|
DELAWARE
|
77-0079387
|
||
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
||
incorporation
or organization)
|
Identification
No.)
|
5201
Truxtun Avenue, Suite 300, Bakersfield, California
|
93309-0640
|
|||
(Address
of principal executive offices)
|
(Zip
Code)
|
Last
Report:
|
Page
No
|
|
3
|
|
3
|
|
3
|
|
4
|
|
5
|
|
5
|
|
6
|
|
7
|
|
11
|
|
19
|
|
21
|
|
22
|
|
22
|
|
22
|
|
22
|
|
|
|
22
|
|
23
|
|
23
|
|
23
|
|
|
June
30,
|
December
31,
|
|||||
2005
|
2004
|
||||||
ASSETS
|
|||||||
Current
assets:
|
|||||||
Cash
and cash equivalents
|
$
|
9,561
|
$
|
16,690
|
|||
Short-term
investments available for sale
|
655
|
659
|
|||||
Accounts
receivable
|
46,928
|
34,621
|
|||||
Deferred
income taxes
|
12,678
|
3,558
|
|||||
Fair
value of derivatives
|
4,447
|
3,243
|
|||||
Prepaid
expenses and other
|
7,768
|
2,230
|
|||||
Total
current assets
|
82,037
|
61,001
|
|||||
Oil
and gas properties (successful efforts basis), buildings and
equipment, net
|
487,220
|
338,706
|
|||||
Deposit
on potential property acquisitions
|
3,322
|
10,221
|
|||||
Other
assets
|
2,730
|
2,176
|
|||||
$
|
575,309
|
$
|
412,104
|
||||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|||||||
Current
liabilities:
|
|||||||
Accounts
payable
|
$
|
35,043
|
$
|
27,750
|
|||
Revenue
and royalties payable
|
20,151
|
23,945
|
|||||
Accrued
liabilities
|
5,925
|
6,132
|
|||||
Income
taxes payable
|
-
|
1,067
|
|||||
Fair
value of derivatives
|
30,127
|
5,947
|
|||||
Total
current liabilities
|
91,246
|
64,841
|
|||||
Long-term
liabilities:
|
|||||||
Deferred
income taxes
|
53,588
|
47,963
|
|||||
Long-term
debt
|
125,000
|
28,000
|
|||||
Abandonment
obligations
|
9,420
|
8,214
|
|||||
Fair
value of derivatives
|
9,865
|
-
|
|||||
197,873
|
84,177
|
||||||
Shareholders'
equity:
|
|||||||
Preferred
stock, $.01 par value; 2,000,000 shares authorized; 0
outstanding
|
-
|
-
|
|||||
Capital
stock, $.01 par value;
|
|||||||
Class
A Common Stock, 50,000,000 shares authorized; 21,181,208 shares
issued and
outstanding (21,060,420 in 2004)
|
211
|
210
|
|||||
Class
B Stock, 1,500,000 shares authorized;898,892 shares issued and
outstanding (liquidation preference of $899)
|
9
|
9
|
|||||
Capital
in excess of par value
|
61,644
|
60,676
|
|||||
Accumulated
other comprehensive loss
|
(21,327
|
)
|
(987
|
)
|
|||
Retained
earnings
|
245,653
|
203,178
|
|||||
Total
shareholders' equity
|
286,190
|
263,086
|
|||||
$
|
575,309
|
$
|
412,104
|
||||
The
accompanying notes are an integral part of these financial
statements.
