Berry Petroleum keeps debt to EBITDA ratio below 2x; debt won’t rise

By Devika Patel

Knoxville, Tenn., March 7 – Berry Petroleum Co., LLC plans to maintain its debt to EBITDA ratio at below 2x and management says the company’s debt will not increase.

“We continue to keep our debt to EBITDA ratio well below our 2x target,” president and chief executive officer A.T. Smith said on the company’s fourth quarter and year ended Dec. 31, 2018 earnings conference call on Thursday.

“In other words, we are not increasing debt,” he said.

Adjusted EBITDA was $82 million for the quarter, compared to $83 million in the third quarter, and $258 million for the year, compared to $178 million for full year 2017.

The Bakersfield, Calif.-based company owns and operates oil and gas properties in California, Colorado, Utah, Kansas and Texas.

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