Berry Petroleum Company Valuation Report, June 2010 - Strategic and Operational Analysis


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132pages

GlobalData

$ 3500

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Berry Petroleum is mainly engaged in the exploration, development and production of crude oil and natural gas resources located in the US. It held approximately 235.3 MMboe (Millions of barrels of oil equivalent) of net proved reserves, with around a 55% share attributed to crude oil. Its major resource plays are South Midway-Sunset, North Midway-Sunset/ Diatomite, Uinta basin, Permian Wolfberry, East Texas and Piceance basin. The companys annual production was approximately 11.0 MMboe. Excluding the production of the Denver-Julesburg basin that was divested in 2009, the company recorded a production of around 10.7 MMboe registering an increase of around 2.1% over the previous year

Scope

  • Investment Thesis: This section highlights the companies new ventures, liquidity issues, assets analysis, hedging, new projects details, capex funding, geographical results of oil and gas operations, and other related analysis. 
  • Goals and Strategies: Provide highlights on their existing and upcoming challenges with the possible strategies. 
  • SWOT: This section highlights the companies internal strength, weakness, opportunities and threats to better understand their position in the market
  • Production and Development profile: This section highlights the companies forecasted crude oil and natural gas production from their existing and upcoming assets. It also covers the detailed information and analysis on the producing and development assets. 
  • Exploration and M&A trends: This section includes exploration assets information resulted due to new discoveries, new drilling and other activities. Additionally, M&A section highlights the companies recent assets transactions, joint ventures, acquisition, and divestment activities during the specified period. 
  • Financial Forecast and Valuation: This section highlights the detailed financial forecast of the companies for coming five years. This section also provides intrinsic value of the companies by using different valuation techniques. 
  • Peer Group: This section compares peer group performance with the main companies on the basis of share prices, financial ratios, operational and financial parameters and other related activities. 

Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to:

  • Provide detailed analysis to those who are interested in knowing the companies existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates. 
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies. 
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table Of Contents

1 Table of contents 3
1.1 List of Tables 6
1.2 List of Figures 8

2 Berry Petroleum Company, Company Overview 11

3 Berry Petroleum Company, Watchlist for 2010 14

4 Berry Petroleum Company, Investment Summary 15
4.1 Diatomite Asset Development Attracts The Highest Capital Spending in 2010 15
4.2 Wolfberry Acquisition Fits Berrys Strategy of Increasing Liquids Proportion 16
4.3 Natural Gas Producing Assets in East Texas and Piceance; Internal Sales Help Partly Offset Weak Market Demand 18
4.4 Liquidity Position Primarily Dependent On Cash Flows; Debt Borrowings Likely To Happen To Fund High Growth Asset Development 19
4.4.1 Credit Facility/ Debt Borrowings and Share Offer 20

5 Berry Petroleum Company, SWOT Analysis 22
5.1 Strengths 22
5.1.1 Effective Acquisition Activities to Grow the Asset Portfolio 22
5.1.2 Balanced Asset Portfolio 22
5.2 Weakness 22
5.2.1 Financial Performance Lags Peer Group Averages 22
5.3 Opportunities 23
5.3.1 North Midway-Sunset Field Development is Significant for Berry Growth 23
5.3.2 Low Risk Development Opportunities in Wolfberry Assets 23
5.4 Threat 24
5.4.1 Worsening Debt to Equity Ratio Could Have Spiralling Effects 24

6 Berry Petroleum Company, Goals and Strategies 25
6.1 Increase Oil Production From Existing Assets 25
6.2 Maintain Sufficient Natural Gas Production to Meet Thermal Recovery Process Requirement 26
6.3 Optimize Production From Legacy Assets In The Future 26

7 Berry Petroleum Company, Production Overview 28
7.1 Production Profile 28
7.2 South Midway-Sunset Field - The Largest Production Contributor; Mature Assets 29
7.3 Uinta Basin Assets 29
7.4 North Midway-Sunset Field - Potential to Add Huge Future Volumes 29
7.5 Natural Gas From East Texas-Promising Volumes in Near term 29
7.6 Piceance Basin 29

8 Berry Petroleum Company, Development and Exploration Overview 32
8.1 Development and Exploration Profile 32
8.2 North Midway-Sunset/ Diatomite Asset Development Provides Highest Growth to Berrys Production in Future 33
8.3 Permian Basin-Multiple Formations Offer Numerous Opportunities 34
8.4 Uinta Basin Development 35
8.5 Other Updates 36
8.5.1 Poso Creek Development 36
8.5.2 East Texas and Piceance Natural Gas Assets 36

9 Berry Petroleum Company, Reserve Additions and M&A Highlights 37
9.1 Reserve Additions 37
9.2 M&A Highlights 38

10 Berry Petroleum Company, Outlook 40

11 Berry Petroleum Company, Forecast Production and Financial Statements 41
11.1 Income statement (2007 2014) 43
11.2 Balance sheet (2007 2014) 44
11.3 Cash Flow statement (2007 2014) 45
11.4 Financial Ratios (2007 2014) 46

12 Berry Petroleum Company, Valuation 48
12.1 Net Asset Value 48

13 Berry Petroleum Company, Peer Comparision 51
13.1 Share Price Performance 51
13.2 Operational and Financial Performance 52
13.3 Financial and Operational Ratio Metrics 55

14 Berry Petroleum Company, Key Risks 58
14.1 Fluctuating Crude Oil and Natural Gas Prices 58
14.2 Reserves and Drilling Operations 58
14.3 Competition 58

15 Berry Petroleum Company, Detailed Financial and Operational Metrics 59
15.1 Berry Petroleum Company, Quarterly Results of Oil and Gas Operations per boe Produced 59
15.1.1 Results of Oil and Gas Operations per boe Produced, Q1, 2009-Q1, 2010 59
15.1.2 Results of Oil and Gas Operations per boe Growth Rates, Q1, 2009-Q1, 2010 60
15.2 Berry Petroleum Company, Quarterly E&P Costs Trends 61
15.2.1 Upstream Capital Expenditure, Q1, 2009-Q1, 2010 61
15.3 Berry Petroleum Company, Total Oil and Gas Production 62
15.3.1 Total Crude Oil and Natural Gas Production Trend, Q1, 2009-Q1, 2010 62
15.3.2 Total Crude Oil and Natural Gas Production, by Country/Region, Q1, 2009-Q1, 2010 63
15.4 Berry Petroleum Company, Crude Oil Production 64
15.4.1 Total Crude Oil Production Trend, Q1, 2009-Q1, 2010 64
15.4.2 Crude Oil Production, By Country/Region, Q1, 2009-Q1, 2010 65
15.5 Berry Petroleum Company, Natural Gas Production 66
15.5.1 Total Natural Gas Production Trend, Q1, 2009-Q1, 2010 66
15.5.2 Natural Gas Production, by Country/Region, Q1, 2009-Q1, 2010 67
15.6 Berry Petroleum Company, Valuation and Financial Data 68
15.6.1 Share Price Performance, 20042009 68
15.6.2 Key Valuation Metrics, 20042009 69
15.7 Berry Petroleum Company, Total Oil and Gas, Reserves and Production 70
15.7.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 20042009 70
15.7.2 Total Crude Oil and Natural Gas Production and Reserves by Country/Region, 20042009 72
15.7.3 Total Crude Oil and Natural Gas Reserve Changes, 20042009 74
15.8 Berry Petroleum Company, Crude Oil/Liquids Production and Reserve 75
15.8.1 Crude Oil/Liquids Production and Reserve Trend, 20042009 75
15.8.2 Crude Oil Production and Reserves by Country/Region, 20042009 76
15.8.3 Crude Oil/Liquids Reserve Changes, 20042009 78
15.9 Berry Petroleum Company, Natural Gas Production and Reserve 79
15.9.1 Natural Gas Production and Reserve Trend, 20042009 79
15.9.2 Natural Gas Production and Reserves, by Country/Region, 20042009 80
15.9.3 Natural Gas Reserve Changes, 20042009 82
15.10 Berry Petroleum Company, Total Crude Oil and Natural Gas Reserves Life Index 83
15.10.1 Total Crude Oil and Natural Gas Reserves Life Index, 20042009 83
15.10.2 Total Crude Oil and Natural Gas Reserves Life Index, by Country/Region, 20042009 84
15.11 Berry Petroleum Company, Allocation of the Upstream Capital Expenditure 86
15.11.1 Upstream Capital Expenditure, 20042009 86
15.11.2 Acquisition Costs by Country/Region, 20042009 87
15.11.3 Exploration and Development Costs, by Country/Region, 20042009 89
15.12 Berry Petroleum Company, Oil and Gas Cost per boe, $/boe 91
15.12.1 Oil and Gas Cost per boe, $/boe, 20042009 91
15.12.2 Oil and Gas Cost per boe, $/boe, by Country/Region, 20042009 93
15.13 Berry Petroleum Company, Oil and Gas Production Replacement Ratio 96
15.13.1 Oil and Gas Production Replacement Ratio, 20042009 96
15.13.2 Oil and Gas Production Replacement Ratio, by Country/Region, 20042009 98
15.14 Berry Petroleum Company, Oil and Gas Revenue and Expenses 102
15.14.1 Oil and Gas Revenue and Expenses, 20042009 102
15.14.2 Oil and Gas Revenue and Expenses, By Country/Region, 20042009 103
15.15 Berry Petroleum Company, Oil and Gas Revenue and Expenses, Per boe 107
15.15.1 Oil and Gas Revenue and Expenses, by boe, 20042009 107
15.15.2 Oil and Gas Revenue and Expenses per boe, by Country/Region, 20042009 108
15.16 Berry Petroleum Company, Oil and Gas Performance Metrics 112
15.17 Berry Petroleum Company, Developed and Undeveloped Acreage 113
15.17.1 Gross and Net Developed and Undeveloped Acreage, 20042009 113
15.17.2 Gross and Net Developed and Undeveloped Acreage, by Country/Region, 20042009 114
15.18 Berry Petroleum Company, Well Statistics 117
15.18.1 Producible Oil and Gas Wells, 20042009 117
15.18.2 Producible Oil and Gas Well, by Country/Region, 20042009 118
15.18.3 Exploration and Development Wells Drilled, 20042009 122
15.18.4 Exploration and Development Wells Drilled, by Country/Region, 20042009 124
15.18.5 Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil and Gas (Mboe per Well), 20042009 125
15.18.6 Developed Reserves per Well, by Country/Region, 20042009 126

