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Berry Petroleum Corp (BRY) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Berry Petroleum Corp

CIK: 1705873 Ticker: BRY
PRESS RELEASE     Fourth Quarter and Year Ended December 31, 2018
For Immediate Release

BERRY PETROLEUM REPORTS FOURTH QUARTER AND YEAR END 2018 RESULTS AND BOARD CHANGES
DALLAS, TX - March 6, 2019 (GLOBE NEWSWIRE) – Berry Petroleum Corporation (NASDAQ: BRY) (“Berry” or the “Company”) today reported net income attributable to common stockholders of $132 million, or $1.56 per diluted share, and adjusted net income of $35 million, or $0.41 per diluted share, for the fourth quarter of 2018. For the full year of 2018, Berry's net income attributable to common stockholders was $49 million, or $0.85 per diluted share, and adjusted net income was $100 million, or $1.26 per diluted share.
Highlights for the Quarter
Adjusted EBITDA of $82 million and Unhedged Adjusted EBITDA of $73 million
Capital Expenditures of $53 million with approximately 79% directed to development capital in California
California production increased 11% over third quarter 2018
Initiated share repurchase program with approximately 450,000 shares acquired in Q4 and nearly 2.4 million to date
Completed divestiture of East Texas natural gas assets (approximately 0.7 MBoe/d) for $7 million
Settlement of General Unsecured Stock Claims for 2.8 million shares of the 7.1 million initially reserved

Highlights for the Full Year
Adjusted EBITDA of $258 million and Unhedged Adjusted EBITDA of $296 million
Total company PV-10 increased by over $1.0 billion to $2.2 billion, including $2.0 billion for California
Replaced 114% of total company reserves and 275% in California
Capital Expenditures of $148 million with approximately 88% directed to development capital in California
Drilled 224 wells in California to help grow production for California by 11% year over year
Cash flows from operations of $230 million, which excludes $127 million for hedge early termination payment


Trem Smith, Berry President, Chief Executive Officer and Chairman of the Board stated, “Results for our fourth quarter and first full year of operations reinforce the new Berry story, namely how Berry’s business model is simple and unique to the industry and why we are substantially different from the Berry of yesteryear. The idea of managing by growing value and returning capital to shareholders while living within free cash flow is not new to us - we do it now. It has been our strategy since Day One and we plan to continue to do it consistently through the complete commodity price cycle. The Berry of today is focused. We now only operate in three states, down from five at the time of emergence, and California is our area of greatest value creation as seen in our production and reserves growth as well as significant increase in value in 2018.”
“As fiduciaries of the Company’s capital program, we focused our capital on our best long-term value, California. We grew daily production in California by 11% year-over-year and confidently expect to grow in the mid-teens for 2019. Replacing our reserves in California by almost 275% just gives us more confidence in value remaining in our fields. We saw our total company reserves grow to 143 million Boe while the PV-10 improved by over $1 billion to $2.2 billion. We did this while living within free cash flow, paying a top tier dividend, and generating additional free cash.”

“Our focus is on value through the cycle. Berry is capital efficient and doesn’t have long-term drilling contracts that drive inefficiency. We can drill and move capital to where it provides the best long-term value and do it quickly. We are very flexible and responsive to changing market conditions. As a result, we have decreased our 2019 capital spending by $35 million or 14% with only a little more than 3% reduction in company-wide projected production. The technical knowledge gained over the last year and a half on our assets gives us a high level of confidence in the cash generating capability of these assets for many years to come. At Berry, we are excited about the value creation opportunities in 2019 and beyond.”




