UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): February 28, 2013
BERRY PETROLEUM COMPANY
(Exact name of registrant as specified in its charter)
Delaware | 1-9735 | 77-0079387 | ||
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
1999 Broadway, Suite 3700, Denver, Colorado | 80202 | |
(Address of Principal Executive Offices) | (Zip Code) | |
Registrant’s telephone number, including area code: (303) 999-4400
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On February 28, 2013, Berry Petroleum Company (the “Company”) issued a news release announcing its financial and operational results for the fourth quarter and year ended December 31, 2012. These results are discussed in the news release attached hereto as Exhibit 99.1, which is incorporated by reference in its entirety.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
EXHIBIT NUMBER | DESCRIPTION | |||||||
99.1 | News Release by Berry Petroleum Company dated February 28, 2013 titled "Berry Petroleum Reports 2012 Results" announcing the Registrant's results for the fourth quarter and year ended December 31, 2012. | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.
BERRY PETROLEUM COMPANY | ||
By: | /s/ Davis O. O’Connor | |
Davis O. O’Connor | ||
Corporate Secretary | ||
Date: February 28, 2013
Exhibit 99.1
Berry Petroleum Company NewsBerry Petroleum Reports 2012 Results
Denver, Colorado - (BUSINESS WIRE) - February 28, 2013 - Berry Petroleum Company (NYSE: BRY) reported net earnings of $172 million, or $3.09 per diluted share, for 2012. After considering certain items, adjusted net earnings were $168 million, or $3.02 per diluted share. Oil and gas revenues were $937 million and discretionary cash flow for the year totaled $502 million, with net cash provided by operating activities of $501 million.
Berry's 2012 production averaged 36,402 BOE/D, and fourth quarter production averaged 39,500 BOE/D. The Company's oil production averaged 27,393 BOE/D in 2012, up 11% from 2011. Berry's oil mix increased from 70% of production in 2011 to 75% of production in 2012. The continued shift toward oil growth, combined with sales of the Company's California heavy oil at a $9 average premium to WTI, raised corporate operating margins from $45 per BOE in 2011 to $49 per BOE in 2012.
For 2012 and 2011, Berry's average net production in BOE per day was as follows:
2012 Production | 2011 Production | |||||||||||
Oil (BOE/D) | 27,393 | 75 | % | 24,771 | 70 | % | ||||||
Natural gas (BOE/D) | 9,009 | 25 | % | 10,916 | 30 | % | ||||||
Total (BOE/D) | 36,402 | 100 | % | 35,687 | 100 | % | ||||||
Total Proved Reserves of 275 MMBOE; 38 MMBOE of oil additions
Proved oil and gas reserves were estimated at 275 million BOE at December 31, 2012. The company added a total of 38 million BOE of proved reserves at its oil properties in 2012 and removed 24 million BOE of reserves at its gas properties. Proved oil reserves were up 10% to 204 million barrels with oil reserves increasing to 74% of total reserves, compared to 68% of total reserves in 2011. Proved developed reserves increased to 55% of total reserves from 53% in 2011. Reserve growth in 2012 was driven by activity in Berry's three oil basins, which comprise 82.5% of proved reserves, with 46% in California, 23% in the Permian basin and 13% in the Uinta. The Company's natural gas reserves declined 24 million BOE in 2012, or 33% from 2011 levels, due to low natural gas prices and the SEC's 5-year rule.
