Berry Corporation Releases 2025 Sustainability Review
In a noteworthy move towards sustainability, Berry Corporation, a publicly traded company on NASDAQ under the ticker symbol BRY, has announced its 2023 Sustainability Report. The report, available on the company's website at www.bry.com/sustainability, focuses on Berry's core sustainability objectives: operational accountability, energy resilience, and emissions reduction.
Berry's oil and gas assets are primarily located in rural areas with low population in California and Utah. The California assets are in the San Joaquin Basin (100% oil), and the Utah assets are in the Uinta Basin (65% oil). The company operates in two business segments: exploration and production ("E&P") and well servicing and abandonment services.
In California, Berry provides well servicing and abandonment services to third parties, and its E&P operations are carried out through C&J Well Services (CJWS). The company's commitment to sustainability is evident in its efforts to reduce water consumption and emissions.
In 2024, Berry increased the percentage of recycled water to 47%, reducing freshwater consumption by 17% from 2023. The company also made significant strides in reducing methane emissions. Berry reduced 2024 Scope 1 methane emissions by nearly 50% compared to a 2022 baseline.
Moreover, Berry realized measurable reductions in GHG emissions intensity by implementing solar infrastructure to power select operations, offsetting as much as 20% of electrical demand. The company also replaced nearly all pneumatic valves to zero-bleed valves in Utah, progressing towards a target to reduce methane emissions by 80% in 2025 from a 2022 baseline.
Safety is another area where Berry has shown remarkable improvement. The company focused on safety management, resulting in a 59% reduction in employee Total Recordable Incident Rate (TRIR) since 2022.
Berry maintains rigorous standards of integrity, transparency, and accountability through its Corporate Governance and Code of Conduct & Ethics standards. The International Sustainability Standards Board (ISSB), formed through mergers involving the Sustainability Accounting Standards Board (SASB) and the International Integrated Reporting Council (IIRC), has announced alignment with the SASB recommendations and the Task Force on Climate-Related Financial Disclosures (TCFD). The IFRS Foundation issued its inaugural Sustainability Disclosure Standards, IFRS S1 and IFRS S2, in June 2023 to align these frameworks for corporate sustainability reporting. This report was created and announced in 2023.
For more information about the company, its sustainability efforts, or to contact the Director of Investor Relations & Sustainability, Christopher Denison, please visit www.bry.com or email [email protected] or call (661) 616-3811. The company does not undertake any obligation to update or revise any forward-looking statements.
The risks and uncertainties that could cause actual results to differ materially from the projections, anticipated results, or other expectations expressed in the forward-looking statements include, but are not limited to, the company's ability to meet production, financial, and distribution expectations; its ability to safely and efficiently operate assets; the supply, demand, and price of oil, natural gas, NGLs, and related products or services; its capital program and development and production plans; potential acquisitions and other strategic opportunities; changes in reserves; hedging activities; and other factors described in the 'Risk Factors' section of the company's most recent Form 10-K filed with the Securities and Exchange Commission and other public filings and press releases.
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