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Berry Petroleum Announces Results For Third Quarter Of 2012

Berry Petroleum Company (NYSE:BRY) reported net earnings of $18 million, or $0.33 per diluted share, for the third quarter of 2012. The reported earnings include a non-cash loss on derivatives of $20 million and dry hole expense of $1 million. Excluding these items, adjusted net earnings were $39 million, or $0.71 per diluted share. Oil and natural gas sales were $233 million during the quarter. Discretionary cash flow for the quarter totaled $125 million, and net cash provided by operating activities totaled $144 million.

Robert Heinemann, President and Chief Executive Officer, commented, “Berry delivered 5% sequential oil production growth in the third quarter with increases from all four of the Company's development assets. Our Diatomite asset grew production 18% from second quarter levels, followed by 10% growth in our New Steam Floods, 6% growth in the Permian, and 5% growth in the Uinta. The Company's natural gas production declined an expected 3%, resulting in a more favorable mix of 76% oil, 24% natural gas. Operating margins were approximately $47 per BOE, supported by sales of our California oil at an $8.50 average premium to WTI.”

Total production for the third quarter of 2012 and second quarter of 2012 was as follows:
          Third Quarter 2012           Second Quarter 2012
Oil (BOE/D) 27,493         76 % 26,296         74 %
Natural gas (BOE/D) 8,793 24 % 9,045 26 %
Total (BOE/D) 36,286 100 % 35,341 100 %

Mr. Heinemann continued, “Our Diatomite asset delivered another quarter of sequential production growth, averaging 3,500 BOE/D. Our 2012 completions continue to meet our expectations, and we remain pleased with our revised development approach. Based on these results, we have accelerated our 2013 development into this year, with a slight increase in capital spending. In 2013, we plan to accelerate the development of our drilling pads and infrastructure so that we will have more drilling flexibility as we fully develop the asset over the next several years.

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