 | Contact: Berry Petroleum Company | Investors and Media |
1999 Broadway, Suite 3700 | Zach Dailey, 1-303-999-4071 | |
Denver, Colorado 80202 | Shawn Canaday, 1-303-999-4000 | |
Internet: www.bry.com | SOURCE: Berry Petroleum Company | |
Fourth Quarter 2012 | Third Quarter 2012 | |||||||||||
Oil (BOE/D) | 30,649 | 78 | % | 27,493 | 76 | % | ||||||
Natural gas (BOE/D) | 8,851 | 22 | % | 8,793 | 24 | % | ||||||
Total (BOE/D) | 39,500 | 100 | % | 36,286 | 100 | % | ||||||
Fourth Quarter 2012: Production of 39,500 BOE/D, Adjusted Earnings of $0.69 Per Share, and Discretionary Cash Flow of $126 million
For the fourth quarter of 2012, the Company reported net earnings of $38 million, or $0.69 per diluted share. After considering certain items, adjusted net earnings were $38 million, or $0.69 per diluted share. Oil and natural gas sales were $249 million during the quarter. Discretionary cash flow for the quarter totaled $126 million, and net cash provided by operating activities totaled $110 million. Operating margin was approximately $47 per BOE, supported by sales of our California oil at a $10 average premium to WTI.
Production in the fourth quarter of 2012 was 39,500 BOE/D, up 9% from the third quarter of 2012. The Company's oil production in the fourth quarter was 30,649 BOE/D, up 11% from the third quarter of 2012.
In the fourth quarter, production from the Company's Uinta properties averaged 7,500 BOE/D, 26% higher than the third quarter. The commingled Green River / Wasatch vertical wells continued targeting higher oil potential areas and saw improving results, especially from some locations in the acreage acquired during the third quarter of 2012.
Fourth quarter Permian production averaged 7,965 BOE/D, approximately 16% higher than the third quarter. The Company drilled a number of strong wells in northeastern Ector County, and also saw temporary production increase from operational improvements made in the field.
In the fourth quarter, production from the Diatomite asset averaged 3,855 BOE/D, up 10% from the third quarter of 2012. Fourth quarter production from the New Steam Floods projects averaged 2,130 BOE/D, up 11% from the third quarter. The legacy South Midway properties produced an average of 13,070 BOE/D in the fourth quarter, up 3% from third quarter levels, as positive steam flood response translated to increased production.
In the fourth quarter, the Company's natural gas assets in the Piceance and East Texas declined 7% sequentially with no capital investment.
Teleconference Call
Berry will not host the conference call previously announced for Thursday, February 28, 2013 at 10:00 a.m. MST (12:00 p.m. EST). However, Berry expects to file its Annual Report on Form 10-K with the Securities and Exchange Commission within the week.
Reserve Quantities
2012 | ||||||||
Oil MBOE | Natural Gas MMcf | MBOE | ||||||
Total proved reserves: | ||||||||
Beginning of year | 185,880 | 534,279 | 274,926 | |||||
Revision of previous estimates | 12,145 | (205,845 | ) | (22,162 | ) | |||
Extensions and discoveries | 8,459 | 100,129 | 25,148 | |||||
Property sales | (556 | ) | — | (556 | ) | |||
Production | (10,024 | ) | (19,784 | ) | (13,321 | ) | ||
Purchase of reserves in place | 8,304 | 16,740 | 11,094 | |||||
End of year | 204,208 | 425,519 | 275,129 | |||||
Proved developed reserves | 118,937 | 187,668 | 150,216 | |||||
Proved undeveloped reserves | 85,271 | 237,851 | 124,913 | |||||
Total proved reserves | 204,208 | 425,519 | 275,129 | |||||
Reserve Quantities by Property (MMBOE)
Name, State | Proved Reserves | Proved Developed Reserves | Proved Undeveloped Reserves | |||||
S. Midway, CA | 56.5 | 50.3 | 6.2 | |||||
N. Midway—Diatomite, CA | 55.3 | 32.6 | 22.7 | |||||
N. Midway—New Steam Floods, CA | 15.4 | 6.9 | 8.5 | |||||
Permian, TX | 63.0 | 21.5 | 41.5 | |||||
Uinta, UT | 36.8 | 16.2 | 20.6 | |||||
E. Texas | 13.4 | 13.4 | — | |||||
Piceance, CO | 34.7 | 9.3 | 25.4 | |||||
Totals | 275.1 | 150.2 | 124.9 | |||||
Non-GAAP Financial Measures
