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1Q 2019 Earnings Presentation – Berry Petroleum Corp.

Berry Petroleum Corp. · May 9, 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. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 1
    CALIFORNIA FOCUSED OIL DRIVEN Investor Presentation May 2019 May 2019
  2. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 2
    Berry Board of Directors Significant Experience & Independence Trem Smith Board Chair, CEO & President, Berry Petroleum Corporation Board Chair Anne Mariucci* Former President of Del Webb Corporation Lead Director, Nominating &…
  3. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 3
    Introductory Overview of Berry Petroleum Conventional properties in California, Utah and Colorado Q1 2019 Production: 87% Oil Q1 2019 California Production: 100% Oil Oil Gas NGL Proven management team Established track record of…
  4. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 4
    Our Financial Policy Prudent Balance Sheet Management Target Net Debt to EBITDA of 1.0 2.0x or lower through commodity price cycles Deleveraging through organic growth and excess free cash flow Return Capital to Shareholders via…
  5. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 5
    Framework for Success Focus on Creating Long-Term Value Grow Value Managing value; not production or volume growth Directing capital to oil-rich and low risk development opportunities in the San Joaquin Super basin Return of…
  6. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 6
    Framework for Success Powered by Our Principles and Assets Highly Oil-Weighted Brent pricing + stable operational costs = High Margins Q1 2019 production 87% oil 20 years of high returning inventory1 Operational Control and…
  7. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 7
    The Berry Advantage - Ease of Operations Resource / Shale Berry Companies Decades of History Production History Still Learning Low Production Declines High Lower IP Rates Higher Low Capital and Service Cost Intensity…
  8. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 8
    Focused on Our California San Joaquin Basin Assets Map of Operations 8 May 2019
  9. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 9
    Drilling Results & California Production Low Capital per Well Wells Drilled 2019 Q1 California Production 100 96 80 76 San Joaquin Basin: 19.7 Mboe/D 69 57 Midway Sunset: 11.9 Mboe/D Drill Count 60 Belridge: 3.4 Mboe/D…
  10. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 10
    San Joaquin Basin Production History Field Performance Responds to Investment CA Total San Joaquin Basin WTI Price 1,200 120 No investment in Conventional CA Harvest 1,000 100 Production grew two-fold as majors invested in…
  11. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 11
    Proved Reserves YE 2018 Results D&M View of Assets California Reserve Reconciliation Replacement Metrics BRY California BRY California 300% 275% 20 14.50 14.70 15 R/P Ratio Years 200% 10 114% 100% 5 0% 0 Reserves…
  12. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 12
    Significant California Inventory Tier 1 Additional 7,030 1,663 489 979 Well Count - (Incl. Producers & Injectors) 585 444 3,314 1,811 787 Additional 272 Upside Hill Diatomite (non-thermal) Thermal…
  13. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 13
    Californias Oil Market is Isolated From Rest of Lower 48 - There are no major crude oil pipelines connecting California to the rest of the US. Advantaged Oil Pricing Refineries - Bay Area Crude Capacity Refinery Name (MBbl/d)…
  14. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 14
    California Runs on California Crude, With Plenty of Takeaway Capacity Approx. Capacity Pipeline Owner (MBbl/d) Description KLM CPL 90 Common Carrier Bay Area San Pablo Shell 210 Common Carrier Philips 66 P66 75 Common…
  15. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 15
    Q1 2019 Full Year 2018 Key Company Highlights Capital Expenditures 49mm 148mm Wells Drilled 96 232 100% California development 88% California development Production Mboe/d 27.8 27.0 87% Oil 82% Oil 76% California 73%…
  16. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 16
    California Rockies 2018 Key Area Excluding East Texas Highlights Operating Income1 227mm 19mm 93% California Daily Production Mboe/d 19.7 6.7 100% Oil 36% Oil Capital Expenditures 126 17 88% California Proved Reserves 106…
  17. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 17
    Berry Total Production California development was 87% of Q1 2019 capital o California production grew 12% Q1 18 to Q1 19 o 2019 Total company production averaged 27.8 Mboe/D California continues to be our focus with an estimated 94%…
  18. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 18
    We Have Significant Financial Flexibility The Plan at Through the Price Cycle Each Price 120 Jun. 2014, 116 60 110 100 Accelerate development program, pursue accretive Historical Brent Crude Pricing 90 acquisitions and…
  19. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 19
    Strong Oil-Driven Cash Margins are Backed by a Stable Cost Structure Full Year 2018 Q1 2019 All-in Unhedged Realized Price (/Boe) 56.10 52.42 23.76 15.31 Excess Cash Margin 10/Boe to replace and Dividends 4.02 maintain…
  20. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 20
    Levered Free Cash Flow / BOE Q119 Our calculation of Levered Free Cash Flow (Hedged) Includes Interest & Dividends (4.03) 1 2 2 2 FY 2018 1 2 2 2 1 We define Operating Expenses as LOE, electricity expense,…
  21. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 21
    Prudent & Proactive Commodity Price Risk Management Oil hedging volumes in MMBbl As of 4/30/2019 0.2 0.4 2.0 0.1 3.6 2.9 2019 2020 Brent Swaps 72.79 67.66 Brent Puts 55.43 - Brent Calls 75.56 - WTI Swaps…
  22. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 22
    Kern Delivered Gas Monthly Average Price 9.00 Anomalous price spike impacted OpEx in Q119 6.00 / mmbtu 4.94 4.15 3.00 2.78 2014 2015 2016 2017 2018 2019 0.00 Q118 Q418 Q119 Future gas price spikes are…
  23. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 23
    Prudent & Proactive Commodity Price Risk Management Purchased Gas hedging volumes in MMBtu (MMBtu/day) As of 4/30/2019 13,765 (52,184) 12,965 (42,508) 1,225 2,290 12,540 10,675 2019 2020 Kern, Delivered 2.89 3.01…
  24. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 24
    Q119 Credit Metrics / Debt / Interest PV-10 / Proved Leverage CROIC Coverage Debt Reserves (/Boe) 1.4x 7.8x 5.5x 2.75 22% Leverage: Long-term debt / TTM Adj. EBITDA Interest coverage = TTM Adj. EBITDA / TTM Interest…
  25. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 25
    2019E Guidance Low High Average Daily Production (MBoe/d) 28 31 % Oil 86% Operating Expenses (/Boe) 18.00 . 19.50 Taxes, Other than Income Taxes (/Boe) 4.25 . 4.75 Adjusted General & Administrative Expenses1 (/Boe) 4.25…
  26. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 26
    Reconciliation of Non-GAAP Measures For reconciliations of Non-GAAP to GAAP measures and other important information see https://berrypetroleum.gcs-web.com/non-gaap-reconciliations-to-gaap 26 May 2019
  27. 1Q 2019 Earnings Presentation – Berry Petroleum Corp. – slide 27
    berrypetroleum.com

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