Berry Corporation (bry) (BRY) 2018年年度报告「NASDAQ」.pdf

1、Founded on Value.Focused on Growth.2018 ANNUAL REPORT2018 AdjustedEBITDA*of$258M$230M2018 Cash Flows from Operations of(excluding$127 million for hedge early termination)California PV-10*of$2 billion out of$2.2 billion totalReplaced 275%reserves*in California and 114%of total company reservesLetter

2、to shareholders Value Focused2018 was monumental for Berry.By executing our simple and clear business model,Berry was and continues to be wholly focused on value creation for its shareholders.Our goal is always to generate growth while operating within our levered free cash flow.We manage to value a

3、nd not just to volume growth and we did this in 2018 with excellence,realizing operational efficiencies,production growth and incident prevention improvements.Most notably on July 26,just a short 16 months after emerging from bankruptcy,we began trading on the Nasdaq,reinforcing our strong position

4、in the industry and value in the market.California FocusLast year was all about California,where we produced 100%oil,spent most of our capital,and realized all of our production growth as well as the preponderance of our operating income.As a result,we added more than$1 billion to our PV-10*valuatio

5、n and accomplished a 275%reserve*replacement ratio.Our operations are focused in California,too.Approximately 70%of our total company production came from the world-class super basin,the San Joaquin Basin,and approximately 94%of the production is in Kern County alone.Just three fields on the west si

6、de of the Basin(Belridge,McKittrick and Midway Sunset)made up 80%of our production in California and 59%of our total production.We remain focused on thermal recovery of heavy oil in shallow,conventional reservoirsperfect for the refineries in California.Finally,we drilled 224 wells in California in