This press release includes discussion of “discretionary cash flow,” “adjusted net earnings,” “operating margin per BOE,” and “Pre-tax PV10,” each of which are “non-GAAP financial measures” as defined in Regulation G of the Securities Exchange Act of 1934, as amended. Discretionary cash flow consists of cash provided by operating activities before changes in working capital items. The Company uses discretionary cash flow as a measure of liquidity and believes it provides useful information to investors because it assesses cash flow from operations for each period before changes in working capital, which fluctuates due to the timing of collections of receivables and the settlements of liabilities. Adjusted net earnings consists of net earnings before non-cash derivatives gains (losses), oil and natural gas property impairments and charges related to the extinguishment of debt. The Company believes that adjusted net earnings is useful for evaluating the Company's operational performance from oil and natural gas properties. Operating margin per BOE consists of oil and natural gas revenues less oil and natural gas operating expenses and production taxes divided by the total BOEs produced during the period. The Company uses operating margin per barrel as a measure of profitability and believes it provides useful information to investors because it relates the Company's oil and natural gas revenue and oil and natural gas operating expenses to its total units of production providing a gross margin per unit of production, allowing investors to evaluate how the Company's profitability varies on a per unit basis each period. Pre-tax PV10 is defined as standardized measure before the present value of the Company's future net revenues before income taxes discounted at 10%. The Company believes that pre-tax PV10 is helpful to investors because it is a widely used industry standard and is helpful when comparing the Company's asset base and performance to other comparable oil and natural gas exploration and production companies. These measures should not be considered in isolation or as a substitute for their most directly comparable GAAP measures. Other companies calculate non-GAAP measures differently and, therefore, the non-GAAP measures presented in this release may not be comparable to similarly titled measures used by other companies.
Reconciliation of Non-GAAP Financial Measures
Discretionary Cash Flow ($ millions) | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
12/31/2012 | 12/31/2012 | |||||||
Net cash provided by operating activities | $ | 109.8 | $ | 501.4 | ||||
Net increase (decrease) in current assets | 10.8 | 13.0 | ||||||
Net decrease (increase) in current liabilities including book overdraft | 5.6 | (32.7 | ) | |||||
Cash premiums for repurchases of notes | — | 34.7 | ||||||
Cash settlements from early termination of natural gas derivatives | — | (14.7 | ) | |||||
Discretionary cash flow | $ | 126.2 | $ | 501.7 | ||||
Adjusted Net Earnings ($ millions) | |||||||
Three Months Ended | Twelve Months Ended | ||||||
12/31/2012 | 12/31/2012 | ||||||
Adjusted net earnings | $ | 38.2 | $ | 167.7 | |||
After tax adjustments: | |||||||
Non-cash derivative loss | 1.0 | 22.9 | |||||
Legal Matter | (0.1 | ) | (1.8 | ) | |||
Dry hole expense | (8.6 | ) | (9.3 | ) | |||
Extinguishment of debt and other | 0.8 | (25.6 | ) | ||||
Research and development credit | 7.2 | 7.2 | |||||
Gain on sale of assets | — | 1.1 | |||||
Cash settlements from early termination of natural gas derivatives | $ | — | $ | 9.3 | |||
Net earnings, as reported | $ | 38.5 | $ | 171.5 | |||
Operating Margin Per BOE | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
12/31/2012 | 12/31/2012 | |||||||
Average sales price including cash derivative settlements | $ | 72.47 | $ | 72.18 | ||||
Operating cost—oil and natural gas production | 23.35 | 20.43 | ||||||
Production taxes | 2.57 | 2.96 | ||||||
Operating margin | $ | 46.55 | $ | 48.79 | ||||
About Berry Petroleum Company
Berry Petroleum Company is a publicly traded independent oil and natural gas production and exploitation company with operations in California, Texas, Utah, and Colorado. The Company uses its web site as a channel of distribution of material company information. Financial and other material information regarding the Company is routinely posted on and accessible at http://www.bry.com.
