BNET Industries
Market Cap:$1.1B
Last Fiscal Year Sales:$802.8M
- Public
- US
Dow Jones Description
Exploration & Production of Oil & Gas
Chief Executive Officer
Robert HeinemannNumber of Employees 303
Peer Companies
NAICS Code Crude Petroleum and Natural Gas Extraction: 211111
Recent Events
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Berry Petroleum 3Q profit tumbles as sales drop
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UPDATE 1-RESEARCH ALERT-KeyBanc cuts Berry Petroleum to hold
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Berry Petroleum Slips To Loss In Q2 - Update
News & Analysis
Filter by
berry petroleum co. - All News and Analysis
Berry Petroleum Co. Q3 2009 Earnings Call Transcript
Question-and-Answer Session Operator Operator Instructions Your first question comes from Michael Jacobs – Tudor, Pickering & Company. Mike Jacobs – Tudor, Pickering & Company Just wondering if we can clarify the 5% production growth number. Is that kind of on a same-store sales basis or is that...
Berry Petroleum Is Back on Track
Kurt Wulff McDep Associates submits: Hold-rated Berry Petroleum BRY offers unlevered appreciation potential of 18% to a McDep Ratio of 1.0 where stock price would equal Net Present Value (NPV) of $35 a share. On July 14 we reduced NPV from $40 when we reduced estimated Present Value of...
Berry Petroleum Makes It Through Rough Times
Kurt Wulff McDep Associates submits: Hold-rated Berry Petroleum BRY offers unlevered appreciation potential of 60% to a McDep Ratio of 1.0 and levered appreciation potential of 136% to Net Present Value (NPV) of $40 a share. During the first quarter, according to results released on April 30, Berry generated...
Berry Petroleum: Resource Rich, Credit Sensitive
Kurt Wulff McDep Associates submits: Estimated Net Present Value (NPV) of $40 a share is more than five times stock price for high-debt, hold-rated Berry Petroleum BRY. Released today, fourth quarter results displayed lower unlevered cash flow Ebitda driven by crude oil and natural gas prices. While our...
Berry Petroleum Co. Q4 2008 Earnings Call Transcript
Earnings Call ExcerptBerry Petroleum Co. BRY Q4 2008 Earnings Call February 25, 2009 3:00 pm ET Executives Robert F. Heinemann – President and Chief Executive Officer Michael Duginski – Chief Operating Officer David D. Wolf – Chief Financial Officer Analysts David Tameron – Wachovia Capital Markets Brian Singer –...
Berry Petroleum: Customer Bankruptcy Manageable
Kurt Wulff McDep Associates submits: We expect the December 22 bankruptcy of the independent refiner that buys Hold-rated Berry Petroleum's BRY California oil production to have limited impact on BRY’s financial position. Though almost half of the company’s total oil equivalent production is affected, there are alternative buyers who...
Berry Petroleum Co. Q3 2008 Earnings Conference Call Transcript
Question-and-Answer Session[Operator Instructions]. Your first question comes from the line of Michael Jacobs from Tudor, Pickering, and Holt. Please proceed. Mike Jacobs - Tudor, Pickering, Holt & Co., LLC Thank you and congrats on the renewed focus on differential advantage basins given the current commodity price environment. I have...
Berry Petroleum Co. Q1 2008 Earnings Call Transcript
Question-and-Answer Session[Operator Instructions] Your first question comes from the line of David Tameron from Wachovia. Please proceed. David Tameron - Wachovia Capital Markets Hi good afternoon. Robert F. Heinemann - President and Chief Executive Officer Hey David. David Tameron - Wachovia Capital Markets Congrats, Ralph. I'm sure going to...
Berry Petroleum Co. Q4 2007 Earnings Call Transcript
Question-and-Answer Session[Operator Instructions] Your first question comes from the line of David Tameron with Wachovia. Please proceed. David Tameron - Wachovia Securities Hi, good morning. Question for you Bob, if I look at your production guidance, and just take out where you guys were in the fourth quarter, started...
Berry Petroleum Co. Q3 2007 Earnings Call Transcript
Question-and-Answer SessionOperator Operator Instructions Our first question comes from the line of David Tameron with Wachovia Securities. Please proceed. David Tameron - Wachovia Securities Good morning, Bob. Bob Heinemann Hi, David. David Tameron - Wachovia Securities A couple of questions. Lower drilling days in the Piceance. What's that mean...
