Berry Petroleum Corp (BRY) 10-K Annual Report March 2019

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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Berry Petroleum Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.2: Material Contract

Exhibit 10.19: Material Contract

Exhibit 10.20: Material Contract

Exhibit 10.21: Material Contract

Exhibit 10.22: Material Contract

Exhibit 10.23: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 99.1: Additional Exhibits

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

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