Safe Harbor Under the “Private Securities Litigation Reform Act of 1995”
Any statements in this news release that are not historical facts are forward-looking statements that involve risks and uncertainties. Words such as “estimate,” “expect,” “would,” “will,” “target,” “goal,” “potential,” and forms of those words and others indicate forward-looking statements. These statements include but are not limited to forward-looking statements about the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including the Company’s drilling program, production, and other guidance included in this press release. These statements are based on certain assumptions made by the Company based on management’s experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Important factors which could affect actual results are discussed in the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
CONDENSED STATEMENTS OF OPERATIONS | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
12/31/2012 | 9/30/2012 | 12/31/2012 | 12/31/2011 | |||||||||||||
REVENUES | ||||||||||||||||
Oil and natural gas sales | $ | 248,911 | $ | 232,916 | $ | 937,261 | $ | 870,773 | ||||||||
Electricity sales | 8,586 | 9,514 | 29,940 | 34,953 | ||||||||||||
Natural gas marketing | 2,253 | 1,939 | 7,631 | 13,832 | ||||||||||||
Gain on sale of assets | 12 | 170 | 1,782 | — | ||||||||||||
Interest and other income, net | 307 | 286 | 1,985 | 1,784 | ||||||||||||
260,069 | 244,825 | 978,599 | 921,342 | |||||||||||||
EXPENSES | ||||||||||||||||
Operating costs—oil and natural gas production | 84,862 | 70,778 | 272,180 | 237,296 | ||||||||||||
Operating costs—electricity generation | 5,975 | 4,727 | 19,975 | 25,690 | ||||||||||||
Production taxes | 9,326 | 9,700 | 39,374 | 33,617 | ||||||||||||
Depreciation, depletion & amortization—oil and natural gas production | 67,023 | 58,887 | 225,892 | 213,859 | ||||||||||||
Depreciation, depletion & amortization—electricity generation | 426 | 461 | 1,808 | 1,963 | ||||||||||||
Natural gas marketing | 1,956 | 1,753 | 6,873 | 13,038 | ||||||||||||
General and administrative | 18,293 | 17,767 | 71,766 | 61,727 | ||||||||||||
Interest | 21,690 | 20,572 | 83,136 | 72,807 | ||||||||||||
Impairment of oil and natural gas properties | — | — | 79 | 625,564 | ||||||||||||
Dry hole, abandonment, impairment and exploration | 13,486 | 2,729 | 20,931 | 5,482 | ||||||||||||
Gain on purchase | — | — | — | (1,046 | ) | |||||||||||
Extinguishment of debt | — | — | 41,545 | 15,544 | ||||||||||||
Realized and unrealized (gain) loss on derivatives, net | (8,306 | ) | 28,287 | (64,620 | ) | (13,908 | ) | |||||||||
214,731 | 215,661 | 718,939 | 1,291,633 | |||||||||||||
Earnings before income taxes | 45,338 | 29,164 | 259,660 | (370,291 | ) | |||||||||||
Income tax provision | 6,838 | 11,038 | 88,121 | (142,228 | ) | |||||||||||
Net earnings | $ | 38,500 | $ | 18,126 | $ | 171,539 | $ | (228,063 | ) | |||||||
Basic net earnings per share | $ | 0.70 | $ | 0.33 | $ | 3.11 | $ | (4.21 | ) | |||||||
Diluted net earnings per share | $ | 0.69 | $ | 0.33 | $ | 3.09 | $ | (4.21 | ) | |||||||
Dividends per share | $ | 0.08 | $ | 0.08 | $ | 0.32 | $ | 0.31 | ||||||||
CONDENSED BALANCE SHEETS | ||||||||
