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Berry Petroleum company logo

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berrypetroleum.com

Stage

IPO | IPO

Date of IPO

7/26/2018

Market Cap

0.63B

Stock Price

7.38

About Berry Petroleum

Berry Petroleum is an independent upstream energy company engaged primarily in the development and production of conventional oil reserves located. Its long-lived, predictable, and high margin asset base is uniquely positioned to support its objectives of generating top-tier corporate-level returns and positive free cash flow through commodity price cycles.

Berry Petroleum Headquarters Location

16000 N. Dallas Pkwy. Ste. 100

Dallas, Texas, 75248,

United States

214-453-2920

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Latest Berry Petroleum News

Berry : 2021 Berry Petroleum Annual Report

Apr 8, 2022

Renewed purpose. Shared vision. In 2021, Berry embarked on a critical process to bolster the foundation of the Company through strengthening the Company's core values. Berry is a values-based company and believes that solid and robust core values result in a strong and healthy culture. As the Company evolves, it is critical that it evolves how its values are communicated too. THE CORE VALUES PROCESS Berry dedicated a half a day for employees to do this work, identify, update, and refine the Company's core values, and which demonstrates the depth of its commitment to being starting in the fourth quarter of 2021, we rolled out values a values-based organization and its strategic importance workshops to our employees. The workshop first focused on to the culture. the Company's core values. This was an integral part of the This work was especially timely because of Berry's natural process to ensure that employees' core values aligned with evolution as a company and its significant employee growth in the Company's core values and that employees felt connected the fourth quarter of 2021. to the values. 2021 was a very productive year for the Berry team as we started to fulfill many of the promises we made in 2020, and we find ourselves in a position to deliver top-tier returns to our shareholders. With our new shareholder return model in place and at today's oil and stock prices, we expect to deliver cash returns in the mid to high teens. Throughout 2020, we committed to all of our shareholders, employees, and regulators that we would manage the down cycle of 2020 in a way that would allow us to emerge in a position of strength when the market improved. We were very aggressive in improving our hedge position, reducing our non-energy costs, and improving our safety and environmental standards. Essentially, we began sowing the seeds for our future success. In mid-2021, we started seeing positive signs in the industry indicating that demand was increasing, and energy prices were improving. And given our head-down, focused work the year prior, we were in a terrific position to meet the improving industry conditions. At the same time, we continued to reduce our non-energy costs on a sustainable basis - despite increasing commodity prices - without compromising our safety and environmental standards. This brought us to very fruitful third and fourth quarters as we started to deliver on our commitments that we made to our shareholders: We completed a strategic value-adding acquisition, we enhanced our environmental, social, and governance efforts, and we launched our new shareholder return model to position Berry to provide a consistent and valuable return on investment. In addition to these external activities, we continued to focus on strengthening our culture and enhancing our team. In August 2021, we put in a bid to acquire C&J Well Services. We closed the transaction in October, and welcomed approximately 900 new employees to the team. This is an exciting and important acquisition for us. This will diversify our capabilities and createadditional revenue streams, as well as assist us in realizing our goal to be part of the energy transition by helping California properly plug and decommission its significant portfolio of orphan and idle wells. While we continue to grow and evolve as a company, we remain focused on ensuring we have a strong and healthy culture. We went through the process of revisiting our core values and launched new values, along with a comprehensive engagement and implementation program for our employees. At the same time, our safety record remains exceptional. In fact, we did not have a recordable incident in 2021. And, our Total Recordable Incident Rate rate is 0.0, a company best. All of this work is centered on creating value for our shareholders. And in late 2021, we announced that in 2022 we would embark on a new shareholder return model that was simple, easy, and predictable, just like our business model. This new model puts Berry firmly in the top tier of returns for E&P companies of all sizes. All in all, I am excited about where we are today, the growth that we have realized, and the position we find ourselves in for the future. New Return Model Since going public in July 2018, we have returned approximately $82 million to shareholders through our fixed dividend. Additionally, we have returned over $52 million to shareholders through share repurchases. Current unhedged commodity prices have improved our expected cash flow, of which a large portion will be returned to shareholders. In December of 2021, Berry announced that the board approved a shareholder return model to generate industry-leading returns. 60% predominantly in the form of cash variable dividends to be paid quarterly, as well as opportunistic debt repurchases. 40% 60% 40% in the form of discretionary capital, to be used for opportunistic growth, including from the Company's extensive inventory of drilling opportunities, advancing short- and long-term sustainability initiatives, share repurchases, and/or capital retention. 2 Berry is uniquely positioned to implement this new model successfully. The model's governing principles are predictability, transparency, and simplicity, just like the Berry business model. Berry has a proven, simple business model, including a low corporate decline rate; a predictable cost structure; an abundance of inventory; a simple, clean balance sheet; and extensive levered free cash flow. The foundation of Berry's business model is its base production, which is the production that comes from existing producing wells. And on average, when it comes to maintaining production, this accounts for 90% of the Company's total production year in and year out before it ever has to drill a new well. The terminal decline rate of the base production is low, approximately 13% per year to maintain production. Berry's base production requires no new permits and is predictable. Berry's 2022 goal is to maintain its production, which means the Company plans to keep production flat in 2022 relative to 2021 totals. The base production accounts for 90% of Berry's production needed to maintain flat production. The remaining 10%, which requires new permits, is achieved by drilling new wells for 6% of the production and by doing workovers in existing wells for the remaining 4%. When combining the Company's production profile with the current price forecast and running that through the new shareholder return model, calculating Berry's expected returns to shareholders is easy and predictable. This new model is expected to be one of the most robust return models in the industry, providing shareholders with visibility to significant returns of capital based on oil futures prices, Berry's hedging in place, and its free cash flow from operations. Variable dividend payouts will be calculated and subject to Board declaration, paid on such dates determined by the Board. 3

  • Where is Berry Petroleum's headquarters?

    Berry Petroleum's headquarters is located at 16000 N. Dallas Pkwy., Dallas.

  • What is Berry Petroleum's latest funding round?

    Berry Petroleum's latest funding round is IPO.

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