Berry Petroleum Co. reports 52 percent increase in second quarter earnings.TAFT, Calif.--(BUSINESS WIRE)--Aug. 6, 1996--Berry Petroleum Co. (NYSE NYSE See: New York Stock Exchange :BRY BRY could refer to:
Bry ) Tuesday Tuesday: see week. announced net income of $4.4 million, or 20 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , on revenues of $13.7 million for the second quarter ended June June: see month. 30, 1996, up 52 percent from $2.9 million, or 13 cents per share, on revenues of $13 million earned in the second quarter of 1995. For the second quarter of 1996, the average sales price was $15.27 per barrel of oil equivalent The barrel of oil equivalent (bboe, sometimes BOE) is a unit of energy based on the approximate energy released by burning one barrel of crude oil. The US Internal Revenue Service defines it as equal to 5.8 × 106 BTU [1]. 5. (BOE BOE Based on Experience BOE Board of Education BOE Boletín Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip ), up 6 percent from the $14.42/BOE received in the first quarter of 1996 and up 4 percent from the $14.63/BOE received in the second quarter of 1995. For the six months ended June 30, 1996, net income was up 63 percent to $8.3 million, or 38 cents per share, on revenues of $26.3 million from $5.1 million, or 23 cents per share, on revenues of $24 million earned in the same 1995 period. Jerry Jer·ry n. pl. Jer·ries Chiefly British Slang A German, especially a German soldier. [Alteration of German. Hoffman, president and chief executive officer, stated: "We are accomplishing our profitability targets thus far in 1996. We have succeeded in reducing our cost structure and improving production on our existing properties. Our operating costs operating costs npl → gastos mpl operacionales are down 22 percent from the comparative six-month period to $7.6 million from $9.8 million. "Likewise, our production increased 4 percent to 9,465 BOE/day in the three-month period and current net production is approximately 9,650 BOE/day. The company has drilled and completed 41 development wells, or about 90 percent of the wells budgeted for 1996 and has increased steaming on its Midway-Sunset properties to increase the company's production rate. "Our continued excellent financial results have positioned the company to execute our growth strategy of development of our existing properties and acquisitions." Oil and gas production averaged 9,276 BOE/day in the first six months of 1996, up from 9,136 BOE/day produced in the comparative period in 1995. In addition, operating costs per BOE for the second quarter ending June 30, 1996, declined to $4.35 from $4.61 in the quarter ended March 31, 1996, and from $5.80 for the quarter ended June 30, 1995, a decrease of 6 percent and 25 percent, respectively. Ralph Goehring Goehring may refer to:
"Our after-tax operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: per BOE continued to improve in the first six months to $5.95/bbl, or 40 percent of oil price, from $4.38/bbl, or 32 percent of oil price, in the same 1995 period. The company's achievement of putting 31 percent of gross revenues on the bottom line is evidence of our focus on improving profitability." Berry Berry, former province, France Berry (bĕrē`), former province, central France. Bourges, the capital, and Châteauroux are the chief towns. Petroleum is a publicly traded, independent oil and gas production and exploration company with its headquarters in Taft. -0-
COMPARATIVE OPERATING STATISTICS
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
Net production - BOE per day 9,465 9,344 9,276 9,136 Average sales price per BOE $ 15.27 $ 14.63 $ 14.96 $ 13.84 Operating costs per BOE $ 4.35 $ 5.80 $ 4.48 $ 5.92 Depreciation/depletion per BOE $ 1.96 $ 1.85 $ 1.96 $ 1.98 General & administrative expenses per BOE $ 1.50 $ 1.47 $ 1.42 $ 1.43
COMPARATIVE FINANCIAL RESULTS
(in 000s except per-share data)
Three months ended June 30: 1996 1995 Total revenues $ 13,726 $ 12,968 Net income $ 4,398 $ 2,876 Net income per share $ .20 $ .13 Weighted average number of shares outstanding 21,939 21,932 Six months ended June 30: 1996 1995 Total revenues $ 26,329 $ 23,955 Net income $ 8,259 $ 5,086 Net income per share $ .38 $ .23 Weighted average number of shares outstanding 21,935 21,932 CONTACT: Berry Petroleum Co., Taft Jerry V. Hoffman/Ralph J. Goehring, 805/769-8811 |
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