(In thousands) | ||||||||
(unaudited) | ||||||||
12/31/2012 | 12/31/2011 | |||||||
ASSETS | ||||||||
Current assets | $ | 157,025 | $ | 167,634 | ||||
Oil and natural gas properties, (successful efforts basis) buildings and equipment, net | 3,128,502 | 2,531,393 | ||||||
Derivative instruments | 10,891 | 7,027 | ||||||
Other assets | 28,984 | 28,898 | ||||||
$ | 3,325,402 | $ | 2,734,952 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities | $ | 286,632 | $ | 235,936 | ||||
Deferred income taxes | 255,471 | 185,450 | ||||||
Long-term debt | 1,665,817 | 1,380,192 | ||||||
Derivative instruments | 1,239 | 15,505 | ||||||
Other long-term liabilities | 101,452 | 77,140 | ||||||
Shareholders’ equity | 1,014,791 | 840,729 | ||||||
$ | 3,325,402 | $ | 2,734,952 | |||||
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||||||
(In thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
12/31/2012 | 9/30/2012 | 12/31/2012 | 12/31/2011 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net earnings | $ | 38,499 | $ | 18,126 | $ | 171,539 | $ | (228,063 | ) | |||||||
Depreciation, depletion and amortization | 67,450 | 59,348 | 227,700 | 215,822 | ||||||||||||
Gain on purchase | — | — | — | (1,046 | ) | |||||||||||
Gain on sale of assets | (12 | ) | (170 | ) | (1,782 | ) | — | |||||||||
Extinguishment of debt | — | — | 6,842 | 4,072 | ||||||||||||
Amortization of debt issuance costs and net discount | 1,681 | 1,662 | 7,031 | 8,243 | ||||||||||||
Impairment of oil and natural gas properties | 12 | 1 | 79 | 625,564 | ||||||||||||
Dry hole and impairment | 12,430 | 2,304 | 14,945 | 4,616 | ||||||||||||
Derivatives | (1,375 | ) | 32,141 | (36,135 | ) | (29,094 | ) | |||||||||
Stock-based compensation expense | 2,230 | 2,163 | 9,819 | 9,636 | ||||||||||||
Deferred income taxes | 5,370 | 10,729 | 82,881 | (149,279 | ) | |||||||||||
Other, net | (8 | ) | (1,096 | ) | (1,628 | ) | 1,420 | |||||||||
Allowance for bad debt | (36 | ) | 135 | 414 | — | |||||||||||
Change in book overdraft | (8,793 | ) | 10,201 | (1,220 | ) | (156 | ) | |||||||||
Net changes in operating assets and liabilities | (7,624 | ) | 8,005 | 20,954 | (5,836 | ) | ||||||||||
Net cash provided by operating activities | 109,824 | 143,549 | 501,439 | 455,899 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Exploration and development of oil and natural gas properties | (151,915 | ) | (195,068 | ) | (675,951 | ) | (527,112 | ) | ||||||||
Property acquisitions | (2,608 | ) | (50,855 | ) | (78,313 | ) | (158,090 | ) | ||||||||
Capitalized interest | (3,938 | ) | (4,254 | ) | (17,915 | ) | (29,117 | ) | ||||||||
Proceeds from sale of assets | 13 | 1,572 | 17,307 | — | ||||||||||||
Deposits on asset sales | — | — | (3,300 | ) | 3,300 | |||||||||||
Net cash used in investing activities | (158,448 | ) | (248,605 | ) | (758,172 | ) | (711,019 | ) | ||||||||
Net cash provided by financing activities | 48,832 | 105,079 | 256,747 | 255,140 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 208 | 23 | 14 | 20 | ||||||||||||
Cash and cash equivalents at beginning of period | 104 | 81 | 298 | 278 | ||||||||||||
Cash and cash equivalents at end of period | $ | 312 | $ | 104 | $ | 312 | $ | 298 | ||||||||
