This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Berry Petroleum Announces Results For Third Quarter Of 2011

Stocks in this article: BRY

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.”

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs