Berry Petroleum (BRY) slipped after the Bakersfield, Calif., oil and gas company filed a shelf registration statement with the Securities and Exchange Commission.
The filing will allow the company to sell common stock, preferred stock, warrants and debt securities in any combination from time to time.
"While Berry has no immediate plans to access the equity markets, we want to be prepared for any opportunity that may require additional financial resources," CFO Ralph J. Goehring said in a statement. "This filing allows us greater financing flexibility as we continue to look for acquisitions that meet our growth and diversification objectives."
Shares of Berry dropped 92 cents, or 3.1%, to $28.76 in recent trading Friday.