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Could just be a natural pull back or shorts forcing it down. I don't see any fundamental reason for it to pull back. I remain confident in its mid to long term prospects here.
YA what the heck any ideas why?
Little decline today... lets hope it picks back up!
50 here we goooo!BRY going 90 per barrel
Wow! Quite the climb today! Hopefully it will hold on and keep the upward momentum!
Yes, quite the ride... Here is some interesting due diligence I came across on BRY.
WOW what ride no oil from Libya for a while Italian oil major Eni SpA fears it's largest oil field is in ruins from Gaddafis militia was pumping 130,000 b/o before the war will be out of commission to year end at-least.
WOW what ride no oil from Libya for a while Italian oil major Eni SpA fears it's largest oil field is in ruins from Gaddafis militia was pumping 130,000 b/o before the war will be out of commission to year end at-least.
OIL SANDS want 80.00 getting nervous lol, couple weeks and we're into earnings season holding GO BRY
I would have to agree. Now its a great time to get in. Hopefully, we will see a rebound.
So much for that plan time to buy nowwwww :)
We need a miracle going to hell in a hand basket lol
inventories fall 7.4 mil. ya who lol getting impatient on 92 per barrel lol soon i hope raised my ask 49.35
Seems like a good plan to me.
QUADRUPLE WITCHING closing out,low vol.next week fed saves Europe $$$
figure Jan. Election year $$$ for now trading has been suggested between 85/95. 92 is close i'll sell then maybe tomorrow looking for 15% gives me 7700 profit. buy back in around 43.00/43.50
When will we see $100 again!? That's what I REALLY want! :)
US oil inventories drop to seven-month low
By Javier Blas and Emiko Terazono in London
US commercial crude oil inventories have fallen to the lowest level since February in spite of the release of millions of barrels from the country’s strategic petroleum reserve, suggesting that the oil market was tighter than previously thought.
The US Department of Energy said on Wednesday that the country’s oil reserves fell by a hefty 6.7m barrels last week, against the forecast by Wall Street analysts of a drop of about 3m barrels, bringing the inventories to a seven-month low.
More
On this story
Libya in power struggle over oil group
Libya resumes oil production
US crude stocks fall but WTI price slips
Oil traders track Cushing pipeline race
Challenge to keep Brent oil a world benchmark
“There is no surplus of crude oil in the US at the margin, even after the exceptional circumstances of a large-scale release of strategic inventories,” Barclays Capital noted recently.
Some analysts blamed the drop in inventories – the largest weekly fall year-to-date – on the impact of tropical storm Lee on US Gulf of Mexico oil production last week. But other analysts said that inventories had been falling over the weeks before the storm, signalling that the market was tighter than expected.
The DoE said that inventories dropped to 346m barrels, down from nearly 360m in late June, when Washington joined the International Energy Agency in releasing for only the third time in history the country’s strategic petroleum reserve.
Oil prices were mixed as investors focused mostly on economic woes in spite of signs of extreme tightness on the physical oil market, particularly in Europe.
In late afternoon trading in London, ICE October Brent crude rose 35 cents to $112.24 a barrel. But the November contract, more widely traded, fell 29 cents to $109.37 a barrel bringing the difference between the first and second contract to more than $2.80 a barrel, one of the highest levels in a decade. The wide difference between the October and November contracts was a sign of a tight spot market, traders said.
In New York, Nymex October West Texas Intermediate fell $1.27 to $88.95 a barrel.
BNP Paribas lowered its crude oil forecast for 2011 and 2012 amid downgrades in its economic outlook. Harry Tchilinguirian, oil strategist at BNP in London, cut the bank’s 2011 average price forecast for WTI by $2 per barrel to $95 while Brent was revised down by the same amount to $112 a barrel.
For next year, BNP cut its WTI forecast by $6 to $101 and lowered its Brent estimate by $8 to $116.
“Directionally we remain positive for 2012 as a whole,” said Mr Tchilinguirian.“In a low interest rate environment, oil has been the beneficiary of rises in risk appetite – and the victim of falls.”
He said the forecasts were a balancing act between the weaker economic outlook in the US and Europe and the supply situation, with uncertainty in Libyan production as well as doubts about future Opec production.
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i see 92 a barrel lol sooooooooooooon
conocophillips shuts down production in china will help drive oil up.
ya would of averaged up though got into TCK.B.TO coal @ 38.49 for a 1000 shares 10 yr. anniversary for 911 markets aren't making much sense should have good rally next week, phenomenon i'd say GO BRY
I'd say its time to buy!
OOOO 4 MIL DRAW DOWN YA WHOOOOOOOOOOOO!LOLL HERE WE GOOOOOOOOOOO
Yep sort of always sell on good news after Obama"s speech Fri. @ quarter to eleven lol maybe or tomorrow GO BRY
Yea, it has a little ways to go still. Good luck!
