9 May 2013quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $276.9 million for the period ended 2013-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 May 2013quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $276.9 million for the period ended 2013-03-31.
6 May 2013quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $276.9 million for the period ended 2013-03-31.
21 Feb 2013business combination● NeutralMajor
On February 20, 2013 Berry agreed to be acquired by LinnCo, with Linn Energy as the eventual owner, in an all-stock deal where each Berry share converts into 1.25 LinnCo shares. Closing requires approval from Berry's stockholders, LinnCo shareholders and Linn unitholders, plus tax opinions and antitrust clearance. Berry's board unanimously approved it. If completed, Berry shareholders would hold LinnCo shares rather than Berry stock, and Berry would become an indirect subsidiary of Linn.
13 Feb 2013substantial holder notice● Neutral
The Vanguard Group disclosed a new substantial Berry Petroleum Company, LLC shareholding (5.06% of votes).
8 Feb 2013substantial holder notice● Neutral
BlackRock, Inc reported a Berry Petroleum Company, LLC shareholding of 3,005,315 shares (5.74% of votes) in a periodic institutional filing.
25 Jan 2013substantial holder notice● Neutral
Winberta Holdings, Ltd reported a Berry Petroleum Company, LLC shareholding of 3,737,900 shares (6.90% of votes) in a periodic institutional filing.
1 Nov 2012quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $244.8 million for the period ended 2012-09-30.
1 Nov 2012quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $244.8 million for the period ended 2012-09-30.
2 Aug 2012quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $229.7 million for the period ended 2012-06-30.
2 Aug 2012quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $229.7 million for the period ended 2012-06-30.
2 Aug 2012material agreement● Neutral
On July 30, 2012 Berry amended its crude oil sales contract with ExxonMobil Oil Corporation, extending it to August 31, 2014. It covers California production other than Placerita and Poso Creek. This extends the ExxonMobil arrangement noted earlier; pricing is redacted and not given.
24 May 2012securities registration● Neutral
Berry Petroleum Company, LLC filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
27 Apr 2012quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $244.0 million for the period ended 2012-03-31.
26 Apr 2012quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $244.0 million for the period ended 2012-03-31.
17 Apr 2012debt financing▲ Good
Effective April 13, 2012, Berry signed a fourth amendment to its credit agreement that raises the borrowing base to $1,400 million and amends the oil hedging contracts covenant. This restores the base that the March notes issuance had reduced; the filing does not give details of the covenant change. (Inference: the base increase follows the March notes offering and tender, but the filing does not say so.)
11 Apr 2012material agreement● Neutral
Effective April 1, 2012, Berry signed a 39-month power sale agreement with Pacific Gas and Electric for electricity from its 38 megawatt cogeneration facility on the South Midway-Sunset properties. It replaces the 1984 agreement with PG&E that expired March 31, 2012, and Berry can end it early if it signs a long-term deal through a competitive solicitation. The filing gives no prices or financial effect.
9 Mar 2012debt financing● NeutralMajor
On March 9, 2012 Berry closed the $600 million 6⅜% senior notes due 2022 offering announced earlier in the week, receiving about $589 million after discounts and expenses. It plans to use the money to redeem the $200 million 8¼% 2016 notes, fund the tender offer for up to $150 million of 10¼% 2014 notes, and pay down the revolver. The filing also says the new notes automatically cut the credit facility's borrowing base by 25 cents per dollar issued, a net cut of $112.5 million to about $1,287.5 million if the full $150 million tender is completed.
9 Mar 2012material agreement▲ GoodMajor
On March 6, 2012 Berry signed an underwriting agreement with Wells Fargo Securities for a $600 million public offering of 6⅜% senior notes due 2022. The company announced it would use the proceeds to redeem all $200 million of its 8¼% 2016 subordinated notes, fund a tender offer for up to $150 million of its 10¼% 2014 notes (about $355 million outstanding), and pay down the revolver. It also agreed not to sell other debt over one year for 90 days without Wells Fargo's consent. This continues the effort to replace the higher-rate notes.
7 Mar 2012securities registration● Neutral
Berry Petroleum Company, LLC filed a prospectus supplement for an offering off its existing shelf.
6 Mar 2012securities registration● Neutral
Berry Petroleum Company, LLC filed a free-writing prospectus - marketing material for an offering in progress.
6 Mar 2012securities registration● Neutral
Berry Petroleum Company, LLC filed the final prospectus for a registered offering.
13 Feb 2012substantial holder notice● Neutral
ALLIANZ GLOBAL INVESTORS CAPITAL LLC, NFJ INVESTMENT GROUP LLC reported a Berry Petroleum Company, LLC shareholding of 2,291,409 shares (4.40% of votes) in a periodic institutional filing.
13 Feb 2012substantial holder notice● Neutral
BlackRock, Inc reported a Berry Petroleum Company, LLC shareholding of 2,989,322 shares (5.76% of votes) in a periodic institutional filing.
26 Jan 2012substantial holder notice● Neutral
Winberta Holdings, Ltd reported a Berry Petroleum Company, LLC shareholding of 3,731,900 shares (6.90% of votes) in a periodic institutional filing.
3 Nov 2011quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $239.2 million for the period ended 2011-09-30.
27 Oct 2011debt financing● NeutralMajor
On October 26, 2011 Berry amended its credit agreement again, raising lender commitments to $1,200 million with the borrowing base unchanged at $1,400 million. The accompanying third-quarter release reports net earnings of $134 million ($2.42 per diluted share), including a roughly $90 million net boost from non-cash hedge gains and debt-retirement charges. It also says Berry bought back $95 million of its 10.25% 2014 notes for $106 million using the credit line, cut its 2011 production forecast to about 10% growth because California regulation slowed its diatomite drilling, and now expects capital spending of over $500 million for 2011.
5 Aug 2011quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $243.5 million for the period ended 2011-06-30.
4 Aug 2011quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $243.5 million for the period ended 2011-06-30.
29 Apr 2011quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $197.6 million for the period ended 2011-03-31.