Berry Petroleum Company Announces a 10% Dividend Increase and a 10% Special Dividend.Business Editors BAKERSFIELD, Calif.--(BUSINESS WIRE)--April 8, 2003 Berry Petroleum Company (NYSE NYSE See: New York Stock Exchange :BRY) today announced that its Board of Directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a 10% increase in its quarterly dividend and a special dividend of $.04 per share. The Company has approximately 21.8 million shares presently outstanding. The special dividend of $.04 per share will be paid on May 2, 2003 to shareholders of record on April 18, 2003. The regular quarterly dividend is being increased by 10%, from $.10 to $.11 per share, beginning with the June 2003 dividend and is payable on June 27, 2003 to shareholders of record on June 12, 2003. Jerry Hoffman, Chairman, President and Chief Executive Officer stated, "We believe our shares provide an excellent investment opportunity as we have delivered consistent strong rates of return on equity, with a three year average of 18%, and on capital employed Capital Employed 1. The total amount of capital used for the acquisition of profits. 2. The value of all the assets employed in a business. 3. Fixed assets plus working capital. 4. Total assets less current liabilities. , with a three year average of 21%. The Company has increased its earnings and revenues significantly in the last several years and the Company is anticipating another strong year in 2003. These results have enabled the Company to return a portion of the increased cash flow to our shareholders in the form of a one-time special dividend and a dividend increase. We continue to actively pursue acquisition opportunities, and we believe this dividend increase will not impact our growth activities." Berry Petroleum Company is a publicly traded independent oil and gas production company with approximately 101.7 million barrels of proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. at year end 2002 and nearly 100 megawatts of electrical generating capacity. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995:" This release may contain descriptions of the Company's expectations regarding future business activities. These forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are made in reliance upon safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Accordingly, actual results may differ materially from those contemplated by the forward-looking statements. |
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