Berry Corporation (bry) (BRY) 2019年年度报告「NASDAQ」.pdf

1、2019 ANNUAL REPORTFINDING WAYS TO PRODUCE ENERGY MORE EFFICIENTLY AND SAFELY$85m+300%15%Capital returned to shareholders in dividendsand share buybacks Replaced nearly 300%of the California reserves producedCaliforniaproduction growthyear over yearOur flexible business model,which is focused on grow

2、ing shareholder value,was validated by the top-tier industry returns,solidproduction growth,and excess Levered FreeCash Flow1 that we generated during the year.We paid our shareholders$39 million in dividends during 2019 and repurchased 6%of Berry stock.We also maintained a strong financial position

3、 with debt-to-EBITDA at about 1.4x,and we secured the flexibility toopportunistically repurchase our bonds.We remained committed to California,deploying 90%of our capital to the state in2019.These assets responded well,with annual production growing 15%from 2018.Wealso replaced nearly 300%of the Cal

4、iforniareserves that we produced during the yearand replaced 159%of our total company proved undeveloped inventory,confirmingwe have robust development opportunitieson our existing California acreage.Since weunderstand our long-term costs,declinecurves and the reinvestment capital requiredto sustain

5、 flat production,the risk is relativelylativelylow and the returns relatively high.As part of our dedication to California,w wehave and will continue to proactively engagein legislative and regulatory issues.We e intendto be part of the energy solution in Calif fornia as we believe that locally prod

6、ucing and d supplying affordable and reliable ener rgyis critical to ensuring a safe and healthy y future for our communities.We are actively takingmeasures to grow our business with great respect for the environment and are lo ook-ing for opportunities to reduce our car rbon footprint while keeping