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Berry Petroleum Co
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Berry Petroleum Reports 2010 Results
| Robert F. Heinemann | Page 1 of 11 |
April 20, 2024
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"Berry Petroleum Reports 2010 Results"
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Berry Petroleum Company News Page 1 of 8 Contact: Berry Petroleum Company Investors and Media 1999 Broadway, Suite 3700 David Wolf, 1-303-999-4400 Denver, Colorado 80202 Shawn Canaday, 1-866-472-8279 Internet: www.bry.com SOURCE: Berry Petroleum Company Berry Petroleum Reports 2010 Results Full-Year Production of 32,666 BOE/D and Discretionary Ca sh Flow of $391 million 2010 Proved Reserves of 271 MMBOE wit h an FD&A Cost of $14.08/BOE Denver, Colorado. -- (BUSINESS WIRE) ? March 1, 2011 -- Berry Petroleum Company (NYSE:BRY) generated net earnings of $83 million, or $1.52 per diluted share, for the twelve months ended December 31, 2010. Oil and gas revenues totaled $620 million and discretionary cash flow totaled $391 million in 2010. Robert F. Heinemann, president and chief executive officer said, ?Berry returned to growth in 2010, increasing oil and natural gas production from continuing operations by 12% over 2009 levels and maintaining a two-thirds crude oil to natural gas mix. Berry?s production growth in 2010 was supported by our entry in the Permian basin, where we acquired a total of 20,000 net acres in the Wolfberry trend. In addition to providing us with a five-year drilling inventory, the Permian acquisitions allowed us to reallocate capital during 2010 into primary oil production as we awaited permits to develop our California diatomite oil asset.? 2010 Production 2009 Production Oil (Bbls) 21,713 66% 19,688 66% Natural Gas (BOE) 10,953 34% 10,346 34% Total BOE per day 32,666 100% 30,034 100% Less DJ basin production (divested 4/09) - (765) Total BOE per day ? Continuing Operations 32,666 29,269 Added 47.8 MMBOE and Replaced 400% of 2010 Production Proved oil and gas reserves were estimated at 271 million BOE at December 31, 2010. This represents a 15% increase compared to 235 m illion BOE at year-end 2009. The Company added 47.8 million BOE to proved reserves from a dev elopment capital investment of $310 million and acquisition costs of $334 million. Finding, Development and Acquisition (FD&A) costs were $14.08 per BOE. At year-end 2010, the Company?s prov ed reserve mix includes 166 million barrels of crude oil, condensate and natural gas liquids, and 630 billion cubic feet of natural gas, or 61% oil and 39% natural gas. Berry?s oil reserves grew 28% during 2010, supported by the performance of its assets in three oil basins. These basins make up 64% of proved reserves with 43% in California, 12% in the Permian basin and 9% in the Uinta. Proved developed reserv es represent 49% of total proved reserves. Fourth Quarter 2010 ? Adjusted Earnings of $0.35 per share, Production of 34,484 BOE/D and Discretionary Cash Flow of $85 million For the fourth quarter ended December 31, 2010 the Company reported a net loss of $(21.1) million, or $(0.40) per diluted share. The fourth quarter earnings included a non-cash commodity hedge charge that decreased earnings by approximately $39.8 million or $0.74 per diluted share. Without this impact, fourth quarter earnings would have been $18.7 million or $0.35 per diluted share. Discretionary cash flow during the fourth quarter was $85 million with an operating margin of $36 per