16 Appendix 128
16.1 Methodology 128
16.1.1 Coverage 128
16.1.2 Secondary Research 129
16.1.3 Primary Research 129
16.2 Data Sources 129
16.2.1 Company Source 129
16.2.2 SEC/Other Regulatory Filings 129
16.2.3 Agency Reports 130
16.2.4 Other Sources 130
16.3 Expert Panel Validation 130
16.4 Definitions 130
16.5 Unit Of Measure 131
16.6 About GlobalData 131
16.7 Disclosure 131
16.8 Disclaimer 131

Table 1: Berry Petroleum Company, Key Events, 20092010 12
Table 2: Berry Petroleum Company, Permian Basin, Well Recovery Details, 2010 17
Table 3: Berry Petroleum Company, Estimated Upstream Production (MMboe), 20102014 31
Table 4: Berry Petroleum Company, Significant Asset Transactions as a Buyer, 20052010 39
Table 5: Berry Petroleum Company, Significant Asset Transactions as a Seller, 20072009 39
Table 6: Berry Petroleum Company, Estimated Production, 20072014 41
Table 7: GlobalData Price Forecasts, 2010 2014 41
Table 8: Berry Petroleum Company, Income Statement ($m), 20072014 43
Table 9: Berry Petroleum Company, Balance Sheet ($m), 20072014 44
Table 10: Berry Petroleum Company, Cash Flow Statement ($m), 20072014 45
Table 11: Berry Petroleum Company, Profitability and Growth Parameters, 20072014 46
Table 12: Berry Petroleum Company, Capital Structure and Efficiency Parameters, 20072014 47
Table 13: Berry Petroleum Company, Cash Flow and Liquidity Parameters, 20072014 47
Table 14: GlobalData Crude Oil and Natural Gas Price Forecasts, 2010 2014 48
Table 15: Berry Petroleum Company, Net Asset Valuation, 2010 49
Table 16: Berry Petroleum Company, Prospective Acreage and Non-Proven Reserves, 2010 49
Table 17: Berry Petroleum Company, Sensitivity Analysis of Fair Value ($/share), 2010 49
Table 18: Berry Petroleum Company, NPV per Unit Crude Oil and NGL, 2010 50
Table 19: Berry Petroleum Company, NPV per Unit Natural Gas, 2010 50
Table 20: Berry Petroleum Company, NPV per Unit Total Production, 2010 50
Table 21: Berry Petroleum Company and its Peers, Key Operational and Financial Parameters, 2009 52
Table 22: Berry Petroleum Company and its Peers, Operational and Financial Performance Indicators, 2009 57
Table 23: Berry Petroleum Company, Results of Oil and Gas Operations per boe Produced, $/boe, Q1, 2009-Q1, 2010 59
Table 24: Berry Petroleum Company, Results of Oil and Gas Operations per boe Growth Rates, %, Q1, 2009-Q1, 2010 60
Table 25: Berry Petroleum Company, Upstream Capital Expenditure, Q1, 2009-Q1, 2010 61
Table 26: Berry Petroleum Company, Total Crude Oil and Natural Gas, Production, Q1, 2009-Q1, 2010 62
Table 27: Berry Petroleum Company, Total Oil and Gas Production, by Country/Region, MMboe, Q1, 2009-Q1, 2010 63
Table 28: Berry Petroleum Company, Total Crude Oil Production, MMbbl, Q1, 2009-Q1, 2010 64
Table 29: Berry Petroleum Company, Crude Oil Production, by Country/Region, MMbbl, Q1, 2009-Q1, 2010 65
Table 30: Berry Petroleum Company, Total Natural Gas Production, bcf, Q1, 2009-Q1, 2010 66
Table 31: Berry Petroleum Company, Natural Gas Production, by Country/Region, bcf, Q1, 2009-Q1, 2010 67
Table 32: Berry Petroleum Company, Share Price Performance, 20042009 68