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Decision Makers
| Name (plus bio) | Position |
|---|---|
| Robert Heinemann | Chief Executive Officer |
| David Wolf | CFO & Executive Vice President |
| Michael Duginski | Coo & Executive Vice President |
| Shawn M. Canaday | Interim CFO |
| Bruce S. Kelso | Vice President, Rocky Mountain & Mid, Continent Production |
| Dan Anderson | Vice President, Rocky Mountain & Mid, Continent Production |
| George Crawford | Vice President, California Production |
| Walter B. Ayers | Vice President, Hr |
| Kenneth A. Olson | Corporate Secretary |
| John A. Hagg | Director |
| L. Wilson Berry | Director |
| Stephen L. Cropper | Director |
| Steven B. Wilson | Treasurer |
Board of Directors
| Name (plus bio) | Position |
|---|---|
| Martin Young | Chairman |
| J. Frank Keller | Board of Directors |
| J. Herbert Gaul Jr. | Board of Directors |
| Joseph H Bryant | Board of Directors |
| Joseph H. Bryant | Board of Directors |
| Ralph B. Busch III | Board of Directors |
| Ronald Robinson | Board of Directors |
| William F. Berry | Board of Directors |
ROBERT F. HEINEMANN, 54, has been President and Chief Executive Officer since June 2004. Mr. Heinemann was Chairman of the Board and interim President and Chief Executive Officer from April 2004 to June 2004. From December 2003 to March 2004, Mr. Heinemann acted as the director designated to serve as the presiding director at executive sessions of the Board in the absences of the Chairman and as liaison between the independent directors and the CEO. Mr. Heinemann joined the Board in March of 2003. From 2000 until 2002, Mr. Heinemann served as the Senior Vice President and Chief Technology Officer of Halliburton Company and as the Chairman of the Halliburton Technology Advisory Committee. He was previously with Mobil Oil Corporation (Mobil) where he served in a variety of positions for Mobil and its various affiliate companies in the energy and technical fields from 1981 to 1999, with his last responsibilities as Vice President of Mobil Technology Company and General Manager of the Mobil Exploration and Producing Technical Center.
| Organization | Position | Status |
|---|---|---|
| Berry Petroleum Company | Chief Executive Officer | Current |
| Berry Petroleum Company | President | Current |
| Halliburton Company | Chief Technology Officer | Former |
| Halliburton Company | Senior Vice President | Former |
| Berry Petroleum Company | Chairman | Former |
| Berry Petroleum Company | Board of Directors | Former |
DAVID D. WOLF, 37, has been executive vice president and chief financial officer since August 2008. Prior to joining Berry he served as a Managing Director in JPMorgan's Oil and Gas Group and had been with that firm since 1995 where he has participated in numerous equity, debt and M&A transactions in the energy industry. Mr. Wolf holds a B.S. in Economics from Rollins College and an MBA in Finance from the Crummer Graduate School of Business at the same institution.
| Organization | Position | Status |
|---|---|---|
| Berry Petroleum Company | CFO & Executive Vice President | Current |
MICHAEL DUGINSKI, 41, has been Executive Vice President and Chief Operating Officer since September 2007. Mr. Duginski served as Executive Vice President of Corporate Development and California from October 2005 to August 2007; he acted as Senior Vice President of Corporate Development from June 2004 through October 2005 and as Vice President of Corporate Development from February 2002 through June 2004. Mr. Duginski, a mechanical engineer, was previously employed by Texaco, Inc. from 1988 to 2002 where his positions included Director of New Business Development, Production Manager and Gas and Power Operations Manager. Mr. Duginski is also an Assistant Secretary.
| Organization | Position | Status |
|---|---|---|
| Berry Petroleum Company | Coo & Executive Vice President | Current |
| Berry Petroleum Company | Senior Vice President of Corporate Development | Former |
| Texaco | Director of New Business Development | Former |
| Texaco | Production Manager | Former |
| Berry Petroleum Company | Mechanical Engineer | Former |
| Texaco | Assistant Secretary | Former |
| Texaco | Team Member | Former |
| Organization | Position | Status |
|---|---|---|
| Berry Petroleum Company | Interim CFO | Current |
| Berry Petroleum Company | Controller | Current |
| Berry Petroleum Company | Treasurer | Former |
BRUCE S. KELSO, 52, has been Vice President of Rocky Mountains Exploration since October 2005. Mr. Kelso served as Rocky Mountains Exploration Manager from August 2003 through October 2005. Mr. Kelso, a petroleum geologist, previously acted as a Senior Staff Geologist assigned to Rocky Mountain assets with Williams Production RMT, from January 2002 through August 2003. He previously held the position of Vice President of Exploration and Development at Redstone Resources, Inc. from 2000 to 2001.
