{"id":4584,"date":"2018-07-20T09:13:48","date_gmt":"2018-07-20T13:13:48","guid":{"rendered":"http:\/\/www.ipoboutique.com\/blog\/?p=4584"},"modified":"2018-07-20T09:13:48","modified_gmt":"2018-07-20T13:13:48","slug":"berry-petroleum-ipo-preview-bry","status":"publish","type":"post","link":"https:\/\/www.ipoboutique.com\/blog\/berry-petroleum-ipo-preview-bry\/","title":{"rendered":"Berry Petroleum #IPO Preview $BRY"},"content":{"rendered":"<p><a href=\"http:\/\/www.ipoboutique.com\/blog\/wp-content\/uploads\/2018\/07\/BRY.jpg\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-4585\" src=\"http:\/\/www.ipoboutique.com\/blog\/wp-content\/uploads\/2018\/07\/BRY.jpg\" alt=\"BRY\" width=\"168\" height=\"181\" \/><\/a><\/p>\n<p>Company: Berry Petroleum<br \/>\nSymbol: BRY<br \/>\nDescription: They are a California-based independent upstream energy company engaged primarily in the development and production of conventional oil reserves located in the western United States.<br \/>\nTrade Date: 7\/26<br \/>\nShares: 18.75 million<br \/>\nPrice Range: $15.00-$17.00<br \/>\nUnderwriter(s): Goldman Sachs, Wells Fargo, BMO, Evercore ISI, UBS investment Bank<br \/>\nCo-Manager(s): KeyBanc Capital Markets, Capital One Securities, Johnson Rice &amp; Co., Simmons &amp; Company. Tudor, Pickering, Holt &amp; CO., ABN AMRO, ING, BOK Financial Securities, Citizens Capital Markets<br \/>\nTerms Added: 7-16-18<\/p>\n<p><strong><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1705873\/000119312518218217\/d479531ds1a.htm\" target=\"_blank\">Link to Prospectus<\/a><\/strong><\/p>\n<p><strong><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1709401\/000104746918004887\/a2236172zs-1a.htm\" target=\"_blank\">Link to Retail Roadshow<\/a><\/strong><\/p>\n<p><strong>Business<\/strong>:\u00a0Their long-lived, predictable and high margin asset base is uniquely positioned to support their objectives of generating\u00a0top-tier\u00a0corporate-level returns and positive free cash flow through commodity price cycles. They believe that executing their strategy across their\u00a0low-declining\u00a0production base and extensive inventory of identified drilling locations will result in long-term, capital efficient production growth as well as the ability to return excess free cash flow to stockholders.<\/p>\n<p>They target onshore,\u00a0low-cost,\u00a0low-risk,\u00a0oil-rich\u00a0reservoirs in the San Joaquin basin of California and the Uinta basin of Utah, and, to a lesser extent, the low geologic risk natural gas resource play in the Piceance basin in Colorado. In the aggregate, the Company\u2019s assets are characterized by:<\/p>\n<ul>\n<li>High oil content, which makes up approximately 81% of their production;<br \/>\nfavorable Brent-influenced crude oil pricing dynamics;<\/li>\n<li>Long-lived reserves with low and predictable production decline rates;<\/li>\n<li>stable and predictable development and production cost structures;<\/li>\n<li>a large inventory of\u00a0low-risk\u00a0identified development drilling opportunities with attractive full-cycle economics; and<\/li>\n<li>potential\u00a0in-basin\u00a0organic and strategic opportunities to expand their existing inventory with new locations of substantially similar geology and economics.<\/li>\n<\/ul>\n<p>California is and has been one of the most productive oil and natural gas regions in the world. Their asset base is concentrated in the\u00a0oil-rich\u00a0San Joaquin basin in California, which has more than 100 years of production history and substantial remaining oil in place. As a result of these attributes, they have a strong understanding of many of the basin\u2019s geologic and reservoir characteristics, leading to predictable, repeatable,\u00a0low-risk\u00a0development opportunities.<\/p>\n<p><strong>Financials:\u00a0<\/strong>Berry LLC\u2019s emerged from bankruptcy on February\u00a028, 2017.In the 10 months subsequent to that date, they had oil, natural gas and NGL sales of $357.9 million, electricity sales of $23.0 million, $66.9 million in losses from oil and natural gas derivatives, $2.7 million in marketing revenues, and $4.0 million in other revenues. For that 10 month period, they had a $21.1 million loss.<\/p>\n<p><a href=\"http:\/\/www.ipoboutique.com\/blog\/wp-content\/uploads\/2018\/07\/BRY.Financials.