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August 2019 Investor Presentation – Berry Petroleum Corp.

Berry Petroleum Corp. · Aug 8, 2019 · 28 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. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 1
    CALIFORNIA FOCUSED OIL DRIVEN Investor Presentation August 2019 May 2019
  2. August 2019 Investor 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. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 3
    Introductory Overview of Berry Petroleum Conventional properties in California, Utah and Colorado Q2 2019 Production: 86% Oil Q2 2019 California Production: 100% Oil Oil Gas NGL Proven management team Established track record of…
  4. August 2019 Investor 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. August 2019 Investor 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. August 2019 Investor 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 Q2 2019 production 86% oil 20 years of high returning inventory1 Operational Control and…
  7. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 7
    Kern County is a Top Oil Producer 7 August 2019
  8. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 8
    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…
  9. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 9
    Focused on Our California San Joaquin Basin Assets Map of Operations 9 August 2019
  10. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 10
    Drilling Results & California Production Low Capital per Well 120 Wells Drilled 114 2019 Q2 California Production 100 96 76 80 69 60 57 San Joaquin Basin: 19.6 Mboe/D 40 30 20 Ventura Basin: 1.2 Bboe/D 0 Q1 2018 Q2 2018…
  11. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 11
    First Half 2019 Drilling Well Types Drilled 114 15 96 18 39 14 38 60 26 Q2 2019 Q1 2019 Thermal Diatomite Producers Sandstone Producers Sandstone Injectors Delineation 11 August 2019
  12. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 12
    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…
  13. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 13
    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…
  14. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 14
    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…
  15. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 15
    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)…
  16. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 16
    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…
  17. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 17
    Q2 2019 Q1 2019 Key Company Highlights Capital Expenditures 57mm 49mm Wells Drilled 114 96 100% California development 100% California development Production Mboe/d 27.4 27.8 86% Oil 86% Oil 76% California 76%…
  18. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 18
    California Rockies Q2 2019 Key Area Highlights Operating Income1 48mm 1mm 98% California Daily Production Mboe/d 20.8 6.6 100% Oil 41% Oil Capital Expenditures 52 1 Proved Reserves2 106 37 Mboe 74% California PV-102,3…
  19. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 19
    Berry Total Production California development was 92% of Q2 2019 capital o California production grew 11% Q2 18 to Q2 19 o Q2 2019 total company production averaged 27.4 Mboe/D California continues to be our focus with an estimated…
  20. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 20
    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…
  21. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 21
    Strong Oil-Driven Cash Margins are Backed by a Stable Cost Structure Q2 2019 Q1 2019 All-in Unhedged Realized Price (/Boe) 54.83 52.42 17.51 15.31 Excess Cash Margin 10/Boe to replace and 3.89 4.02 Dividends maintain…
  22. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 22
    Levered Free Cash Flow / BOE Q219 Our calculation of Levered Free Cash Flow (Hedged) Includes Interest & Dividends 1 2 2 2 1 We define Operating Expenses as LOE, electricity expense, transportation expense, and marketing…
  23. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 23
    Prudent & Proactive Commodity Price Risk Management Oil hedging volumes in MMBbl As of 6/30/2019 0.1 0.2 0.2 0.9 4.4 2.9 2019 2020 Brent Swaps 72.43 65.70 Brent Puts 50.00 - Brent Calls 81.00 - WTI Swaps…
  24. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 24
    Kern Delivered Gas Monthly Average Price 9.00 Anomalous price spike impacted OpEx in Q119 6.00 / mmbtu 4.94 75% of Fuel Gas Hedged at 4.15 Avg 3/mmbtu for 18 Months 3.00 2.78 Actual Kern Delivered Price 2014…
  25. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 25
    Prudent & Proactive Commodity Price Risk Management Purchased Gas hedging volumes in MMBtu (MMBtu/day) As of 6/30/2019 15,250 (50,000) 1,525 9,815 (53,342) 920 13,725 8,895 2019 2020 Kern, Delivered 2.93 2.98…
  26. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 26
    Q219 Credit Metrics / Debt / Interest PV-10 / Proved Leverage CROIC Coverage Debt Reserves (/Boe) 1.3x 8.1x 5.4x 2.78 23% Leverage: Debt / TTM Adj. EBITDA Interest coverage = TTM Adj. EBITDA / TTM Interest expense Proved…
  27. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 27
    2019E Guidance as of May 9, 2019 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…
  28. August 2019 Investor Presentation – Berry Petroleum Corp. – slide 28
    berrypetroleum.com

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