Linn Energy LLC is offering approximately $600 million more to buy Berry Petroleum Co., under a merger deal announced Monday by both companies.
Linn, based in Houston, is one of the nation’s top-15 oil and natural gas producers. Berry owns the Placerita oilfield (off of Sierra Highway in Newhall) and bigger oil properties in Kern County, West Texas and Utah.
Under the original deal, Berry shareholders were to receive 1.25 shares of Linn affiliate LinnCo. Under the new deal, shareholders would receive 1.68 shares for each Berry share – a total increase of more than half a billion dollars, to $4.9 billion.
Berry’s share prices jumped about 11 percent on Monday’s news and retreated slightly Tuesday.
The original deal was supposed to have been completed by June 30, but it didn’t happen because it requires SEC approval and Linn has been sidetracked by an SEC inquiry into its hedging strategy. The new agreement, which has been approved by both companies’ boards, extends the completion date to Jan. 31, 2014.
“The boards and management teams of Linn and Berry remain committed to completing this merger,” the companies’ CEOs said in a joint statement. “We continue to believe that, upon completion, this transaction will create tremendous value for Linn Energy, LinnCo and Berry investors.”
Linn CEO Mark E. Ellis justified the higher offer by saying that since his company first started planning the takeover, Berry’s operations “have consistently outperformed expectations, which is evidenced by their recent third quarter 2013 results.”
Berry has been ramping up its oil production all year. It brought 41,413 daily barrels of oil and natural gas to market during the third quarter, a 14 percent increase over the same period in 2012.
One third-quarter highlight was the drilling of 18 new oil wells in California, including nine at Placerita.
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.
College of the Canyons and the Santa Clarita Environmental Education Consortium, SCEEC, will virtually host the 2021 Green STEM Summit on Saturday, Oct. 9 with the purpose of introducing students to green careers.