|
Three
months ended June 30,
|
|||||||
2005
|
2004
|
||||||
Revenues:
|
|||||||
Sales
of oil and gas
|
$
|
80,825
|
$
|
52,755
|
|||
Sales
of electricity
|
11,514
|
11,291
|
|||||
Interest
and other income, net
|
350
|
90
|
|||||
|
92,689
|
64,136
|
|||||
Expenses:
|
|||||||
Operating
costs - oil and gas production
|
26,374
|
19,451
|
|||||
Operating
costs - electricity generation
|
10,923
|
10,590
|
|||||
Exploration
costs
|
225
|
-
|
|||||
Depreciation,
depletion and amortization - oil and gas production
|
9,461
|
7,643
|
|||||
Depreciation,
depletion and amortization - electricity generation
|
839
|
861
|
|||||
General
and administrative
|
5,204
|
4,844
|
|||||
Dry
hole, abandonment and impairment
|
601
|
-
|
|||||
Interest
|
1,740
|
534
|
|||||
|
55,367
|
43,923
|
|||||
|
|||||||
Income
before income taxes
|
37,322
|
20,213
|
|||||
Provision
for income taxes
|
12,062
|
4,935
|
|||||
|
|||||||
Net
income
|
$
|
25,260
|
$
|
15,278
|
|||
|
|||||||
Basic
net income per share
|
$
|
1.14
|
$
|
.70
|
|||
Diluted
net income per share
|
$
|
1.13
|
$
|
.68
|
|||
Cash
dividends per share
|
$
|
.12
|
$
|
.11
|
|||
Weighted
average number of shares of capital stock outstanding used to calculate
basic net income per share
|
22,067
|
21,873
|
|||||
Effect
of dilutive securities:
|
|||||||
Stock
options
|
327
|
488
|
|||||
Other
|
57
|
55
|
|||||
|
|||||||
Weighted
average number of shares of capital stock used to calculate diluted
net income per share
|
22,451
|
22,416
|
|||||
The
accompanying notes are an integral part of these financial
statements.
|
Six
months ended June 30,
|
|||||||
2005
|
2004
|
||||||
Revenues:
|
|||||||
Sales
of oil and gas
|
$
|
156,196
|
$
|
97,960
|
|||
Sales
of electricity
|
23,970
|
23,225
|
|||||
Interest
and other income, net
|
518
|
293
|
|||||
|
180,684
|
121,478
|
|||||
Expenses:
|
|||||||
Operating
costs - oil and gas production
|
49,781
|
36,677
|
|||||
Operating
costs - electricity generation
|
24,281
|
22,993
|
|||||
Exploration
costs
|
786
|
-
|
|||||
Depreciation,
depletion and amortization - oil and gas production
|
17,988
|
13,997
|
|||||
Depreciation,
depletion and amortization - electricity generation
|
1,611
|
1,716
|
|||||
General
and administrative
|
10,023
|
11,744
|
|||||
Dry
hole, abandonment and impairment
|
2,622
|
-
|
|||||
Interest
|
2,902
|
1,064
|
|||||
|
109,994
|
88,191
|
|||||
|
|||||||
Income
before income taxes
|
70,690
|
33,287
|
|||||
Provision
for income taxes
|
22,925
|
7,644
|
|||||
|
|||||||
Net
income
|
$
|
47,765
|
$
|
25,643
|
|||
|
|||||||
Basic
net income per share
|
$
|
2.17
|
$
|
1.17
|
|||
Diluted
net income per share
|
$
|
2.13
|
$
|
1.15
|
|||
Cash
dividends per share
|
$
|
.24
|
$
|
.22
|
|||
Weighted
average number of shares of capital stock outstanding used
to calculate
basic net income per share
|
22,024
|
21,845
|
|||||
Effect
of dilutive securities:
|
|||||||
Stock
options
|
383
|
439
|
|||||
Other
|
57
|
53
|
|||||
|
|||||||
Weighted
average number of shares of capital stock used to calculate
diluted net
income per share
|
22,464
|
22,337
|
Condensed
Consolidated Statements of Comprehensive
Income
|
|||||||
Six
Month Periods Ended June 30, 2005 and
2004
|
|||||||
(In
Thousands)
|
|||||||
(Unaudited)
|
|||||||
Net
income
|
$
|
47,765
|
$
|
25,643
|
|||
Unrealized
gains (losses) on derivatives, (net of income taxes of
$13,560
|
|||||||
and
$1,032 in 2005 and 2004, respectively)
|
(20,340
|
)
|
1,548
|
||||
Comprehensive
income
|
$
|
27,425
|
$
|
27,191
|
|||
The
accompanying notes are an integral part of these financial
statements.
