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APRIL COMPANY UPDATE – Berry Petroleum Company

Berry Petroleum Company · Apr 30, 2012 · 19 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 1
    B E R R Y P E T R O L E U M C O M PA N Y Berry Petroleum Company - 1999 Broadway, Ste. 3700 Denver CO, 80202 A P R I L 2 0 1 2 C O M P A N Y U Pwww.bry.com D A T E - 303-999-4400 - IR 1-866-472-8279 1 BERRY PETROLEUM COMPANY April…
  2. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 2
    Company Profile Development Capital Invested in 3 Oil Basins Key Statistics Uinta Acquired in 2003 Proved Reserves 275 MMBOE Production from the Green River/Uteland Butte, Green % Proved Developed 53% River/Wasatch and Wasatch…
  3. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 3
    Track Record of Growth Investing in Oil Assets to Grow Production, Margin and Cash Flow Per Share Grow Production Double Digit Improve Operating Margin/BOE to over 50/BOE 10% CAGR Natural Gas Assets /BOE BOED Oil…
  4. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 4
    Berrys California Assets 500 MM Barrels of Oil in Place Under Development Poso Creek McKittrick 21Z One of 5 early stage Steam Floods N. Midway Diatomite Berrys largest development project S. Midway- Sunset Berrys…
  5. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 5
    California Crude Oil Fundamentals WTI vs. Midway-Sunset Crude Pricing CA Gross Operated Oil Production (MBbl/D) 2008 2011 120.00 MWSS Chevron 185 160 110.00 /Barrel Aera (Shell/Exxon) 165 146 100.00 WTI Oxy 65 69 90.00…
  6. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 6
    California and Permian Drive Corporate Margins Illustrative Estimated Operating Margins at 90 WTI Commentary Wolfberry and California assets have strong margins with complimentary Realized price: 95 characteristics Current premium…
  7. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 7
    S. Midway-Sunset Free Cash Flow Funds Berrys Development Asset Highlights S. Midway-Sunset Field Map Stable production from the 4th largest field in the U.S. S. Midway 8,000 BOPD from 2,000 acres, 95% working interest, 94% NRI…
  8. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 8
    Diatomite Resource 360 Million Barrels in Place on 540 acres Asset Highlights Diatomite Field Map 540 acres, 100% working interest, 90% NRI Diatomite contains 15 API gravity heavy oil McKittrick 21Z Average depth of 800 feet 360…
  9. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 9
    Diatomite Resource Shallow Wells Target Thick Pay Natural Fractures 500 Opal A Potter 1000 Opal CT 1500 10 BERRY PETROLEUM COMPANY April 2012 Focusing on OIL GROWTH
  10. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 10
    Diatomite Reservoir is Performing Maximizing Online Completions Commentary Illustrative Diatomite Completion Performance Completions in the Diatomite are performing on the type curve Steam injection is commencing on the 90…
  11. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 11
    Next Generation Heavy Oil Projects Commentary Project Locator Map Next generation heavy oil projects are higher viscosity with higher steam to oil ratio and tighter spacing than traditional Midway-Sunset developments 50-well…
  12. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 12
    Berrys Wolfberry Assets Commentary Permian Asset Locator Map Total of 58,000 net acres in the Permian, 75% NRI Wolfcamp Trend Plan to run five rigs in 2012 Expect production to grow to 9,000 BOED over the next four years from…
  13. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 13
    Permian Performance Wells Performing on Type Curve Berrys wells in the Northwest Wolfberry are generally 80% liquids Each of Berrys Wolfberry asset areas are performing on their respective type curves Expected EURs range from 145…
  14. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 14
    Uinta Assets Overview Asset Highlights Uinta Basin Map Acquired in 2003 and 2004 with 51,000 net acres in Brundage Canyon with 100% WI and 174,000 gross acres in Lake Canyon with 42.6% average WI 500 Producing wells on 40-acre…
  15. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 15
    Uinta Resource Multiple Targets Across Large Acreage Position Have identified 75 MMBOE of risked resource in the Uinta Acreage Summary Average Commingled Wasatch / Green River results have been Area Prospective Acres Ownership…
  16. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 16
    Natural Gas Assets Consumption Reduces Sensitivity to Natural Gas Prices Commentary Natural Gas Balance Berry consumes over 50,000 MMBtu/d to 90,000 produce steam in California which offsets Berrys gas production 60,000 In 2012,…
  17. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 17
    Oil Hedge Positions 2012 Oil Hedges As of March 31, 2012, approximately 70% of oil production Bbl/D WTI Price for 2012 and 40% for 2013 is hedged in the form of swaps 1,000 70/85/92 2,000 70/80/83 and 3-way collars 2,000…
  18. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 18
    Pro Forma Capitalization Commentary Pro Forma Capitalization and Liquidity as of March 31, 2012 Pro forma liquidity of ( in millions) approximately 824 Capitalization: Actual Pro Forma2 million with current Senior Secured Credit…
  19. APRIL COMPANY UPDATE – Berry Petroleum Company – slide 19
    Maintaining the Current Strategy Oil Investment in 3 Basins for Long-Term Growth Concentrate Capital Grow Production to Increase Expected Operating Margin Investment in 3 Oil Basins over 55,000 BOED, 80% Oil per BOE and Cash Flow Per…

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