OPERATING DATA | ||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
12/31/2012 | 9/30/2012 | Change | 12/31/2012 | 12/31/2011 | Change | |||||||||||||||||
Oil and natural gas: | ||||||||||||||||||||||
Heavy oil production (BOE/D) | 19,058 | 18,149 | 17,905 | 17,397 | ||||||||||||||||||
Light oil production (BOE/D) | 11,591 | 9,344 | 9,488 | 7,374 | ||||||||||||||||||
Total oil production (BOE/D) | 30,649 | 27,493 | 27,393 | 24,771 | ||||||||||||||||||
Natural gas production (Mcf/D) | 53,106 | 52,758 | 54,054 | 65,498 | ||||||||||||||||||
Total (BOE/D) | 39,500 | 36,286 | 36,402 | 35,687 | ||||||||||||||||||
Oil and natural gas, per BOE: | ||||||||||||||||||||||
Average realized sales price | $ | 70.51 | $ | 70.22 | — | % | $ | 71.00 | $ | 66.91 | 6 | % | ||||||||||
Average sales price including cash derivative settlements | $ | 72.47 | 71.45 | 1 | % | $ | 72.18 | $ | 65.68 | 10 | % | |||||||||||
Oil, per BOE: | ||||||||||||||||||||||
Average WTI price | $ | 88.23 | $ | 92.20 | (4 | )% | $ | 94.15 | $ | 95.11 | (1 | )% | ||||||||||
Price sensitive royalties | (2.65 | ) | (3.12 | ) | (3.36 | ) | (3.60 | ) | ||||||||||||||
Quality differential and other | 0.79 | (0.68 | ) | (0.67 | ) | 0.84 | ||||||||||||||||
Oil derivatives non-cash amortization | (1.03 | ) | (1.10 | ) | (1.09 | ) | (6.77 | ) | ||||||||||||||
Oil revenue per BOE | $ | 85.34 | $ | 87.30 | (2 | )% | $ | 89.03 | $ | 85.58 | 4 | % | ||||||||||
Add: Oil derivatives non-cash amortization | 1.03 | 1.10 | 1.09 | 6.77 | ||||||||||||||||||
Oil derivative cash settlements | 1.57 | 0.64 | 0.07 | (9.72 | ) | |||||||||||||||||
Average realized oil price | $ | 87.94 | $ | 89.04 | (1 | )% | $ | 90.19 | $ | 82.63 | 9 | % | ||||||||||
Natural gas price: | ||||||||||||||||||||||
Average Henry Hub price per MMBtu | $ | 3.41 | $ | 2.80 | 22 | % | $ | 2.79 | $ | 4.04 | (31 | )% | ||||||||||
Conversion to Mcf | 0.24 | 0.19 | 0.19 | 0.28 | ||||||||||||||||||
Natural gas derivatives non-cash amortization | — | 0.02 | 0.01 | 0.01 | ||||||||||||||||||
Location, quality differentials and other | (0.14 | ) | (0.13 | ) | (0.18 | ) | (0.23 | ) | ||||||||||||||
Natural gas revenue per Mcf | $ | 3.51 | $ | 2.88 | 22 | % | $ | 2.81 | $ | 4.10 | (31 | )% | ||||||||||
Natural gas derivatives non-cash amortization | — | (0.02 | ) | (0.01 | ) | (0.01 | ) | |||||||||||||||
Natural gas derivative cash settlements | (0.03 | ) | (0.04 | ) | 0.22 | 0.46 | ||||||||||||||||
Average realized natural gas price per Mcf | $ | 3.48 | $ | 2.82 | 23 | % | $ | 3.02 | $ | 4.55 | (34 | )% | ||||||||||
Operating cost - oil and natural gas production per BOE | $ | 23.35 | $ | 21.20 | 10 | % | $ | 20.43 | $ | 18.22 | 12 | % | ||||||||||
Production taxes per BOE | 2.57 | 2.91 | 2.96 | 2.58 | ||||||||||||||||||
Total operating costs per BOE | $ | 25.92 | $ | 24.11 | 8 | % | $ | 23.39 | $ | 20.80 | 12 | % | ||||||||||
DD&A - oil and natural gas production per BOE | $ | 18.44 | $ | 17.64 | 5 | % | $ | 16.95 | $ | 16.42 | 3 | % | ||||||||||
General & administrative per BOE | 5.03 | 5.32 | (5 | )% | 5.39 | 4.74 | 14 | % | ||||||||||||||
Interest expense per BOE | 5.97 | 6.16 | (3 | )% | 6.24 | 5.59 | 12 | % | ||||||||||||||