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October 2019 Investor Presentation – Berry Petroleum Corp.

Berry Petroleum Corp. · Nov 7, 2019 · 31 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. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 1
    CALIFORNIA bry FOCUSED OIL DRIVEN Investor Presentation October 2019 October 2019
  2. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 2
    bry Our Strategy Focus on attractive organic growth through cycle Return capital to shareholders Top quartile fixed dividend within E&P industry Share repurchases to manage dilution Debt reduction Pursue accretive strategic…
  3. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 3
    bry 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 Assets…
  4. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 4
    bry Framework for Success Powered by Our Principles and Assets Highly Oil-Weighted Brent pricing + stable operational costs = High Margins Q2 2019 production 86% oil Operational Control and Stable Cost 20 years of high returning…
  5. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 5
    bry 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…
  6. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 6
    bry Planning for Success in California Grasstops outreach Aggressive outreach team Lobbyist in Sacramento Well-known holistic energy expert for grasstops/grassroots Grassroots outreach communication strategy Stratified voter…
  7. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 7
    bry Berry Overview Conventional properties in California, Utah and Colorado Q319E 29,600 boe/d up 7.7% compared to last quarter California Production: 100% Oil Oil Gas NGL Proven management team Established track record of leading…
  8. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 8
    bry Focused on Our California San Joaquin Basin Assets Population Density People/Sq Mile 2,490 108 Kern LA County County Map of Operations 8 October 2019
  9. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 9
    bry Kern County is a Top Oil Producer 11.0M barrels/mo. 9 October 2019
  10. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 10
    bry Proved Reserves YE 2018 Results DeGolyer and MacNaughton View of Assets California Reserve Reconciliation 2018 Replacement Metrics BRY California BRY California 300% 275% 20 14.50 14.70 15 R/P Ratio Years 200% 10…
  11. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 11
    bry 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 Production grew two-fold as 1,000 100 majors invested in…
  12. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 12
    bry Drilling Results & California Production Low Capital per Well Wells Drilled 120 114 2019 Q3E California Production 100 96 82 80 76 69 60 57 San Joaquin Basin: 21.6 Mboe/D Est. 40 30 20 Ventura Basin: 1.3 Bboe/D Est.…
  13. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 13
    bry Time to Peak Production Drilling % of 2019 Facility Hook-up Planned Single Well Package Wells1 Cyclic Steaming Peak Production 14 boe/d 42% Sandstone Producer Number of Wells Single Well Package 13% 38 boe/d…
  14. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 14
    bry Type Curve Comparison Berry Hill Diatomite Thermal Diatomite Sandstone Steam Flood Midland Eagle Ford STACK Non-Berry Bakken 200 1,600 180 1,400 160 1,200 140 Berry Non-Berry 1,000 BOE/day 120 BOE/day 100 800…
  15. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 15
    bry The Berry Advantage - Ease of Operations Resource / Shale Companies Decades of History Production History Still Learning Low Production Declines High Lower IP Rates Higher Low Capital and Service Cost Intensity…
  16. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 16
    bry Significant California Inventory Tier 1 Additional 7,030 1,663 489 Well Count - (Incl. Producers & Injectors) 979 585 444 3,314 1,811 787 Additional 272 Upside Hill Diatomite (non-thermal) Thermal…
  17. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 17
    bry 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)…
  18. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 18
    bry We Have Significant Financial Flexibility Through the Price Cycle The Plan at Each Price 120 Jun. 2014, 116 60 110 100 Accelerate development program, pursue accretive Historical Brent Crude Pricing 90 acquisitions and…
  19. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 19
    Strong Oil-Driven Cash Margins are bry Backed by a Stable Cost Structure Q2 2019 Q1 2019 All-in Unhedged Realized Price (/Boe) 54.83 52.42 Excess Cash Margin Available for growth 7.51 5.31 Protect the base 10.00 10.00…
  20. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 20
    bry Prudent & Proactive Commodity Price Risk Management Oil hedging volumes in MMBbl (MMBbl / day) as of 9/30/2019 (16.4 MMBbl / day) 0.1 5.9 (20.3 MMBbl / day) 0.1 0.1 (2.0 MMBbl / day) 1.7 0.7 2019 2020 2021 Brent…
  21. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 21
    bry Prudent & Proactive Commodity Price Risk Management Purchased Gas hedging volumes in MMBtu (MMBtu/day) As of 9/30/2019 (53,000 MMBtu / day) 1,525 17,835 (58,000 MMBtu / day) 460 4,905 (2,500 MMBtu / day) 900 2019…
  22. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 22
    bry Berrys Value Proposition Tools to Unlock Shareholder Value Organic Growth Strategic Growth Fixed Dividend Share Buybacks Debt Repurchases Other Tools in use today 22 October 2019
  23. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 23
    bry Growth + Dividend = Total Return 29.5 26.31 Total estimated annual 12% production growth2 plus + MMBoe / day Current dividend yield3 5% plus + Net share buybacks4 4% Total Return 21% 2018 2019E 1 Excludes East…
  24. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 24
    bry Q219 Financial 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…
  25. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 25
    bry Reconciliation of Non-GAAP Measures For reconciliations of Non-GAAP to GAAP measures and other important information see https://ir.berrypetroleum.com/non-gaap-reconciliations-to-gaap 25 October 2019
  26. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 26
    bry Appendix 26 October 2019
  27. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 27
    bry 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%…
  28. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 28
    bry 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 1…
  29. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 29
    bry 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…
  30. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 30
    bry 2019 Drilling Results by Well Type 114 15 96 82 18 11 39 1 14 20 38 60 59 26 Q1 Q2 Q3E Delineation Thermal Diatomite Sandstone Sandstone Producers Producers Injectors Uinta 30 October 2019
  31. October 2019 Investor Presentation – Berry Petroleum Corp. – slide 31
    bry.com

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