Table of Contents
1 Table of Contents 3
1.1 List of Tables 5
1.2 List of Figures 6
2
Investment Overview 7
2.1 Strong Hedging Exposure: Reducing Risk and
Insulating Cashflows 8
2.2 Divestiture Activities To Improve Operational
Effectiveness 8
2.3 Redefining Heavy Oil Production Through California
Assets 10
2.4 Substantial Liquidity Position Augmented With Reduced Cost
Structure Increasing Margin 12
2.5 Igniting the Light Crude Oil
Production: Uinta Basin 12
3 Operations Overview 13
3.1.1 Production
and Reserves 13
3.1.2 Exploration and Development 14
3.1.3 Outlook
17
3.2 Income Statement (2006-2013E) 18
3.3 Balance Sheet (2006-2013E)
19
3.4 Cash Flow Statement (2006-2013E) 20
3.5 Key Ratios (2006-2013E)
21
4 Valuation 22
4.1 Sum-of-Parts Analysis 22
5 Key Risks 24
5.1 Crude oil and natural gas prices 24
5.2 Political Instability 24
5.3 Competition 24
5.4 Reserves and Drilling operations 24
6 Market
Scenario 25
6.1 The United States 25
6.2 Reserves and Production
25
6.3 Imports and Exports 26
6.4 Infrastructure 26
6.5
Regulations 26
6.6 Key Fiscal Regime 26
7 Appendix 27
7.1
Methodology 27
7.1.1 Coverage 27
7.1.2 Secondary Research 28
7.1.3
Primary Research 28
7.1.4 Forecasts 29
7.2 Key Economic Assumptions
31
7.3 Expert Panel Validation 31
7.4 Definitions 32
7.5 Unit Of
Measure 32
7.6 Disclosure information 33
7.7 Disclaimer 33
1.1 List of Tables
Table 1: Berry Petroleum Corporation, Natural Gas
Hedges, 2009 - 2010 8
Table 2: Berry Petroleum Corporation, Crude Oil
Hedges, 2009 - 2011 8
Table 3: Berry Petroleum Company, Income Statement
($ Million), 2006-2013E 18
Table 4: Berry Petroleum Company, Balance Sheet
($ Million), 2006-2013E 19
Table 5: Berry Petroleum Company, Cash Flow ($
Million), 2006-2013E 20
Table 6: Berry Petroleum Company, Key Ratios,
2006-2013E 21
Table 7: Berry Petroleum Corporation, Summary of Target
Price ($/share), 2009 22
Table 8: Berry Petroleum Company, Sum of Parts,
2009 23
Table 9: Crude Oil and Natural Gas Prices, 2008-2013 31
1.2 List of Figures
Figure 1: Berry Petroleum Corporation, Share Price
Performance, July 2003 – July 2009 7
Figure 2: Berry Petroleum
Corporation, Total Proved Reserves Allocation, Before and After DJ Asset
Divestment, 2008 9
Figure 3: Berry Petroleum Corporation, Ethel D and
South Midway Asset Production, 2008-2012 10
Figure 4: Berry Petroleum
Company, Diatomite Overview, 2008 11
Figure 5: Berry Petroleum Corporation
and Cymric Geology Comparison in Diatomite, 2008 11
Figure 6:
Berry’s Horizontal Drilling to recover probable and possible reserves in
South Midway, 2008 14
Figure 7: Berry Petroleum Corporation, Steam
Injection To Maximize Oil Recovery In South Midway, 2008 15
Figure 8:
Berry Petroleum Corporation, Four Vertical Wells Results in Haynesville, 2008
16
Figure 9: The United States, Crude Oil and Natural Gas, Production and
Consumption, 1996-2020 25
Figure 10: GlobalData Methodology 27
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