|
Six
months ended June 30,
|
|||||||
2005
|
2004
|
||||||
Cash
flows from operating activities:
|
|||||||
Net
income
|
$
|
47,765
|
$
|
25,643
|
|||
Depreciation,
depletion and amortization
|
19,599
|
15,713
|
|||||
Deferred
income taxes, net
|
10,064
|
6,142
|
|||||
Stock-based
compensation expense
|
969
|
2,808
|
|||||
Other,
net
|
194
|
528
|
|||||
Increase
in current assets other than cash, cash equivalents and short-term
investments
|
(17,840
|
)
|
(6,877
|
)
|
|||
Increase
(decrease) in current liabilities
|
5,440
|
(6,324
|
)
|
||||
|
|||||||
Net
cash provided by operating activities
|
66,191
|
37,633
|
|||||
|
|||||||
Cash
flows from investing activities:
|
|||||||
Capital
expenditures, excluding property acquisitions
|
(48,159
|
)
|
(31,838
|
)
|
|||
Property
acquisitions
|
(116,062
|
)
|
-
|
||||
|
|||||||
Net
cash used in investing activities
|
(164,221
|
)
|
(31,838
|
)
|
|||
|
|||||||
Cash
flows from financing activities:
|
|||||||
Proceeds
from issuance of long-term debt
|
116,000
|
-
|
|||||
Payment
of long-term debt
|
(19,000
|
)
|
-
|
||||
Debt
issuance cost
|
(809
|
)
|
-
|
||||
Dividends
paid
|
(5,290
|
)
|
(4,646
|
)
|
|||
|
|||||||
Net
cash provided by (used in) financing activities
|
90,901
|
(4,646
|
)
|
||||
|
|||||||
Net
(decrease) increase in cash and cash equivalents
|
(7,129
|
)
|
1,149
|
||||
|
|||||||
Cash
and cash equivalents at beginning of year
|
16,690
|
10,658
|
|||||
|
|||||||
Cash
and cash equivalents at end of period
|
$
|
9,561
|
$
|
11,807
|
|||
|
|||||||
Supplemental
non-cash activity:
|
|||||||
Increase
(decrease) in fair value of derivatives:
|
|||||||
Current
(net of income taxes of $9,191 and ($322) in 2005 and 2004, respectively)
|
$
|
13,786
|
$
|
(484
|
)
|
||
Non-current
(net of income taxes of $4,369 and ($710) in 2005 and 2004, respectively)
|
6,554
|
(1,064
|
)
|
||||
|
|||||||
Net
increase (decrease) to accumulated other comprehensive
loss
|
$
|
20,340
|
$
|
(1,548
|
)
|
||
|
|||||||
|
|||||||
The
accompanying notes are an integral part of these financial
statements.
