May 23, 2017 4:19 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Berry Petroleum Company, LLC

Company Overview

Berry Petroleum Company, LLC engages in the production and development of oil and natural gas in the United States. The company holds properties located in San Joaquin Valley and Los Angeles basins in California; Hugoton Basin in Kansas and the Oklahoma Panhandle; Uinta Basin in Utah; and Piceance Basin in Colorado and east Texas. It sells oil and natural gas to various customers, including pipelines, refineries, and other oil and natural gas companies. As of December 31, 2015, the company had proved reserves of approximately 175 million barrels of oil equivalent. It also generates and sells electricity to utility companies. The company was founded in 1909 and is headquartered in Houston, Te...

600 Travis

Suite 5100

Houston, TX 77002

United States

Founded in 1909

Phone:

281-840-4000

Key Executives for Berry Petroleum Company, LLC

Chief Executive Officer and President
Age: 60
Chief Financial Officer and Executive Vice President, Business Development
Age: 50
Senior Vice President of California Production
Age: 56
General Counsel, Vice President and Corporate Secretary
Age: 41
Chief Geoscientist
Age: 60
Compensation as of Fiscal Year 2016.

Berry Petroleum Company, LLC Key Developments

Fourth Revised Joint Reorganization Plan Approved for Berry Petroleum Company, LLC and LINN Acquisition Company, LLC

The US Bankruptcy Court approved the fourth revised joint amended reorganization plan of Berry Petroleum Company, LLC and LINN Acquisition Company, LLC on January 27, 2017. As per the plan, Berry Lender Claims shall receive either, if holder vote to accept the plan and elect to participate in the Berry Exit Facility or if voted against the plan then holder will get pro-rata share of Reorganized Berry Non-Conforming Term Notes. Berry Unsecured Notes Claims shall receive pro-rata share of Reorganized Berry Common Stock / Noteholder Distribution and to the extend aggregate amount of claim is less than $183 million, its pro-rata share of Reorganized Berry Common Stock. Berry General Unsecured Claims shall receive pro-rata share of Reorganized Berry Common Stock / General Distribution. Berry Intercompany Claims shall be canceled and released without any distribution. Berry Petroleum Company, LLC and LINN Acquisition Company, LLC filed revised amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on December 14, 2016. As per the revised plan, Allowed Other Berry Secured Claims has been estimated at $5.4 million with a recovery of 100%. Berry Lender Claims are estimated at $891.3 million and will get chance to participate in the Berry Exit Facility and will get Berry Lender Paydown, which will be funded through Rights Offering. Allowed Berry Unsecured Notes Claims has been estimated at $849 million with a recovery in the range of 47% to 52%. Allowed Berry General Unsecured Claims are estimated in the range of $109 million to $165 million and will get a recovery in the range of 21% to 46%. Berry Rights Offerings contemplate two separate rights offerings totaling $300 million, consisting of a $60 million first tranche Rights offering and $240 million second tranche Rights Offering for Reorganized Berry Preferred Stock. Berry unsecured note claims will have an estimated recovery in the range of 43% to 50%. Berry unsecured claims will have an estimated recovery of 21% to 46%. The plan will be funded from Berry reserve revolving loan facility of $550 million along with other Exit facility.

Fourth Revised Joint Reorganization Plan Approved for Linn Energy, LLC

The US Bankruptcy Court approved the fourth revised joint amended reorganization plan of Linn Energy, LLC on January 27, 2017. The debtor has filed its amended plan in the Court on January 25, 2017. As per the plan, Allowed General Administrative Claim, Professional Fee Claims, Allowed Priority Tax Claims and Statutory Fees will be paid full in cash. Other LINN Secured Claims of $2.5 million and LINN Lender Claims of $1939 million and will get a recovery of 100%. LINN Unsecured Notes Claims of $3110 million and LINN Second Lien Notes Claims of $2057 million and will get a recovery of 17%. LINN General Unsecured Claims has been estimated in the range of $95 million to $145 million and will get a recovery of 33%. LINN Unsecured Notes Claim will consist of $580.10 million of 6.5% senior notes due May 2019, $600.58 million of 6.25% senior notes, $754.06 million of LINN 2020 Unsecured Notes, $788.87 million of 7.75% senior notes and $385.28 million of 6.5% senior notes due September 2021. Holders of Allowed LINN Convenience Class Claims and Holders of Allowed LINN General Unsecured Claims who elect to reduce their claim to an undefined amount will receive full recovery from a cash pool of $2.30 million. The holders who do not elect the same will receive pro rata share of $37.50 million in cash. LINN Intercompany Settled Claims has been estimated at $25 million and will get a recovery of 33%. The plan will be funded from cash in hand, rights offering and LINN Exit facility of $1.7 billion.

Fourth Revised Joint Amended Reorganization Plan Filed by Linn Energy, LLC

Linn Energy, LLC filed fourth revised joint amended reorganization plan in the US Bankruptcy Court on January 25, 2017. As per the amended plan, treatment of all the claim classes shall remain same as per previous plan.

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Recent Private Companies Transactions

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