Berry Petroleum Receives $2 Million On Past Due Electricity Receivables.Business Editors TAFT, Calif.--(BUSINESS WIRE)--Sept. 5, 2001 Berry Petroleum Company (NYSE NYSE See: New York Stock Exchange :BRY) today announced that it received $2 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) as a partial payment for electricity sales delivered from November 2000 through March 26, 2001. The payment represents 10% of the $15 million due, or $1.5 million, plus all of the accrued interest through September 1, 2001 of $.5 million which will be recorded in the third quarter of 2001. Ralph Goehring, Senior Vice President and Chief Financial Officer, stated, "Under this new agreement with Edison, additional payments will be forthcoming contingent upon Edison achieving certain criteria that allows them to become creditworthy cred·it·wor·thy adj. Having an acceptable credit rating. cred  it·wor . Edison owes Berry approximately $13.5 million and has agreed to make monthly interest payments on the total balance due Berry." Berry Petroleum Company is a publicly traded independent oil and gas production company with three cogeneration facilities providing nearly 100 megawatts of electrical capacity and 34,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. of steam used in its enhanced oil recovery Enhanced Oil Recovery (EOR) is a generic term for techniques for increasing the amount of oil that can be extracted from an oil field. Using EOR, 30-60 %, or more, of the reservoir's original oil can be extracted [1] compared with 20-40% [2] operations. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion