Delaware | 1-9735 | 77-0079387 | ||
(State or Other Jurisdiction of Incorporation or Organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
1999 Broadway, Suite 3700, Denver, Colorado | 80202 | |
(Address of Principal Executive Offices) | (Zip Code) |
EXHIBIT NUMBER | DESCRIPTION | ||
99.1 | News Release by Berry Petroleum Company dated February 23, 2012 titled “Berry Petroleum Reports 2011 Results” announcing the Registrant’s results for the fourth quarter and year ended December 31, 2011. |
BERRY PETROLEUM COMPANY | ||
By: | /s/ Davis O. O’Connor | |
Davis O. O’Connor | ||
Corporate Secretary |
2011 Production | 2010 Production | |||||||||||
Oil (Bbls) | 24,771 | 70 | % | 21,713 | 66 | % | ||||||
Natural Gas (BOE) | 10,916 | 30 | % | 10,953 | 34 | % | ||||||
Total BOE per day | 35,687 | 100 | % | 32,666 | 100 | % |
![]() | Contact: Berry Petroleum Company | Investors and Media |
1999 Broadway, Suite 3700 | David Wolf, 1-303-999-4400 | |
Denver, Colorado 80202 | Shawn Canaday, 1-866-472-8279 | |
Internet: www.bry.com | SOURCE: Berry Petroleum Company |
Fourth Quarter 2011 | Third Quarter 2011 | |||||||||||
Oil (Bbls) | 25,663 | 72 | % | 26,091 | 71 | % | ||||||
Natural Gas (BOE) | 10,127 | 28 | % | 10,825 | 29 | % | ||||||
Total BOE per day | 35,790 | 100 | % | 36,916 | 100 | % |
Anticipated range in 2012 | Three Months 12/31/2011 | Twelve Months 12/31/2011 | ||||||||||||
Operating costs — oil and gas production | $ | 17.00 | - | 19.50 | $ | 18.11 | $ | 18.23 | ||||||
Production taxes | 2.50 | - | 3.25 | 2.64 | 2.58 | |||||||||
DD&A — oil and gas production | 15.00 | - | 18.00 | 16.77 | 16.42 | |||||||||
General and administrative | 4.25 | - | 5.50 | 4.44 | 4.74 | |||||||||
Interest expense | 5.50 | - | 6.25 | 5.93 | 5.59 | |||||||||
Total | $ | 44.25 | - | 52.50 | $ | 47.89 | $ | 47.56 |
Reserve Quantities: | ||||||||
2011 | ||||||||
Oil MBbl | Gas MMcf | MBOE | ||||||
Proved developed and undeveloped reserves: | ||||||||
Beginning of year | 166,181 | 630,192 | 271,213 | |||||
Revision of previous estimates | (4,054 | ) | (146,349 | ) | (28,446 | ) | ||
Extensions and discoveries | 19,601 | 65,992 | 30,600 | |||||
Production | (9,041 | ) | (23,907 | ) | (13,025 | ) | ||
Purchase of reserves in place | 13,193 | 8,351 | 14,584 | |||||
End of year | 185,880 | 534,279 | 274,926 | |||||
Proved developed reserves: | ||||||||
Beginning of year | 88,917 | 268,566 | 133,678 | |||||
End of year | 107,849 | 221,606 | 144,783 |
Reserve Quantities by Property (MMBOE): | ||||||||
Name, State | Proved Reserves | Proved Developed Reserves | Proved Undeveloped Reserves | |||||
S. Midway, CA | 58.0 | 50.9 | 7.1 | |||||
N. Midway, CA | 62.4 | 34.0 | 28.4 | |||||
Permian, TX | 56.9 | 16.5 | 40.4 | |||||
Uinta, UT | 23.2 | 13.3 | 9.9 | |||||
Piceance, CO | 55.0 | 11.9 | 43.1 | |||||
E. Texas | 19.4 | 18.2 | 1.2 | |||||
Totals | 274.9 | 144.8 | 130.1 |
Explanation and Reconciliation of Non-GAAP Financial Measures | ||||||||
Discretionary Cash Flow ($ millions): | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
12/31/2011 | 12/31/2011 | |||||||
Net cash provided by operating activities | $ | 84.0 | $ | 455.9 | ||||
Add back: Net increase (decrease) in current assets | (0.6 | ) | 26.3 | |||||
Add back: Net decrease (increase) in current liabilities including book overdraft | 50.2 | (20.3 | ) | |||||
