Berry Petroleum Q3 Profit Sequentially Declines - Quick Facts

(RTTNews) - Berry Petroleum Co. (BRY) reported third-quarter net earnings of $28.18 million, or $0.50 per share, for the third quarter of 2013, while net earnings were $61.36 million, or $1.10 per share in the prior quarter.

After considering items such as derivatives and transaction costs, adjusted net earnings for the latest-quarter were $53 million, or $0.95 per share.

Revenue for the latest-quarter was $318.39 million, whereas it was $286.86 million in the previous quarter.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.92 per share and revenues of $294.01 million for the quarter. Analysts' estimates typically exclude special items.

Berry now expects 2013 company production to average between 40,500 - 40,800 BOE/D, above its previous forecast of 38,000 - 40,000 BOE/D. Capital spending in 2013 should total around $600 million. Oil production for 2013 should average approximately 80% of Berry's total production. The Company is currently in the process of establishing its 2014 capital budget, and will provide details around those plans at a future date.