Berry Corporation is an independent oil and gas producer operating primarily in the San Joaquin Basin in California, with a secondary position in the Uinta Basin in Utah, plus a well services business in California. California accounts for roughly 83% of production and is entirely oil, produced from heavy crude reservoirs that require steam injection. Utah contributes the remaining ~17% of production. Berry's California oil is priced at a premium to WTI, as California refiners rely heavily on waterborne imports, linking local prices to Brent. Berry's largest operating cost is natural gas, which fuels the steam generation required for California heavy oil extraction. To manage this exposure, Berry hedges both oil production and gas purchases, and operates cogeneration plants that produce surplus electricity sold to the grid, partially offsetting gas costs. Berry's wells are shallow, conventional, and low-cost to drill, with a corporate production decline rate of just 11-14% per year, allowing Berry to sustain production through workovers and sidetracks rather than large drilling programs. Berry's secondary business, C&J Well Services, is one of California's largest well servicing and abandonment operators, providing maintenance, workover, water logistics, and plugging and abandonment services to both Berry and third-party operators. P&A demand is driven by California regulation requiring operators to plug idle wells, and new legislation effective 2025 increases those obligations, expanding CJWS's addressable market. Berry's growth strategy centers on bolt-on acquisitions in the San Joaquin Basin and horizontal development in the Uinta Basin, where Berry holds ~100,000 net acres and is in early-stage operated drilling.