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JULY 2011 COMPANY UPDATE – Berry Petroleum Company

Berry Petroleum Company · Jul 4, 2011 · 21 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. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 1
    B E R R Y P E T R O L E U M C O M PA N Y Focusing on OIL GROWTH Berry Petroleum Company - 1999 Broadway, Ste. 3700 Denver CO, 80202 J u l y 2 0 11 C O M PA N Y U P D A T E - 303-999-4400 - IR 1-866-472-8279 www.bry.com 1…
  2. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 2
    Company Profile 90% of 2011 Development Capital Invested in 3 Oil Basins Key Statistics Uinta Acquired in 2003 Proved Reserves 271 MMBOE 60% crude 40% natural gas Production from the Green % Proved Developed 49% River and…
  3. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 3
    Investing to Grow Oil Production Oil Expected to Increase to 75% of Production by 2014 Long-Term Organic Oil Growth Berrys Asset Portfolio Base oil assets primarily consist of proved developed reserves and require minimal…
  4. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 4
    Company Profile Key Statistics and Guidance Key Statistics 2011E Capital Distribution CA 2010 2011E Utah Base Gas CA Dev Capital (MM) 310 400 - 450 Permian % Oil Capital 63% 90% Production 32.7 37.5 39.5 (MBOED) 2011E…
  5. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 5
    Berrys Wolfberry Assets Commentary Permian Asset Locator Map Total of 26,000 acres in the Permian, 75% NRI Wolfcamp Trend Plan to run five rigs in 2011 with development capital of 150 million Expect production of approximately…
  6. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 6
    Northwestern Wolfberry Higher EURs and Lower Gas-to-Oil Ratios Commentary Illustrative Asset Comparison 6,800 Berrys Other Acre Block Wolfberry While the Wolfcamp thickens to the east in the Permian Basin, reservoir quality can be…
  7. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 7
    Berrys California Assets 500 MM 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 Berrys…
  8. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 8
    California Crude Oil Fundamentals WTI vs. Midway-Sunset Crude Pricing CA Gross Operated Oil Production (MBbl/D) 120.00 Chevron 174 110.00 Aera (Shell/Exxon) 151 /Bbl 100.00 Oxy 65 90.00 Plains 35 80.00 Berry 19 Jan-11…
  9. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 9
    Margin Comparison Wolfberry Light Oil and California Heavy Oil Illustrative Margin Comparison at 90 WTI and 4.50 HH Commentary Wolfberry and California assets have Realized price: 95 strong margins with complimentary…
  10. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 10
    S. Midway-Sunset Low Base Decline Asset Highlights S. Midway-Sunset Field Map Stable production from the 4th largest producing field in the U.S 8,000 BOPD from 2,000 acres, 95% working interest, S. Midway 94% NRI Heavy crude (13…
  11. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 11
    Diatomite Resource 360 Million Barrels in Place on 540 acres Asset Highlights Diatomite Field Map 540 acres, 100% working interest, 90% NRI 350 producing wells with full development of McKittrick 1,000 total wells on half-acre…
  12. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 12
    Diatomite Resource Shallow Wells Target Thick Pay Natural Fractures 500 Opal A Potter 1000 Opal CT 1500 13 BERRY PETROLEUM COMPANY July 2011 Focusing on OIL GROWTH
  13. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 13
    Diatomite Resource Permit Delayed Production 6 Months; Development Resumed in 2011 Production Forecast From Current Development Plan (BOED) 20000 15000 BOED 10000 5,000 BOPD 5000 Forecast Actual 0 2008 2009 2010 2011…
  14. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 14
    Poso Creek Development a Model for Heavy Oil Steam Floods Asset Highlights Poso Creek Development 800 acres, 100% working interest, 86% NRI 10 Approximately 230 producing wells with an 11 average depth of 1,300 feet USL 35…
  15. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 15
    Next Generation Heavy Oil Projects Focused on Similar Acquisition Opportunities to 21Z Commentary Project Locator Map Next generation heavy oil projects are higher viscosity with higher steam to oil ratio and tighter spacing than…
  16. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 16
    Uinta Assets Brundage Canyon Overview Asset Highlights Uinta Basin Map 55,000 acres in Brundage Canyon with a 100% WI, 80% NRI; 170,000 gross acres in Lake Canyon 420 Producing wells on 40-acre spacing Approximately 60% crude…
  17. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 17
    Uinta Assets Targeting Stacked Oil Reservoirs Commentary Uinta Stratigraphic Column In Brundage Canyon, Berry targets a number of zones within the lower Green River formation In Lake Canyon, Berry targets both the oil bearing…
  18. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 18
    Natural Gas Assets Consumption Reduces Sensitivity to Natural Gas Prices East Texas Asset Highlights Commentary Oakes property in Limestone County - 2,641 Berry consumes 70% of its natural gas gross acres, 100 producing wells…
  19. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 19
    Oil Hedge Positions 2011 Oil Hedges Bbl/D WTI Price Approximately 75% of oil production is hedged in 2011 7,270 57/73 2,000 75/96 Berrys oil production is effectively hedged to 84 WTI if 1,750 58 WTI is 90 in 2011 1,000 55/75/92…
  20. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 20
    Capitalization Commentary Capitalization and Liquidity as of March 31, 2011 Liquidity is ( in millions) approximately 600 Capitalization: March 31, 2011 million Senior Secured Credit Facility Due 2015 219 Senior Notes Due 2014…
  21. JULY 2011 COMPANY UPDATE – Berry Petroleum Company – slide 21
    Berrys Key Messages Berrys Strategic 2014 Outlook Focus development on oil assets, increasing oil production to 75% Grow Wolfberry production to over 9,000 BOED; Diatomite to 15,000 BOED Increase company-wide operating margin to 37…

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