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-4586\" src=\"http:\/\/www.ipoboutique.com\/blog\/wp-content\/uploads\/2018\/07\/BRY.Financials.png\" alt=\"BRY.Financials\" width=\"878\" height=\"808\" srcset=\"https:\/\/www.ipoboutique.com\/blog\/wp-content\/uploads\/2018\/07\/BRY.Financials.png 878w, https:\/\/www.ipoboutique.com\/blog\/wp-content\/uploads\/2018\/07\/BRY.Financials-600x552.png 600w, https:\/\/www.ipoboutique.com\/blog\/wp-content\/uploads\/2018\/07\/BRY.Financials-300x276.png 300w\" sizes=\"(max-width: 878px) 100vw, 878px\" \/><\/a><\/p>\n<p><strong>Book-Building Status<\/strong>: The way the book comes together during the week of the roadshow is the most critical indicator to first-day and first-week performance. IPO Boutique uses its 45 years of experience and sources all over the street to gather daily subscription levels, specific price guidance and what type of investors are currently in the book or are anchoring orders in the book. In addition, recent underwriter performance on sector specific deals is a strong factor that IPO Boutique takes into account when determining if our clients should indicate for any offering.<\/p>\n<p><a href=\"https:\/\/www.ipoboutique.com\/Subscribe.html\"><span style=\"font-weight: 400;\">IPO Boutique subscription clients receive daily updates on this critical information.<\/span><\/a><\/p>\n<p><strong>Conclusion<\/strong>: IPO Boutique provides ratings, daily commentary and a forecast for how this IPO will open vs. its offering price. We have kept a\u00a0<a href=\"https:\/\/www.ipoboutique.com\/cgi\/ipo-track-record-summary-report.php\"><span style=\"font-weight: 400;\">track record<\/span><\/a>\u00a0with our performance for last 12 years at our website. Additionally, here&#8217;s a<a href=\"http:\/\/www.ipoboutique.com\/blog\/?p=3655\"> 2017 recap of our performance<\/a>\u00a0to showcase the value of IPO Boutique&#8217;s service.<\/p>\n<p><b>Indicate with confidence,\u00a0<\/b><a href=\"https:\/\/www.ipoboutique.com\/Subscribe.html\"><b>SUBSCRIBE<\/b><\/a><b>\u00a0today.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Company: Berry Petroleum Symbol: BRY Description: They are a California-based independent upstream energy company engaged primarily in the development and production of conventional oil reserves located in the western United States. Trade Date: 7\/26 Shares: 18.75 million Price Range: $15.00-$17.00 Underwriter(s): Goldman Sachs, Wells Fargo, BMO, Evercore ISI, UBS investment Bank Co-Manager(s): KeyBanc Capital Markets,[&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"zakra_general_container_width":0,"zakra_general_content_width":0,"zakra_general_sidebar_width":0,"zakra_sticky_header":"customizer","zakra_header_main_area":true,"zakra_site_logo_width":0,"zakra_header_top_enabled":"customizer","zakra_header_top_style":"customizer","zakra_primary_menu_item_style":"customizer","zakra_page_header_text_color":"","zakra_page_header_layout":"customizer","zakra_page_title_bg":"","zakra_footer_widgets_bg_image":0,"zakra_page_title_bg_repeat":"customizer","zakra_page_title_bg_position":"customizer","zakra_page_title_bg_size":"customizer","zakra_page_title_bg_attachment":"customizer","zakra_breadcrumbs_enabled":"customizer","zakra_breadcrumbs_text_color":"","zakra_breadcrumbs_separator_color":"","zakra_breadcrumbs_link_color":"","zakra_breadcrumbs_link_hover_color":"","zakra_page_title_bg_image":0,"zakra_footer_widgets_enabled":"customizer","zakra_footer_column_layout_1_style":"customizer","zakra_footer_widgets_bg":"","zakra_footer_widgets_bg_repeat":"customizer","zakra_footer_widgets_bg_position":"customizer","zakra_footer_widgets_bg_size":"customizer","zakra_footer_widgets_bg_attachment":"customizer","zakra_footer_bar_enabled":"customizer","zakra_footer_bar_style":"customizer","footnotes":""},"categories":[24],"tags":[1529],"class_list":["post-4584","post","type-post","status-publish","format-standard","hentry","category-ipo","tag-bry"],"_links":{"self":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/4584","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/comments?post=4584"}],"version-history":[{"count":1,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/4584\/revisions"}],"predecessor-version":[{"id":4587,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/4584\/revisions\/4587"}],"wp:attachment":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/media?parent=4584"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/categories?post=4584"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/tags?post=4584"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}