Skip to main content 1Q 2020 Earnings Presentation – Berry Petroleum Corp. | Shale Experts
Loading...
Pm

1Q 2020 Earnings Presentation – Berry Petroleum Corp.

Berry Petroleum Corp. · May 5, 2020 · 34 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 2020 Earnings Presentation – Berry Petroleum Corp. – slide 1
    FOCUSED A Responsible California Energy Partner MAY 2020 INVESTOR PRESENTATION
  2. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 2
    Our COVID-19 Response Berry continues to closely monitor the rapidly evolving concerns, guidelines, and recommendations regarding the spread of the novel coronavirus (COVID-19). During this unsettling time, the health and safety of our…
  3. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 3
    Our Long-Term Strategy Build cash position to have flexibility through 2020/2021 Focus on attractive organic growth through cycle Return capital to shareholders Maintain low leverage profile Live out of Levered Free Cash…
  4. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 4
    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…
  5. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 5
    Framework for Success Powered by Our Principles and Assets Highly Oil-Weighted Brent pricing + stable operational costs = High Margins Q1 2020 production 89% oil Operational Control and Stable Cost 2020 est. production 90% oil…
  6. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 6
    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…
  7. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 7
    Planning for Success in California Every barrel we produce is one less barrel imported Grasstops outreach Aggressive outreach team Lobbyist in Sacramento Well-known holistic energy expert for grasstops/grassroots Grassroots outreach…
  8. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 8
    Operational Commitment to ESG Board oversight of ESG risks and opportunities Internal cross-functional ESG Steering Committee Proactive engagement across stakeholder groups, including employees, legislators and regulators,…
  9. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 9
    Berry Overview Conventional properties in California, Utah and Colorado California Q1 production of 24,900 Boe/d California Production: 100% Oil Oil Gas NGL Proven management team Established track record of leading public companies…
  10. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 10
    Kern County & CA Still Top Oil Producers 5 11.0MM barrels/mo. AK 1 ND 17.3MM barrels/mo. Top 7 Oil Producing States2 MMBbl/Month Texas 159.9 North Dakota 44.4 New Mexico 31.8 Top 7 Oil Producing Oklahoma 17.3 Colorado…
  11. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 11
    Focused on Our California San Joaquin Basin Assets Thermal Non-Thermal Thermal Sandstones Diatomite Diatomite Poso Creek South Belridge Population Density1 McKittrick People/Sq Mile 2,420 N. Midway Sunset S. Midway…
  12. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 12
    Proved Reserves YE 2019 Results DeGolyer and MacNaughton View of Assets California Reserve Reconciliation 2019 Replacement Metrics BRY California BRY California 299% 14.83 R/P Ratio Years 13.04 Up 23% before 57%…
  13. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 13
    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…
  14. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 14
    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 Higher…
  15. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 15
    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 80…
  16. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 16
    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)…
  17. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 17
    Strong Oil-Driven Cash Margins are Backed by a Stable Cost Structure Q1 2020 Q4 2019 All-in Unhedged Realized Price 43.64 54.35 (/Boe) 8.10 Excess Cash Margin Available for growth 11.00 Protect the base 11.00 3.32…
  18. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 18
    We Have Significant Financial Flexibility Through the Price Cycle The Plan at Each Price 60 120 Accelerate development Jun. 2014, 116 program, pursue accretive 110 acquisitions and bolt-ons, purchase debt in the open 100…
  19. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 19
    Prudent & Proactive Commodity Price Risk Management Oil hedging volumes in MMBbl (MBbl / day) as of 3/31/2020 (24 MBbl / day) (9 MBbl / day) 6.6 3.3 2020 2021 Brent Swaps 59.87 47.19 WTI Swaps 61.75 - Note:…
  20. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 20
    Prudent & Proactive Commodity Price Risk Management Purchased Gas hedging volumes in MMBtu (MMBtu/day) As of 3/31/2020 (54,000 MMBtu / day) 1,070 (28,000 MMBtu / day) (through October 2021) 13,905 8,500 2020…
  21. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 21
    2019 Financial Metrics / Debt / Interest PV-10 / Proved Leverage Coverage Debt Reserves (/Boe) 1.4x 8.9x 4.5x 2.89 Leverage: Debt / TTM Adj. EBITDA Interest coverage = TTM Adj. EBITDA / TTM Interest expense Proved…
  22. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 22
    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 Appendix May 2020 22
  23. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 23
    Q1 2020 Q4 2019 Key Company Highlights Capital Expenditures 39mm 42mm Wells Drilled 19 46 100% California development 96% California development Production Mboe/d 30.8 31.3 89% Oil 88% Oil 81% California 81% California…
  24. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 24
    2019 2018 Key Company Highlights Capital Expenditures 211mm 148mm Wells Drilled 338 232 99% California development 97% California development Production Mboe/d 29.0 26.3 1 89% Oil 87% Oil 77% California 77% California…
  25. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 25
    California California Key Area 2019 2018 Highlights Operating Income1 230mm 186mm Daily Production Mboe/d 22.6 19.7 100% Oil 100% Oil Capital Expenditures 192 126 Excludes Corporate Items Proved Reserves2 122 106 Mboe…
  26. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 26
    Understanding Cyclical Steaming Types & VS. . Sandstone Producer Sandstone Injector Thermal Diatomite Berrys South & North Midway Sunset, McKittrick, Berrys North-Midway Sunset field Poso Creek, Placerita Fields & Hill Lease…
  27. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 27
    Time to Peak Production Drilling % of 2020 Facility Hook-up Planned Single Well Package Wells1 Steaming Peak Production 14 boe/d 70-75% Sandstone Producer Number of Wells Single Well Package 20-30% 38 boe/d Sandstone…
  28. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 28
    California Permitting Process Well UIC Permit Drilling Permit AE Permit Stimulation Permit Obtained in development areas. Obtained in all fields except Working with agencies Ongoing Proceeding in expansion areas MWSS where it is…
  29. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 29
    2019 & Q1 2020 Drilling by Well Type 2019 Q1 2020 114 96 82 46 19 9 2 8 Q1 Well Types Thermal Diatomite Sandstone Sandstone Producers Producers Injectors Uinta Delineation 29 May 2020
  30. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 30
    Status of 2019-2020 CA Legislation Bill Date Introduced Status Potential Impact on Berry SB 169 - Pipeline Safety Records 1/28/2019 Assembly G.O. Minimal SB 246 Oil and Gas Severance Tax 2/11/2019 Dead None AB 345 Oil and Gas:…
  31. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 31
    California Legislation 101 California has a bicameral legislature, which means there are two chambers: the Assembly and the Senate. The Assembly has 80 members: currently 60 Democrats and 20 Republicans. All 80 seats are up for election…
  32. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 32
    Even-Year CA Legislative Calendar Highlights (2020) Due to COVID-19 the 2020 session is in recess until May 4 (Assembly) and May 18 (Senate), 2020 Jan 1, Jan 6 Feb 21 Jun 15 Aug 31 2021 Final Recess Last day for Last day for…
  33. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 33
    Berry Corporation (bry) In February 2020, Berry introduced a new logo and shortened name to reflect the companys progressive approach to evolving and growing the business in todays dynamic oil and gas About our new industry.. The…
  34. 1Q 2020 Earnings Presentation – Berry Petroleum Corp. – slide 34
    bry.com May 2020

From the store

Browse maps, data & reports in the Shale Experts store