Berry Petroleum 2Q earnings dip on year-ago gain

Berry Petroleum Co. said Friday its second-quarter profit declined 5 percent due to a one-time gain from asset sales in the year-ago quarter.

Berry said its earnings for the quarter ended June 30 fell to $49.1 million, or $1.08 per share, from $52 million, or $1.16 per share, in the same quarter last year. The year-ago results included an asset sale of $30.6 million, the company said.

Revenue rose to $215.4 million from $179.2 million a year ago.

Analysts polled by Thomson Financial expected higher earnings of $1.19 per share on $206.9 million in revenue, on average.

Berry said its second-quarter oil production rose 7 percent from a year ago to 29,000 barrels equivalent per day. Its average realized sales price surged 54 percent to $69.77 per barrel equivalent.

Separately, the company said it closed on July 15 a $653 million acquisition of an East Texas natural gas asset with an estimated 335 billion cubic feet equivalent of proved reserves.

Shares of Berry declined $1.05, or 2.3 percent, to $44 in afternoon trading Friday.