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Berry Petroleum Company history
Berry Petroleum Company company history timeline
In 1909, he completed his first successful well in the Midway-Sunset field.
1909: Clarence Berry first strikes oil in California.
Today, bry has production in two states, California and Utah, and is always looking to continue the course of success and growth that C.J. envisioned when he drilled his first well on the Ethel D lease in 1909.
The company was founded in 1909 by Clarence Berry in California.
1916: The Berry Holding Company is formed.
In 1931, Duane Bush took over as CEO of Berry Companies.
In 1985, in order to streamline the operation, Berry Petroleum Company was incorporated in Delaware.
Also in 1985, Eagle Creek Mining and Drilling Company was created to hold non-oil and gas producing assets, including a well servicing and drilling company.
1985: Berry Holding is merged into newly formed Petroleum Company.
The next step in the transformation of Berry was the December 1986 purchase of an 80 percent stake in the Norris Oil Company from ABEG, Inc.
The balance of the company was then acquired in June 1987.
Berry had acquired the 40-year-old pipeline from Chevron Corporation in 1990 after it had been abandoned for 10 years.
That matter was not to be settled until January 1992, when the company agreed to a $3.2 million fine.
In December 1993, an oil pipeline owned by the company leaked, resulting in a spill of 84,000 gallons of heavy crude oil into McGrath Lake, near Oxnard, California.
Berry returned to profitability in 1995 and initiated a five-year growth strategy that resulted in the acquisition of a number of valuable oil properties in the South-Midway-Sunset field as well as three cogeneration facilities.
In August 1996, the company acquired Tannehill Oil and its affiliates for $25.2 million.
The civil case from the state attorney general's office was settled in January 1997, when the company agreed to a $3.2 million fine.
Early in 1999, California crude was selling at $7 per barrel.
Two of its major customers for electricity, Pacific Gas and Electric Company and Southern California Edison Company, were pushed to the edge of bankruptcy and in early 2001 were unable to pay for the power that Berry had delivered in the previous months.
Because there was less steam as a result, the company was forced to curtail its 2001 capital development program and took on a modest debt load.
In 2003, the company acquired properties in the Uintah Basin in northwestern Utah.
In February 2013, Linn Energy acquired the company for $4.3 billion, including $2.5 billion in stock.
In February 2017, Berry emerged from the LINN bankruptcy as a stable, well-capitalized, stand-alone company.
In February 2017, Linn Energy completed a financial restructure that included the corporate spin-off of Berry into a separate company.
On July 26, 2018, the company launched its successful IPO and is currently listed on the NASDAQ Exchange as BRY. It then established its corporate headquarters in Dallas, TX, while keeping its operational headquarters in Bakersfield, CA.
In February 2020, Berry introduced a new logo and shortened name – Berry Corporation (bry) – to reflect the company’s progressive approach to evolving and growing the business in today’s dynamic oil and gas industry.
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Berry Petroleum Company competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| The Williams Companies | 1908 | $10.5B | 5,425 | 285 |
| XTO Energy | 1986 | $4.6B | 3,335 | - |
| Devon Energy | 1971 | $15.9B | 1,400 | 55 |
| Linn Energy | 2003 | $517.8M | 158 | - |
| Oasis Petroleum | 2007 | $5.3B | 432 | - |
| Chevron | 1879 | $146.5B | 44,679 | 444 |
| Kinder Morgan | 1997 | $15.1B | 11,012 | 234 |
| Laredo Petroleum | 2006 | $677.0M | 257 | - |
| St Mary Land & Exploration Co | - | - | - | - |
| Energy Transfer Solutions | 2003 | $8.5M | 75 | 11 |
Berry Petroleum Company history FAQs
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Berry Petroleum Company may also be known as or be related to Berry Petroleum, Berry Petroleum Company, Berry Petroleum LLC and Berry Petroleum Co.