|
BERRY
PETROLEUM COMPANY
|
Part
I. Financial Information
|
Item
1. Financial Statements
|
Notes
to Condensed Consolidated Financial
Statements
|
June
30, 2005
|
(Unaudited)
|
2005
|
2004
|
||||||
Beginning
balance at January 1
|
$
|
8,214
|
$
|
7,311
|
|||
Liabilities
incurred
|
1,165
|
-
|
|||||
Liabilities
settled
|
(384
|
)
|
(235
|
)
|
|||
Accretion
expense
|
425
|
349
|
|||||
Ending
balance at June 30
|
$
|
9,420
|
$
|
7,425
|
Three
Months
|
|
Six
Months
|
|
||||
|
|
Ended
6/30/04
|
|
Ended
6/30/04
|
|||
Operating
costs - oil and gas
|
|||||||
As
previously reported
|
$
|
19,194
|
$
|
37,214
|
|||
As
revised
|
19,451
|
36,677
|
|||||
Difference
|
$
|
(257
|
)
|
$
|
537
|
||
Operating
costs - electricity generation
|
|||||||
As
previously reported
|
$
|
11,291
|
$
|
23,225
|
|||
As
revised
|
10,590
|
22,993
|
|||||
Difference
|
$
|
701
|
$
|
232
|
|||
G&A
expenses
|
|||||||
As
previously reported
|
$
|
4,400
|
$
|
10,974
|
|||
As
revised
|
4,844
|
11,744
|
|||||
Difference
|
$
|
(444
|
)
|
$
|
(769
|
)
|
|
DD&A
- oil and gas
|
|||||||
As
previously reported
|
$
|
8,504
|
$
|
15,713
|
|||
As
revised
|
7,643
|
13,997
|
|||||
Difference
|
$
|
861
|
$
|
1,716
|
|||
DD&A
- electricity generation
|
|||||||
As
previously reported
|
$
|
-
|
$
|
-
|
|||
As
revised
|
861
|
1,716
|
|||||
Difference
|
$
|
(861
|
)
|
$
|
(1,716
|
)
|
Six
Months Ended
|
||||||||||
June
30,
|
|
|||||||||
|
|
2005
|
|
|
|
2004
|
|
|||
Pro
forma:
|
|
(in
thousands, except per share data)
|
||||||||
Revenue
|
$
|
182,047
|
$
|
130,890
|
||||||
Income
from operations
|
84,282
|
50,285
|
||||||||
Net
income
|
48,069
|
26,811
|
||||||||
Basic
earnings per share
|
2.18
|
1.23
|
||||||||
Diluted
earnings per share
|
2.14
|
1.20
|
2005
|
$
|
702,625
|
||
2006
|
702,625
|
|||
Total
|
$
|
1,405,250
|
Three Months Ended |
Six Months Ended |
||||||||||||||||||||||||
|
|
Jun
30 2005
|
|
%
|
|
Mar
31 2005
|
|
%
|
Jun
30 2004
|
%
|
Jun
30 2005
|
Jun
30 2004
|
|||||||||||||
Oil
and Gas
|
|||||||||||||||||||||||||
Oil
Production (Bbl/D)
|
18,986
|
84
|
19,156
|
87
|
19,182
|
94
|
19,070
|
18,880
|
|||||||||||||||||
Natural
Gas Production (Mcf/D)
|
22,090
|
16
|
17,347
|
13
|
6,796
|
6
|
19,732
|
6,409
|
|||||||||||||||||
Total
(BOE/D)
|
22,668
|
100
|
22,047
|
100
|
20,315
|
100
|
22,359
|
19,949
|
|||||||||||||||||
Per
BOE:
|
|||||||||||||||||||||||||
Average
sales price before hedging
|
$
|
43.41
|
$
|
40.89
|
$
|
30.83
|
$
|
42.21
|
$
|
29.46
|
|||||||||||||||
Average
sales price after hedging
|
39.09
|
37.81
|
28.55
|
38.50
|
27.00
|
||||||||||||||||||||
Oil,
per Bbl:
|
|||||||||||||||||||||||||
Average
WTI price
|
$
|
53.22
|
$
|
49.85
|
$
|
38.28
|
$
|
51.66
|
$
|
36.78
|
|||||||||||||||
Less:
|
|||||||||||||||||||||||||
Price
sensitive royalties
|
