Adjusted EBITDA is not a measure as determined by GAAP. Adjusted EBITDA is a supplemental non-GAAP financial measure used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. We define Adjusted EBITDA as earnings before interest expense; income taxes; depreciation, depletion, and amortization; derivative gains or losses net of cash received or paid for scheduled derivative settlements; impairments; stock compensation expense; and other unusual, out-of-period and infrequent items. Our management believes Adjusted EBITDA provides useful information in assessing our financial condition, results of operations and cash flows and is widely used by the industry and the investment community. The measure also allows our management to more effectively evaluate our operating performance and compare the results between periods without regard to our financing methods or capital structure. While Adjusted EBITDA is a no
Increased California oil production more than 1% from 2019 volumes
Oil production of 25,000 Boe/d comprising 88% of total production
Capital expenditures of $69 million, approximately 96% directed to California assets
(1) Please see Non-GAAP Financial Measures and Reconciliations later in this press release for a reconciliation and more information on these Non-GAAP measures.
“One of Berry’s core financial tenets has always been to live out of Levered Free Cash Flow while protecting our base production. Even in the midst of an unprecedented year, we successfully delivered our plan. We adeptly improved our hedge position before prices plummeted, lowered our costs, and maximized our cash position to weather the volatile environment that was 2020. We committed to all stakeholders that we would enter 2021 in a strong position poised for growth and we are,” said Trem Smith, Berry board chair and chief executive officer. “We started 2021 in a strong liquid