Berry Petroleum Company, LLC

CIK:0000778438|SEC Filings

Condensed Statements of Operations (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues and other:
Oil, natural gas and natural gas liquids sales	$ 102,241	$ 140,252	$ 285,538	$ 470,219
Electricity sales	8,244	8,610	17,573	20,370
Gains on oil and natural gas derivatives	108	27,664	1,642	26,457
Marketing revenues	859	1,109	2,743	4,329
Other revenues	1,773	1,672	5,634	5,103
Total revenues	113,225	179,307	313,130	526,478
Expenses:
Lease operating expenses	46,048	67,341	138,557	184,426
Electricity generation expenses	4,375	4,759	12,118	14,322
Transportation expenses	8,644	13,794	32,518	39,378
Marketing expenses	883	967	2,173	3,047
General and administrative expenses	15,393	21,564	65,313	79,853
Depreciation, depletion and amortization	39,951	63,057	139,980	199,088
Impairment of long-lived assets	0	510,631	1,030,588	782,631
Taxes, other than income taxes	(3,694)	14,520	20,614	60,048
(Gains) losses on sale of assets and other, net	(370)	2,633	(137)	(2,651)
Total expenses	111,230	699,266	1,441,724	1,360,142
Other income and (expenses):
Interest expense, net of amounts capitalized	(12,415)	(21,484)	(48,719)	(65,595)
Gain on extinguishment of debt	0	4,378	0	11,209
Other, net	(69)	(90)	(79)	(723)
Total other income and (expenses)	(12,484)	(17,196)	(48,798)	(55,109)
Reorganization items, net	(87,915)	0	(38,829)	0
Loss before income taxes	(98,404)	(537,155)	(1,216,221)	(888,773)
Income tax expense (benefit)	34	3	196	(58)
Net loss	$ (98,438)	$ (537,158)	$ (1,216,417)	$ (888,715)

Condensed Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flow from operating activities:
Net loss	$ (1,216,417)	$ (888,715)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	139,980	199,088
Impairment of long-lived assets	1,030,588	782,631
Gain on extinguishment of debt	0	(11,209)
Amortization and write-off of deferred financing fees	1,226	1,121
Gains on sale of assets and other, net	(874)	(1,521)
Deferred income taxes	71	(58)
Reorganization items, net	22,866	0
Derivatives activities:
Total (gains) losses	2,963	(29,355)
Cash settlements	8,007	48,054
Cash settlements on canceled derivatives	1,701	0
Changes in assets and liabilities:
(Increase) decrease in accounts receivable – trade, net	(2,839)	43,709
(Increase) decrease in other assets	(3,175)	1,519
Increase (decrease) in accounts payable and accrued expenses	17,866	(15,171)
Increase (decrease) in other liabilities	1,306	(20,789)
Net cash provided by operating activities	3,269	109,304
Cash flow from investing activities:
Development of oil and natural gas properties	(16,168)	(3,076)
Purchases of other property and equipment	(10,366)	(12,760)
Settlement of advance to affiliate	0	129,217
Decrease in restricted cash	53,418	0
Proceeds from sale of properties and equipment and other	172	22,486
Net cash provided by investing activities	27,056	135,867
Cash flow from financing activities:
Repayments of debt	(1,701)	(55,418)
Financing fees and other, net	0	11
Capital contributions from affiliate	0	148,678
Distribution to affiliate	0	(57,223)
Net cash provided by (used in) financing activities	(1,701)	36,048
Net increase in cash and cash equivalents	28,624	281,219
Cash and cash equivalents:
Beginning	1,023	1,586
Ending	$ 29,647	$ 282,805

Condensed Balance Sheets (unaudited) - USD ($)
$ in Thousands

Sep. 30, 2016

Dec. 31, 2015

Current assets:

Cash and cash equivalents

$ 29,647

$ 1,023

Accounts receivable – trade, net

47,458

46,053

Derivative instruments

13,218

Other current assets

19,551

20,897

Total current assets

96,656

81,191

Noncurrent assets:

Oil and natural gas properties (successful efforts method)

5,022,076

5,011,061

Less accumulated depletion and amortization

(2,755,015)

(1,596,165)

Oil and natural gas properties, successful efforts method, net

2,267,061

3,414,896

Other property and equipment

120,317

111,495

Less accumulated depreciation

(18,659)

(12,522)

Other property and equipment, net

101,658

98,973

Restricted cash

197,624

250,359

Other noncurrent assets

18,257

16,057

Noncurrent assets, excluding property, total

215,881

266,416

Total noncurrent assets

2,584,600

3,780,285

Total assets

2,681,256

3,861,476

Current liabilities:

Accounts payable and accrued expenses

104,841

125,748

Derivative instruments

1,694

2,241

Current portion of long-term debt

^[1]

891,259

873,175

Other accrued liabilities

2,499

16,735

Total current liabilities

1,000,293

1,017,899

Long-term debt, net

845,368

Other noncurrent liabilities

174,423

212,050

Liabilities subject to compromise

936,798

Commitments and contingencies (Note 8)

Member’s equity:

Additional paid-in capital

2,798,713

Accumulated deficit

(2,228,971)

(1,012,554)

Total member's equity

569,742

1,786,159

Total liabilities and member’s equity

$ 2,681,256

$ 3,861,476

[1]	Due to existing and anticipated covenant violations, the Company’s credit facility was classified as current at September 30, 2016, and December 31, 2015.