Berry Petroleum Corp (NASDAQ:BRY) Q2 2020 Earnings Conference Call - Final Transcript

Aug 05, 2020 • 09:00 am ET


Berry Petroleum Corp (NASDAQ:BRY) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by and welcome to the Berry Corporation Second Quarter 2020 Earnings Conference Call. At this time all participants lines are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to your speaker, Mr. Todd Crabtree, Investor Relations. Thank you. Please go ahead, sir.

Todd Crabtree

Thank you, Brandi, and welcome to everyone this morning. Thank you for joining us for Berry's second quarter earnings teleconference. Yesterday afternoon Berry issued an earnings release highlighting 2020 second quarter results and our continued response to the financial and operating uncertainties caused by COVID-19. Addressing these and other issues this morning will be Trem Smith, Board's 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 continued response to these unprecedented times and the Company's plans for the remainder of the year. Gary and then Cary will share further details on how we are addressing the operational and financial aspects of our business. Before turning it over to 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 Trem Smith.

A.T. (Trem) Smith

Thank you, Todd. Hello everyone. Thank you all for joining us today for Berry's second quarter 2020 earnings call. 2020 continues to be a challenging business environment for our industry and many others. I hope everyone has remained safe and healthy over the last several months. The team at Berry has worked tirelessly to navigate these choppy waters and due to everyone's dedication and commitment to the Berry First principle, we will come out of this depressed cycle in a strong position for growth and value creation.

As I mentioned on our last call, we have planned for a two-year down cycle. And we remain laser focused on creating value through sustainable long-term cost reductions