Discretionary cash flow | $ | 133.6 | $ | 461.9 |
Adjusted Net Earnings ($ millions): | |||||||
Three Months Ended | Twelve Months Ended | ||||||
12/31/2011 | 12/31/2011 | ||||||
Adjusted net earnings | $ | 42.2 | $ | 149.1 | |||
After tax adjustments: | |||||||
Non-cash derivative gain (loss) | (68.5 | ) | 17.9 | ||||
Impairment - oil & gas properties | (387.6 | ) | (385.3 | ) | |||
Extinguishment of debt and other | (0.8 | ) | (9.8 | ) | |||
Net loss, as reported | $ | (414.7 | ) | $ | (228.1 | ) |
Operating Margin Per BOE: | ||||||||
Three Months Ended | Twelve Months Ended | |||||||
12/31/2011 | 12/31/2011 | |||||||
Average sales price including cash derivative settlements | $ | 68.80 | $ | 65.68 | ||||
Operating cost - oil and gas production | 18.11 | 18.23 | ||||||
Production taxes | 2.64 | 2.58 | ||||||
Operating margin | $ | 48.05 | $ | 44.87 |
Pre-tax PV10 ($ millions): | |||||||
12/31/2011 | 12/31/2010 | ||||||
Standardized measure of oil and gas | $ | 4,035 | $ | 2,799 | |||
Discounted future cash flow from income taxes | 1,670 | 1,035 | |||||
Discounted future net cash flow before income taxes | $ | 5,705 | $ | 3,834 |
CONDENSED INCOME STATEMENTS | ||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
12/31/2011 | 9/30/2011 | 12/31/2011 | 12/31/2010 | |||||||||||||
REVENUES | ||||||||||||||||
Sales of oil and gas | $ | 227,298 | $ | 225,325 | $ | 870,773 | $ | 619,608 | ||||||||
Sales of electricity | 10,750 | 9,826 | 34,953 | 34,740 | ||||||||||||
Natural gas marketing | 2,550 | 3,612 | 13,832 | 22,162 | ||||||||||||
Settlement of Flying J bankruptcy claim | — | — | — | 21,992 | ||||||||||||
Interest and other income, net | 391 | 463 | 1,784 | 3,300 | ||||||||||||
240,989 | 239,226 | 921,342 | 701,802 | |||||||||||||
EXPENSES | ||||||||||||||||
Operating costs - oil and gas production | 59,634 | 61,979 | 237,476 | 190,218 | ||||||||||||
Operating costs - electricity generation | 5,720 | 6,965 | 25,690 | 31,295 | ||||||||||||
Production taxes | 8,691 | 9,185 | 33,617 | 22,999 | ||||||||||||
Depreciation, depletion & amortization - oil and gas production | 55,202 | 54,581 | 213,859 | 179,432 | ||||||||||||
Depreciation, depletion & amortization - electricity generation | 484 | 487 | 1,963 | 3,225 | ||||||||||||
Natural gas marketing | 2,563 | 3,285 | 13,038 | 19,896 | ||||||||||||
General and administrative | 14,604 | 14,922 | 61,727 | 52,846 | ||||||||||||
Interest | 19,512 | 19,928 | 72,807 | 66,541 | ||||||||||||
Extinguishment of debt | 1,152 | 14,391 | 15,544 | 573 | ||||||||||||
Realized and unrealized (gain) loss on derivatives, net | 112,529 | (162,145 | ) | (13,908 | ) | 31,847 | ||||||||||
Gain on purchase | — | — | (1,046 | ) | — | |||||||||||
Transaction costs on acquisitions | — | — | — | 2,635 | ||||||||||||
Impairment of oil and gas properties | 625,564 | — | 625,564 | — | ||||||||||||
Dry hole, abandonment, impairment and exploration | 4,685 | 196 | 5,302 | 2,311 | ||||||||||||
Bad debt recovery | — | — | — | (38,508 | ) | |||||||||||
910,340 | 23,774 | 1,291,633 | 565,310 | |||||||||||||
Earnings (loss) before income taxes | (669,351 | ) | 215,452 | (370,291 | ) | 136,492 | ||||||||||
Income tax provision (benefit) | (254,618 | ) | 81,451 | (142,228 | ) | 53,968 | ||||||||||
