Berry Petroleum Co., owner of the Placerita oil field off of Sierra Highway – and significantly larger fields in Kern County, West Texas, Utah and Colorado – posted adjusted second-quarter profits of $41 million (73 cents per diluted share), dead-even with the year-ago figure and up markedly from the first quarter of 2013.
Berry was supposed to merge by June 30 into an affiliate of Linn Energy, one of the nations’ top-15 oil and natural gas companies. But the merger requires SEC approval, and it has been tied up since the SEC launched an informal inquiry into Linn’s hedging strategy.
It’s not a done deal. Berry’s stock price has drifted back to pre-announcement levels.
Meantime, the second quarter saw Berry increase its oil-to-gas ratio to 80 percent oil from 74 percent a year earlier as natural gas prices plummeted to record-low levels.
In Kern County, Berry’s production increased by 12 percent at McKittrick, where the company drilled 45 new steam-injection wells as part of its “continuing focus to expand the steam flood development.” The McKittrick field yielded an average 2,645 barrels per day for Berry during the second quarter.
Berry’s historic South Midway property in Kern County produced 12,395 barrels per day with 10 new wells drilled. Berry plans to drill 17 more in that field during the third quarter, although the company expects production at South Midway to fall by 5 percent to 8 percent over the course of 2013.
Berry’s total second-quarter production averaged 39,529 barrels per day, an increase of 12 percent over second-quarter 2012. Of that amount, oil accounted for 31,456 daily barrels and the rest was natural gas.
Berry started injecting old wells at Placerita with steam in 2011 in order to boost production to 2,300 barrels per day. Production started in 1948 on Berry’s Placerita property.
Linn Energy has about 4.8 trillion cubic feet of natural gas equivalent. By comparison, Berry’s proved reserves include 534 billion cubic feet of natural gas and 186 million barrels of liquids, for a combined total of 275 million barrels of oil equivalent.
1970 - Lagasse family helps save Mentryville buildings as Newhall and Malibu brush fires erupt & join into worst fire in SoCal history. Twelve fires over 10 days burn 525,000 acres, kill 13 people and destroy approx. 1,500 structures. [story]
Los Angeles County Public Health officials on Friday confirmed 32 new deaths and 1,238 new cases of COVID-19 countywide, with 35,524 total cases in the Santa Clarita Valley. Additionally, Public Health announced that eligible Los Angeles County residents can begin receiving their booster doses at any of the hundreds of sites offering the Pfizer vaccine.
Los Angeles County announced it is now administering Pfizer booster third doses after the Centers for Disease Control and Prevention Director Rochelle P. Walensky endorsed the CDC Advisory Committee on Immunization Practices’ recommendation for a booster dose of the Pfizer COVID-19 vaccine in several population groups. The CDC also recommended a booster dose for those in high-risk occupational and institutional settings.
Officials from Henry Mayo Newhall Hospital are once again urging those eligible to get vaccinated, as the hospital is experiencing a marked influx of COVID-19 patients, hospital spokesman Patrick Moody said Thursday.
A “significant amount of smoke” from the Windy and KNP Complex fires northeast of Bakersfield in the Sequoia National Forest have entered the Los Angeles area, according to a Thursday morning tweet from the U.S. National Weather Service Los Angeles.
College of the Canyons is continuing its tradition of inviting community groups to experience Cougar football during the 2021 season, with all healthcare workers and first responders invited to attend Saturday’s game vs. Palomar College free of charge.
The Santa Clarita chapter of the American Cancer Society is excited to announce its annual leading fundraiser of the year — Relay For Life - will take place on Saturday, Oct. 2, at the Westfield Town Center Mall, from 11:00 a.m. to 9:00 p.m.
SACRAMENTO — State Superintendent of Public Instruction Tony Thurmond proudly recognized Betty Reid Soskin, a pioneering Bay Area civil rights activist and the oldest living National Park Ranger serving in the United States, as an Ambassador to California Education on her 100th birthday.