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  Economics : Rates of Return/ IRR

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Significant Inventory of High Return Development Opportunities Tier 1 Additional 870 80 7,053 793 424 IRRs1,2 904 78 % 359 % 65 % 585 (Wells / Incl. Producers & Injectors) 452 3,397 1,860 774 Additional Well Count 311 Upside Extended San Joaquin Hill Diatomite Thermal Thermal Uinta Total Tier 1 Hill Diatomite Thermal Thermal Uinta Piceance East Texas Total development (non-thermal) Diatomite Sandstones (non-thermal) Diatomite Sandstones Enhanced production techniques (PSA Signed Enhanced drilling and San Joaquin San Joaquin and expected to close Q4 completion techniques 2018) Cost / efficiencies upside 1 IRRs based on Strip Pricing. Berry's Strip Pricing oil, natural gas and NGL reserves were determined using index prices for natural gas and oil, respectively, as of May 31, 2018 without giving effect to derivative transactions. The average future prices for benchmark commodities used in determining Berry's Strip Pricing reserves were 74.59 per Bbl for oil and NGLs for 2018, 72.98 for 2019, 69.15 for 2020 and 66.49 for 2021 thereafter, on the ICE (Brent), and 2.94 per MMBtu for natural gas for 2018, 2.75 for 2019, 2.68 for 2020 and 2.66 for 2021 thereafter, on the NYMEX Henry Hub. For a comparison to SEC Pricing, please see slides 48-49 in Berry's July 2018 Investor Presentation (available at berrypetroleum.com/Investors). 2 IRRs calculated based on Berry's type curves and management's assumptions. Please see slide 2 for a note regarding Berry's type curves and slides 37-38 of Berry's July 2018 Investor Presentation (available at berrypetroleum.com/Investors) for more detailed information related to those curves. 7 November 2018
Berry Corporation
November 2018

CRCs Large Resource Base with Advantaged Infrastructure World-Class Resource Base Operate in 4 of 12 largest fields in the continental U.S. Sacramento Basin 11 MMBOE Proved Reserves 568 MMBOE proved reserves 6 MBOE/d production 140 MBOE/d production, 77% liquids 2.3 million net mineral acres Low, flattening decline rate San Joaquin Basin 429 MMBOE Proved Reserves 97 MBOE/d production Positioned to Grow Internally funded capital program designed to live within cash flow and drive growth Ventura Basin Operating flexibility across basins and drive mechanisms 29 MMBOE Proved Reserves to optimize growth through commodity price cycles 7 MBOE/d production Increasing crude oil mix improves margins Deep inventory of high-return projects Los Angeles Basin 99 MMBOE Proved Reserves 30 MBOE/d production Reserves as of 12/31/16; Production figures reflect average FY 2016 rates. 19 2017 CRC Analyst Day
California Resources Corp.
March 2017

Second Quarter 2013 Earnings California Operations p Summaryy Progress toward 2013 Goals: 1.5 1 5 billion capital program and expect to generate free cash flow of over 1 billion. With continued improvements in permitting, should be able to grow capital budget to 2.0 2 0 billion in 2014, 2014 with further increases beyond that to 2.5 2 5 billion on a sustainable basis. Expect production growth of at least 5-8% annually with 20% ROR. Improved capital efficiency by 15% and reduced operating expenses by 3.50/boe, saving at least 175 million in 2013. Have id H identified tifi d 5,500+ 5 500 well ll llocations ti across large l and d diverse di portfolio tf li and will add more through future projects. Exploration program delivered high rate of success, including significant unconventional discovery in San Joaquin basin. 34
Occidental Petroleum Corp
July 2013
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