Brent pricing dominates California operations
Berry Petroleum (ticker: BRY) announced third quarter results today, its first full quarter as a public company, showing net losses of $50 million. After adjusting for the dividend and hedging, Berry earned an adjusted $41 million in the quarter.

Berry produced 27.1 MBOEPD in Q3, up slightly from the 26.8 MBOEPD the company produced in Q2. The company’s September output was significantly above the average for the quarter, though, as Berry produced 28.2 MBOEPD in the month.

With operations primarily located in California, Berry is not subject to many of the forces and pressures experienced by companies in the major shale basins. The California oil market, which is largely separate from the...

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