8-K: Berry Corporation Appoints Jeff Magids as CFO, Michael Helm Transitions to Chief Accounting Officer

Berry Corporation (bry) announced the appointment of Jeff Magids as Vice President, Chief Financial Officer, effective January 21, 2025, while Michael Helm transitions to Vice President, Chief Accounting Officer.

Summary

• Berry Corporation has appointed Jeff Magids as its new Vice President, Chief Financial Officer, effective January 21, 2025.
• Michael Helm, the current CFO, will transition to the role of Vice President, Chief Accounting Officer.
• Mr. Magids's compensation includes an annual base salary of $360,000.
• He is also eligible for a short-term incentive cash bonus plan with a target of 70% of his base salary and a long-term incentive restricted stock-based plan with an expected grant date value of $375,000.
• In the event of termination without cause, Mr. Magids is eligible for severance benefits, including a pro-rated annual bonus and three months of his base salary.

Sentiment

Score: 7

Explanation: The sentiment is positive due to the appointment of a new CFO with relevant experience and the smooth transition of the previous CFO to a new role. The management's comments are optimistic about the company's future.

Positives

• Berry Corporation has appointed a new CFO with over 15 years of experience in the oil and gas industry.
• Jeff Magids's experience includes finance, capital markets, and M&A.
• The transition of Michael Helm to Chief Accounting Officer ensures continuity in the accounting function.

Future Outlook

Berry Corporation aims to deliver sustainable, long-term growth and value creation while deleveraging and optimizing its balance sheet.

Management Comments

• 'Jeff's extensive experience, including in finance, capital markets and M&A, enhances the Company's financial and strategic leadership capabilities and underscores the Company's focus on delivering sustainable, long-term growth and value creation,' commented Fernando Araujo, Chief Executive Officer.
• 'I am excited to welcome Jeff to the team. His experience is well aligned with our strategy and will help drive us forward as we focus on a disciplined approach to delivering sustainable, long-term growth and creating shareholder value while deleveraging and optimizing our balance sheet,' commented Fernando Araujo, Chief Executive Officer.
• 'On behalf of Berry's Board of Directors and executive leadership team, I want to thank Mike for his dedication and ongoing contributions to our Company that have positioned us for sustained growth and long-term success,' said Araujo.
• 'Mike has been instrumental in building and leading our finance and accounting teams and helping navigate the business through significant transitions,' said Araujo.
• 'We are grateful for Mike's ongoing support as we execute on our strategy,' Araujo concluded.
• 'I am excited to join Berry and to collaborate with the entire team to build on their track record of strong financial results and shareholder returns,' said Jeff Magids.
• 'With a world-class asset base in California and exciting growth opportunities in Utah's emerging Uinta Basin, Berry is well positioned to advance its strategic goals,' said Jeff Magids.
• 'On top of these value creating catalysts, I look forward to helping drive the Company's financial strategy, which is rooted in disciplined capital deployment that generates free cash flow while driving sustainable, long-term value for all of Berry's stakeholders,' said Jeff Magids.

Industry Context

Executive leadership changes are common in the oil and gas industry, often reflecting strategic shifts or a focus on financial performance and growth.

Comparison to Industry Standards

• SilverBow Resources, Inc. (now Crescent Energy Company) is a comparable company where Jeff Magids previously served as Vice President of Finance & Investor Relations.
• Lime Rock Resources is another company where Mr. Magids held a senior role.
• BMO Capital Markets and Duff & Phelps (now Kroll) are examples of financial institutions where Mr. Magids gained experience in energy investment banking and valuation advisory, respectively.

Management Changes

Stakeholder Impact

• Shareholders may view the appointment of a new CFO with experience in finance, capital markets, and M&A positively.
• Employees may experience changes in leadership and reporting structures within the finance and accounting departments.

Key Dates