BERRY PETROLEUM COMPANY February 2013 Company Update Zach Dailey Investor Relations Manager Berry Petroleum Company - 1999 Broadway, Ste. 3700 Denver CO, 80202 (303) 9994071 zbdbry.com www.bry.com - 303-999-4400 - IR…
Berry Petroleum Company Profile Developing Oil Assets in 3 Major Basins Berry Petroleum is a Denverbased independent focused on Key Statistics the development of its significant oil reserves in the San Joaquin, Uinta and Permian…
Fourth Quarter 2012 Recap Strong Oil Growth Highlights Fourth Quarter 2012 Production Growth Total company oil production grew 11% sequentially 30% Increased overall production mix to 78% oil 26% Diatomite production increased to…
Berrys OilDriven Margins Berry has increased its operating margin since 2009 as oil Operating Margin Improvements prices have risen and the Company has concentrated its capital investment into oil assets 60 The Companys assets…
California Crude Oil Fundamentals Strong Margins at Current Prices Brent / MidwaySunset / WTI Crude Pricing CA Gross Operated Oil Production (MBbl/D) 130 2011 2012 MWSS BRENT 120 Chevron 160 155 110 Aera (Shell/Exxon) 146 137…
Berrys California Assets 1 Billion 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…
S. MidwaySunset Free Cash Flow Funds Berrys Development Asset Highlights S. MidwaySunset Field Map Stable production from legacy assets in the 9th largest field in the U.S. 13,070 BOPD in Q4 from 3,475 acres, 92% NRI S. Midway…
Diatomite Resource 360 Million Barrels in Place on 540 acres Asset Highlights Diatomite Field Map 540 acres, 100% working interest, 90% NRI 360 million barrels of oil in place, targeting 23% 40% recovery or 83 144 MMBOE…
Diatomite: Whats Changing in 2013 Steady Completion Adds = Steady Production Growth 2013 Focus Cumulative Completion Adds 1. Continuous Development 320 Steadily adding over 350 completions in the 2013 drilling program 240…
New Steam Floods Accelerating 21z conversion from cyclic to steam flood Commentary Project Locator Map New Steam Floods are heavy oil projects targeting higher viscosity oil with higher SOR and tighter spacing than traditional…
Berrys Uinta Assets Adding Value From Higher Production, Lower Costs, Improved Margins Commentary Uinta Resource Development 165,000 net acre position compiled since entering Uinta basin in 2003 600 Producing wells on 40acre…
Uinta Development: Whats Changing in 2013 Focused on Wasatch / Green River Commingled Wells Keys to 2013 Success Uinta Basin Map 1. Contribution of the Wasatch formation in new wells improves their oil mix to 80% 2. Lower well…
Berrys Permian Assets Commentary Permian Asset Locator Map Total of 61,000 net acres in the Permian, 75% NRI Wolfberry drilling inventory of 325 proved locations on 40s and over 600 potential locations on 20s Upside potential…
Wolfberry Development: Whats Changing in 2013 Focus on Ector County Keys to 2013 Success Wolfberry Type Curves 200 1. Focus on our best Permian area running 2 of 3 rigs in Ector County Ector County 150 2. Lower well costs by 100…
Hedge Positions Approximately 60% of oil production is hedged in 2013 2013 Oil Hedges Berrys oil production is effectively hedged to 82 WTI if WTI is Bbl/D Price 70 and Brent is 80 in 2013 WTI Hedges 1,000 60/80/103 Hedged 10,000…
Capitalization Commentary Capitalization and Liquidity as of September 30, 2012 Liquidity of approximately ( in millions) 667 million as of 9/30/12 Capitalization: Actual with current lender Senior Secured Credit Facility 510…
2013 Outlook Investing in Oil Assets to Grow Production, Margin and CFPS 4 Keys to Success in 2013 Focus Investment on Oil Growth 1. Continuously develop the Diatomite 30,000 10 15% Production Growth 2. Increase margins and prove…
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