenses	115,161		—		115,161		—		$	115,161
Losses on natural gas purchase derivatives	7,123		—		7,123		—		$	7,123
Cost of services	—		61,635		61,635		(9,310)		$	52,325
Other operating expenses (1)	10,052		—		10,052		—		$	10,052
Taxes, other than income taxes	28,363		—		28,363		—		$	28,363
Other expenses (2)	123,153		10,637		133,790		35,653		$	169,443
Interest expense and other, net	—		—		—		19,326		$	19,326
Segment loss	(10,976)		(124)		(11,100)

Loss before income taxes									$	(66,079)


Capital expenditures	$	57,152	$	1,800	$	58,952	$	309	$	59,261
Total assets	$	1,547,334	$	63,329	$	1,610,663	$	(77,754)	$	1,532,909

__________

(1) Amounts for our E&P segment include electricity, transportation, and marketing costs.

(2) Includes depreciation, depletion, and amortization expenses of approximately $79 million and $6 million for our E&P and Well Servicing and Abandonment Services segments. Also includes corporate depreciation, depletion, and amortization expenses of approximately $1 million. Our E&P segment recorded a pretax impairment charge of $44 million in the second quarter of 2024. Other expenses for each reportable segment and corporate also primarily include general and administrative expenses and other operating income (expenses).

- 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.

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+ Details

Berry Corp (bry) 10-Q