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Berry Petroleum Provides Q4 Production Update, FY 2013 Capital Expenditure Plan - Shares Up 4%, But Off Day Highs
By: MT Newswires
Berry Petroleum Company ( BRY ) shares are up 4.4% at $36.75 but about $1 off day highs following the company's report that in Q4 2012 it averaged production of 39,500 barrels of oil per day. For 2012, BRY produced an average of 36,400 barrels of oil per day.
On reserves, Berry expects year-end 2012 reserves to total 276 MMBOE
For 2013, BRY forecasts a capital budget of $500 - $600 million, which will continue to be invested in its oil assets. It anticipates funding capital expenditures from internally generated cash flow at current commodity prices.
Berry reaffirmed its expectation of growing oil production by approximately 10 -15% in 2013.