Berry Corporation (NASDAQ:BRY) Q3 2023 Earnings Call Transcript

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Steven Busch: Okay. That’s good to know. So just a quick question on the derivative hedges. I mean it’s always up and down. Those are all mark-to-market and not cash. Is that correct?

Mike Helm: Some of it. The losses that show up in the income statement are predominantly mark-to-market. You’re right.

Steven Busch: Correct. Okay. And…

Mike Helm: We saw a big swing in the price. Sorry, go ahead.

Steven Busch: Are we doing any naked derivatives? Or is it all covered with production, et cetera?

Mike Helm: No, it’s all covered.

Steven Busch: Right. So there’s no speculating. I just want to make sure that part.

Mike Helm: No. Absolutely not. And there’s a lot of reasons why it’s not.

Steven Busch: Absolutely. Okay. Perfect. That’s all I have. Look forward to hear more.

Mike Helm: Thank you for the questions.

Operator: I’m showing no further questions at this time. I would now like to turn it back to Chief Executive Officer, Fernando Araujo.

Fernando Araujo: Well, thank you, everyone, and thank you for your interest in Berry. Thank you for your time. If we don’t talk before Thanksgiving, Happy Thanksgiving to all. And once again, thank you for your time.

Operator: Thank you for your participation in today’s conference. This does conclude the program, and you may now disconnect.

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