header image

[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather


 
Calendar
Today in
S.C.V. History
February 22
1983 - Armed robber taken out at Alpha Beta supermarket on Lyons [story]
Alpha Beta market


Placerita oil field operator Berry Petroleum Corp. posted a third-quarter net profit Thursday of $134 million ($2.45 per share) – a reversal of a year-ago $3 million loss.

But the improvement wasn’t enough to prevent stock prices from slipping more than 12 percent on the day to $37.66 due to the announcement that state regulatory requirements were slowing the pace of future oil exploration in a Kern County field where it recently gained approval to drill.

“Like other California producers, we are being impacted by today’s regulatory environment in California,” Berry President Robert Heinemann said. “While Berry received approval for our full diatomite development in the third quarter, the pace of drilling and steam injection is being slowed by the new, more stringent operating requirements of the state regulatory agencies. While this will impact our development pace in the near term, our estimates of well performance and ultimate recovery for the asset remain unchanged.”

“We are investing additional capital in our other assets to compensate for the slower pace of development in the diatomite,” he said. “We were not able to shift our capital soon enough to make up for this impact and are lowering our production forecast to approximately 10 percent growth for 2011 with full-year capital expenditures of over $500 million. Looking forward to 2012, we plan to maintain our strategic focus on oil development, expect to deliver double-digit growth in production and cash flow, and invest capital within cash flow.”

During the third quarter, the company boosted earnings by increasing production of oil and gas from existing reserves and selling it at higher prices. Oil production increased 6 percent on the year and 4 percent since the second quarter to 36,916 barrels per day, with an operating margin of $47 per barrel during the latest quarter.

Founded a century ago in Taft, Berry owns and operates multiple California assets including the Placerita field west of Sierra Highway in Newhall. Now headquartered in Denver, the company expanded beyond the Golden State in 2003 with operations in California, Colorado, Texas and Utah.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
College of the Canyons student-athletes Estrella Segura (women's tennis) and Ethan Posthumus (men's golf) have been named the COC Athletic Department's Women's & Men's Student-Athletes of the Week for the period running Feb. 12-17
COC Names Estrella Segura, Ethan Posthumus Named Athletes of the Week
The California Department of Transportation advises the public that a helicopter will be used in a highway project on State Route 14, south of Golden Valley Road in Santa Clarita beginning Tuesday, Feb. 27.
Caltrans Announces Helicopter Aid to Protect Golden Valley Road Slope
Grab your friends and family, and meet Santa Clarita city staff on the trail!
Santa Clarita Community Encouraged to ‘Take a Hike’
Bright lights, thousands of screaming fans — dream job.
Two CSUN Music Alums Join Jonas Brothers on World Tour
Los Angeles County filed a lawsuit Wednesday against food delivery company Grubhub alleging false and deceptive advertising, misrepresentation and unfair business practices that financially harm consumers, delivery drivers and restaurants.
County Files Suit Against Grubhub Alleging Unfair Business Practices
1983 - Armed robber taken out at Alpha Beta supermarket on Lyons [story]
Alpha Beta market
The Triumph Foundation 11Th Annual Wheelchair Sports Festival, a two-day free sporting event open to the public will be held Saturday, April 27 and 28 at the Santa Clarita Sports Complex.
April 27: Triumph Foundation’s 11th Annual Wheelchair Sports Festival
Café con Leche from the Santa Clarita Valley Chamber of Commerce Latino Business Alliance’s returns.
March 5: Latino Business Alliance Hosts Next Café con Leche
Wolf Greek Restaurant and Brewing Co. will host an all day fundraiser to benefit Carousel Ranch’s "Carousel Wishes & Valentine Kisses" campaign on Thursday, Feb. 22.
Feb. 22: Wolf Creek Holds Fundraiser for Carousel Ranch
The SCV Water Board of Directors approved the Agency’s 2024-28 Five-Year Strategic Plan, on Feb. 20. 
SCV Water Adopts 2024-28 Strategic Plan
The SCVEDC would like to recognize local manufacturer Lief Labs (Lief Organics), on their 15th anniversary of operating in the Santa Clarita Valley.
SCV Economic Development Corporation Recognizes Lief Labs for 15 Years of Growth
An ocean water rain advisory for all Los Angeles County beaches is in effect Until Friday, Feb. 23 at 5 a.m.
Public Health Extends Ocean Water Quality Rain Advisory
City of Santa Clarita residents can pre-order up to two rain barrels per household, for the lifetime of the program, by visiting the website.
March 16: Rain Barrel Purchase Program Returns For Santa Clarita
Following the resounding success of the second annual “The Big I Do” wedding on Valentine's Day, the city of Santa Clarita is proud to announce the launch of the first-ever Cowboy Festival Wedding.
April 20: Santa Clarita to Host Inaugural Cowboy Festival Wedding
1923 - Newhall Chamber of Commerce organized; Albert Swall elected president [story]
Albert Swall
WeWil Collaborative, Women Empowering Women in Leadership, will host the Second Annual International Women's Day Celebration on March 8.
March 8: WeWil Collaborative Presents Int’l Women’s Day Celebration
California State Sen. Scott Wilk (R-Santa Clarita) has announced he is co-authoring the Cost of Living Reduction Act, Senate Bill 1326 (Jones), which would repeal a 2022 law authorizing an income-based charge on electrical bills.
Wilk Coauthors Bill to Pull Plug on Income-Based Electricity Charges
The Office of Inspector General Max Huntsman, Inspector General, has issued a report entitled Report Card On Sheriff's Department's Reforms 2019 to 2023.
Inspector General Issues Report Card on LASD Reforms
The "Science Talks Series Presents" continues at the Canyon Country Campus of College of the Canyons on Friday, April 12 from 6:30 p.m. to 10 p.m. with a Star Party and Science Showcase.
April 12: COC Star Party at Canyon Country Campus
The Northampton School for Boys Big Band and Folk Ensemble Tour Concert will perform a free concert Wednesday, Feb. 21 at 6:30 p.m. at Valencia High School Theater.
Feb. 21: Visiting UK Band Performs at Valencia High
Heroes of Color and the William S. Hart Union School District have partnered to create the “Jr. ARTrepreneurs” program. A program that equips students at Hart High, Saugus High, Castaic High and La Mesa Junior High with the essential tools to thrive as artists and entrepreneurs and also to cultivate invaluable life skills that extend far beyond the canvas.
Jr. Artrepreneurs Hart District Student Art Exhibit
California is experiencing an unusually high number of invasive fruit fly detections this season. The California Department of Food and Agricultural, in cooperation with the United States Department of Agriculture and County Agricultural Commissioners, has initiated local regulatory measures to eradicate and prevent the statewide spread of Queensland Fruit Fly, Tau Fly, Mediterranean Fruit Fly and Oriental Fruit Fly.
SCV Residents Urged to Inspect Gardens, Don’t Move Fruit
The city of Santa Clarita’s Film Office released the list of 12 productions currently filming in the Santa Clarita Valley for the week of Monday, Feb. 19- Sunday, Feb. 25.
Feb. 19-25: 12 Productions Filming This Week in SCV
While Valentine’s Day may have passed, the spirit of love continues to flourish throughout February, especially here at Henry Mayo Hospital, where we're dedicated to celebrating matters of the heart in more ways than one! Beyond the chocolates and flowers, we're focusing on maintaining heart health for ourselves and our loved ones.
Marlee Lauffer | Celebrate Matters of the Heart
SCVNews.com