Net earnings (loss) | $ | (414,733 | ) | $ | 134,001 | $ | (228,063 | ) | $ | 82,524 | ||||||
Basic net earnings (loss) per share | $ | (7.62 | ) | $ | 2.45 | $ | (4.21 | ) | $ | 1.54 | ||||||
Diluted net earnings (loss) per share | $ | (7.62 | ) | $ | 2.42 | $ | (4.21 | ) | $ | 1.52 | ||||||
Dividends per share | $ | 0.080 | $ | 0.080 | $ | 0.310 | $ | 0.300 |
CONDENSED BALANCE SHEETS | ||||||||
(In thousands) | ||||||||
(unaudited) | ||||||||
12/31/2011 | 12/31/2010 | |||||||
ASSETS | ||||||||
Current assets | 167,634 | 142,866 | ||||||
Oil and gas properties, buildings and equipment, net | 2,531,393 | 2,655,792 | ||||||
Derivative instruments | 7,027 | 2,054 | ||||||
Other assets | 28,898 | 37,904 | ||||||
$ | 2,734,952 | $ | 2,838,616 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities | 231,173 | 270,651 | ||||||
Deferred income taxes | 185,450 | 329,207 | ||||||
Long-term debt | 1,380,192 | 1,108,965 | ||||||
Derivative instruments | 15,505 | 33,526 | ||||||
Other long-term liabilities | 81,903 | 71,714 | ||||||
Shareholders’ equity | 840,729 | 1,024,553 | ||||||
$ | 2,734,952 | $ | 2,838,616 |
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||||||||||
(In thousands) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
12/31/2011 | 9/30/2011 | 12/31/2011 | 12/31/2010 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net (loss) earnings | $ | (414,733 | ) | $ | 134,001 | $ | (228,063 | ) | $ | 82,524 | ||||||
Depreciation, depletion and amortization | 55,686 | 55,068 | 215,822 | 182,657 | ||||||||||||
Gain on purchase | — | (1,046 | ) | — | ||||||||||||
Extinguishment of debt | 695 | 3,377 | 4,072 | 573 | ||||||||||||
Amortization of debt issuance costs and net discount | 1,982 | 2,056 | 8,243 | 8,481 | ||||||||||||
Impairment of oil and gas properties | 625,564 | — | 625,564 | — | ||||||||||||
Dry hole and impairment | 4,300 | 18 | 4,616 | 1,478 | ||||||||||||
Derivatives | 110,589 | (159,179 | ) | (29,094 | ) | 42,609 | ||||||||||
Stock-based compensation expense | 2,185 | 2,012 | 9,636 | 9,386 | ||||||||||||
Deferred income taxes | (254,375 | ) | 85,524 | (149,279 | ) | 54,698 | ||||||||||
Other, net | 1,577 | 972 | 3,223 | (12 | ) | |||||||||||
Cash paid for abandonment | 118 | (1,057 | ) | (1,803 | ) | (1,832 | ) | |||||||||
Allowance for bad debt | — | — | (38,508 | ) | ||||||||||||
Change in book overdraft | (5,515 | ) | 1,337 | (156 | ) | 528 | ||||||||||
Net changes in operating assets and liabilities | (44,064 | ) | 41,239 | (5,836 | ) | 24,655 | ||||||||||
Net cash provided by operating activities | 84,009 | 165,368 | 455,899 | 367,237 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Exploration and development of oil and gas properties | (102,968 | ) | (152,711 | ) | (527,112 | ) | (310,139 | ) | ||||||||
Property acquisitions | (2,647 | ) | (9,982 | ) | (158,090 | ) | (334,409 | ) | ||||||||
Capitalized interest | (4,881 | ) | (5,572 | ) | (29,117 | ) | (28,321 | ) | ||||||||
Deposits on asset sales | 3,300 | — | 3,300 | — | ||||||||||||
Net cash used in investing activities | (107,196 | ) | (168,265 | ) | (711,019 | ) | (672,869 | ) | ||||||||
Net cash provided by financing activities | 23,391 | 2,743 | 255,140 | 300,599 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 204 | (154 | ) | 20 | (5,033 | ) | ||||||||||
