Introductory Overview of Berry Petroleum Conventional properties in California, Utah, Colorado, and Texas Map of Berry Assets1 Q2 2018 Production: 80% Oil Q2 2018 California Production: 100% Oil Proven management team Oil Established…
California and U.S. Energy Industry are Intertwined Top Crude Oil Producing States in Lower 48 (2017)1 California overview 1,300,000 California is the third largest crude oil producer in the U.S. Lower 48, after Texas and North…
The Berry Advantage A Differentiated Our Key Asset, Operational and Financial Advantages Opportunity in E&P Oil dominated, Top-tier corporate level low-risk returns conventional asset base Strong balance Focused on San sheet and…
We Are Broadly Advantaged vs. Unconventional Resource Players Resource / Shale Players The Berry Benefit Production History Decades of History Still Learning Production Declines Low High IP Rates Lower Higher Capital and Service…
Our Low Declining Wells and Production Base Mitigate Treadmill Conundrum Experienced in Unconventional Shale Plays The decline rates from our new conventional oil wells in % of Initial Rate From Peak Production (New Wells) California…
Californias Oil Market is Isolated From Rest of Lower 48 There are no major crude oil pipelines connecting Refineries - Bay Area Crude Capacity California to the rest of the US. Refinery Name (MBbl/d) Chevron Richmond 245…
California Runs on California Crude, With Plenty of Takeaway Capacity Kern County oil production benefits from access to multiple, intra- state pipelines connecting Kern County producers to refineries in Kern County, the Bay Area and…
Our Best-in-Class Senior Executive Team Core Values Highlights Experienced Management Team Broad, diversified and cross-functional experience Leadership Trem Smith CEO Focused on long-term value creation Entrepreneurship Culture…
We Have Significant Financial Flexibility Across Oil Price Scenarios Our capital allocation priorities are flexible and focused on bringing value to shareholders across cycles We estimate 110mm in annual capital to keep production…
Strong Oil-Driven Cash Margins are Backed by a Stable Cost Structure Total Company Margin Levered Free Cash Flow Generation (mm)1 3 All-in Unhedged Realized Price2 53.32 57.05 (/Boe): Levered free cash flow available to support…
Prudent & Proactive Commodity Price Risk Management High degree of margin visibility via proactive hedging program and cost stability Hedge Volumes in MMBbls (MBbl/d) In the second Hedge Position Comparison quarter 2018 we Prior as…
Our Financial Policy Target Net Debt to EBITDA of 1.5 2.0x or lower through commodity price cycles Prudent Balance Sheet Management Deleveraging will be achieved through organic growth and excess free cash flow Return Capital to…
I. Asset Overview A view of Berrys Homebase acreage in South Midway Sunset 16 August 2018
Our Large, Conventional and Diversified Asset Base is Oil-Weighted and Valuable May 2018 Strip Net May 2018 Proved 2Q18 Strip 1P Gross June 2018 Reserves1 Avg. Net 2Q18 PV-101,2 Drilling Producing (MMBoe) / Production % Oil (mm) /…
Operational Areas Focused in California Super Basin Corporate & Executive Office Division Offices Producing Assets Basin Boundary Uinta Basin San Joaquin Basin Bakersfield Southern San Joaquin Basin Piceance Basin E.…
Focused on Our California San Joaquin Basin Assets Map of Operations 19 August 2018
Key California Operational Activities Notable Planned Development Programs in 2018 Development is primarily in the San Joaquin Basin Began Completing 60 Added a third rig in California in April and expect three rigs producers in the…
Low Risk, High Return Near-Term Upside Mid-Term Upside Locations California Uinta II. Upside Opportunities Thermal Diatomite Extended Uinta Recovery Development Process (Hz, Vert) Thermal Diatomite Recovery Process Hill…
Concluding Remarks Berry is a highly differentiated E&P company with a clear strategic, operational and financial vision Highly Differentiated from Public Conventional and Shale E&P Companies Positive Levered Free Cash Flow Through…
III. Appendix Berry's Poso Creek field, California 23 August 2018
2018E Guidance(1) Category 2018E Guidance Low High Average Daily Production (MBoe/d) 27 30 % Oil 80% Operating Expenses (/Boe) 17.00 . 18.75 . Taxes, Other than Income Taxes (/Boe) 3.25 . 3.50 . Adjusted General &…
Non-GAAP Reconciliation Adjusted EBITDA & Adjusted EBITDA Unhedged The following tables present a reconciliation of the GAAP financial measures of net income (loss) and net cash (used in) provided by operating activities to the non-GAAP…
Non-GAAP Reconciliation - Levered Free Cash Flow Levered free cash flow reflects our financial flexibility; and we use it to plan our internal growth capital expenditures. We define levered free cash flow as Adjusted EBITDA less capital…
Non-GAAP Reconciliation - Adjusted General & Administrative Expenses The following table presents a reconciliation of the GAAP financial measure of general and administrative expenses to the non-GAAP financial measures of Adjusted…
28 Reconciliation for PV-10 PV-10 Reconciliation ( in millions) At December 31, 2017 PV-10 1,114 (-) Present value of future income taxes discounted at 10 % (137) Standardized measure of discounted future net cash flows…
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