Berry Petroleum

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{{#badges: FrackSwarm|Navbar-fracking}} Berry Petroleum Company is an independent energy company engaged in the production, development, acquisition, exploitation, and exploration of crude oil and natural gas, including horizontal drilling and fracking. Publicly traded since 1987, Berry's primary operations are in three of the largest oil basins in the United States.[1]

In February 2013, Berry Petroleum was acquired by Linn Energy in a stock deal valued at $4.3 billion. The merger of the two firms increases Linn's holdings in California, particularly in the Midway-Sunset Oil field, as well as in Texas, Utah, and Colorado. The acquisition changes the mix of Linn's assets from mostly natural gas to mostly oil.[2]

History and operations

Berry traces its roots to California where it began producing heavy oil from the San Joaquin basin in 1909. In 2003, Berry added the Uinta Basin in northeastern Utah. Berry has also acquired significant oil assets in the Permian basin in West Texas. At December 31, 2011, the Company reported proved reserves of 275 million barrels of oil equivalent (BOE), including 186 million barrels of crude oil, condensate and natural gas liquids, and 534 billion cubic feet of natural gas, or 68% oil and 32% natural gas. Total production in 2011 averaged 35,687 BOE per day.[1]

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References

  1. 1.0 1.1 "About Berry Petroleum," Berry Petroleum website, accessed April 2013.
  2. Michael J. De La Merced. Linn Energy to Buy BP Property in Wyoming for $1 Billion. New York Times. Retrieved on February 26, 2013.