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Berry Petroleum Announces Results For Third Quarter Of 2011

Berry Petroleum Company (NYSE:BRY) reported net earnings of $134 million, or $2.42 per diluted share, for the third quarter of 2011. Oil and gas revenues were $225 million during the quarter. Discretionary cash flow for the quarter totaled $123 million and cash provided by operating activities totaled $165 million.

Net earnings for the quarter were affected by a net non-cash gain on hedges and a non-cash loss on extinguishment of debt which in total increased net earnings by approximately $90 million, or $1.63 per diluted share for a third quarter adjusted net earnings of $44 million, or $0.79 per diluted share.

For the third quarter of 2011 and the second quarter of 2011, Berry’s average net production in BOE per day was as follows:

 

     

Third Quarter Ended September 30

     

Second Quarter Ended June 30

2011 Production 2011 Production
Oil (Bbls) 26,091       71 % 24,629       69 %
Natural Gas (BOE) 10,825 29 % 10,977 31 %
Total BOE per day 36,916 100 % 35,606 100 %

Robert Heinemann, president and chief executive officer said, “Berry’s development program delivered a six percent increase in oil production during the third quarter. Production for the third quarter of 2011 was 36,916 BOE/D, representing growth of four percent over the second quarter of 2011 driven by increases in the Permian and California. Our quarterly operating margin of $47 per barrel was driven by our oil production, which increased to 71% of total production, and by sustained favorable pricing in California that averaged $12 over WTI. In addition, we continue to be encouraged by the Company’s potential in the Uinta Basin where we have drilled five Uteland Butte horizontal wells with strong initial production results. We have also made progress on the evaluation of our Wasatch potential.”

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