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) July 26, 2004
Berry Petroleum Company
(Exact name of registrant as specified in its charter)
Delaware 1-9735 77-0079387
(State or other (Commission IRS Employer
jurisdiction of File Number) Identification No.
incorporation)
5201 Truxtun Avenue, Suite 300 Bakersfield, CA 93309
(Address of principal executive offices)
Registrant's telephone number, including area code (661) 616-3900
N/A
(Former name or former address, if changed since last report)
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Item 12. Results of Operations and Financial Condition
(c) Exhibits
The following Exhibits are hereby furnished as part of this Current
Report on Form 8-K:
Exhibit 99 - News Release dated July 26, 2004 regarding the
Registrant's announcing the rescheduling of its earnings release
date and the revision of accounting treatment for stock options.
SIGNATURE
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 thereunto duly authorized.
BERRY PETROLEUM COMPANY
By /s/ Kenneth A. Olson
Name: Kenneth A. Olson
Title: Corporate Secretary
and Treasurer
July 26, 2004
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News Release
Berry Petroleum Company Phone (661) 616-3900
5201 Truxtun Avenue, Suite 300 E-mail: ir@bry.com
Bakersfield, California 93309-0640 Internet: www.bry.com
Contacts:Robert F. Heinemann, President and CEO
Ralph J. Goehring, Executive Vice President and CFO
BERRY PETROLEUM RESCHEDULES EARNINGS RELEASE;
EXPECTS RECORD EARNINGS IN SECOND QUARTER OF 2004;
REVISES ACCOUNTING TREATMENT FOR STOCK OPTIONS
Bakersfield, CA, July 26, 2004 - Berry Petroleum Company (NYSE:BRY)
announced that its earnings release and conference call for the
second quarter of 2004 are rescheduled for August 9, 2004. The
Company expects to announce record earnings in the second quarter
that ended June 30, 2004.
The Company will be revising its accounting method to use variable
accounting for the expensing of stock options. This accounting method
requires a mark-to-market calculation of the Company's outstanding
stock option grants for each reporting period. The method is required
because the Company has allowed option holders to use a cashless form
of exercising their options. Berry is reviewing the financial impacts
of these changes for the periods 2001 through the first quarter of
2004 and will restate its earnings accordingly. The adjustment, a non-
cash expense, has no effect on the Company's cash position or
liquidity. Concurrently, the Company expects to adopt SFAS 123
"Accounting for Stock-Based Compensation", as amended, effective
January 1, 2004.
Berry anticipates that the impact of the restatement combined with
the adoption of SFAS 123 will result in a small positive increase in
earnings for 2004.
"Safe harbor under the Private Securities Litigation Reform Act of
1995:"With the exception of historical information, the matters
discussed in this News Release are forward-looking statements that
involve risks and uncertainties. Although the Company believes that
its expectations are based on reasonable assumptions, it can give no
assurance that its goals will be achieved. Important factors that
could cause actual results to differ materially from those in the
forward-looking statements herein include, but are not limited to,
the timing and extent of changes in commodity prices for oil, gas and
electricity, a limited marketplace for electricity sales within
California, counterparty risk, competition, environmental risks,
litigation uncertainties, drilling, development and operating risks,
the availability of drilling rigs and other support services,
legislative and/or judicial decisions and other government
regulations.
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