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Company Update – Berry Petroleum Company

Berry Petroleum Company · Sep 1, 2012 · 18 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. Company Update – Berry Petroleum Company – slide 1
    B E R RY P E T R O L E U M C O M PA N Y September 2012 Company Update Zach Dailey Manager, Investor Relations Berry Petroleum Company - 1999 Broadway, Ste. Denver CO, 80202 3700999-4071 (303) zbdbry.com www.bry.com -…
  2. Company Update – Berry Petroleum Company – slide 2
    Company Profile Developing Oil Assets in 3 Major Basins Key Statistics Uinta 2010 2011 2012E Acquired in 2003 Production (BOED) 32,666 35,687 37,000 Approximately 106,000 acres Running 3 rigs in 2012 Oil 21,713 24,771 28,000 San…
  3. Company Update – Berry Petroleum Company – slide 3
    Berrys Oil-Driven Margins Cash Margin History Cash Margin, BRY vs. Peers, YTD 80 74 Realized Price (/BOE) 70 80 68 69 70 67 70 59 69 60 56 53 52 54 60 50 49 43 42 43 44 50 52 45 Margin 34 48 40 32 44 32 32 32 40 38 30 35…
  4. Company Update – Berry Petroleum Company – slide 4
    California Summary Favorable Supply / Demand Environment Facts California Production & Consumption of Crude Oil, MMBOD Berry has produced over 200 MMBOE in the San Joaquin Valley since 1909 2000 California ranked third in 2011 U.S.…
  5. Company Update – Berry Petroleum Company – slide 5
    California Crude Oil Fundamentals 70 / BOE Margins at Current Prices Brent / Midway-Sunset / WTI Crude Pricing CA Gross Operated Oil Production (MBbl/D) 130 2011 2012 MWSS BRENT 120 Chevron 160 155 Aera (Shell/Exxon) 146 137…
  6. Company Update – Berry Petroleum Company – slide 6
    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…
  7. 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 legacy assets in the 9th largest 26 30 29 28 27 field in the U.S. 12,700 BOPD from 3,475 acres, 92% NRI…
  8. 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 Average drilling depth of 800 feet McKittrick…
  9. 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 September 2012 Update
  10. Company Update – Berry Petroleum Company – slide 10
    Diatomite Update Rebounding from 2011 Challenges; Maximizing Online Completions Commentary Historical Production, BOPD Last years constraining regulatory issues were improved in early 2012, and the asset is returning to growth 90…
  11. Company Update – Berry Petroleum Company – slide 11
    Next Generation Heavy Oil Projects Commentary Project Locator Map Next generation heavy oil projects target higher Chevrons 1Y viscosity oil with higher SOR and tighter spacing Diatomite Development than traditional Midway-Sunset…
  12. Company Update – Berry Petroleum Company – slide 12
    Berrys Permian Assets Commentary Permian Asset Locator Map Total of 61,000 net acres in the Permian, 75% NRI Wolfcamp Trend Drilling inventory of 425 locations on 40s and 650 locations on 20s in the Wolfberry Plan to run an…
  13. Company Update – Berry Petroleum Company – slide 13
    Wolfberry Performance Wells Performing on Type Curve Berrys wells in the Northwest Wolfberry are generally 80% liquids Typical formation targets include the Sprayberry, Wolfcamp, and Cline Each of Berrys Wolfberry asset areas are…
  14. Company Update – Berry Petroleum Company – slide 14
    Berrys Uinta Assets Returning to Growth Asset Highlights Uinta Basin Map 150,000 net acres compiled since entering Uinta basin in 2003, which includes: 40,000 net acres in Brundage Canyon, 100% WI Rights to 85,000 net acres in Lake…
  15. Company Update – Berry Petroleum Company – slide 15
    Uinta Resource Multiple Targets Across Large Acreage Position Have identified 80 MMBOE of risked Uinta Resource resource in the Uinta Fairways Acreage Summary Contribution of the Wasatch formation at 80% oil, combined with…
  16. Company Update – Berry Petroleum Company – slide 16
    Hedge Positions 2012 Oil Hedges Approximately 75% of oil production is hedged in 2012 Bbl/D WTI Price 1,000 70/85/92 Berrys oil production is effectively hedged to 83 WTI if 2,000 70/80/83 2,000 75/90/100 WTI is 70 in 2012 1,000…
  17. Company Update – Berry Petroleum Company – slide 17
    Capitalization Commentary Capitalization and Liquidity as of June 30, 2012 Liquidity of ( in millions) approximately 776 Capitalization: Actual million as of 6/30/12 with Senior Secured Credit Facility 401 current lender Senior…
  18. Company Update – Berry Petroleum Company – slide 18
    Track Record of Growth from Consistent Strategy Investing in Oil Assets to Grow Production, Margin and CFPS Grow Oil Production 10% Improve Operating Margin/BOE to over 50/BOE 60 30,000 13% CAGR 50 45 20,000 Natural Gas Assets 40…

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