Table 33: Berry Petroleum Company, Key Valuation Metrics, 20042009 69
Table 34: Berry Petroleum Company, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 20042009 71
Table 35: Berry Petroleum Company, Total Crude Oil and Natural Gas Production and Reserves, by Country/Region, MMboe, 20042009 73
Table 36: Berry Petroleum Company, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 20042009 74
Table 37: Berry Petroleum Company, Crude Oil Production and Reserves Metrics, MMbbl, 20042009 75
Table 38: Berry Petroleum Company, Crude Oil Production and Reserves, by Country/Region, MMbbl, 20042009 77
Table 39: Berry Petroleum Company, Crude Oil Reserve Changes, MMbbl, 20042009 78
Table 40: Berry Petroleum Company, Natural Gas Production and Reserves Metrics, bcf, 20042009 79
Table 41: Berry Petroleum Company, Natural Gas Production and Reserves, by Country/Region, bcf, 20042009 81
Table 42: Berry Petroleum Company, Natural Gas Reserve Changes, bcf, 20042009 82
Table 43: Berry Petroleum Company, Oil and Gas Reserves Life Index, Years, 20042009 83
Table 44: Berry Petroleum Company, Oil and Gas Reserves Life Index, by Country/Region, Years, 20042009 85
Table 45: Berry Petroleum Company, Upstream Capital Expenditure, $m, 20042009 86
Table 46: Berry Petroleum Company, Proved and Unproved Acquisition Costs, by Country/Region, $m, 20042009 88
Table 47: Berry Petroleum Company, Exploration and Development Costs, by Country/Region, $m, 20042009 90
Table 48: Berry Petroleum Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs per boe, $/boe, 20042009 92
Table 49: Berry Petroleum Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs per boe, $/boe, by Country/Region, 20042009 95
Table 50: Berry Petroleum Company, Oil and Gas Production Replacement Ratio, %, 20042009 97
Table 51: Berry Petroleum Company, 3-Year Wt. Avg. Oil and Gas Production Replacement Ratio, by Country/Region, %, 20042009 101
Table 52: Berry Petroleum Company, Revenue and Expenses, $m, 20042009 102
Table 53: Berry Petroleum Company, Revenue and Expenses, by Country/Region, $m, 20042009 106
Table 54: Berry Petroleum Company, Oil and Gas Revenue and Expenses, $/boe, 20042009 107
Table 55: Berry Petroleum Company, Oil and Gas Revenue and Expenses, $/boe, by Country/Region, 20042009 111
Table 56: Berry Petroleum Company, Oil and Gas Performance Metrics, 20042009 112
Table 57: Berry Petroleum Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 20042009 113
Table 58: Berry Petroleum Company, Land Holdings (Developed and Undeveloped Acreage), by Country/Region, Acres, 20042009 116
Table 59: Berry Petroleum Company, Producible Oil and Gas Wells, 20042009 117
Table 60: Berry Petroleum Company, Producible Oil and Gas Wells, by Country/Region, 20042009 121
Table 61: Berry Petroleum Company, Exploratory and Developed Wells, 20042009 123
Table 62: Berry Petroleum Company, Exploratory and Developed Wells, by Country/Region, 20042009 124
Table 63: Berry Petroleum Company, Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil and Gas (Mboe per Well), 20042009 125
Table 64: Berry Petroleum Company, Developed Reserves per Well, by Country/Region, Mboe per Well, 20042009 127