3.76
|
3.12
|
2.59
|
3.44
|
2.48
|
||||||||||||||||||||
Gravity
differential
|
5.47
|
5.22
|
4.95
|
5.47
|
4.99
|
||||||||||||||||||||
Crude
oil hedges
|
5.27
|
3.54
|
2.41
|
4.40
|
2.60
|
||||||||||||||||||||
Average
sales price
|
$
|
38.72
|
$
|
37.97
|
$
|
28.33
|
$
|
38.35
|
$
|
26.71
|
|||||||||||||||
Gas,
per Mmbtu:
|
|||||||||||||||||||||||||
Average
Henry Hub price
|
$
|
7.05
|
$
|
6.27
|
$
|
6.00
|
$
|
6.66
|
$
|
5.84
|
|||||||||||||||
Less:
|
|||||||||||||||||||||||||
Location
and quality differentials
|
(0.91
|
)
|
(0.79
|
)
|
(0.63
|
)
|
(0.85
|
)
|
(0.50
|
)
|
|||||||||||||||
Average
sales price
|
$
|
6.14
|
$
|
5.48
|
$
|
5.37
|
$
|
5.81
|
$
|
5.34
|
|||||||||||||||
Electricity
|
|||||||||||||||||||||||||
Electric
power produced - MWh/D
|
1,897
|
2,117
|
2,045
|
2,006
|
2,118
|
||||||||||||||||||||
Electric
power sold – MWh/D
|
1,702
|
1,918
|
1,843
|
1,810
|
1,900
|
||||||||||||||||||||
Average
sales price/MWh
|
$
|
74.52
|
$
|
68.87
|
$
|
67.51
|
$
|
71.55
|
$
|
67.34
|
|||||||||||||||
Fuel
gas cost/MMBtu (excluding transportation)
|
$
|
6.15
|
$
|
5.74
|
$
|
5.44
|
$
|
5.94
|
$
|
5.26
|
Bbl
|
One
stock tank barrel, or 42 U.S. gallons liquid volume, used herein
in
reference to crude oil or
condensate.
|
BOE
|
Barrel
of oil equivalent, measured as 6 thousand cubic feet of natural
gas equal
to 1 barrel of crude oil.
|
MMBtu
|
Million
British thermal units. A British thermal unit represents the heat
required
to raise the temperature of a one-pound mass of water from 58.5
to 59.5
degrees Fahrenheit.
|
Mcf
|
One
thousand cubic feet.
|
MWh
|
One
million watt-hour.
|
/D | per day. |
Amount
Per BOE
|
Amount
(in thousands)
|
|||||||||||||||||||
|
Jun
30,
2005
|
Jun
30,
2004
|
%
Change
|
Jun
30,
2005
|
Jun
30,
2004
|
%
Change
|
||||||||||||||
Operating
costs
|
$
|
12.79
|
$
|
10.52
|
22
|
%
|
$
|
26,374
|
$
|
19,451
|
36
|
%
|
||||||||
DD&A
|
4.59
|
4.13
|
11
|
%
|
9,461
|
7,643
|
24
|
%
|
||||||||||||
G&A
|
2.52
|
2.62
|
(4)
|
%
|
5,204
|
4,844
|
7
|
%
|
||||||||||||
Interest
expense
|
.84
|
.29
|
190
|
%
|
1,740
|
534
|
226
|
%
|
||||||||||||
·
|
With the Company's increased drilling activity as competition for
goods and services has increased, operating
costs for the second quarter of 2005, on a per BOE basis, increased
22% to
$12.79 in the second quarter of 2005 from $10.52 in the second quarter
of
2004. Operations have experienced price increases in many of its
goods and services in the last 12 months as crude oil and
natural gas prices have increased. The cost of the Company’s steaming operations
on its heavy oil properties represents a significant portion of the
Company’s operating costs and will vary depending on the cost of natural
gas used as fuel and the volume of steam injected during the period.
