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) August 31, 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 7.01. Regulation FD
(c) Exhibits
The following Exhibits are hereby furnished as part of this Current
Report on Form 8-K:
Exhibit 99 - News Release dated August 31, 2004 regarding the
Registrant's announcing the increase in the annual dividend and
capital budget.
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
August 31, 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 COMPANY TO INCREASE ITS DIVIDEND AND CAPITAL BUDGET
Bakersfield, CA, August 31, 2004 - Berry Petroleum Company (NYSE:BRY)
today announced that its Board of Directors has authorized a $.04 per
share increase in its annual dividend, a special dividend of $.06 per
share and an increase in its capital budget to $70 million.
The regular quarterly dividend is being increased by 9%, from $.11 to
$.12 per share, beginning with the September 2004 dividend. The
regular quarterly dividend along with the special dividend of $.06
per share will be paid on September 29, 2004 to shareholders of
record on September 13, 2004. The total dividend payable on
September 29, 2004 will be $.18 per share. The Company has
approximately 22.2 million shares presently outstanding.
Robert Heinemann, President and Chief Executive Officer stated, "The
Company is experiencing a record year in 2004 and we believe our
shareholders should participate in the record cash generated from
operating activities. We believe our shares provide an excellent
investment opportunity as we are delivering on our growth strategy.
Commodity prices have been and continue to be very strong and this
enables the Company to increase its dividend level. At the same
time, the Company is executing a record capital budget of
approximately $70 million, a 68% increase over 2003. Consistent with
the Board's ongoing commitment to growing the Company, we are
continuing to invest in our core properties while actively pursuing
acquisition opportunities."
Berry Petroleum Company is a publicly traded independent oil and gas
production and exploitation company with its headquarters in
Bakersfield, California.
"Safe Harbor under the Private Securities Litigation Reform Act of
1995:" This release may contain descriptions of the Company's
expectations regarding future business activities. These forward-
looking statements are made in reliance upon safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Accordingly,
actual results may differ materially from those contemplated by the
forward-looking statements.
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