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Berry Petroleum Reports 2011 Results

Stocks in this article: BRY

Berry Petroleum Company (NYSE:BRY) reported a net loss of $228 million, or $4.21 per diluted share in 2011. Oil and gas revenues were $871 million and discretionary cash flow totaled $462 million with cash provided by operating activities of $456 million.

Net earnings for 2011 were affected by a net non-cash impairment of the Company's natural gas properties in E. Texas, a net non-cash gain on derivative instruments, and other items. In total, these items decreased net earnings by $377 million. Adjusted net earnings were $149 million, or $2.69 per diluted share.

Production for the full year 2011 was 35,687 BOE/D. Oil production increased 14% in 2011 to 24,771 BOE/D and the Company's oil mix increased from 66% of production in 2010 to 70% of production in 2011. Total production volumes were up 9% from 32,666 BOE/D in 2010. Development capital for 2011 was $527 million.

For 2011 and 2010, Berry's average net production in BOE per day was as follows:

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 %

Total Proved Reserves of 275 MMBOE; Pre-Tax PV10 of $5.7 Billion, 95% of value from Berry's three oil basins

Proved oil and gas reserves were estimated at 275 million BOE at December 31, 2011. Proved oil reserves were up a total of 12% to 186 million barrels with oil reserves increasing to 68% of total reserves. Reserve growth was driven by activity in Berry's three oil basins where the Company invested $527 million of development capital and made $158 million of oil acquisitions during 2011. These basins make up 73% of proved reserves with 44% in California, 21% in the Permian basin and 8% in the Uinta. Natural gas reserves were down 15%, or 16 million BOE, to 89 million BOE. The year-end reserve estimate includes 20 MMBOE of natural gas reserves in E. Texas that were reclassified from proved to probable due to current low natural gas prices and the assumption that these reserves will not be developed within five years of the date they were originally recorded as proved. Excluding this revision, the company added a total of 36 million BOE of proved reserves after production of 13 million BOE, replacing approximately 275% of 2011 production. At year-end 2011, the Company's proved reserve mix includes 186 million barrels of oil, condensate and natural gas liquids, and 534 billion cubic feet of natural gas, or 68% oil and 32% natural gas. Proved developed reserves increased to 53% of total reserves from 49% in 2010. Berry's pre-tax PV10 increased to $5.7 billion, a 50% increase from the year-end 2010 value of $3.8 billion, with 95% of the value coming from Berry's oil assets. The Company's after tax PV10 at year-end 2011 was $4.0 billion compared to $2.8 billion at year-end 2010.

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