Berry Petroleum Receives $13.5 Million From Edison.Business Editors TAFT, Calif.--(BUSINESS WIRE)--March 1, 2002 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) announced that it has received today $13.5 million from Southern California Edison Southern California Edison (or SCE Corp), the largest subsidiary of Edison International (NYSE: EIX), is the primary electricity supply company for much of Southern California. It provides 11 million people with electricity. Company (Edison) in full payment of electricity sales delivered from November 2000 through March 26, 2001. The Company has $9.3 million booked as a current receivable for these sales, and thus will record $4.2 million in pre-tax income in the first quarter of 2002 due to this collection. Ralph J. Goehring, Senior Vice President & Chief Financial Officer, stated, "We are very pleased that Edison has finally paid us in full. While the non-payment of these funds a year ago exerted financial strain on Berry and caused a decline in our production volumes at our Placerita oil field last year, we are well on our way to achieving our targeted production." Goehring added, "We will use these funds to reduce our long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. of $25 million to approximately $12 million. We are currently providing approximately 40 megawatts of hourly capacity to Edison and look forward to being a reliable, low-cost electrical supplier to Edison." Berry Petroleum Company is a publicly traded independent oil and gas production and exploitation company located 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). . Visit www.bry.com for more information. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion