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Berry Petroleum Announces Results For Second Quarter Of 2012

Berry Petroleum Company (NYSE: BRY) reported net earnings of $81 million, or $1.46 per diluted share, for the second quarter of 2012. The reported earnings include a non-cash gain on derivatives of $68 million, a loss on extinguishment of debt of $26 million and a legal matter of $2 million. Excluding these items, adjusted net earnings was $41 million, or $0.73 per diluted share. Oil and natural gas sales were $222 million during the quarter. Discretionary cash flow for the quarter totaled $119 million, and net cash provided by operating activities totaled $93 million.

Total production in the second quarter of 2012 averaged 35,341 BOE/D. The Company's production mix was 74% oil during the quarter, with a 5% increase in oil production and an expected 3% decline in the Company's natural gas production as compared to the first quarter of 2012. Total production for the second quarter of 2012 and first quarter of 2012 were as follows:

  Second Quarter 2012       First Quarter 2012
Oil (BOE/D) 26,296     74 % 25,096     73 %
Natural gas (BOE/D) 9,045   26 % 9,351   27 %
Total (BOE/D) 35,341 100 % 34,447 100 %

Robert Heinemann, President and Chief Executive Officer stated, “All of our oil assets grew production in the second quarter, led by 16% growth in the Permian and our New Steam Floods, 11% in the Diatomite and 4% in the Uinta. Our operating margins were approximately $48 per BOE, supported by sales of our California oil at a $9 average premium to WTI.”

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