| Organization | Position | Status |
|---|---|---|
| Berry Petroleum Company | Vice President, Rocky Mountain & Mid, Continent Production | Current |
| Redstone Resources Inc. | Vice President of Exploration and Development | Former |
| Berry Petroleum Company | Rocky Mountain, Mid, Continent Exploration Manager | Former |
| Rocky Mountain | Senior Staff Geologist | Former |
DAN ANDERSON, 45, has been Vice President of Rocky Mountains Production since October 2005. Mr. Anderson was Rocky Mountains Manager of Engineering from August 2003 through October 2005. Previously, Mr. Anderson served as a Senior Staff Petroleum Engineer with Williams Production RMT from August 2001 through August 2003. He also was a Senior Staff Engineer with Barrett Resources from October 2000 through August 2001.
| Organization | Position | Status |
|---|---|---|
| Berry Petroleum Company | Vice President, Rocky Mountain & Mid, Continent Production | Current |
| Berry Petroleum Company | Rocky Mountain, Mid, Continent Manager of Engineering | Former |
GEORGE T. CRAWFORD, 47, has been Vice President of California Production since October 2005. Mr. Crawford served as Vice President of Production from December 2000 through October 2005 and as Manager of Production from January 1999 to December 2000. Mr. Crawford, a petroleum engineer, previously served as the Production Engineering Supervisor for Atlantic Richfield Corp. (ARCO) from 1989 to 1998, with numerous engineering and operational assignments, including Production Engineering Supervisor, Planning and Evaluation Consultant and Operations Superintendent.
| Organization | Position | Status |
|---|---|---|
| Berry Petroleum Company | Vice President, California Production | Current |
| Berry Petroleum Company | Manager of Production | Former |
WALTER B. AYERS, 64, has acted as Vice President of Human Resources since May 2006. Mr. Ayers was previously a private consultant to the energy industry from January 2002 until his employment with us. Mr. Ayers served as a Manager of Human Resources for Mobil Oil Corporation from June 1965 until December 2000.
| Organization | Position | Status |
|---|---|---|
| Berry Petroleum Company | Vice President, Hr | Current |
KENNETH A. OLSON, 52, has been Corporate Secretary since December 1985 and was Treasurer from August 1988 until December 2004.
| Organization | Position | Status |
|---|---|---|
| Berry Petroleum Company | Corporate Secretary | Current |
| Berry Petroleum Company | Treasurer | Current |
| Berry Petroleum Company-Coastal Operations | Treasurer & Secretary | Former |
Mr. Young, 55, was named Chairman of the Board of Directors on June 16, 2004 and is a member of the Audit Committee. Mr. Young has been the Senior Vice President and Chief Financial Officer of Falcon Seaboard Diversified, Inc. (Falcon) and its predecessor companies, Falcon Seaboard Holdings, L.P. and Falcon Seaboard Resources, Inc., since 1992. Falcon is a private energy company involved in natural gas exploration and production, real estate and private investments. In July 2007, Mr. Young retired as Chairman of the Board and as a member of the Board of the Texas Mutual Insurance Company, the largest provider of workers’ compensation insurance in the State of Texas. Prior to his employment with Falcon, Mr. Young had 13 years of banking experience, the last 10 working for a major California bank as the Vice President/Area Manager for the corporate banking group.
| Organization | Position | Status |
|---|---|---|
| Berry Petroleum Company | Chairman | Current |
| Texas Mutual Insurance Company | Board of Directors | Current |
| Texas Senate | Former |
| Organization | Position | Status |
|---|---|---|
| Bill Barrett Corp. | Vice Chairman & Executive Vice President | Current |
| Berry Petroleum Company | Board of Directors | Current |
| Bill Barrett Corp. | Chief Operating Officer | Former |
| Bill Barrett Corp. | Founder | Former |
| Bill Barrett Corp. | Board of Directors | Former |
| Colorado State University | MBA | Former |
| Kansas State University | BS | Former |
| Bill Barrett Corp. | Team Member | Former |
Mr. Gaul, 64, is the Chairman of the Audit Committee. Previously, Mr. Gaul was a member and served as Chairman of the Corporate Governance and Nominating Committee. Mr. Gaul is a private investor. Mr. Gaul was the Chief Financial Officer for Gentek Building Products from 1995 to 1997 and served for over 25 years in senior treasury or finance positions with various other companies.
| Organization | Position | Status |
|---|---|---|
| Berry Petroleum Company | Board of Directors | Current |
| Gentek Building Products, Inc. | Chief Financial Officer | Former |
| Organization | Position | Status |
|---|---|---|
| Strad Energy Services Ltd. | Chairman | Current |
| Berry Petroleum Company | Director | Current |
| TSX Group, Inc. | Board of Directors | Current |
| Young Presidents' Organization | Member | Former |
Joseph is a 29 year petroleum industry veteran, formerly President and Chief Operating Officer of Unocal Corporation; formerly President of BP Angola; BP Canada and of an Amoco/CNOOC joint venture in China. Also held executive leadership positions in Amoco business units in The Netherlands, and the Gulf of Mexico and numerous engineering, financial and operational assignments throughout the continental United States. Also serving on the Board of Directors for Berry Petroleum Company.
