Berry Petroleum Reports 2011 Results
Berry Petroleum Company (NYSE:BRY) reported a net loss of $228 million, or $4.21 per diluted share in 2011. Oil and gas revenues were $871 million and discretionary cash flow totaled $462 million with cash provided by operating activities of $456 million.
Net earnings for 2011 were affected by a net non-cash impairment of the Company's natural gas properties in E. Texas, a net non-cash gain on derivative instruments, and other items. In total, these items decreased net earnings by $377 million. Adjusted net earnings were $149 million, or $2.69 per diluted share.
Production for the full year 2011 was 35,687 BOE/D. Oil production increased 14% in 2011 to 24,771 BOE/D and the Company's oil mix increased from 66% of production in 2010 to 70% of production in 2011. Total production volumes were up 9% from 32,666 BOE/D in 2010. Development capital for 2011 was $527 million.
For 2011 and 2010, Berry's average net production in BOE per day was as follows:
|2011 Production||2010 Production|
|Natural Gas (BOE)||10,916||30||%||10,953||34||%|
|Total BOE per day||35,687||100||%||32,666||100||%|
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