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January 2019 Investor Presentation – Berry Petroleum Corp.

Berry Petroleum Corp. · Jan 8, 2019 · 27 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. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 1
    Investor Presentation January 2019 January 2019
  2. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 2
    Introductory Overview of Berry Petroleum Conventional properties in California, Utah and Colorado Map of Berry Assets1 Q3 2018 Production: 81% Oil Q3 2018 California Production: 100% Oil Proven management team Oil Established track…
  3. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 3
    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…
  4. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 4
    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…
  5. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 5
    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…
  6. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 6
    Significant Inventory of High Return Development Opportunities Tier 1 Additional 6,973 870 7,053 793 424 IRRs1,2 904 78 % 359 % 65 % 585 (Wells / Incl. Producers & Injectors) 452 3,397 1,860 774 Additional Well…
  7. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 7
    Focused on Our California San Joaquin Basin Assets Map of Operations 8 January 2019
  8. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 8
    Upside Opportunities Low Risk, High Return Near-Term Upside Mid-Term Upside Locations California Uinta Extended Uinta Extended San Development (Hz, Vert) Joaquin Development Thermal Diatomite Hill Diatomite, Thermal Recovery…
  9. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 9
    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…
  10. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 10
    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…
  11. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 11
    Strong Oil-Driven Cash Margins are Backed by a Stable Cost Structure Total Company Margin All-in Unhedged Realized Price (/Boe): 53.32 57.05 58.33 20.72 25.81 26.46 10/Boe to replace and maintain production 2.40 2.95…
  12. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 12
    We Have Significant Financial Flexibility Across Oil Price Scenarios Simple financial principles Applied rationally across and planned allocations... the price cycle Jun. 2014, 116 120 110 100 Historical Brent Crude Pricing…
  13. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 13
    Prudent & Proactive Commodity Price Risk Management High degree of margin visibility via proactive hedging program and cost stability Hedge Volumes in MMBbls (MBbl/d) as of 09/30/2018 6.0 (16.9) 3.4 1.2 (12.9) 2.6 0.1 0.5…
  14. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 14
    2019E Guidance(1) Category 2019E Guidance Low High Average Daily Production (MBoe/d) 29 32 % Oil 86% Operating Expenses (/Boe) 17.00 . 18.50 . Taxes, Other than Income Taxes (/Boe) 4.25 . 4.75 . Adjusted General &…
  15. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 15
    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…
  16. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 16
    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…
  17. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 17
    Appendix Berry's Poso Creek field, California 18 January 2019
  18. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 18
    Our Large, Conventional and Diversified Asset Base is Oil-Weighted and Valuable May 2018 Strip Net May 2018 Proved 3Q18 Strip 1P Gross June 2018 Reserves1 Avg. Net 3Q18 PV-101,2 Drilling Producing (MMBoe) / Production6 % Oil (mm) /…
  19. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 19
    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.…
  20. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 20
    Key Operational Activities Development is primarily in the San Joaquin Basin Notable CA Planned Development Programs in 2018 Added a third rig in California in April and expect three rigs Completing 40 wells through 2018 and an…
  21. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 21
    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…
  22. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 22
    Updated 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 &…
  23. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 23
    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…
  24. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 24
    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…
  25. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 25
    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…
  26. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 26
    27 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…
  27. January 2019 Investor Presentation – Berry Petroleum Corp. – slide 27
    Thank you berrypetroleum.com 28 January 2019

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