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Company Update – Berry Petroleum Company

Berry Petroleum Company · Oct 1, 2012 · 18 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. Company Update – Berry Petroleum Company – slide 1
    B E R RY P E T R O L E U M C O M PA N Y October 2012 Company Update Zach Dailey Manager, Investor Relations Berry Petroleum Company - 1999 Broadway, Ste. 3700999-4071 (303) Denver CO, 80202 zbdbry.com www.bry.com -…
  2. Company Update – Berry Petroleum Company – slide 2
    Company Profile Developing Oil Assets in 3 Major Basins Key Statistics Uinta 2011 2012E 2013E Acquired in 2003 Production (BOED) 35,687 36,200 +5 - 10% Approximately 165,000 acres Running 3 rigs Oil 24,771 28,000 +10 - 15% San…
  3. Company Update – Berry Petroleum Company – slide 3
    Berrys Oil-Driven Margins Cash Margin History Cash Margin, BRY vs. Peers, YTD 80 Realized Price (/BOE) 74 71 80 69 70 70 67 68 70 59 69 60 54 60 42 50 49 43 50 52 42 43 44 45 48 34 Margin 44 40 40 32 38 35 33 30 30 31…
  4. Company Update – Berry Petroleum Company – slide 4
    California Summary Favorable Supply / Demand Environment Facts California Production & Consumption of Crude Oil, MMBOD Berry has produced over 200 MMBOE in the San Joaquin Valley since 1909 2000 California ranked third in 2011 U.S.…
  5. Company Update – Berry Petroleum Company – slide 5
    California Crude Oil Fundamentals 70 / BOE Margins at Current Prices Brent / Midway-Sunset / WTI Crude Pricing CA Gross Operated Oil Production (MBbl/D) 130 2011 2012 MWSS BRENT 120 Chevron 160 155 Aera (Shell/Exxon) 146 137…
  6. Company Update – Berry Petroleum Company – slide 6
    Berrys California Assets 1 Billion Barrels of Oil in Place Under Development Poso Creek McKittrick 21Z One of 5 early stage Steam Floods N. Midway Diatomite Berrys largest development project S. Midway- Sunset…
  7. Company Update – Berry Petroleum Company – slide 7
    S. Midway-Sunset Free Cash Flow Funds Berrys Development Asset Highlights S. Midway-Sunset Field Map Stable production from legacy assets in the 9th largest field in the U.S. 12,700 BOPD from 3,475 acres, 92% NRI S. Midway Heavy…
  8. Company Update – Berry Petroleum Company – slide 8
    Diatomite Resource 360 Million Barrels in Place on 540 acres Asset Highlights Diatomite Field Map 540 acres, 100% working interest, 90% NRI 360 million barrels of oil in place, targeting McKittrick 23% - 40% recovery or 83 144 MMBOE…
  9. Company Update – Berry Petroleum Company – slide 9
    Diatomite Resource Shallow Wells Target Thick Pay Natural Fractures 500 Opal A Potter 1000 Opal CT 1500 10 BERRY PETROLEUM COMPANY October 2012 Update
  10. Company Update – Berry Petroleum Company – slide 10
    Diatomite Update Drivers to Steady, Reliable Growth with Same Recovery 2013 Plan 2012 Production History, BOPD 175 new wells to drill in 2013 plan 5000 Accelerated future pad development and infrastructure, which enables flexibility…
  11. Company Update – Berry Petroleum Company – slide 11
    Next Generation Heavy Oil Projects Commentary Project Locator Map Next generation heavy oil projects target higher viscosity oil with higher SOR and tighter spacing than traditional Midway-Sunset developments 50-well development…
  12. Company Update – Berry Petroleum Company – slide 12
    Berrys Permian Assets Commentary Permian Asset Locator Map Total of 61,000 net acres in the Permian, 75% NRI Wolfcamp Trend Drilling inventory of 425 locations on 40s and 650 potential locations on 20s in the Wolfberry Currently…
  13. Company Update – Berry Petroleum Company – slide 13
    14 0 50 100 150 200 Day 1 Day 13 Day 25 Day 37 Day 49 Day 61 Day 73 Day 85 Day 97 assets Day 109 Day 121 Day 133 Day 145 Day 157 Day 169 Day 181 Day 193 Day 205 Day 217 Day 229 Day 241 Day 253…
  14. Company Update – Berry Petroleum Company – slide 14
    Berrys Uinta Assets Returning to Growth Asset Highlights Uinta Basin Map 165,000 net acres compiled since entering Uinta basin in 2003, which includes: 40,000 net acres in Brundage Canyon, 100% WI Rights to 85,000 net acres in Lake…
  15. Company Update – Berry Petroleum Company – slide 15
    Uinta Resource Multiple Targets Across Large Acreage Position Have identified 80 MMBOE of risked resource in the Uinta Acreage Summary Contribution of the Wasatch formation at 80% oil, combined with Prospective Acres Average…
  16. Company Update – Berry Petroleum Company – slide 16
    Hedge Positions Approximately 50% of oil production is hedged in 2013 2012 Oil Hedges Berrys oil production is effectively hedged to 80 WTI if Bbl/D 2,000 WTI Price 60/80/108 WTI is 70 in 2013 1,000 65/85/97 1,000 70/85/100…
  17. Company Update – Berry Petroleum Company – slide 17
    Capitalization Commentary Capitalization and Liquidity as of September 30, 2012 Liquidity of ( in millions) approximately 667 Capitalization: Actual million as of 9/30/12 with Senior Secured Credit Facility 510 current lender…
  18. Company Update – Berry Petroleum Company – slide 18
    Track Record of Growth from Consistent Strategy Investing in Oil Assets to Grow Production, Margin and CFPS Grow Oil Production 10 - 15% Improve Operating Margin/BOE 60 30,000 12% CAGR 48 48 45 20,000 Natural Gas Assets 40…

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