Berry Petroleum Corp (NASDAQ:BRY) Q1 2020 Earnings Conference Call - Final Transcript

May 07, 2020 • 09:00 am ET


Berry Petroleum Corp (NASDAQ:BRY) Q1 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by. Welcome to the Berry Corporation Q1 2020 Earnings Call. [Operator Instructions] After the speakers' presentation, there will be a question-and-answer sessin. [Operator Instructions]

I would now like to hand today's [Phonetic] conference call to Todd Crabtree, Investor Relations. You may begin.

Todd Crabtree

Thank you, Kevin and welcome to everyone, and we apologize for the delay in the start this morning. Thank you for joining us for Berry's first quarter earnings teleconference. Yesterday afternoon, Berry issued an earnings release with our 2020 first quarter results and highlighting our current and planned response to the financial and operating uncertainties caused by COVID-19 and the oil price environment.

Addressing these and other issues this morning will be Trem Smith, Board Chair and CEO; Gary Grove, Chief Operating Officer and Executive Vice President; and Cary Baetz, Chief Financial Officer and Executive Vice President. Trem will discuss Berry's response to these unprecedented times and plans for the remainder of the year. Gary and then Cary will share further details on how we are addressing the operational and financial issues we are currently facing. Before turning it over for questions, Trem will make a few concluding remarks.

Before we begin, I want to call your attention to the safe harbor language found in our earnings release. The earnings release and today's discussion contains certain projections and other forward-looking statements within the meaning of federal securities laws. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements. These include risks and other factors outlined in our filings with the SEC.

Our website has a link to the earnings release and our most recent investor presentation. Any information, including forward-looking statements made on this call or contained in the earnings release and that presentation, reflect our analysis as of the date made. We have no plans or duty to update them, except as required by law. Please refer to the tables in our earnings release and on our website for a reconciliation between all adjusted measures mentioned during today's call and the related GAAP measures. We will also post the replay link of this call and the transcript on our website.

I will now turn the call over to our CEO, Trem Smith.

A.T. Smith

Thank you, Todd and thanks everyone for joining us today for Berry's first quarter 2020 earnings call. This is a challenging time for our people and their families, our industry, and for the world's economies. I sincerely hope you and your loved ones are safe and well. The entire Berry team continues to work tirelessly during this unprecedented and dynamic market environment. We are proud of our team's proactive response to both the COVID-19 pandemic and the impact of the OPEC plus created oversupply. Today, I'll highlight our response and how it is completely aligned with our business model and core values.

Our business is designed to create value for our shareholders through any