Berry Petroleum has reported net income of $130 million, or $2.89 per diluted share, for the 12 months ended December 31, 2007, a 20% increase, compared to 2006 net income of $108 million, or $2.41 per diluted share.
For the fourth quarter of 2007, the company reported net income of $32.3 million, or $0.71 per diluted share, compared to $19.1 million, or $0.43 per diluted share, in the fourth quarter of 2006.
For 2007, net production averaged a record 26,902 barrels of oil equivalent per day (boe/d), a 6% increase, compared to 25,398boe per day achieved in 2006. The average realized sales price, net of hedging, for the full-year 2007 was $47.50 per boe, up 2% over the $46.67 per boe received in the 2006 period. Oil and gas revenues rose 9% to $467 million in 2007 from $430 million in 2006.
For the fourth quarter of 2007, oil and gas revenues were $133 million and discretionary cash flow was $77 million. The company said that it drilled 96 gross wells in the fourth quarter of 2007, with a success rate of 100%.
Production averaged a record 28,023boe/d, a 4% increase, compared to 26,889boe/d in the fourth quarter of 2006 and up 4% from the third quarter of 2007. The average realized sales price after hedging was $52.32 per boe, up 25% from $42 per boe achieved in the fourth quarter of 2006 and up 9% from $47.93 in the third quarter of 2007.