FOCUSED A Responsible California Energy Partner Scan with phone camera August 2022 to browse to IR Reports Page INVESTOR PRESENTATION bry.com irbry.com 661-616-3811
Highlights Second Quarter 2022 0.62/Share Dividend = 0.06 Fixed + 0.56 Variable 127 MM available for share buyback program 22.8 MM of bry shares repurchased in second quarter 26,200 boe/d Total Production 92% Oil or 24,000…
Our Long-Term Strategy Return Operate within meaningful Levered Free capital to Cash Flow1 shareholders Maintain low Focus on leverage attractive profile organic and strategic growth 1 LeveredFree Cash Flow = Adjusted…
Operate Within Levered Free Cash Flow We have generated positive Levered Free Cash Flow1 annually since our IPO in July 2018. We will continue to operate within Levered Free Cash Flow, which is a core principle of our Financial…
Return Meaningful Capital to Shareholders Since our IPO in July 2018 through Q2 2022, we have paid fixed and variable dividends totaling approximately 151 million to shareholders.1 We have returned over 225 million when including 75…
Discretionary Free Cash Flow for Shareholder Return Model Shareholder Return Model generated from Discretionary Free Cash Flow: 000s Q222 Q122 Net cash provided by operating activities (includes impact of working capital each…
Maintain Low Leverage Profile We consistently manage to a prudent and attractive leverage profile of below 2.0x.1 Even after our acquisition of C&J Well Services in 2021 for 43 million cash, which impacted net debt, we still ended…
Focus on Attractive Opportunistic Growth Since 2017, management selectively divested non-core assets1 to focus on the highest return basins putting capital to work in our core areas. Acquisitions have increased our footprint in…
Steady Base Production Provides Visibility to Cash Flows Base production provides a foundation for strong cash flows before drilling or workover opportunities Development gap for flat annual production is filled by new drills and…
Dynamic Shareholder Return Model Expects to Generate Industry Leading Returns Based on Discretionary Free Cash Flow1 Each Quarter Began Q1 2022 60% predominantly in the form of cash variable dividends to be paid 60%…
Discretionary Shareholder Return Illustrated Model Discretionary Cash Flow of approximately 26 per boe, on an unhedged oil basis2, Illustrative example available to Shareholders Values are in general range of historical amounts,…
Discretionary Shareholder Return Illustrated Model1 - continued Discretionary Cash Flow2, on an unhedged 26 (A) oil basis3, available to shareholders (/boe) per boe (B) Production per day (boe/day) 26,500 boe mid-range of 2022…
Quarter Over Quarter Working Capital Changes 30.0 Chart Title 2019 2020 20.0 2021 2022 Q1 is historically 10.0 our largest use of Working Capital Change working capital 0.0 MM (10.0) (20.0) (30.0)…
Operational Overview Conventional properties in California & Utah California Q2 production of 21,000 boe/d California Production: 100% Oil Oil Gas NGL Proven management team Established track record of leading public companies…
Kern County & CA Still Top Oil Producers 6 10.6MM barrels/mo. AK 3 ND 13.9MM barrels/mo. Top 7 Oil Producing States2 MMBbl/Month Texas 144.6 North Dakota 34.4 Top 8 Oil Producing New Mexico 33.8 Alaska 14.4 Counties in…
California Assets: 100% Kern County 138 mi Kern County advantages to Berry Low population density vs L.A. County (100 ppl/sq mi vs 2,400 ppl/sq mi) KERN COUNTY Rural operational settings (minimal setback impact) Lower…
The Berry Advantage - Ease of Operations Resource / Shale Companies Decades of History Production History Still Learning Low Production Declines High Lower IP Rates Higher Low Capital and Service Cost Intensity Higher…
Californias Oil Market is Isolated From Rest of Lower 48 - There are no major crude oil pipelines connecting California to the rest of the US. Advantaged Oil Pricing Refineries - Bay Area Crude Capacity Refinery Name (MBbl/d)…
Fuel Gas - Kern River Pipeline Since May 1, 2022, contracted for a total of 48,200 mmbtu/d or up to 80% of our gas needs (see slide 21 for capacity availability) Wyoming Nevada Salt Lake City Uinta operations California…
Hedging Update: Fuel Gas as of 6/30/2022 We use natural gas in our operations and manage our cost through physical hedges and pipeline capacity. Q3 22 Q4 22 2023 2024 2025 mmbtu/day Henry Hub Consumer Collars Notional Volume…
Planning for Success in California Every barrel we produce is one less barrel imported Grasstops outreach Lobbyist in Sacramento Well-known holistic energy expert Aggressive outreach for Initial outreach to potential partners…
Operational Commitment to ESG View our latest Board oversight of ESG risks and opportunities ESG Report Internal cross-functional ESG Steering Committee Proactive engagement across stakeholder groups, including legislators &…
Berry is a Solution Provider for the Energy Transition and Environmental Goals of the State E Environmental Strategy Berry's environmental strategy Increase use of renewables for operational energy needs Reduce carbon…
Well Servicing Capabilities to Address Californias Emissions Goal In 2021, Berry acquired one of the largest wells services businesses in California, positioning Berry to be a leader in Californias well plugging and fugitive emission…
Opportunities for Solar PV Generation Identified over 800 acres of owned surface location that could accommodate solar photovoltaic panels for behind the meter electricity generation Locations average 270 sunny days/year Planned…
Framework for Success Powered by Our Principles and Assets Highly Oil-Weighted Brent pricing + stable operational costs = High Oil Margins Q2 2022 production 92% oil Operational Control and Stable Cost 2021 production 88% oil…
Reconciliation of Non-GAAP Measures For reconciliations of Non-GAAP to GAAP measures and other important information see https://ir.bry.com/non-gaap-reconciliations-to-gaap Appendix August 2022 28
Q2 2022 Q1 2022 Key Company Highlights Capital Expenditures 34mm 28mm Includes 1 MM for C&J Includes 1 MM for C&J New Wells Drilled 100% California development 23 26 85% California development Production Mboe/d 26.2 26.7…
Proved Reserves YE 2021 Results DeGolyer and MacNaughton View of Assets Total Berry Reserve Reconciliation Pricing 2021 Replacement Metrics 2 Reserves Replacement BRY California BRY 10.11 10.27 R/P Ratio Years 120%…
Status of 2021-2022 CA Legislation Bill Date Introduced Status Potential Impact on Berry SB 260 (Wiener) Climate Corporate Responsibility Act: Requires In Asm. Appropriations corporations with more than 1 billion in annual revenues…
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