Cash and cash equivalents at beginning of period | 94 | 248 | 278 | 5,311 | ||||||||||||
Cash and cash equivalents at end of period | $ | 298 | $ | 94 | $ | 298 | $ | 278 |
COMPARATIVE OPERATING STATISTICS | ||||||||||||||||||||||
(unaudited) | ||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||||
12/31/2011 | 9/30/2011 | Change | 12/31/2011 | 12/31/2010 | Change | |||||||||||||||||
Oil and gas: | ||||||||||||||||||||||
Heavy oil production (BOE/D) | 17,497 | 18,173 | 17,397 | 17,124 | ||||||||||||||||||
Light oil production (BOE/D) | 8,166 | 7,918 | 7,374 | 4,589 | ||||||||||||||||||
Total oil production (BOE/D) | 25,663 | 26,091 | 24,771 | 21,713 | ||||||||||||||||||
Natural gas production (Mcf/D) | 60,759 | 64,950 | 65,498 | 65,720 | ||||||||||||||||||
Total (BOE/D) | 35,790 | 36,916 | 35,687 | 32,666 | ||||||||||||||||||
Oil and gas, per BOE: | ||||||||||||||||||||||
Average realized sales price | $ | 69.29 | $ | 66.74 | 4 | % | $ | 66.91 | $ | 52.14 | 28 | % | ||||||||||
Average sales price including cash derivative settlements | 68.80 | 67.62 | 2 | % | 65.68 | 53.84 | 22 | % | ||||||||||||||
Oil, per BOE: | ||||||||||||||||||||||
Average WTI price | $ | 94.06 | $ | 89.48 | 5 | % | $ | 95.11 | $ | 79.59 | 19 | % | ||||||||||
Price sensitive royalties | (3.63 | ) | (3.37 | ) | (3.60 | ) | (3.06 | ) | ||||||||||||||
Quality differential and other | 4.75 | 4.45 | 0.84 | (8.92 | ) | |||||||||||||||||
Oil derivatives non-cash amortization | (6.76 | ) | (6.56 | ) | (6.77 | ) | (2.59 | ) | ||||||||||||||
Oil revenue per BOE | $ | 88.42 | $ | 84.00 | 5 | % | $ | 85.58 | $ | 65.02 | 32 | % | ||||||||||
Add: Oil derivatives non-cash amortization | 6.76 | 6.56 | 6.77 | 2.59 | ||||||||||||||||||
Oil derivative cash settlements | (8.89 | ) | (6.32 | ) | (9.72 | ) | (0.90 | ) | ||||||||||||||
Average realized oil price | $ | 86.29 | $ | 84.24 | 2 | % | $ | 82.63 | $ | 66.71 | 24 | % | ||||||||||
Natural gas price: | ||||||||||||||||||||||
Average Henry Hub price per MMBtu | $ | 3.54 | $ | 4.20 | (16 | )% | $ | 4.04 | $ | 4.39 | (8 | )% | ||||||||||
Conversion to Mcf | 0.21 | 0.21 | 0.28 | 0.22 | ||||||||||||||||||
Natural gas derivatives non-cash amortization | — | 0.02 | 0.01 | 0.08 | ||||||||||||||||||
Location, quality differentials and other | (0.24 | ) | (0.18 | ) | (0.23 | ) | (0.24 | ) | ||||||||||||||
Natural gas revenue per Mcf | $ | 3.51 | $ | 4.25 | (17 | )% | $ | 4.10 | $ | 4.45 | (8 | )% | ||||||||||
Natural gas derivatives non-cash amortization | — | (0.02 | ) | (0.01 | ) | (0.08 | ) | |||||||||||||||
Natural gas derivative cash settlements | 0.61 | 0.42 | 0.46 | 0.37 | ||||||||||||||||||
Average realized natural gas price per Mcf | $ | 4.12 | $ | 4.65 | (11 | )% | $ | 4.55 | $ | 4.74 | (4 | )% | ||||||||||
Operating cost - oil and gas production | $ | 18.11 | $ | 18.25 | (1 | )% | $ | 18.23 | $ | 15.95 | 14 | % | ||||||||||
Production taxes | 2.64 | 2.70 | 2.58 | 1.93 | ||||||||||||||||||
Total operating costs | $ | 20.75 | $ | 20.95 | (1 | )% | $ | 20.81 | $ | 17.88 | 16 | % | ||||||||||
DD&A - oil and gas production | 16.77 | 16.07 | 4 | % | 16.42 | 15.05 | 9 | % | ||||||||||||||
General & administrative | 4.44 | 4.39 | 1 | % | 4.74 | 4.43 | 7 | % | ||||||||||||||
Interest expense | $ | 5.93 | $ | 5.87 | 1 | % | $ | 5.59 | $ | 5.58 | — | % |
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