Figure 1: Berry Petroleum Company, Asset Portfolio, 2010 11
Figure 2: Berry Petroleum Company, Share Price with Traded Volumes, June 2009 May 2010 12
Figure 3: Berry Petroleum Company, Performance Overview, 20062009 13
Figure 4: Berry Petroleum Company, Midway-Sunset Field Overview, 2010 15
Figure 5: Berry Petroleum Company, N. Midway-Sunset/ Diatomite Production Estimates, 20102014 16
Figure 6: Berry Petroleum Company, Permian Asset Map-Texas, 2010 17
Figure 7: Berry Petroleum Company, Permian Asset Production Estimates, 2010 2014 18
Figure 8: Berry Petroleum Company, East Texas and Piceance Production Estimates, 2010 2014 19
Figure 9: Berry Petroleum Company, Sources of Funds Against Capex Spending, 20062009 20
Figure 10: Berry Petroleum Company, Usage of Funds Against Operating Cash Flows, 20062009 21
Figure 11: Berry Petroleum Company, Oil Production Share In Total Production, 20102014 26
Figure 12: Berry Petroleum Company, Estimated Total Production (MMboe), 20072014 28
Figure 13: Berry Petroleum Company, Total Production by Operating Area, 20072009 30
Figure 14: Berry Petroleum Company, Estimated Production by Region, 20102014 32
Figure 15: Berry Petroleum Company, Estimated Production by Type, 20102014 33
Figure 16: Berry Petroleum Company, Midway-Sunset Field in Texas-Diatomite Field Map, 2010 34
Figure 17: Berry Petroleum Company, Permian Basin Overview in Texas, 2010 35
Figure 18: Berry Petroleum Company, Uinta Basin, Utah-Brundage Canyon Field Map, 2010 36
Figure 19: Berry Petroleum Company, Exploration Cost Against Organic Reserve Additions, 20062009 37
Figure 20: Berry Petroleum Company, Acquisition Cost Against Inorganic Reserve Additions, 20062009 38
Figure 21: Berry Petroleum Company and its Peers, Relative Share Performance Index, May 20092010 51
Figure 22: Berry Petroleum Company and its Peers, F&D cost/boe and Reserve Replacement %, 2009 53
Figure 23: Berry Petroleum Company and its Peers, Per Boe Parameters, 2009 54
Figure 24: Berry Petroleum Company and its Peers, Total Reserves and Production (MMboe), 2009 55
Figure 25: Berry Petroleum Company and its Peers, Valuation Ratios, 2009 56
Figure 26: Berry Petroleum Company, Results of Oil and Gas Operations per boe Produced, $/boe, Q1, 2009-Q1, 2010 59
Figure 27: Berry Petroleum Company, Upstream Capital Expenditure, $m, Q1, 2009-Q1, 2010 61
Figure 28: Berry Petroleum Company, Total Crude Oil and Natural Gas, Production, MMboe, Q1, 2009-Q1, 2010 62
Figure 29: Berry Petroleum Company, Total Oil and Gas Production, by Country/Region, MMboe, Q1, 2009-Q1, 2010 63
Figure 30: Berry Petroleum Company, Total Crude Oil Production, MMbbl, Q1, 2009-Q1, 2010 64
Figure 31: Berry Petroleum Company, Crude Oil Production, By Country/Region, MMbbl, Q1, 2009-Q1, 2010 65
Figure 32: Berry Petroleum Company, Total Natural Gas Production, bcf, Q1, 2009-Q1, 2010 66
Figure 33: Berry Petroleum Company, Natural Gas Production, by Country/Region, bcf, Q1, 2009-Q1, 2010 67
Figure 34: Berry Petroleum Company, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), 20042009 69
Figure 35: Berry Petroleum Company, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 20042009 70
Figure 36: Berry Petroleum Company, Total Proved Oil and Gas Reserves, by Country/Region, MMboe, 20042009 72
