Berry Corporation appoints Jeff Magids as CFO to enhance financial leadership and support long-term growth strategy.
Quiver AI Summary
Berry Corporation announced the appointment of Jeff Magids as Vice President and Chief Financial Officer, effective January 21, 2025. He brings over 15 years of experience in the oil and gas sector, notably in finance and strategic leadership roles, including his recent position at SilverBow Resources. CEO Fernando Araujo praised Magids' expertise as aligned with the company’s strategy for sustainable growth and shareholder value creation. Mike Helm will continue as Vice President and Chief Accounting Officer, and Araujo expressed gratitude for Helm's contributions. Magids expressed enthusiasm about collaborating with the team to enhance Berry's financial strategies and capitalize on growth opportunities in its key asset areas.
Potential Positives
- Appointment of Jeff Magids as Vice President, Chief Financial Officer, strengthens the Company's financial and strategic leadership capabilities.
- Jeff Magids brings over 15 years of relevant experience in the oil and gas industry, enhancing the company's expertise in finance and M&A.
- CEO Fernando Araujo highlights the focus on sustainable, long-term growth and value creation, indicating a clear strategic direction for the company.
- Magids expresses confidence in Berry's strong asset base and growth opportunities, signaling potential for future value creation.
Potential Negatives
- The appointment of a new CFO may indicate instability in the company’s financial leadership, raising concerns about the current strategy and execution.
- The emphasis on "deleveraging" and "optimizing our balance sheet" suggests potential issues with the company’s current financial structure or debt levels.
- The need to focus on "disciplined capital deployment" implies that past capital expenditures may not have been managed effectively, pointing to potential inefficiencies or mismanagement.
FAQ
Who has been appointed as Chief Financial Officer at Berry Corporation?
Jeff Magids has been appointed as the Vice President and Chief Financial Officer of Berry Corporation.
When did Jeff Magids start his role at Berry Corporation?
Jeff Magids officially started as Chief Financial Officer on January 21, 2025.
What relevant experience does Jeff Magids have?
Jeff Magids has over 15 years of experience in finance, capital markets, and M&A in the oil and gas industry.
What are Berry Corporation's primary business segments?
Berry Corporation operates in exploration and production (E&P) and well servicing and abandonment segments.
Where are Berry Corporation's E&P assets located?
Berry Corporation's exploration and production assets are located primarily in California and Utah.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$BRY Insider Trading Activity
$BRY insiders have traded $BRY stock on the open market 1 times in the past 6 months. Of those trades, 0 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $BRY stock by insiders over the last 6 months:
- FERNANDO ARAUJO (Chief Executive Officer) sold 33,950 shares for an estimated $211,039
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$BRY Hedge Fund Activity
We have seen 93 institutional investors add shares of $BRY stock to their portfolio, and 84 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC removed 3,006,000 shares (-47.4%) from their portfolio in Q3 2024, for an estimated $15,450,839
- MIRAE ASSET GLOBAL ETFS HOLDINGS LTD. added 1,555,098 shares (+87.5%) to their portfolio in Q3 2024, for an estimated $7,993,203
- BLACKROCK, INC. added 1,272,936 shares (+19.4%) to their portfolio in Q3 2024, for an estimated $6,542,891
- HITE HEDGE ASSET MANAGEMENT LLC removed 789,782 shares (-90.5%) from their portfolio in Q3 2024, for an estimated $4,059,479
- JACOBS LEVY EQUITY MANAGEMENT, INC removed 772,289 shares (-56.7%) from their portfolio in Q3 2024, for an estimated $3,969,565
- ARROWSTREET CAPITAL, LIMITED PARTNERSHIP removed 508,999 shares (-21.7%) from their portfolio in Q3 2024, for an estimated $2,616,254
- MORGAN STANLEY removed 458,107 shares (-40.2%) from their portfolio in Q3 2024, for an estimated $2,354,669
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
DALLAS, Jan. 21, 2025 (GLOBE NEWSWIRE) -- Berry Corporation (bry) (NASDAQ: BRY) (“Berry” or the “Company”) today announced the appointment of Jeff Magids as the Company’s Vice President, Chief Financial Officer, effective January 21, 2025. Mike Helm will continue in his position as Vice President, Chief Accounting Officer. Jeff’s extensive experience, including in finance, capital markets and M&A, enhances the Company’s financial and strategic leadership capabilities and underscores the Company’s focus on delivering sustainable, long-term growth and value creation.
“I am excited to welcome Jeff to the team. His experience is well aligned with our strategy and will help drive us forward as we focus on a disciplined approach to delivering sustainable, long-term growth and creating shareholder value while deleveraging and optimizing our balance sheet,” commented Fernando Araujo, Chief Executive Officer.
“On behalf of Berry’s Board of Directors and executive leadership team, I want to thank Mike for his dedication and ongoing contributions to our Company that have positioned us for sustained growth and long-term success. Mike has been instrumental in building and leading our finance and accounting teams and helping navigate the business through significant transitions. We are grateful for Mike’s ongoing support as we execute on our strategy,” Araujo concluded.
Jeff Magids has over 15 years of experience in the oil and gas industry, with a significant background in financial and strategic leadership. Mr. Magids most recently served as Vice President of Finance & Investor Relations at SilverBow Resources, Inc. (now Crescent Energy Company), where he was responsible for the finance, investor relations, treasury, and risk management functions. Prior to SilverBow, Mr. Magids served as a Senior Associate at Lime Rock Resources. Prior to that, Mr. Magids worked in the energy investment banking group at BMO Capital Markets. Mr. Magids started his career in the valuation advisory practice at Duff & Phelps (now Kroll). Mr. Magids holds a Bachelor of Business Administration in Finance from the University of Texas at Austin and a Master of Business Administration from Rice University.
Mr. Magids said, “I am excited to join Berry and to collaborate with the entire team to build on their track record of strong financial results and shareholder returns. With a world-class asset base in California and exciting growth opportunities in Utah’s emerging Uinta Basin, Berry is well positioned to advance its strategic goals. On top of these value creating catalysts, I look forward to helping drive the Company’s financial strategy, which is rooted in disciplined capital deployment that generates free cash flow while driving sustainable, long-term value for all of Berry’s stakeholders.”
About Berry Corporation (BRY)
Berry is a publicly traded (NASDAQ: BRY) western United States independent upstream energy company with a focus on onshore, low geologic risk, low decline, 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. More information can be found on the Company’s website at bry.com.
Forward Looking Statements
This news release contains forward-looking statements. Berry's management believes that its expectations are based on reasonable assumptions. No assurance, however, can be given that such expectations will prove correct. A number of factors could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in this news release. These factors include our ability to meet financial guidance or distribution expectations; our ability to safely and efficiently operate Berry's assets; the supply of, demand for, and price of oil, natural gas, NGLs, and related products or services; our capital program and development and production plans; potential acquisitions and other strategic opportunities; reserves; hedging activities; and the other factors described in the "Risk Factors" section of Berry's most-recent Form 10-K filed with the Securities and Exchange Commission and other public filings and press releases. Berry undertakes no obligation to publicly update or revise any forward-looking statements.
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