Steam
costs were higher in the second quarter of 2005 compared to the second
quarter of 2004 because the cost of natural gas increased 13% to
$6.15 per MMBtu in the second quarter of 2005 from $5.44 per MMBtu in the second
quarter of 2004 and the volume of steam injected increased to 68,066
Bbl/D
in the second quarter of 2005 from 66,998 Bbl/D in the second quarter
of
2004.
|
·
|
DD&A
increased 11% to $4.59 per BOE in the second quarter of 2005 from
$4.13
per BOE in the second quarter of 2004 due to higher acquisition and
finding and development costs. Competition for drilling rigs has
increased
dramatically over the last year and, thus, rig rates are continuing
to
increase which is contributing to higher development
costs.
|
·
|
G&A
expense decreased 4% to $2.52 per BOE in the second quarter of 2005
from
$2.62 per BOE in the second quarter of 2004. On a total dollar
basis, G&A was higher in 2005
primarily due to higher compensation resulting from the hiring of
additional technical and administrative personnel to accommodate
growth
and higher compensation costs to remain competitive in the
industry.
|
·
|
Interest
expense in the second quarter of 2005 was $.84 per BOE, up from $.29
per BOE in the second quarter of 2004. The Company’s borrowings at June 30,
2004 were $50 million compared to $125 million at June 30, 2005 which
caused an increase in interest expense. The increase in debt was
primarily
due to acquisitions of $116 million in the first half of 2005. The
Company’s debt at June 30, 2005 of $125 million was reduced from $138 million at March 31,
2005.
|
Amount
Per BOE
|
Amount
(in thousands)
|
|||||||||||||||||||
|
Jun
30,
2005
|
Jun
30,
2004
|
%
Change
|
Jun
30,
2005
|
Jun
30,
2004
|
%
Change
|
||||||||||||||
Operating
costs
|
$
|
12.30
|
$
|
10.10
|
22
|
%
|
$
|
49,781
|
$
|
36,677
|
36
|
%
|
||||||||
DD&A
|
4.44
|
3.86
|
15
|
%
|
17,988
|
13,997
|
29
|
%
|
||||||||||||
G&A
|
2.48
|
3.23
|
(23)
|
%
|
10,023
|
11,744
|
(15)
|
%
|
||||||||||||
Interest
expense
|
.72
|
.29
|
148
|
%
|
2,902
|
1,064
|
172
|
%
|
||||||||||||
·
|
With
the Company's increased drilling activity as competition for
goods and services has increased, operating
costs for the six months of 2005 of $12.30 per BOE increased 22%
from
$10.10 per BOE in the six months ended June 30, 2004. Operations
have
experienced price increases in many of its goods and services
in
the last 12 months as crude oil and natural gas prices have
increased. This increase was also related to higher steam costs resulting
from
higher natural gas prices. The Company anticipates operating costs
to
average between $11.75 and $13.00 per BOE for all of 2005.
|
·
|
DD&A
in the first six months of 2005 of $4.44 per BOE increased from $3.86
per
BOE in the first six months of 2004 due primarily to higher acquisition
and finding and development costs. The Company anticipates DD&A to
average between $4.25 and $4.75 per BOE for all of
2005.
|
·
|
G&A
expenses of $2.48 per BOE in the first half of 2005 decreased 23%
from
$3.23 incurred in the first half of 2004 due to the charge on stock
options that was part of the earnings restatement in 2004. G&A is
affected by higher compensation resulting from the hiring of additional
technical and administrative personnel to accommodate growth and
higher
compensation costs to remain competitive in the industry in 2005.
The
Company expects G&A to average between $2.15 and $2.50 per BOE for all
of 2005.
|
·
|
Interest
expense of $.72 per BOE in the first six months of 2005 increased
from
$.29 per BOE in the first six months of 2004. The Company’s borrowings at
June 30, 2004 were $50 million compared to $125 million at June 30,
2005
which caused an increase in interest expense. The increase in debt
was
primarily due to acquisitions of $116 million in the first half of
2005.
The Company’s debt at June 30, 2005 of $125 million was reduced from $138 million at March
31, 2005.
