Berry Petroleum Co. Q3 2009 Earnings Call TranscriptOct. 30, 2009
Berry Petroleum Co. Q4 2008 Earnings Call TranscriptFeb. 25, 2009
Berry Petroleum Co. Q1 2008 Earnings Call TranscriptApr. 30, 2008
Berry Petroleum Co. Q4 2007 Earnings Call TranscriptFeb. 14, 2008
Berry Petroleum Co. Q3 2007 Earnings Call TranscriptOct. 31, 2007
Dec. 16, 2013, 1:37 PM
Dec. 3, 2013, 5:08 PM
- Linn Energy (LINE) reiterates Q4 production guidance of 840M-860M cfe/day, which includes the impact from recent severe winter weather in the Permian and Mid-Continent operating regions.
- LINN raises Q4 guidance for excess of net cash to 5%-10% above the current distribution, vs. prior guidance of 0% above the current distribution.
- During the quarter, production has remained on-track, natural gas liquids prices have continued to increase, and lower operating expenses continue to be realized, LINN says.
- LINN also says corporate governance advisory firm ISS recommends approval of proposals involving the proposed merger with Berry Petroleum (BRY).
- LINN +0.7% AH.
Nov. 14, 2013, 4:40 PM
- Linn Energy (LINE), LinnCo (LNCO) and Berry Petroleum (BRY) say the final S-4 registration statement has been declared effective by the SEC, and the companies also have filed definitive proxy materials with the SEC for the purpose of voting on the previously announced merger agreement.
- LINE +2.2%, LNCO +1.7% AH.
Nov. 5, 2013, 2:24 PM
- Linn Energy (LINE -3.4%; LNCO -4.3%) expects to file today the last regulatory document required in its deal to buy Berry Petroleum (BRY -0.3%), which after months of delay could close as early as mid-December, CEO Mark Ellis says.
- And because Linn’s revised deal for BRY adding another $600M in stock had only minor changes, regulators likely will approve it “fairly quickly," Raymond James analyst Kevin Smith says, also expecting more consolidation in the upstream MLP sector over the next 3-5 years as eventually other companies will copy the Linn structure.
- However, LINE said the SEC's informal inquiry into its use of non-GAAP accounting measures is ongoing.
Nov. 5, 2013, 11:27 AM
- Linn Energy (LINE -2.9%) and LinnCo (LNCO -4.3%) are lower after Goldman Sachs downgrades each to Neutral From Buy, as the firm believes a string of catalysts have allowed investors to realize previously deeply discounted value, and a more balanced risk/reward outlook now is expected.
- Goldman had thought the sharp sell-off following announcement of the SEC inquiry, concerns over its hedge accounting and maintenance capex, and fears over the Berry (BRY) acquisition were overdone.
- The firm says the next leg up for the units/shares now requires improved operational results and additional accretive M&A, two potential but longer-term and more difficult catalysts to realize value.
Nov. 4, 2013, 2:22 PM
- Linn Energy (LINE +2.6%) and Berry Petroleum (BRY +6.6%) are both sharply higher after LINE increased its offer for BRY by $600M to $4.9B.
- Both parties also agreed to extend a deadline on the merger transaction through Jan. 31, 2014. after LINE's initial bid had set an Oct. 31, 2013 deadline.
- MLV analyst Michael Peterson says the revised offer may be a structural positive for LINE and vindicate its accounting but it also could prove expensive: "This is a 34% premium to the deal that was previously announced, and I don't know if anyone that thought the deal was accretive by 34%."
- Jim Cramer is a fan of the deal: "Yes, Linn has to pay up, but even at these prices, given what we've seen in oil and what we've seen that Berry Petroleum has in California, in the big shales there, I think this is terrific... If [LINE] stays in the $29-$32 region, we will buy even more."
- LNCO -0.2%.
Nov. 4, 2013, 9:18 AM
Nov. 4, 2013, 7:13 AM
- Berry Petroleum (BRY) stockholders will now receive 1.68 shares of LinnCo (LNCO) for each share of Berry they own, up from 1.25 shares previously and bringing the size of the deal to $4.9B, including the assumption of debt.
- LinnCo's stock was in the mid-high $30s when the deal was announced in February and closed at $33.21 last night.