The following information was filed by Berry Petroleum Corp (BRY) on Thursday, March 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-K Annual Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Parenthetical)
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Operations
Acquisitions And Divestitures
Acquisitions And Divestitures (Details)
Basis Of Presentation And Significant Accounting Policies
Basis Of Presentation And Significant Accounting Policies (Policies)
Basis Of Presentation And Significant Accounting Policies (Tables)
Basis Of Presentation And Significant Accounting Policies - Asset Retirement Obligation (Details)
Basis Of Presentation And Significant Accounting Policies - Narrative (Details)
Basis Of Presentation And Significant Accounting Policies - Schedule Of Non-Cash Impairment Charges (Details)
Certain Relationships And Related Party Transactions
Certain Relationships And Related Party Transactions (Details)
Debt
Debt (Tables)
Debt - Narrative (Details)
Debt - Schedule Of Outstanding Debt (Details)
Defined Contribution Plan
Defined Contribution Plan (Details)
Derivatives
Derivatives (Tables)
Derivatives - Contract Transactions (Details)
Derivatives - Fair Value In Balance Sheet (Details)
Derivatives - Gains And Losses In Statement Of Operations (Details)
Derivatives - Narrative (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Narrative (Details)
Earnings Per Share - Schedule Of Earnings Per Share (Details)
Emergence From Voluntary Reorganization Under Chapter 11
Emergence From Voluntary Reorganization Under Chapter 11 (Tables)
Emergence From Voluntary Reorganization Under Chapter 11 - Narrative (Details)
Emergence From Voluntary Reorganization Under Chapter 11 - Reorganization Items (Details)
Equity
Equity (Tables)
Equity - Additional Information (Narrative) (Details)
Equity - Common Stock (Narrative) (Details)
Equity - Initial Public Offering Of Common Stock (Narrative) (Details)
Equity - Preferred Stock (Narrative) (Details)
Equity - Purchase Of Rights To Common Stock And Stock Repurchase Program (Narrative) (Details)
Equity - Rsus And Prsus Activity (Details)
Equity - Shares Issued And Outstanding (Narrative) (Details)
Equity - Stock-Based Compensation (Narrative) (Details)
Equity - Use Of Ipo Proceeds (Narrative) (Details)
Fresh-Start Accounting
Fresh-Start Accounting (Tables)
Fresh-Start Accounting - All Other Adjustments (Details)
Fresh-Start Accounting - Changes In Accounts Payable And Accrued Expenses (Details)
Fresh-Start Accounting - Changes In Cash (Details)
Fresh-Start Accounting - Consolidated Balance Sheet (Details)
Fresh-Start Accounting - Decrease Accumulated Deficit (Details)
Fresh-Start Accounting - Increase In Capital Accounts (Details)
Fresh-Start Accounting - Narrative (Details)
Fresh-Start Accounting - Oil And Natural Gas Properties (Details)
Fresh-Start Accounting - Other Property And Equipment (Details)
Fresh-Start Accounting - Post-Petition Liabilities And Allowed Claims (Details)
Fresh-Start Accounting - Reconciliation Of Enterprise Value To The Estimated Reorganization Of Value (Details)
Fresh-Start Accounting - Settlement Of Liabilities Subject To Compromise (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Narrative (Details)
Income Taxes - Schedule Of Components Of Income Tax Expense (Benefit) (Details)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Effective Tax Rate (Details)
Lawsuits, Claims, Commitments And Contingencies
Lawsuits, Claims, Commitments And Contingencies (Tables)
Lawsuits, Claims, Commitments And Contingencies - Narrative (Details)
Lawsuits, Claims, Commitments And Contingencies - Operating Lease Payments (Details)
Oil And Natural Gas Properties And Other Property And Equipment
Oil And Natural Gas Properties And Other Property And Equipment (Tables)
Oil And Natural Gas Properties And Other Property And Equipment - Other Property And Equipment (Details)
Oil And Natural Gas Properties And Other Property And Equipment - Summary Of Aggregate Capitalized Costs (Details)
Supplemental Disclosures To The Balance Sheets And Statements Of Cash Flows
Supplemental Disclosures To The Balance Sheets And Statements Of Cash Flows (Tables)
Supplemental Disclosures To The Balance Sheets And Statements Of Cash Flows - Narrative (Details)
Supplemental Disclosures To The Balance Sheets And Statements Of Cash Flows - Reconciliation Of Cash, Cash Equivalents And Restricted Cash (Details)
Supplemental Disclosures To The Balance Sheets And Statements Of Cash Flows - Schedule Of Accounts Payable And Accrued Expenses (Details)
Supplemental Disclosures To The Balance Sheets And Statements Of Cash Flows - Schedule Of Other Current Assets (Details)
Supplemental Disclosures To The Balance Sheets And Statements Of Cash Flows - Supplemental Cash Flow Information (Details)
Ticker: BRY
CIK: 1705873
Form Type: 10-K Annual Report
Accession Number: 0001705873-19-000016
Submitted to the SEC: Thu Mar 07 2019 5:57:39 PM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Monday, December 31, 2018
Industry: Crude Petroleum And Natural Gas

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