Figure 37: Berry Petroleum Company, Total Oil and Gas Production, by Country/Region, MMboe, 20042009 72
Figure 38: Berry Petroleum Company, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009 74
Figure 39: Berry Petroleum Company, Crude Oil Production and Reserves Metrics, MMbbl, 20042009 75
Figure 40: Berry Petroleum Company, Total Proved Oil Reserves, by Country/Region, MMbbls, 20042009 76
Figure 41: Berry Petroleum Company, Oil Production, by Country/Region, MMbbl, 20042009 76
Figure 42: Berry Petroleum Company, Crude Oil Reserve Changes, MMbbl, 2009 78
Figure 43: Berry Petroleum Company, Natural Gas Production and Reserves Metrics, bcf, 20042009 79
Figure 44: Berry Petroleum Company, Total Proved Gas Reserves, by Country/Region, bcf, 20042009 80
Figure 45: Berry Petroleum Company, Gas Production, by Country/Region, bcf, 20042009 80
Figure 46: Berry Petroleum Company, Natural Gas Reserve Changes, bcf, 2009 82
Figure 47: Berry Petroleum Company, Oil and Gas Reserves Life Index, Years, 20042009 83
Figure 48: Berry Petroleum Company, Gas Reserve Life Index, by Country/Region, Ratio, 20042009 84
Figure 49: Berry Petroleum Company, Oil and Gas Reserve Life Index, by Country/Region, Ratio, 20042009 84
Figure 50: Berry Petroleum Company, Oil Reserve Life Index, by Country/Region, Ratio, 20042009 85
Figure 51: Berry Petroleum Company, Upstream Capital Expenditure, $m, 20042009 86
Figure 52: Berry Petroleum Company, Proved Acquisition Costs, by Country/Region, $m, 20042009 87
Figure 53: Berry Petroleum Company, Unproved Acquisition Costs, by Country/Region, $m, 20042009 87
Figure 54: Berry Petroleum Company, Development Costs, by Country/Region, $m, 20042009 89
Figure 55: Berry Petroleum Company, Exploration Costs, by Country/Region, $m, 20042009 89
Figure 56: Berry Petroleum Company, 3-Year Wt. Avg, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs per boe, $/boe, 20042009 91
Figure 57: Berry Petroleum Company, 3-Year Wt. Avg. Oil and Gas F&D Cost per boe, by Country/Region, $/boe, 20042009 93
Figure 58: Berry Petroleum Company, 3-Year Wt. Avg. Oil and Gas Finding Cost per boe, by Country/Region, $/boe, 20042009 93
Figure 59: Berry Petroleum Company, 3-Year Wt. Avg. Reserve Replacement Cost per boe, by Country/Region, $/boe, 20042009 94
Figure 60: Berry Petroleum Company, 3-Year Wt. Avg. Proved Acquisition Cost per boe, by Country/Region, $/boe, 20042009 94
Figure 61: Berry Petroleum Company, 3-Year Wt. Avg., Oil and Gas Production Replacement Ratio, %, 20042009 96
Figure 62: Berry Petroleum Company, 3-Year Wt. Avg. Gas F&D Production Replacement, by Country/Region, %, 20042009 98
Figure 63: Berry Petroleum Company, 3-Year Wt. Avg. Gas RRC Production Replacement, by Country/Region, %, 20042009 98
Figure 64: Berry Petroleum Company, 3-Year Wt. Avg. Oil and Gas F&D Production Replacement, by Country/Region, %, 20042009 99
Figure 65: Berry Petroleum Company, 3-Year Wt. Avg. Oil and Gas RRC Production Replacement, by Country/Region, %, 20042009 99
Figure 66: Berry Petroleum Company, 3-Year Wt. Avg. Oil F&D Production Replacement, by Country/Region, %, 20042009 100
Figure 67: Berry Petroleum Company, 3-Year Wt. Avg. Oil RRC Production Replacement, by Country/Region, %, 20042009 100
Figure 68: Berry Petroleum Company, Revenue and Expenses, $m, 20042009 102
