Berry Petroleum Corp (NASDAQ:BRY) Q4 2019 Earnings Conference Call - Final Transcript

Feb 27, 2020 • 09:00 am ET


Berry Petroleum Corp (NASDAQ:BRY) Q4 2019 Earnings Conference Call - Final Transcript


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Good morning ladies and gentlemen and thank you for standing by. Welcome to the Berry Corporation Quarter four and Full Year 2019 Earnings Call. [Operator Instructions]

I would now like to hand the call over to your host Ms. Todd Crabtree Manager of Investor Relations. Todd you may begin.

Todd A. Crabtree

Thank you Rusty and welcome to everyone. Thank you for joining us on this teleconference to discuss Berry's fourth quarter and full year 2019 results. Yesterday afternoon Barry issued an earnings release with these results. Speaking this morning will be Trem Smith Board Chair and CEO; Gary Grove Chief Operating Officer and Executive Vice President; and Cary Baetz Chief Financial Officer and Executive Vice President. Trem will review highlights from the fourth quarter and full year 2019 and also discuss some important strategic initiatives that are in the works. Gary and then Cary will discuss our key operational and financial results. Before turning it over to questions Trem will make a few concluding remarks. Before we begin I want to call your attention to the safe harbor language found in our earnings release. The earnings release in today's discussion contains certain projections and other forward-looking statements within the meaning of federal securities laws. These statements are subject to risks and uncertainties that may cause actual results to differ materially from those expressed or implied in these statements. These include risks and other factors outlined in our filings with the SEC including our 2019 Form 10-K that will be filed later today. Our website has a link to the earnings release and our most recent investor presentation which will be referenced in this call. Any information including forward-looking statements made on this call are contained in the earnings release and that presentation reflect our analysis as of the date made. We have no plans or duty to update them except as required by law. Please refer to the tables in our earnings release and on our website for a reconciliation between all adjusted measures mentioned during today's call and the related GAAP measures. We will also post the replay link of this call and the transcript on our website.

I will now turn the call over to our CEO Trem Smith.

A.T. (Trem) Smith

Thank you Todd and thanks everyone for joining us today for Berry's Fourth Quarter and full year 2019 Earnings Call. Shortly I will provide an update on the California regulatory environment and address the successful steps we are taking to proactively and collaboratively work with the state. However I will first talk about our successful efforts in those matters that we control our strong fourth quarter and our full year 2019 operating and financial results and our planned 2020 program. 2019 was a great year for Berry and we finished it with a great fourth quarter. Our business model is working. This is demonstrated by our total returns to shareholders and strong production and reserve profile which we delivered while generating excess levered free cash flow. Notably we finished a strong