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Here are 1-3 brief analogies for Berry (BRY):

• The 'Intel Inside' for plastic packaging: They provide essential plastic containers, films, and components that are integral to countless everyday consumer and industrial products from leading brands.
• Like Amazon Web Services (AWS), but for physical products: Berry provides the crucial, behind-the-scenes plastic packaging and material infrastructure that a vast array of consumer brands rely on for their goods.
• Similar to Corning, but for plastics: They are a materials science and manufacturing company specializing in a wide range of essential plastic packaging, films, and engineered materials used across various industries, from food to healthcare.

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• Crude Oil: A fossil fuel extracted and sold, which is refined into various petroleum products.
• Natural Gas: A fossil fuel primarily composed of methane, used for energy generation, heating, and industrial processes.

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Berry Global Group, Inc. (symbol: BRY) primarily sells its plastic packaging products and engineered materials to other companies (B2B).

According to its latest annual report (10-K), no single customer accounted for more than 5% of Berry's net sales in fiscal years 2023, 2022, or 2021. This indicates a highly diversified customer base rather than reliance on a few "major" individual corporate customers that would be publicly disclosed. Therefore, specific customer company names cannot be listed as "major customers."

However, Berry serves a broad range of industries and types of companies. Its major customer categories, representing the types of companies it sells to, include:

• Consumer Goods Companies: These include multinational and regional manufacturers of food, beverage, healthcare, personal care, and home care products that utilize Berry's packaging for their consumer-facing brands. This category represents a significant portion of their business due to the everyday use of packaged goods.
• Healthcare and Pharmaceutical Companies: Businesses that require specialized packaging solutions for medical devices, pharmaceuticals, and other health-related products, often with stringent regulatory requirements.
• Industrial and Automotive Manufacturers: Companies that use Berry's engineered materials, films, and specialty products for various industrial applications, including components for the automotive sector, construction, agriculture, and protective solutions.

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• ExxonMobil (XOM)
• LyondellBasell (LYB)
• Westlake (WLK)
• Dow (DOW)
• Braskem (BAK)
• Sasol (SSL)
• SABIC
• TotalEnergies (TTE)
• Shell plc (SHEL)

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Fernando Araujo, Chief Executive Officer & Board Member

Fernando Araujo was appointed Chief Executive Officer of Berry Corporation in January 2023. As of November 2025, he has a tenure of 2.83 years with the company.

Jeff Magids, VP, Chief Financial Officer

Jeff Magids serves as the Vice President and Chief Financial Officer of Berry Corporation.

Danielle Hunter, President

Danielle Hunter holds the position of President at Berry Corporation.

Mike Helm, VP, Chief Accounting Officer

Mike Helm has served as the Chief Accounting Officer at Berry Corporation since joining in 2017. He previously held the role of Chief Financial Officer from January 2023 through January 2025. Prior to Berry, Mr. Helm was the Vice President and Corporate Controller for California Resources Company, a public oil and gas company, from 2014 to 2017. He also served as Assistant Controller for Occidental Petroleum Corporation from 2007 to 2014 and as Director of Internal Audit for K2 Inc., a publicly traded international sporting goods company, from 2003 to 2007. He began his career as an auditor at Ernst & Young in 1990 and has experience managing a public spin-off and initial public offering.

Jenarae Garland, VP, General Counsel, Corporate Secretary & CCO

Jenarae Garland was appointed Vice President, General Counsel, Corporate Secretary, and Chief Compliance Officer of Berry Corporation, effective April 14, 2025. Before joining Berry, Ms. Garland held various legal leadership roles at Phillips 66, including Deputy General Counsel, Corporate and Assistant Corporate Secretary, and at Occidental Petroleum Corporation, most recently as Assistant General Counsel, Oxy Low Carbon Ventures.

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The key risks to Berry Corporation (symbol: BRY) are:

1. Volatility in Oil and Gas Prices: Berry Corporation operates primarily in the energy sector, focusing on oil and gas exploration and production. The company's financial health and performance are significantly challenged by the inherent volatility of oil and gas prices. Recent earnings reports have demonstrated how quickly core performance can be affected by market fluctuations, with the company reporting an Earnings Per Share (EPS) loss that missed analyst consensus.
2. Financial Distress and High Debt Levels: Berry Corporation faces substantial financial risk due to its financial health metrics. The company's Altman Z-Score of 0.79 places it in the distress zone, indicating a potential risk of bankruptcy within the next two years. Furthermore, its Debt/Equity ratio is approximately 63%, which is higher than the average for the energy sector. A significant decline in Earnings Before Interest and Taxes (EBIT) also makes it more challenging to service its debt obligations. The probability of bankruptcy for Berry Corporation is estimated at 45.22%.
3. Regulatory Changes and Macroeconomic Factors: The company is exposed to sector-specific risks related to regulatory changes impacting the energy industry. Broader macroeconomic factors, such as the potential effects of tariffs, governmental actions concerning oil production, inflation, and trade disputes, could also significantly impact the company's revenue and free cash flow growth.

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The primary clear emerging threat to Berry Global Group, Inc. (BRY) stems from the accelerating global shift away from virgin plastics and towards more sustainable packaging solutions. This threat manifests through two interconnected channels:

• Increasing Regulatory Scrutiny and Action: Governments worldwide are enacting and proposing increasingly stringent regulations impacting plastic packaging. This includes bans on specific single-use plastic products, mandatory minimum recycled content requirements for packaging, extended producer responsibility (EPR) schemes that shift the cost of waste management to producers, and plastic taxes. These regulations directly impact Berry's product demand, manufacturing costs, and market opportunities, necessitating significant investment in new materials, recycling technologies, and compliance.
• Shifting Consumer and Customer Preferences: Major consumer packaged goods (CPG) companies, retailers, and food service providers (Berry's key customers) are under substantial pressure from consumers, environmental groups, and investors to reduce their plastic footprint. This is driving a rapid transition towards packaging with higher recycled content, designs optimized for recyclability, reusable packaging systems, and alternative materials (e.g., paper-based, compostable, or fiber-based solutions). If Berry cannot innovate rapidly enough or provide competitive, sustainable solutions that meet these evolving customer demands, it risks losing market share to competitors offering more advanced or alternative sustainable packaging options.

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Berry Corporation (BRY) primarily operates in the oil and natural gas exploration and production (E&P) sector, with a strong focus on assets in the western United States, particularly California and Utah. Additionally, the company provides well servicing and abandonment services, predominantly in California.

The addressable markets for Berry's main products and services are as follows:

• Oil Production (Crude Oil)

  • U.S. Market: The United States' crude oil production was approximately 13.2 million barrels per day (b/d) in 2024 and is projected to reach around 13.5 million b/d in 2025. The U.S. exported $118 billion worth of crude oil in 2024.
  • Global Market: The global crude oil market size was valued at $2.6 trillion in 2023 and is projected to reach $3.0 trillion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 1.5% from 2024 to 2033. Another estimate valued the global crude oil market at USD 739.88 billion in 2023, poised to grow to USD 853.5 billion by 2032 with a CAGR of 1.6% during the forecast period (2025-2032). In 2022, the global crude oil market size exceeded $2 trillion based on annual production of around 29.5 billion barrels.

• Natural Gas Production

  • U.S. Market: The U.S. natural gas market was valued at USD 454.5 billion in 2024 and is expected to increase to USD 577.9 billion by 2032, advancing at a CAGR of 3.2% during 2025–2032. The natural gas distribution market in the U.S. was valued at $174.7 billion in 2024 and is projected to reach $222.5 billion in 2025.

• Well Servicing and Abandonment Services

  • U.S. Market (Oilfield Services): The United States oilfield services market was valued at USD 79.1 billion in 2024 and is projected to grow to USD 164.1 billion by 2035, at a CAGR of 6.86% from 2025 to 2035. The U.S. Oil & Gas Field Services industry revenue was $109.8 billion in 2025.
  • Global Market (Well Abandonment Services): The global well abandonment services market was valued at USD 1.66 billion in 2024 and is expected to reach USD 2.16 billion by 2030, with a CAGR of 4.37%. North America held the largest market share in this segment in 2024. In 2025, the industry size for well abandonment services is estimated at USD 1.74 billion.

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Berry Corporation (symbol: BRY) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market factors:

1. Development in Utah's Castle Peak Formation: Berry Petroleum is actively exploring and developing its assets in Utah, specifically noting potential growth opportunities from developments in the Castle Peak formation. The company plans to participate in a non-operated well in the fourth quarter, which, if successful, could lead to longer-term multi-bench cube development.
2. Constructive Regulatory Environment in California: The company observes a more favorable regulatory landscape in California, which is anticipated to stabilize in-state production and streamline future development projects. This improved environment is seen as the most constructive in at least five years.
3. High-Return Development Projects and Operational Efficiencies: Berry's strategy emphasizes executing high-return development projects and achieving capital and operational efficiencies. This focus is aimed at generating sustainable free cash flow and long-term value from its assets in California and Utah.
4. Strategic Growth in California and the Uinta Basin: Through recent refinancing, Berry has secured capital and liquidity to pursue strategic growth opportunities and maintain production levels, particularly within its operations in California and Utah's Uinta Basin.
5. Optimistic Analyst Revenue Forecasts: Industry analysts have upgraded their revenue forecasts for Berry, projecting a 6.6% increase in sales for 2025. Analysts anticipate the company's revenues will grow at a faster annual rate of 14% through the end of 2025, outpacing the wider market and its historical growth of 9.9% per annum over the past five years.

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Share Repurchases

• Berry Corporation had repurchased approximately $114 million worth of shares under its stock repurchase program as of September 30, 2025.
• As of September 30, 2025, the company had a remaining share repurchase authority of $190 million.
• No shares were repurchased during the nine months ended September 30, 2025.

Capital Expenditures

• Capital expenditures for the first nine months of 2025 were $99.7 million.
• The estimated full-year capital program for 2025 is between $110 million and $120 million.
• For 2025, approximately 60% of capital is directed to California and 40% to Utah, focusing on maintaining production levels and developing new wells, such as a four-well horizontal Uinta pad.