The Company anticipates interest expense to be between $.50 to $.70
per
BOE for all of 2005.
|
Contractual Obligations. The
Company's contractual obligations as of June 30, 2005 are as follows
(in
thousands):
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
Less
than
|
|
1-3
|
|
3-5
|
|
More
than
|
|
|||||
|
|
Total
|
|
1
year
|
|
years
|
|
years
|
|
5
years
|
||||||
Long-term
debt
|
$
|
125,000
|
$
|
125,000
|
||||||||||||
Abandonment
obligations
|
9,420
|
304
|
922
|
1,166
|
7,028
|
|||||||||||
Operating
lease obligations
|
1,369
|
621
|
676
|
72
|
||||||||||||
Drilling
obligation
|
14,650
|
5,050
|
4,250
|
5,350
|
||||||||||||
Firm
natural gas
|
||||||||||||||||
transportation
contract
|
22,042
|
2,814
|
5,628
|
5,628
|
7,972
|
|||||||||||
Total
|
$
|
172,481
|
$
|
8,789
|
$
|
11,476
|
$
|
137,216
|
$
|
15,000
|
June
30,
|
|
|
|
|
|
|
|
|||||||||
|
|
2005
|
|
|
|
Impact
of percent
|
|
|
|
|||||||
|
|
NYMEX
|
|
|
|
change
in
|
|
|
|
|||||||
|
|
Futures
|
|
futures
prices on earnings
|
|
|||||||||||
|
|
|
||||||||||||||
|
-20%
|
|
-10%
|
|
+10%
|
|
+20%
|
|
||||||||
Average
WTI Price
|
$
|
57.65
|
$
|
46.12
|
$
|
51.89
|
$
|
63.42
|
$
|
69.18
|
||||||
Crude
oil gain/(loss) (in millions)
|
(31.7
|
)
|
15.3
|
(18.8
|
)
|
(44.6
|
)
|
(59.2
|
)
|
|||||||
Average
HH Price
|
7.74
|
6.19
|
6.96
|
8.51
|
9.29
|
|||||||||||
Natural
gas gain/(loss) (in millions)
|
4.8
|
3.4
|
4.0
|
5.4
|
6.1
|
|||||||||||
Net
pre-tax future cash receipts (payments) (in millions)
|
(27.0
|
)
|
18.7
|
(14.7
|
)
|
(39.2
|
)
|
(53.1
|
)
|
BERRY
PETROLEUM COMPANY
Part
II. Other
Information
|
NOMINEE
|
VOTES
CAST FOR
|
PERCENT
OF QUORUM VOTES CAST
|
AUTHORITY
WITHHELD
|
|
William
F. Berry
|
19,149,823
|
94.06%
|
1,209,880
|
|
Ralph
B. Busch, III
|
19,146,095
|
94.04%
|
1,213,608
|
|
William
E. Bush, Jr.
|
19,197,518
|
94.29%
|
1,162,185
|
|
Stephen
L. Cropper
|
19,814,820
|
97.32%
|
544,883
|
|
J.
Herbert Gaul, Jr.
|
19,941,200
|
97.94%
|
418,503
|
|
John
A. Hagg
|
19,668,497
|
96.61%
|
691,206
|
|
Robert
F. Heinemann
|
19,962,921
|
98.05%
|
396,782
|
|
Thomas
J. Jamieson
|
19,533,137
|
95.94%
|
826,566
|
|
Martin
H. Young, Jr.
|
19,945,869
|
97.97%
|
413,834
|
PROPOSAL
TWO:
|
For
|
Against
|
Abstentions
|
Broker
Non-
Votes
|
Approval
of 2005 Equity Incentive Plan
|
11,133,725
|
5,797,626
|
411,335
|
3,017,017
|
Exhibit
No.
|
Description
of Exhibit
|
3.1 | Bylaws, as amended, dated July 1, 2005.* |
10.1 | Credit Agreement, dated as of June 27, 2005, by and between the Registrant and Wells Fargo Bank, N.A. and other financial institutions.* |
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002. *
|
|
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002. *
|
|
Certification
of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as
adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
*
|
|
Certification
of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as
adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
*
|