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Berry Petroleum Co
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Q1 2024 Earnings Call Presentation
| Trem Smith | Page 12 of 11 |
May 18, 2024
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"Q1 2024 Earnings Call Presentation"
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Low High Average Daily Production (boe/d) (1) 24,600 25,800 Expenses from field operations ($/boe) (2) $26.50 $29.50 E&P non-production revenues ($/boe) (3) $1.80 $2.00 Natural gas purchase hedge settlements ($/boe) (4)(5) $(0.60) $(0.90) Taxes, Other than Income Taxes ($/boe) $6.50 $7.50 Adjusted General & Administrative (G&A) expenses ($/boe) (6)(7) • E&P Segment & Corp $5.85 $6.25 • Well Servicing and Abandonment Segment $1.30 $1.50 Capital Expenditures - E&P, Well Servicing Segment & Corp ($mm) (8) $95 $0 Well Servicing & Abandonment Segment Adjusted EBITDA ($mm) (6) $16 $24 1Q 2024 Results 2024 Full Year Guidance (1) Oil production is expected to be approximately 93% of total. (2) Expenses from field operations include lease operating expenses, electricity generation expenses, transportation expense, and marketing expenses. (3) E&P non-production revenues include sales from electricity, transportation, and marketing activities. (4) Natural gas purchase hedge settlements is the cash (received) or paid from these derivatives on a per boe basis. (5) Based on natural gas hedge positions and basis differentials as of December 31, 2023, and the Henry Hub gas price of $3.38 per mmbtu. (6) Adjusted General & Administrative expenses and Well Servicing and Abandonment Segment Adjusted EBITDA are non-GAAP financial measures. The Company does not provide a reconciliation of these measures because the Company believes such reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items included in or excluded from the GAAP financial measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company’s control or cannot be reasonably predicted. Non-GAAP forward-looking measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. (7) See further discussion and reconciliation in “Non-GAAP Financial Measures and Reconciliations”. (8) Total company capital expenditures, including E&P segment, well servicing & abandonment segment and corporate.