Berry Merger Annual Synergy Target Increased to $90 - $100 Million
Increased mid-point of expected Berry merger annual synergy target range by 12% to $90 - $100 million; Increased expected drilling, completions and workover capital1 investments by approximately $100 million to accelerate high return drilling projects in California and Utah; Reduced facilities capital by $10 million, reflecting ongoing field consolidation Increased capital budget range to $520 - $560 million with a full-year average of five rigs; Targeting 2026E gross production exit rate of approximately 175 MBoe/d, representing 1% entry-to-exit production growth; Higher oil prices, increased drilling activity and improved operating efficiencies drive a 42% increase in 2026E adjusted EBITDAX to a guidance midpoint of $1,450 million.
