Berry Petroleum Company to Increase Its Dividend and Capital Budget.BAKERSFIELD Bakersfield, city (1990 pop. 174,820), seat of Kern co., S central Calif., at the southern end of the San Joaquin valley; inc. 1898. It is an oil, mining, and agricultural center and one of the fastest-growing U.S. cities. , Calif. -- Berry Berry, former province, France Berry (bĕrē`), former province, central France. Bourges, the capital, and Châteauroux are the chief towns. 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 $.04 per share increase in its annual dividend, a special dividend of $.06 per share and an increase in its capital budget to $70 million. The regular quarterly dividend is being increased by 9%, from $.11 to $.12 per share, beginning with the September 2004 dividend. The regular quarterly dividend along with the special dividend of $.06 per share will be paid on September 29, 2004, to shareholders of record on September 13, 2004. The total dividend payable on September 29, 2004, will be $.18 per share. The Company has approximately 22.2 million shares presently outstanding. Robert Heinemann, President and Chief Executive Officer, stated: "The Company is experiencing a record year in 2004 and we believe our shareholders should participate in the record cash generated from operating activities. We believe our shares provide an excellent investment opportunity as we are delivering on our growth strategy. Commodity prices have been and continue to be very strong and this enables the Company to increase its dividend level. At the same time, the Company is executing a record capital budget of approximately $70 million, a 68% increase over 2003. Consistent with the Board's ongoing commitment to growing the Company, we are continuing to invest in our core properties while actively pursuing acquisition opportunities." Berry Petroleum Company is a publicly traded, independent oil and gas production and exploitation company with its headquarters in Bakersfield. 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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