Berry Petroleum has reported a net income of $43 million for the first quarter of 2008, a 128% increase compared to a net income of $18.9 million for the same period of 2007.
For the first quarter ended March 31, 2008 net production averaged 28,066 barrels of oil equivalent per day (boe/d), an increase of 10% from the 25,490 boe per day achieved in the same period of 2007. The company drilled 145 gross (128 net) wells in the first quarter of 2008.
For the quarter, the average realized sales price, net of hedging was $60.43 per boe, up 38% over the $43.84 per boe received for the same period of 2007. Oil and gas revenues rose 61% to $164 million, including $10.5 million related to a multi-year royalty correction, in 2008 compared to $102 million in 2007.
Robert Heinemann, president and CEO of Berry Petroleum, said: In the current price environment, the economic returns from Berry’s oil projects are exceptional.