Berry Petroleum Co. reports strong first-quarter operating results.TAFT, Calif.--(BUSINESS WIRE)--May 9, 1995--Berry Petroleum Co. (NYSE NYSE See: New York Stock Exchange :BRY BRY could refer to:
Bry ) Tuesday announced net income of $2.2 million, or 10 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 $11 million for the first quarter ended March 31, 1995. This compares with a net loss of $.6 million, or 3 cents per share, on revenues of $7.6 million for the first quarter ended March 31, 1994. For the first quarter of 1995, the average sales price was $13.02 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 47 percent from the $8.86 BOE received in the first quarter of 1994. Jerry Hoffman, chief executive officer, stated: "We are pleased with our improved financial results for the first quarter of 1995. The company is making significant progress in meeting its profitability goals. The company has drilled and completed 26 of 48 development wells budgeted for 1995 and has increased steaming on its Midway-Sunset properties to increase the company's production rate for the remainder of the year. "One of the company's goals for 1995 is to increase daily production to a level exceeding 9,800 BOE/day. Another goal is to achieve further growth through acquisitions which we are actively pursuing." Oil and gas production averaged 8,927 BOE/day in the first quarter of 1995, up from 8,820 BOE/day produced in the first three months of 1994. While this production level declined from 9,326 BOE/day in the fourth quarter of 1994, the company's production in late April is averaging more than 9,300 BOE/day. The 1995 first-quarter production decline is attributable to a decrease in natural gas production from an operating well in Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. and heavy rains in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). causing significant production
curtailment CurtailmentThe act of contracting or reducing operations of a company in the hope of bringing it financial or operational stability. This management technique is often used when a company has grown too fast and is unable to effectively manage its operations. . Ralph Goehring, chief financial officer, stated: "General and administrative expenses decreased 21 percent to $1.1 million in the first quarter of 1995 from $1.4 million in the similar 1994 period. Operating results should continue to improve since oil prices have moved up to a current average posting of $14.81 per barrel for our 13 degrees gravity crude oil. "In the first quarter of 1995, the company generated $4.7 million of cash flow from operating activities, up significantly from just $.3 million a year ago." 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. Comparative results follow in 000s, except share and per-share data: -0-
Three months ended
March 31,
1995 1994
Total revenues $ 10,987 $ 7,565 Net income (loss) $ 2,210 $ (598) Net income (loss) per share 10 cents (3 cents) Weighted average number of shares outstanding 21,932,0000 21,932,000 CONTACT: Berry Petroleum Co., Taft Jerry V. Hoffman/Ralph J. Goehring, 805/769-8811 805/769-8960 (fax) |
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