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TheStreet Open House

Berry Petroleum Management Discusses Q2 2012 Results - Earnings Call Transcript

Berry Petroleum (BRY)

Q2 2012 Earnings Call

August 02, 2012 10:00 am ET

Executives

Robert F. Heinemann - Chief Executive Officer, President and Director

David D. Wolf - Chief Financial Officer and Executive Vice President

Michael Duginski - Chief Operating Officer, Executive Vice President and Assistant Secretary

Analysts

Brian M. Corales - Howard Weil Incorporated, Research Division

Jack N. Aydin - KeyBanc Capital Markets Inc., Research Division

Brian Singer - Goldman Sachs Group Inc., Research Division

Brad Heffern - RBC Capital Markets, LLC, Research Division

H. Monroe Helm - Barrow, Hanley, Mewhinney & Strauss, Inc.

Jason A. Wangler - Wunderlich Securities Inc., Research Division

Michael Jacobs - Tudor, Pickering, Holt & Co. Securities, Inc., Research Division

Matthew Portillo - Tudor, Pickering, Holt & Co. Securities, Inc., Research Division

Jim Spicer - Wells Fargo & Company

Presentation

Operator

Welcome to the Berry Petroleum Second Quarter 2012 Earnings Conference Call. My name is Christine, and I'll be your operator for today's conference. [Operator Instructions] Please note today's conference is being recorded. I will now turn the call over to the President and Chief Executive Officer, Bob Heinemann. Sir, you may begin.

Robert F. Heinemann

Thank you, and good morning. Let me begin by reminding you that we are conducting the call under Safe Harbor.

Michael Duginski, our Chief Operating Officer; and David Wolf, our Chief Financial Officer are with me today, and we'll make more detailed operational and financial comments after my opening remarks.

Today, Berry Petroleum Company has posted its second quarter results for 2012. The company reported net income of $81 million for the quarter from oil and gas revenues of $222 million. Net earnings were affected by several nonrecurring items. Excluding these, the adjusted net income was $41 million or $0.73 per share.

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