- Linn Energy (LINE) and Berry Petroleum CEOs: "The boards and management teams of LINN and Berry remain committed to completing this merger."
- The merger termination date is extended to January 31 from October 31; a shareholder vote is tentatively set for mid-December.
- Linn Energy reschedules its quarterly earnings call to tomorrow at 11ET at which it will also discuss the Berry merger.
- Stocks are halted and will resume trading at 7:30 ET.
- Press release.
Oct. 29, 2013, 3:14 PM
- Linn Energy (LINE +5.3%) is up sharply after promising Q3 results included better than expected daily production of 823M cfe and $2M of net cash in excess of what it paid in distributions.
- Although the numbers were good enough to make Raymond James say LINE "has finally turned the corner," RBC cautions that, with so many moving parts impacting the distribution of potential outcomes regarding the Berry (BRY +0.2%) merger, any attempt at prediction is premature.
- LNCO +4.6%.
Oct. 25, 2013, 3:13 PM
- Berry Petroleum (BRY +0.3%) said last night in an SEC filing that if the closing of its proposed merger with Linn Energy (LINE -4.6%) and LinnCo (LNCO -4.4%) does not occur on or prior to Oct. 31, any of the companies involved may unilaterally terminate the merger agreement.
- "There can be no assurances as to whether the parties will agree to extend the End Date or that the parties will refrain from exercising their rights to terminate the Merger Agreement," according to the 10-Q.
Oct. 23, 2013, 6:23 AM
Sep. 12, 2013, 2:28 PM
- Linn Energy's (LINE +2.3%) $525M deal for Permian Basin properties could add $0.10-$0.15 to its distributable cash flow per unit, given the 100% term-loan financing, Wells Fargo says, but if LINE were to contribute 50% equity to the deal and assume lower crude oil prices it could wipe out the earnings benefit of the acquisition.
- The purchase gives LINE ~300 infill drilling locations as well as reserves heavily skewed towards oil.
- Also, the Berry (BRY -0.7%) acquisition looks back on track, but Wells maintains its Neutral rating on LINN given uncertainty over whether the SEC will mandate accounting changes at the company.
- LNCO +0.5%.
Sep. 11, 2013, 12:36 PM
- Linn Energy (LINE +10.5%) and LinnCo (LNCO +8.5%) power higher as its proposed plans to buy Berry Petroleum (BRY +1.1%) appear to be moving forward.
- Janney Capital views the action as "an expression of confidence" it will be the final round of comments from the SEC and that the companies will soon have clearance to proceed with a shareholder vote; the firm says the update is a positive development in a long SEC review process amid of a flurry of negative reports on Linn's hedging practices and accounting.
Sep. 11, 2013, 9:14 AM
- Linn Energy (LINE) +4% premarket after providing a progress report on the merger process with Berry Petroleum (BRY).
- LINE and LinnCo (LNCO) say they recently received comments related to the S-4 statement filed Aug. 9 in connection with the proposed transaction and are working diligently to file an amended S-4.
- The companies set the record dates for their respective ownership meetings as of Sept. 30.
Aug. 12, 2013, 3:35 PM
- Berry Petroleum (BRY -0.2%) is undervalued, with or without a Linn Energy (LINE) merger, Wunderlich says in upgrading shares to Buy from Hold with a $50 price target (from $46).
- BRY shares have sunk in recent weeks as an SEC inquiry has placed the proposed merger in jeopardy, but BRY noted in its Q2 results that oil production had increased significantly.
- BRY has dropped to pre-merger announcement levels despite the fact oil prices and the valuation of oil exploration companies have increased since then, the firm adds.
- LINE -3.8%, LNCO -3.6%.
Aug. 9, 2013, 12:17 PM
- Goldman Sachs sees the two-day 10% drop in Linn Energy (LINE -5.3%) following Q2 results as a buy-the-dip opportunity, maintaining Buy recommendations on LINE and LinnCo (LNCO -6.7%) with respective $34 and $35 price targets.
- Goldman believes LINE was prudent in pulling back on plans for a distribution increase given uncertainties around the Berry Petroleum (BRY -1.2%) acquisition and coverage currently running below 1x.
- The firm reiterates concerns over LINE's hedge accounting and maintenance capital are overblown.
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