Figure 69: Berry Petroleum Company, Depreciation, Depletion & Amortization , by Country/Region, $m, 20042009 103
Figure 70: Berry Petroleum Company, Income Tax/(Benefit), by Country/Region, $m, 20042009 103
Figure 71: Berry Petroleum Company, Net Income/ Loss, by Country/Region, $m, 20042009 104
Figure 72: Berry Petroleum Company, Oil and Gas Revenue, by Country/Region, $m, 20042009 104
Figure 73: Berry Petroleum Company, Pre-tax Profit, by Country/Region, $m, 20042009 105
Figure 74: Berry Petroleum Company, Production Expenses, by Country/Region, $m, 20042009 105
Figure 75: Berry Petroleum Company, Total Expenses, by Country/Region, $m, 20042009 106
Figure 76: Berry Petroleum Company, Oil and Gas Revenue and Expenses, $/boe, 20042009 107
Figure 77: Berry Petroleum Company, Income Tax/(Benefit) per boe, by Country/Region, $/boe, 20042009 108
Figure 78: Berry Petroleum Company, Lifting Cost per boe, by Country/Region, $/boe, 20042009 108
Figure 79: Berry Petroleum Company, Annual Net Income per boe, by Country/Region, $/boe, 20042009 109
Figure 80: Berry Petroleum Company, Oil and Gas Revenue per boe, by Country/Region, $/boe, 20042009 109
Figure 81: Berry Petroleum Company, Total DD&A per boe, by Country/Region, $/boe, 20042009 110
Figure 82: Berry Petroleum Company, Total Revenue per boe, by Country/Region, $/boe, 20042009 110
Figure 83: Berry Petroleum Company, Oil and Gas Performance Metrics, 20042009 112
Figure 84: Berry Petroleum Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 20042009 113
Figure 85: Berry Petroleum Company, Total Gross Undeveloped Acreage, by Country/Region, Acres, 20042009 114
Figure 86: Berry Petroleum Company, Total Net Undeveloped Acreage, by Country/Region, Acres, 20042009 114
Figure 87: Berry Petroleum Company, Total Gross Developed Acreage, by Country/Region, Acres, 20042009 115
Figure 88: Berry Petroleum Company, Total Net Developed Acreage, by Country/Region, Acres, 20042009 115
Figure 89: Berry Petroleum Company, Producible Oil and Gas Wells, 20042009 117
Figure 90: Berry Petroleum Company, Gross Producible Gas Wells, by Country/Region, Number, 20042009 118
Figure 91: Berry Petroleum Company, Gross Producible Oil and Gas Wells, by Country/Region, Number, 20042009 118
Figure 92: Berry Petroleum Company, Gross Producible Oil Wells, by Country/Region, Number, 20042009 119
Figure 93: Berry Petroleum Company, Net Oil and Gas Wells as % of Gross Oil and Gas Wells, by Country/Region, %, 20042009 119
Figure 94: Berry Petroleum Company, Net Producible Gas Wells, by Country/Region, Number, 20042009 120
Figure 95: Berry Petroleum Company, Net Producible Oil and Gas Wells, by Country/Region, Number, 20042009 120
Figure 96: Berry Petroleum Company, Net Producible Oil Wells, by Country/Region, Number, 20042009 121
Figure 97: Berry Petroleum Company, Exploratory and Developed Wells, 20042009 122
Figure 98: Berry Petroleum Company, Developed Gas Reserves per Well (MMcf per Well), by Country/Region, 20042009 126
Figure 99: Berry Petroleum Company, Developed Oil and Gas Reserves per Well (Mboe per Well), by Country/Region, 20042009 126
Figure 100: Berry Petroleum Company, Developed Oil Reserves per Well (Mbbls per Well), by Country/Region, 20042009 127
Figure 101: GlobalData Methodology, 2010 128