Well back in with 1200 shares@ 42.71 out @49.11 hopefully lol 15%
I'd say that is a good price range to shoot for.
ya missed a couple good trades where i could of made a few $1000 none the less ya going for 38.60
I'd say your on the right track.
AA+ Hold on to your socks TurnKeyOil going down 600 pts my guess 38.60 1450 shares?
thks still held all through march 9th low kicking myself that i didn't atleast double up lol do u think we'll break that support level i was thinking maybe buy in lower like 38 what do think? monday may tell all
sold @ 56.25 buying back in @ 46.25 1200 shares :)
Permian Basin Unconventional Oil Completions Optimization Summit 2011 http://www.american-business-conferences.com/c69/permian-basin-unconventional-oil-completions-optimization-summit-2011/ http://www.permian-basin-unconventional-oil.com/error/
Stifel Nicolaus is out with its report today on Berry Petroleum (NYSE: BRY), initiating BRY at Buy.
In a note to clients, Stifel Nicolaus writes, "We believe that Berry Petroleum is well positioned for strong margin, low risk, oil weighted, 14% CAGR production growth over the next few years. The impact of this will be production growth rates increasing and margins improving, resulting in above average CFPS growth and strong free cash generation. This will result in meaningful debt reduction and valuation compression, which should move the name higher toward our 12-month target price of $57/share, which reflects a 5.5x 2012E EV/EBITDA multiple and 85% of our risked NAV."
Source: http://www.benzinga.com/analyst-ratings/analyst-color/11/06/1170458/update-stifel-nicolaus-initiates-berry-petroleum-at-buy#ixzz1PM96yFcP
Sell sell sell!
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=7256384
I think I bought some of his shares!
On November 15, 2010, Berry Petroleum Company (the “Company” or “Berry”) entered into a Second Amended and Restated Credit Agreement with Wells Fargo Bank, N.A. and other lenders (the “Credit Agreement”).
The Credit Agreement extended the maturity date of the Company’s existing secured revolving credit facility to November 13, 2015. The Credit Agreement has a current borrowing base and lender commitments of $875 million, after the reduction to the borrowing base resulting from the Company’s recent $300 million issuance of 6 ¾% senior notes. The maximum amount available is subject to semi-annual redeterminations of the borrowing base, based on the value of the Company’s proved oil and natural gas reserves, in April and October of each year in accordance with the lenders’ customary procedures and practices. Both the Company and the banks have the bilateral right to one additional redetermination each year. The LIBOR and prime rate margins are between 1.75% and 2.75% based on the ratio of credit outstanding to the borrowing base and the annual commitment fee on the unused portion of the credit facility is 0.50%. Previously, the Company’s facility contained a total funded debt to EBITDAX ratio which was replaced in the Credit Agreement with an interest coverage ratio which, as defined, may not be less than 2.75. The facility also contains a current ratio covenant which, as defined, must be at least 1.0. The Credit Agreement also provides the right for the Company to refinance its 10 ¼% Senior Notes due in 2014 (“2014 Notes”) with similar notes or retire the 2014 notes using available borrowing under the credit facility as long as certain leverage and liquidity tests are met. As part of the amendment the Company expects to pay fees of approximately $8.0 million.
The Credit Agreement contains other usual and customary conditions, representations, and warranties. A copy of the Credit Agreement is attached as an exhibit to this report on Form 8-K. The information contained in the Credit Agreement is incorporated herein by reference as Exhibit 99.1.
(b)
On November 17, 2010, the Company’s Board of Directors approved an amended and restated form of Restricted Stock Unit Award Agreement which will be used for all Restricted Stock Unit Grants issued to Berry’s Officers under Berry’s 2010 Equity Incentive Plan. The amended and restated Restricted Stock Unit Award Agreements amend and restate the Stock Award Agreement filed with the SEC on Form S-8 on June 23, 2010. The information contained in the Restricted Stock Unit Award Agreement form is incorporated herein by reference as Exhibit 99.2.
Oct. 28--The Berry Petroleum Company of Denver announced it has agreed to purchase an additional $180 million in assets in the Wolfberry trend in the Permian Basin. The 9,300 net acres means the company has purchased 19,350 acres and spent $313 million since entering the Wolfberry in March.
According to a news release, the 2010 purchases are expected to give Berry a five-year inventory of 400 drilling locations on 40-acre spacing and 400 more on 20-acre spacing.
Within the next four years, Berry CEO Robert Heinemann expects to produce 9,000 barrels of oil equivalent per day. Currently, Berry's Wolfberry assets produce around 1,700 barrels daily.
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