| Organization | Position | Status |
|---|---|---|
| Cobalt International Energy, L | Chairman and Chief Executive Officer | Current |
| Berry Petroleum Company | Board of Directors | Current |
| University of Nebraska | Bachelor of Science In Mechanical Engineering | Former |
Mr. Bryant, 52, is a member of the Compensation Committee. Mr. Bryant is the Chairman and Chief Executive Officer of Cobalt International Energy, L.P. Mr. Bryant was the President and Chief Operating Officer for Unocal Corp. from September 2004 until September 2005 and was President of BP Angola from March 2000 until August 2004.
| Organization | Position | Status |
|---|---|---|
| Berry Petroleum Company | Board of Directors | Current |
| Unocal Corporation B.V. | President | Former |
| Unocal Corporation B.V. | Chief Operating Officer | Former |
| University of Nebraska | Bachelor of Science Degree In Mechanical Engineering | Former |
| Organization | Position | Status |
|---|---|---|
| Berry Petroleum Company | Director | Current |
| Sunoco Logistics | Board of Directors | Current |
| Rental Car Finance Corporation | Director | Current |
| Sunoco Logistics Partners L.P. | Director | Current |
| Sunoco Logistics Partners L.P. | Member of Compensation Committee | Current |
| Williams Energy Services | Chief Executive Officer | Former |
| Motiva Enterprises LLC | Chief Executive Officer | Former |
| Williams Energy Services | President | Former |
| Motiva Enterprises LLC | President | Former |
Mr. Busch, 48, is a member of the Compensation Committee and of the Corporate Governance and Nominating Committee. Prior to August 29, 2005, Mr. Busch also served on the Audit Committee. Mr. Busch is currently Executive Vice President and Chief Operating Officer for Aon Risk Services of Central California. Prior to his position with Aon Risk Services, Mr. Busch was President of Central Coast Financial from 1986 to 1993. Mr. Busch is a cousin to William E. Bush, Jr.
| Organization | Position | Status |
|---|---|---|
| Berry Petroleum Company | Board of Directors | Current |
| Organization | Position | Status |
|---|---|---|
| Adventgx, Inc. | CEO & Chairman of the Board | Current |
| Ensyn Corporation | Director | Current |
| Berry Petroleum Company | Board of Directors | Current |
| Adventgx, Inc. | President Technology Division | Former |
| Texaco | President | Former |
| Texas A&M University | Department Head | Former |
| Technology Division | Professor and Department Head Harold Vance Department | Former |
| Texas A&M University | Albert B. Stevens Endowed Chair Professor | Former |
| Texas A&M University | PhD In Petroleum Engineering | Former |
| Organization | Position | Status |
|---|---|---|
| Williams Energy Services | CEO | Current |
| NRG Texas, LLC | Commercial Operations Oversight Committee Chairman | Current |
| NRG Energy, Inc. | Board of Directors | Current |
| Energy Transfer Partners, L.P. | Board of Directors | Current |
| Berry Petroleum Company | Director | Current |
| Rental Car Finance Corporation | Director | Current |
| Sunoco, Inc. | Board of Directors | Current |
| Sunoco Logistics Partners L.P. | Director | Current |
| Oklahoma State University | Board of Directors | Current |
| Sunoco Logistics Partners L.P. | Member of Compensation Committee | Current |
| The Williams Companies, Inc. | Chief Executive Officer | Former |
| The Williams Companies, Inc. | President | Former |
| Williams Energy Services | President | Former |
| Williams Pipeline Co. | President | Former |
| Berry Petroleum Company | Chairman, Audit committee | Former |
| NRG Energy, Inc. | Commercial Operations Oversight Committee Chairman | Former |
| Dollar Thrifty Automotive Group, Inc. | Board of Directors | Former |
| NRG Texas, LLC | Director | Former |
STEVEN B. WILSON, 44, has been Treasurer since March 2007. Mr. Wilson was Controller or Assistant Controller from November 2003 to February 2007. Before joining us in November 2003, he served as the vice president of finance and administration for Accela, Inc., a software development company, for three years. Prior to that, he held finance functions in select companies and in public accounting. Mr. Wilson is also an Assistant Secretary.
| Organization | Position | Status |
|---|---|---|
| Berry Petroleum Company | Treasurer | Current |
| Accela Incorporated | Vice President of Finance and Administration | Former |
| Berry Petroleum Company | Controller | Former |
| Organization | Position | Status |
|---|---|---|
| Berry Petroleum Company | Board of Directors | Current |
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