# EDGAR Filing Document

**Accession Number:** 0001705873
**File Stem:** 0001705873-25-000063
**Filing Date:** 2025-9
**Character Count:** 6930
**Document Hash:** bd57d52140df473d207a586f47eef1ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001705873-25-000063.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001705873-25-000063

**CONFORMED SUBMISSION TYPE**: CORRESP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Berry Corp (bry)
- **CENTRAL INDEX KEY:** 0001705873
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 815410470
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** CORRESP

**BUSINESS ADDRESS:**
- **STREET 1:** 16000 N. DALLAS PARKWAY, SUITE 500
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75248
- **BUSINESS PHONE:** 214-453-2920

**MAIL ADDRESS:**
- **STREET 1:** 16000 N. DALLAS PARKWAY, SUITE 500
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75248

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Berry Petroleum Corp
- **DATE OF NAME CHANGE:** 20170504

September 5, 2025

Division of Corporation Finance

Office of Energy & Transportation

United States Securities and Exchange Commission

Division of Corporation Finance

100 F Street, N.E.

Washington, D.C. 20549-3561

Re:&nbsp;&nbsp;&nbsp;&nbsp;**Berry Corporation (bry)**

**Form 10-K for Fiscal Year Ended December 31, 2024**

**Filed March 13, 2025**

**File No. 001-38606**

Ladies and Gentlemen:

Set forth below are the responses of Berry Corporation (bry) (the "Company", "we," "us" or "our"), to comments received from the staff of the Division of Corporation Finance (the "Staff") of the Securities and Exchange Commission (the "Commission") by letter dated August 29, 2025, with respect to the Company's Form 10-K for the Fiscal Year Ended December 31, 2024, File No. 001-38606, filed with the Commission on March 13, 2025 (the "2024 Form 10-K").

For your convenience, each response is prefaced by the exact text of the Staff's corresponding comment in bold, italicized text.

**<u>Form 10-K for the Fiscal Year Ended December 31, 2024</u>**

**<u>Supplemental Oil & Natural Gas Data (Unaudited)</u>**

**<u>Standardized Measure of Discounted Future Net Cash Flows, page 162</u>**

***1.&nbsp;&nbsp;&nbsp;&nbsp;We note your response to prior comment 6 and the proposed disclosure revisions to your future filings, beginning with the 2025 Form 10-K. Please expand the footnotes accompanying the presentation of the standardized measure to clarify and disclose the dollar amount of the expenses included in the "future production costs" line item relating to the CARB Program. Refer to the disclosure requirements in FASB ASC 932-235-50-36.***

<u>RESPONSE</u>:&nbsp;&nbsp;&nbsp;&nbsp;We acknowledge the Staff's comment and advise the Staff that, beginning with the 2025 Form 10-K, the Company will expand the footnotes accompanying the presentation of the standardized measure to disclose the dollar amount of the expenses included in the "future production costs" line item relating to the California Air Resources Board's Cap-and-Trade Program. For illustrative purposes, disclosure in the 2024 Form 10-K would have been as follows:

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Securities and Exchange Commission

September 5, 2025

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2024** | **2023** | **2022** |
| | **(in thousands, except for prices)** | **(in thousands, except for prices)** | **(in thousands, except for prices)** |
| Future cash inflows | $&nbsp;&nbsp;&nbsp;&nbsp;7768787&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;7674494&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;9501374&nbsp;&nbsp;&nbsp;&nbsp; |
| Future production costs<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3385595) | &nbsp;&nbsp;&nbsp;&nbsp;(3439939) | &nbsp;&nbsp;&nbsp;&nbsp;(3909452) |
| Future development costs<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(953716) | &nbsp;&nbsp;&nbsp;&nbsp;(964768) | &nbsp;&nbsp;&nbsp;&nbsp;(1068890) |
| Future income tax expenses<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(701117) | &nbsp;&nbsp;&nbsp;&nbsp;(620822) | &nbsp;&nbsp;&nbsp;&nbsp;(1000268) |
| Future net cash flows | &nbsp;&nbsp;&nbsp;&nbsp;2728359&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2648965&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3522764&nbsp;&nbsp;&nbsp;&nbsp; |
| 10% annual discount for estimated timing of cash flows | &nbsp;&nbsp;&nbsp;&nbsp;(917123) | &nbsp;&nbsp;&nbsp;&nbsp;(966331) | &nbsp;&nbsp;&nbsp;&nbsp;(1448999) |
| Standardized measure of discounted future net cash flows  | $&nbsp;&nbsp;&nbsp;&nbsp;1811236&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;1682634&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;2073765&nbsp;&nbsp;&nbsp;&nbsp; |
| Representative prices:<sup>(4)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Brent Oil (bbl) | $&nbsp;&nbsp;&nbsp;&nbsp;80.42&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;82.84&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;100.25&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;Henry Hub Natural gas (mmbtu) | $&nbsp;&nbsp;&nbsp;&nbsp;2.13&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;2.63&nbsp;&nbsp;&nbsp;&nbsp; | $&nbsp;&nbsp;&nbsp;&nbsp;6.40&nbsp;&nbsp;&nbsp;&nbsp; |

---

__________

(1)&nbsp;&nbsp;&nbsp;&nbsp;Future production costs include $263.3 million, $268.1 million and $142.4 million of payments made to the State of California to comply with the California Air Resources Board's Cap-and-Trade Program for the years ended December 31, 2024, 2023 and 2022, respectively.

(2)&nbsp;&nbsp;&nbsp;&nbsp;Future development costs include site restoration and abandonment costs.

(3)&nbsp;&nbsp;&nbsp;&nbsp;Future income tax expenses are based on current statutory rates, adjusted for the tax basis of oil and gas properties and applicable tax credits, deductions and allowances.

(4)&nbsp;&nbsp;&nbsp;&nbsp;In accordance with SEC regulations, reserves were estimated using the average price during the 12-month period, determined as an unweighted average of the first-day-of-the-month price for each month, excluding escalations based upon future conditions. The average price used to estimate reserves is held constant over the life of the reserves.

\*&nbsp;&nbsp;&nbsp;&nbsp;\*&nbsp;&nbsp;&nbsp;&nbsp;\*&nbsp;&nbsp;&nbsp;&nbsp;\*&nbsp;&nbsp;&nbsp;&nbsp;\*

------

Securities and Exchange Commission

September 5, 2025

Please direct any questions that you have with respect to the foregoing or if any additional supplemental information is required by the Staff, please contact Sarah K. Morgan of Vinson & Elkins L.L.P. at (713) 758-2977.

Very truly yours,

BERRY CORPORATION (bry)

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Jeffrey Magids</u> &nbsp;&nbsp;&nbsp;&nbsp;

Name:&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey Magids

Title:&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Chief Financial Officer

cc:&nbsp;&nbsp;&nbsp;&nbsp;Sarah K. Morgan, Vinson & Elkins L.L.P.

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