28 Apr 2011quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $197.6 million for the period ended 2011-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Apr 2011debt financing▲ GoodMajor
On April 13, 2011 Berry amended its November 2010 bank credit agreement: maturity extended to May 13, 2016, borrowing base raised from $875 million to $1,400 million, while lender commitments stay at $875 million. Interest margins and the unused-line fee were cut, and Berry may now also refinance or retire its 8¼% 2016 subordinated notes, in addition to the 10¼% 2014 notes, if leverage and liquidity tests are met.
1 Mar 2011financial restatement▼ BadMajor
On February 25, 2011 Berry concluded that its financial statements for 2007-2009 and certain 2009 and 2010 quarterly reports should no longer be relied on, after talks with the SEC. Gains on hedges tied to the Denver-Julesburg assets sold in 2009 should have been shown under discontinued operations, which lowers earnings from continuing operations by $12.7 million for 2009 and $1.2 million for 2008. Net earnings and the balance sheets are unchanged. The same release reports 2010 net earnings of $83 million ($1.52 per diluted share), proved reserves of 271 million BOE and production of 32,666 BOE/D, and mentions the October 2010 Permian (Wolfberry) acquisition, which appears to be the pending purchase from the prior context.
14 Feb 2011substantial holder notice● Neutral
ALLIANZ GLOBAL INVESTORS CAPITAL LLC, NFJ INVESTMENT GROUP LLC reported a Berry Petroleum Company, LLC shareholding of 2,728,600 shares (5.10% of votes) in a periodic institutional filing.
2 Feb 2011substantial holder notice● Neutral
BlackRock, Inc disclosed a new substantial Berry Petroleum Company, LLC shareholding (5.64% of votes).
27 Jan 2011substantial holder notice● Neutral
Winberta Holdings, Ltd reported a Berry Petroleum Company, LLC shareholding of 3,751,900 shares (7.00% of votes) in a periodic institutional filing.
17 Nov 2010debt financing▲ GoodMajor
On November 15, 2010, Berry replaced its bank revolver with a new agreement with Wells Fargo and other lenders, extending maturity to November 13, 2015 (from July 2012) with a borrowing base and lender commitments of $875 million, in line with the borrowing base left after the November 1 notes. The old debt-to-earnings test was replaced by a minimum interest coverage ratio of 2.75 and a current ratio of at least 1.0, and Berry gained the right to refinance or retire its 10¼% 2014 notes if leverage and liquidity tests are met. Berry expects about $8.0 million in fees. Separately, the board approved a revised form of restricted stock unit award for officers.
1 Nov 2010material agreement▲ GoodMajor
On November 1, 2010 Berry issued the $300 million of 6¾% senior unsecured notes due November 1, 2020, raising about $294 million net, and cut the revolver borrowing base by about $75 million to about $863 million. About $175 million is intended to fund a pending purchase of producing properties mainly in the Wolfberry trend in West Texas, expected to close in December 2010 with no assurance. The rest is meant to pay down the revolver; if the purchase fails or is partial, all proceeds go to the revolver and general purposes.
28 Oct 2010material agreement● NeutralMajor
On October 27, 2010 Berry signed an underwriting agreement with Wells Fargo Securities for a public offering of $300 million of 6¾% senior notes due 2020, and agreed not to sell other debt over one year for 90 days without Wells Fargo's consent. The 6¾% rate is below the 10¼% on the 2009 notes.
28 Oct 2010securities registration● Neutral
Berry Petroleum Company, LLC filed a prospectus supplement for an offering off its existing shelf.
27 Oct 2010securities registration● Neutral
Berry Petroleum Company, LLC filed a free-writing prospectus - marketing material for an offering in progress.
27 Oct 2010securities registration● Neutral
Berry Petroleum Company, LLC filed the final prospectus for a registered offering.
27 Oct 2010quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $166.4 million for the period ended 2010-09-30.
26 Oct 2010quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $166.4 million for the period ended 2010-09-30.
1 Oct 2010material agreement● Neutral
On September 29, 2010 Berry signed a new contract to sell all its Midway Sunset crude (about 12,000 barrels a day) to ExxonMobil, effective October 1, 2010 through November 30, 2011. It extends the ExxonMobil arrangement that was due to end September 30, 2010.
19 Aug 2010quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $188.2 million for the period ended 2010-06-30.
9 Aug 2010quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $188.2 million for the period ended 2010-06-30.
28 July 2010quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $188.2 million for the period ended 2010-06-30.
16 June 2010material agreement▲ GoodMajor
On June 15, 2010 Berry and bankrupt Flying J agreed that Flying J owes Berry $60.5 million: $11,827,697.23 as an administrative claim and $48,672,302.77 as a general unsecured claim. The amounts need Bankruptcy Court approval at a July 6, 2010 hearing alongside Flying J's plan confirmation, which, if approved and fully performed, would allegedly pay approved claims in full in cash. Nothing is received yet.
28 Apr 2010quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $166.2 million for the period ended 2010-03-31.
12 Feb 2010substantial holder notice● Neutral
ALLIANZ GLOBAL INVESTORS MANAGEMENT PARTNERS LLC, NICHOLAS-APPLEGATE CAPITAL MANAGEMENT LLC, OPPENHEIMER CAPITAL LLC, NFJ INVESTMENT GROUP LLC reported a Berry Petroleum Company, LLC shareholding of 2,415,200 shares (5.60% of votes) in a periodic institutional filing.
3 Feb 2010substantial holder notice● Neutral
Winberta Holdings, Ltd reported a Berry Petroleum Company, LLC shareholding of 3,751,900 shares (8.40% of votes) in a periodic institutional filing.
19 Jan 2010material agreement● NeutralMajor
On January 14, 2010 Berry signed an underwriting agreement with Credit Suisse and J.P. Morgan for a public offering of 8,000,000 new Class A common shares, with an option for 1,200,000 more, with delivery expected January 21, 2010. This is the first new common stock in this record, so existing holders' stakes would be diluted. The company, directors and officers agreed not to sell other stock for 90 days. The filing does not state the price or use of proceeds.
15 Jan 2010securities registration● Neutral
Berry Petroleum Company, LLC filed a prospectus supplement for an offering off its existing shelf.
11 Jan 2010securities registration● Neutral
Berry Petroleum Company, LLC filed the final prospectus for a registered offering.
15 Dec 2009securities registration● Neutral
Berry Petroleum Company, LLC filed an automatic shelf registration, effective immediately as a well-known seasoned issuer.
30 Oct 2009quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $143.5 million for the period ended 2009-09-30.
30 Oct 2009quarterly activities report● Neutral
Berry Petroleum Company, LLC reported quarterly revenue of $143.5 million for the period ended 2009-09-30.
25 Sept 2009material agreement● Neutral
On September 24, 2009 Berry signed a contract to sell all its Midway Sunset crude (about 12,600 barrels a day) to ExxonMobil Oil Corporation, effective October 1, 2009 through September 30, 2010. It follows the Tesoro contract that expires September 30, 2009, so Midway Sunset sales continue under a new buyer.
17 Aug 2009debt financing▲ GoodMajor
On August 14, 2009 Berry issued the $125 million of additional 10¼% notes due 2014 at 104.75% of par (about 9.00% effective yield), raising about $129 million net, used to pay down the revolver. The issue cut the borrowing base by about $31 million to about $938 million; on a July 31, 2009 basis about $425 million would be drawn with $509 million available. The notes now total $450 million, and the yield is lower than the roughly 12% on the May issue.