Capital Markets | Capital Expenditure
Berry Petroleum 2013 CapEx To Focus On California, Permian and Uinta
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Robert Heinemann, President and Chief Executive Officer, said, "While still in the process of finalizing 2013 development plans, Berry expects its capital investments will grow oil production by approximately 10 - 15% in 2013 with total company production growth targeted at 5 - 10%.
We anticipate our 2013 development capital budget to range between $500 - 600 million. The distribution of capital will be about 50% in California and about 25% each in the Permian and Uinta. Including the acceleration into 2012, the Company plans to drill 175 Diatomite wells as part of its 2013 development plan.
We will also continue to expand our Diatomite infrastructure. These investments, along with the ability to drill wells near areas with active steam, should give Berry more operational flexibility as…
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