FOCUSED Scan with phone camera February 2023 to browse to IR Reports Page INVESTOR PRESENTATION bry.com irbry.com 661-616-3811
Enhanced Shareholder Return Model 2x Doubling fixed dividend for 2023 to 0.48 per share1 Allocating Adjusted Free Cash Flow1: 80/20 80% Share Buybacks & Debt Reduction 20% Variable Dividends 200 MM Share buyback 75 MM Bond…
Why BRY Repeatable Results Shallow Repeatable Low Visibility to Free Corporate Decline Capital Intensity Cash Flow Conventional Oil Development Generation 40% Predominately Variable Dividends 2022 fixed and Top-Tier 2022…
Highlights Fourth Quarter 2022 Full Year 2022 Dividends & Buybacks Dividends & Buybacks 0.50/Share = 0.06 Fixed + 0.44 Variable 1.78/Share = 0.24 Fixed + 1.54 Variable 9.6 MM of BRY shares repurchased in fourth quarter 51.3 MM of BRY…
Our Strategy Maximize shareholder value by generating sustainable free cash flow Pursue growth in C&Js Invest in the business P&A business in to maintain long-term California. value and achieve operational excellence…
2022 Total Return Summary Fixed & Variable Dividends1 Variable Total Cash Fixed per Share per Share per share + 0.24 = 1.54 1.78 In millions 119 + 19 = 138 Share Buybacks bry 5 million shares (7% of current outstanding)…
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…
Adjusted Shareholder Return Illustrative Model Adjusted Free Cash Flow of approximately 17 per boe, on 85.00 17.00 an unhedged oil basis, available to Shareholders Illustrative example Values are in general range of 2.00 2023…
Dynamic Shareholder Return Model Expects to Generate Substantial Returns Based on Adjusted Free Cash Flow1 Each Quarter Beginning Q1 2023 80% targeted primarily to share buybacks and debt repurchases2 80% Share bry 7%…
Operational Overview Conventional properties in California & Utah California Q4 production of 21,100 boe/d Long production history and operational control Oil Gas NGL Shallow decline curves with highly predictable production…
Proved Reserves YE 2022 Results DeGolyer and MacNaughton View of Assets Total Berry Reserve Reconciliation Pricing 2022 Replacement Metrics BRY California 2 11.58 Reserves Replacement 10.86 BRY R/P Ratio Years 236%…
Thermal Diatomite Asset Continues to Perform May-July 2019 Lawrence Livermore (LL) Chevron surface Lawrence Livermore study started April 15, 2020 report finalized in expressions reported November 2021. Nov 19, 2019 LL Technical…
California Assets: 100% Kern County Kern County advantages to Berry Low population density vs L.A. County Rural operational settings (minimal setback impact) Lower operating costs vs other CA basins Large portion of local population…
5 Exposure to Attractive West Region Pricing Dynamics BRY sells into a structurally advantaged market with premium oil pricing California Oil Demand Remains Stable While Production Declines Mbbl/d Oil Production Oil Consumption…
5 BRY is a Solution Provider for the Energy Transition Today BRY is a solution provider for the energy transition and environmental goals of the state today Initiative Broader Application Acquired C&J Well Services BRY is working…
5 E&P Field Operations 45 Q4 22 Q3 22 Q4 21 YE 22 YE21 40 35 30 25 20 15 10 5 0 -5 -10 -15 Lease Operating Expense Electricity Generation Expense Transportation Expenses Marketing Expenses Cash from gas purchase…
5 E&P Field Operations We have changed the presentation of what we formerly referred to as Opex or operating expenses. Overall, management assesses the efficiency of our E&P field operations by considering core E&P operating expenses…
5 C&J Well Services Offers Cash Flow and Orphan/Idle Well Solution In 2021, BRY acquired C&Js California wells services, adding established cash flow and paving the way for BRY to become a leader in Californias well abandonment and…
Bry Core Values We are Powered by Our Principles February 2023 19
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 February 2023 20
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 are at less…
Hedging Update: Fuel Gas as of 1/31/2023 Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2024 FY 2025 Henry Hub Natural Gas Purchases Consumer Collars Hedged volume (mmbtu) 2,110,000 1,820,000 - - - - 4.00/ 4.00/ Weighted-average price (/mmbtu) -…
Q4 2022 Q3 2022 Key Company Highlights Capital Expenditures 50mm 41mm Includes 5 MM for C&J Includes 1 MM for C&J New Wells Drilled Including Sidetracks 95% California development 22 100% California development 14 Production…
2022 2021 Key Company Highlights Capital Expenditures 153mm 133mm Including 8.5 for C& New Wells Drilled Including Sidetracks 85% California development 85 191 100% California development Production Mboe/d 26.1 27.4 92% Oil…
Status of 2021-2022 CA Legislation Session Adjourned on August 31, 2022 Bill Date Introduced Status Potential Impact on Berry SB 260 (Wiener) Climate Corporate Responsibility Act: Requires corporations with more than 1 billion in…
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