Exploration & Production | Operational Updates
Berry Petroleum Talk Gas Processing Constrain In Permian Basin
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Berry Petroleum Company reported net earnings of $18 million, or $0.33 per diluted share, for the third quarter of 2012.
The reported earnings include a non-cash loss on derivatives of $20 million and dry hole expense of $1 million. Excluding these items, adjusted net earnings were $39 million, or $0.71 per diluted share. Oil and natural gas sales were $233 million during the quarter. Discretionary cash flow for the quarter totaled $125 million, and net
cash provided by operating activities totaled $144 million.
Michael Duginski, Executive Vice President and Chief Operating Officer, stated, "Production from our Permian properties was 6% higher during the third quarter at approximately 6,860 BOE/D. We drilled 20 wells with a six-rig program, and expect to drill 16 additional…
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