Wednesday, July 28, 2010

Berry Petroleum (NYSE:BRY) Demolishes Earnings Expectations in Second Quarter

Berry Petroleum Company (NYSE:BRY) left analysts' earnings expectations in the dust for the second quarter, as they handily blew past the estimated 34 cents a share, to 42 cents a share, based on net income of $89 million.

President and chief executive officer Robert F. Heinemann said, “Performance from Berry’s portfolio of assets was strong in the second quarter. Production for the second quarter of 2010 was 32,854 BOE/D, 67% of which was oil production. While diatomite production declined during the quarter as we awaited new permits and optimized field production, we were able to increase companywide production by 12% during the quarter with meaningful contributions from each of our other operating areas."

Heinemann added, "We are maintaining our full-year 2010 production guidance of between 32,250 and 33,000 BOE/D. In addition, we settled our claim in the Flying J bankruptcy during the second quarter and received proceeds of $60.5 million on July 23, 2010 which we have used to pay down debt."

Oil accounted for 67 percent of production, while natural gas accounted for the other 33 percent. Last quarter oil production was at 70 percent of all production for Berry Petroleum.

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