Berry Petroleum Corp (NASDAQ:BRY) Q2 2019 Earnings Conference Call - Final Transcript
Aug 08, 2019 • 11:00 am ET
Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Berry Petroleum Second Quarter 2019 Earnings Conference call. [Operator Instructions] Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions]
I would now like to turn the conference over to Mr. Todd Crabtree of Investor Relations. Sir, please begin.
Thank you, Howard, and welcome to everyone. Speaking this morning will be Trem Smith, Board Chair, CEO and President; Gary Grove, Chief Operating Officer and Executive Vice President; and Cary Baetz, Chief Financial Officer and Executive Vice President. Trem will review activities and highlights from the quarter, Gary and then Cary will discuss our key operational and financial results. Trem will then make a few concluding remarks.
As a reminder, today's call contains certain projections and other forward-looking statements within the meaning of federal securities laws. These statements are subject to risks and uncertainties that may cause actual results to different from those expressed or implied in these statements. These include risks outlined in the public filings. Our website berrypetroleum.com has links to the August Investor Presentation and the May Analyst Investor Day Presentation referenced today, as well as links to reconciliations of non-GAAP financial measures to the related GAAP measures, an audio replay and a call transcript.
I will now turn the call over to Trem Smith, Berry's Board Chair, CEO and President.
Arthur T. Smith
Thank you, Todd. Welcome to Berry's second quarter earnings call. July 26th marks the one-year anniversary of Berry becoming a public company. I am proud to say we continue to perform and execute our plan as we promised. Year-over-year, we have continuously grown our value and return capital and earnings to shareholders.
The second quarter of 2019 was no different. We grew our California production 11% since the second quarter of last year and current California production is up more than 1,300 barrels a day or 6.5% compared to June. We believe these results demonstrate our capital efficiency as you can see on slide 26 of the August Investor Presentation, and we will discuss this in much more detail later in the call.
Since our initial public offering, we've declared $47 million in dividends and have repurchased 4% of our outstanding shares for $39 million while growing California production by 11% over the past 12 months. This has all been done out of our free cash flow. We are pleased to announce that the Board has approved the third quarter dividend of $0.12 per share continuing our commitment and return value to the shareholders.
We are executing our plan with operational excellence and we are seeing results. As I've said many times before, we are fixated on long-term value throughout the cycle and not on quarter-by-quarter results. This is wholly exemplified by our results to date.
The first half of the year was particularly constructive and our capital program has positioned us for robust volume growth in the second half just as we planned. Of the 210 wells