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 August 2, 2012 titled “Berry Petroleum Announces Results for Second Quarter of 2012" announcing the Registrant’s results for the second quarter ended June 30, 2012. |
BERRY PETROLEUM COMPANY | ||
By: | /s/ Davis O. O’Connor | |
Davis O. O’Connor | ||
Corporate Secretary |
Second Quarter 2012 | First Quarter 2012 | |||||||||||
Oil (BOE/D) | 26,296 | 74 | % | 25,096 | 73 | % | ||||||
Natural gas (BOE/D) | 9,045 | 26 | % | 9,351 | 27 | % | ||||||
Total (BOE/D) | 35,341 | 100 | % | 34,447 | 100 | % |
Contact: Berry Petroleum Company | Investors and Media | |
1999 Broadway, Suite 3700 | Zach Dailey, 1-303-999-4071 | |
Denver, Colorado 80202 | Shawn Canaday, 1-303-999-4000 | |
Internet: www.bry.com | SOURCE: Berry Petroleum Company |
2012 Guidance | ||||||||||
For 2012 the Company is issuing the following per BOE guidance: | ||||||||||
Anticipated range | Three Months Ended | |||||||||
in 2012 | 06/30/2012 | |||||||||
Operating costs—oil and natural gas production | $ | 17.00 | - | 19.50 | 19.42 | |||||
Production taxes | 2.75 | - | 3.50 | 3.01 | ||||||
DD&A—oil and natural gas production | 15.00 | - | 18.00 | 16.18 | ||||||
General and administrative | 4.25 | - | 5.50 | 5.59 | ||||||
Interest expense | 5.50 | - | 6.25 | 6.46 | ||||||
Total | $ | 44.50 | - | 52.75 | $ | 50.66 |
Explanation and Reconciliation of Non-GAAP Financial Measures | ||||||||
Discretionary Cash Flow ($ millions): | ||||||||
Three Months Ended | ||||||||
6/30/2012 | 3/31/2012 | |||||||
Net cash provided by operating activities | $ | 92.7 | $ | 155.4 | ||||
Net increase (decrease) current assets | (14.9 | ) | 10.5 | |||||
Net decrease (increase) in current liabilities including book overdraft | 6.2 | (19.7 | ) | |||||
Cash premiums for repurchases of notes | 34.7 | — | ||||||
Cash settlements from early termination of natural gas derivatives | — | (14.7 | ) | |||||
Discretionary cash flow | $ | 118.7 | $ | 131.5 |
Adjusted Net Earnings ($ millions): | |||
Three Months Ended | |||
6/30/2012 | |||
Adjusted net earnings | $ | 40.5 | |
After tax adjustments: | |||
Non-cash derivative gain | 68.1 | ||
Extinguishment of debt | (25.8 | ) | |
Legal matter | (1.8 | ) | |
Net earnings, as reported | $ | 81.0 |
Operating Margin Per BOE: | ||||||||
Three Months Ended | ||||||||
6/30/2012 | 3/31/2012 | |||||||
Average sales price including cash derivative settlements | $ | 70.40 | $ | 74.44 | ||||
Operating cost—oil and natural gas production | 19.42 | 17.31 | ||||||
Production taxes | 3.01 | 3.40 | ||||||
Operating margin | $ | 47.97 | $ | 53.73 |
CONDENSED STATEMENTS OF OPERATIONS | ||||||||
(In thousands, except per share data) | ||||||||
(unaudited) | ||||||||
Three Months Ended | ||||||||
6/30/2012 | 3/31/2012 | |||||||
REVENUES | ||||||||
Oil and natural gas sales | $ | 221,781 | $ | 233,653 | ||||
Electricity sales | 5,860 | 5,980 | ||||||
Natural gas marketing | 1,580 | 1,859 | ||||||
(Loss) gain on sale of assets | (163 | ) | 1,763 | |||||
Interest and other income, net | 645 | 747 | ||||||
229,703 | 244,002 | |||||||
EXPENSES | ||||||||
Operating costs—oil and natural gas production | 62,461 | 54,252 | ||||||
Operating costs—electricity generation | 4,256 | 5,017 | ||||||
Production taxes | 9,690 | 10,658 | ||||||
Depreciation, depletion & amortization—oil and natural gas production | 52,026 | 47,956 | ||||||
Depreciation, depletion & amortization—electricity generation | 455 | 466 | ||||||
Natural gas marketing | 1,387 | 1,777 | ||||||
General and administrative | 17,965 | 17,741 | ||||||
Interest | 20,789 | 20,104 | ||||||
Dry hole, abandonment, impairment and exploration | 1,547 | 3,008 | ||||||
Extinguishment of debt | 41,526 | — | ||||||
Realized and unrealized (gain) loss on derivatives, net | (113,082 | ) | 28,481 | |||||
Impairment of oil and natural gas properties | 38 | 28 | ||||||
99,058 | 189,488 | |||||||
Earnings before income taxes | 130,645 | 54,514 | ||||||
Income tax provision | 49,629 | 20,616 | ||||||
Net earnings | $ | 81,016 | $ | 33,898 | ||||
Basic net earnings per share | $ | 1.47 | $ | 0.62 | ||||
Diluted net earnings per share | $ | 1.46 | $ | 0.61 | ||||
Dividends per share | $ | 0.080 | $ | 0.080 |
CONDENSED BALANCE SHEETS | ||||||||
(In thousands) | ||||||||
(unaudited) | ||||||||
6/30/2012 | 12/31/2011 | |||||||
ASSETS | ||||||||
Current assets | 152,964 | 167,634 | ||||||
Oil and natural gas properties, (successful efforts basis) buildings and equipment, net | 2,810,963 | 2,531,393 | ||||||
