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  Economics : Type Curve

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San Joaquin Hill Diatomite Fairway Pattern Type Curve1 Overview Type Curve and Historical Well Results (Boe/d) Asset Information 140 Area San Joaquin Basin Dataset: Approximately 230 diatomite wells in the fairway Reservoir Diatomite 120 3 Producing Wells: Production (Boe/d) 100 Historical Results Drilling Pattern 1 Injector Well Type Curve 80 Number of Wells (Tier 1 / Total) 311 / 896 60 WI / NRI 100 % / 100 % Aggregate Pattern Type Curve 40 Assumptions and Results 20 Gross Capex (mm / pattern) 2.2 0 0 2 4 6 8 10 12 Net EUR (Mboe) 139 Years % Oil 100 % Economics Across Various Prices IP90 Production (Boe/d) 94.8 120 % Brent Differential (/Bbl) 1.13 96 % 100 % Fixed Opex per pattern (k/month) 4.94 80 % 72 % Variable Opex3 per boe (/Boe) 1.68 IRR 53 % 60 % Steam3 (/Boe) - 36 % 40 % Severance Taxes 1.9 % 20 % Ad Valorem Taxes 3.5 % 0% IRR at Strip4 as of May 31, 2018 78 % 50 60 70 80 PV-105 (mm) per pattern 3.5 Flat Brent Price2 1 Please see slide 2 for a note regarding the preparation of Berrys type curves. 2 Assumes flat 3 Henry Hub gas price. 3 LOE costs based on run-rate average over 24 months of the well. 4 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. 5 Please see slide 2 for a note regarding the non-GAAP financial measure PV-10. 16
Berry Corporation
July 2018

Conventional Steamflood Example Year over Year Performance Eastern San Joaquin Valley Steamflood 15,000 Net Oil (bopd) 110,000 Two major intervals 1,500 2,500 14,000 Steam (bspd) 100,000 500 MMBoe in place at 35% RF 13,000 90,000 12,000 Field extension 11,000 2013 Avg 80,000 BOPD BSPD 8,400 bopd 2014 Avg Geologic re-characterization 10,000 62,000 bspd 11,300 bopd 70,000 9,000 93,000 bspd 60,000 Facilities expansion in 2013 8,000 7,000 50,000 Production grew 35% in 2014 2013 2014 6,000 40,000 50% growth in steam generation Jul-13 Jul-14 Jun-13 Jun-14 Apr-13 May-13 Apr-14 May-14 Mar-13 Mar-14 Dec-14 Feb-13 Jan-13 Aug-13 Sep-13 Nov-13 Dec-13 Feb-14 Jan-14 Aug-14 Sep-14 Nov-14 Oct-13 Oct-14 800+ potential locations (110 patterns) ROR Sensitivity Type Curve Economics 70 EUR (Gross) MBoe 7 Spot Inv 2015 Pattern cost (MM) 1.4 % Oil 100% 140 160 180 200 220 VCI 2.9 (Brent / Bbl) Oil Prices 80 42% 51% 60% 69% 77% Payback (years) 2.2 Net 2014 F&D ( / Boe)1 9.00 70 32% 40% 47% 54% 62% 60 21% 28% 34% 40% 46% Red outline indicates base case for type curve economics. 1 Refer to Appendix for detail on the calculation of F&D costs. EUR Estimated Ultimate Recovery. 32 IPAA SF 2015
California Resources Corp.
October 2015

EXPANDING RESOURCES California Decline Curve & Forecast 100 90 San Joaquin Valley-Midway Sunset 80 70 60 50 3P Net MBOEPD 40 Proved 30 20 PDP 10 Jan10 Jan11 Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 Jan18 Jan19 Jan20 28
Freeport-Mcmoran Inc.
June 2013
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