Corporate Profile for Berry Petroleum Company, dated Friday, June 11.TAFT, Calif.--(BUSINESS WIRE)--June 11, 1999-- The following Corporate Profile is available for inclusion in your files. News releases for this client are distributed by Business Wire and also become part of the leading databases and online services, including all of the leading Internet-based services. -0-
Published Date: June 11, 1999
Company Name: Berry Petroleum Company
Address: 28700 Hovey Hills Road
P.O. Bin X
Taft, Calif. 93268-0042
Main Telephone
Number: 661/769-8811
Internet Home
Page Address
(URL): www.bry.com
Chief Executive
Officer: Jerry V. Hoffman
Chief Financial
Officer: Ralph J. Goehring
Investor/Public
Relations
Contact: Todd A. Crabtree
Business number: 661/769-2324
Trading Symbol/
Exchange: BRY/NYSE
Industry: Oil & Gas Production - Domestic Independent
Market Makers: Specialist - Henderson Brothers
Company description: Berry Petroleum Co. is a California-based independent oil and gas producer with extensive experience in heavy crude oil Heavy crude oil or Extra Heavy oil is any type of crude oil which does not flow easily. It is a relative term, compared to light crude oil, but relates to specific technical issues of its own on production, transportation, and refining. production and development. The company's principal producing properties are located in the southern San Joaquin Valley Noun 1. San Joaquin Valley - a vast valley in central California known for its rich farmland Calif., California, Golden State, CA - a state in the western United States on the Pacific; the 3rd largest state; known for earthquakes and northern Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County in California. The majority of the company's reserves are owned in fee (no royalties) and 99% are heavy crude oil (under 20 degrees API gravity The American Petroleum Institute gravity, or API gravity, is a measure of how heavy or light a petroleum liquid is compared to water. If its API gravity is greater than 10, it is lighter and floats on water; if less than 10, it is heavier and sinks. ), which are produced using thermal (steam) enhanced recovery methods. Berry also owns three cogeneration facilities which produce approximately 100 megawatts of electricity and provide Berry up to 37,000 barrels of steam per day. As of March 31, 1999, reserves were estimated to be 112 million barrels of oil equivalent (BOE BOE Based on Experience BOE Board of Education BOE BoletÃn 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 ). Total operating revenues in 1998 were $39,858,000 and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $11,950,000. Net incopme was $3,879,000, or 18 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. . Total shares outstanding at year-end were 22,037,000 (fully diluted). (During the calendar year 1998, the stock price low was $10.50 per share and the high was $17.50 per share.) |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion