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Berry Petroleum 1st-quarter Profit Slips 19 Pct

The Associated Press

DENVER (AP) — Independent oil and gas producer Berry Petroleum Co. said Thursday it first-quarter profit beat analyst expectations even though income slid 19 percent as margins were hurt by declining oil and gas prices.

Quarterly earnings dropped to $35 million, or 77 cents per share, compared with $43 million, or 94 cents per share, during the same period last year.

Results include a number of nonrecurring charges and gains, which increased net income by about $17.9 million, or 39 cents per share. Excluding these items, adjusted earnings came to $17.1 million, or 38 cents per share.

Analysts polled by Thomson Reuters estimated a profit of 21 cents per share, on average. Analysts typically exclude one-time items.

Revenue climbed 7 percent to $183.2 million from $171 million in the prior-year period. Analysts expected an average revenue of $147.2 million.

First-quarter net production averaged 33,330 barrels of oil equivalent per day, a 19 percent increase from the same period last year, the company said.

Shares of the company rose 73 cents, or 4.4 percent, to $17.27 in afternoon trading.