Derivative instruments | 20,092 | 7,027 | ||||||
Other assets | 32,035 | 28,898 | ||||||
$ | 3,016,054 | $ | 2,734,952 | |||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities | 225,296 | 231,173 | ||||||
Deferred income taxes | 230,736 | 185,450 | ||||||
Long-term debt | 1,502,674 | 1,380,192 | ||||||
Derivative instruments | — | 15,505 | ||||||
Other long-term liabilities | 98,542 | 81,903 | ||||||
Shareholders’ equity | 958,806 | 840,729 | ||||||
$ | 3,016,054 | $ | 2,734,952 |
CONDENSED STATEMENTS OF CASH FLOWS | ||||||||
(In thousands) | ||||||||
(unaudited) | ||||||||
Three Months Ended | ||||||||
6/30/2012 | 3/31/2012 | |||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 81,016 | $ | 33,898 | ||||
Depreciation, depletion and amortization | 52,481 | 48,422 | ||||||
Loss (gain) on sale of assets | 163 | (1,763 | ) | |||||
Extinguishment of debt | 6,842 | — | ||||||
Amortization of debt issuance costs and net discount | 1,651 | 2,037 | ||||||
Impairment of oil and natural gas properties | 38 | 28 | ||||||
Dry hole and impairment | 211 | — | ||||||
Derivatives | (109,738 | ) | 42,837 | |||||
Stock-based compensation expense | 2,322 | 3,104 | ||||||
Deferred income taxes | 50,215 | 16,567 | ||||||
Other, net | (1,207 | ) | 683 | |||||
Allowance for bad debt | — | 315 | ||||||
Change in book overdraft | (2,119 | ) | (509 | ) | ||||
Net changes in operating assets and liabilities | 10,786 | 9,787 | ||||||
Net cash provided by operating activities | 92,661 | 155,406 | ||||||
Cash flows from investing activities: | ||||||||
Exploration and development of oil and natural gas properties | (161,210 | ) | (167,758 | ) | ||||
Property acquisitions | (16,322 | ) | (8,529 | ) | ||||
Capitalized interest | (4,533 | ) | (5,190 | ) | ||||
Proceeds from sale of assets | 22 | 15,700 | ||||||
Deposits on asset sales | — | (3,300 | ) | |||||
Net cash used in investing activities | (182,043 | ) | (169,077 | ) | ||||
Net cash provided by financing activities | 45,467 | 57,369 | ||||||
Net (decrease) increase in cash and cash equivalents | (43,915 | ) | 43,698 | |||||
Cash and cash equivalents at beginning of period | 43,996 | 298 | ||||||
Cash and cash equivalents at end of period | $ | 81 | $ | 43,996 |
OPERATING DATA | |||||||||||
(unaudited) | |||||||||||
Three Months Ended | |||||||||||
6/30/2012 | 3/31/2012 | Change | |||||||||
Oil and natural gas: | |||||||||||
Heavy oil production (BOE/D) | 17,395 | 17,005 | |||||||||
Light oil production (BOE/D) | 8,901 | 8,091 | |||||||||
Total oil production (BOE/D) | 26,296 | 25,096 | |||||||||
Natural gas production (Mcf/D) | 54,271 | 56,105 | |||||||||
Total (BOE/D) | 35,341 | 34,447 | |||||||||
Oil and natural gas, per BOE: | |||||||||||
Average realized sales price | $ | 69.07 | $ | 74.33 | (7 | )% | |||||
Average sales price including cash derivative settlements | 70.40 | 74.44 | (5 | )% | |||||||
Oil, per BOE: | |||||||||||
Average WTI price | $ | 93.35 | $ | 103.03 | (9 | )% | |||||
Price sensitive royalties | (3.55 | ) | (4.24 | ) | |||||||
Quality differential and other | (0.51 | ) | (1.48 | ) | |||||||
Oil derivatives non-cash amortization | (1.12 | ) | (1.14 | ) | |||||||
Oil revenue per BOE | $ | 88.17 | $ | 96.17 | (8 | )% | |||||
Add: Oil derivatives non-cash amortization | 1.12 | 1.14 | |||||||||
Oil derivative cash settlements | 0.79 | (3.08 | ) | ||||||||
Average realized oil price | $ | 90.08 | $ | 94.23 | (4 | )% | |||||
Natural gas price: | |||||||||||
Average Henry Hub price per MMBtu | $ | 2.21 | $ | 2.72 | (19 | )% | |||||
Conversion to Mcf | 0.15 | 0.18 | |||||||||
Natural gas derivatives non-cash amortization | 0.03 | (0.01 | ) | ||||||||
Location, quality differentials and other | (0.11 | ) | (0.30 | ) | |||||||
Natural gas revenue per Mcf | $ | 2.28 | $ | 2.59 | (12 | )% | |||||
Natural gas derivatives non-cash amortization | (0.03 | ) | 0.01 | ||||||||
Natural gas derivative cash settlements | (0.03 | ) | 0.92 | ||||||||
Average realized natural gas price per Mcf | $ | 2.22 | $ | 3.52 | (37 | )% | |||||
Operating cost - oil and natural gas production per BOE | $ | 19.42 | $ | 17.31 | 12 | % | |||||
Production taxes per BOE | 3.01 | 3.40 | |||||||||
Total operating costs per BOE | $ | 22.43 | $ | 20.71 | 8 | % | |||||
DD&A - oil and natural gas production per BOE | 16.18 | 15.30 | 6 | % | |||||||
General & administrative per BOE | 5.59 | 5.66 | (1 | )% | |||||||
Interest expense per BOE | $ | 6.46 | $ | 6.41 | 1 | % |
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