By Denver Business Journal

Berry Petroleum Co. reported a second-quarter profit Wednesday, reversing a loss in the same quarter of last year.

For the quarter that ended June 30, the Denver-based oil and gas company (NYSE: BRY) reported net income of $89 million, or $1.62 per diluted share, versus a loss of $13 million, or 28 cents per share, in the year-ago quarter.

Revenue in the latest quarter was $244.3 million, up from $99.9 million a year earlier. The new revenue figure included $151.5 million from oil and gas sales, up from $118.8 in Q2 2009, as well as $56.1 million in gains on derivatives and $22 million from a settled bankruptcy claim.

Absent one-time items, adjusted second-quarter net income was $22.9 million, or 42 cents per diluted share.

Analysts on average had expected quarterly earnings of 34 cents a share, absent items.

Berry moved its headquarters to Denver from Bakersfield, Calif., in 2008.

Click here for Berry Petroleumâ¿¿s report of its quarterly results.

Copyright 2010 American City Business Journals
Copyright 2010