FOCUSED Scan with August 2023 phone camera to browse to IR Reports Page INVESTOR PRESENTATION bry.com irbry.com 661-616-3811
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…
Checking the Boxes of Our Strategy Strategic Element Activity/Result Maximize shareholder value by generating Q2 Adjusted Free Cash1 (AFCF) of 34 MM sustainable free cash flow Trailing Twelve Month AFCF1 Flow of 116 MM Invest in the…
Q2 2023 Highlights Q2 Production back on track after Q1 2023 dip Q2 2023 average daily production of 25,900 boe/d, up nearly 7% over Q1 2023 Average YTD daily production of 25,100 boe/d 2023 production guidance from current…
Acquisition of Macpherson Berry signed a PSA to acquire Macpherson Energy Corporation for 70 million, and scheduled to close in the third quarter of 2023 The capital efficient transaction is expected to increase Berrys total Adj.…
Why BRY Repeatable Results Shallow Repeatable Low Visibility to Free Corporate Decline Capital Intensity Cash Flow Conventional Oil Development Generation 40% Predominately Variable Dividends 2023 fixed and Top-Tier Share and…
Enhanced Shareholder Return Model Fixed dividend for 2023 of 0.48 per .48/sh share1 (double the 2022 annual total ) Allocating Adjusted Free Cash Flow1: 80/20 80% Share Buybacks, Debt Reduction & Bolt-On Acq. 20% Variable…
2023 Adjusted Free Cash Flow for Shareholder Return Model Shareholder Return Model generated from Adjusted Free Cash Flow: 000s Q1 23 Q2 23 YTD Net cash provided by operating activities 1,781 62,490 64,271 (includes impact of…
Illustrative Shareholder Return Model Adjusted Free Cash Flow of approximately 17 per boe, on 85.00 an unhedged oil basis, 17.00 available to Shareholders Illustrative example Values are in general range of 2.00 2023 budget…
Quarter Over Quarter Working Capital Changes 2019 50.0 2020 40.0 2021 2022 30.0 Q1 is historically 2023 our largest use of 20.0 Working Capital Change working capital 10.0 MM 0.0 (10.0) (20.0) (30.0)…
Dynamic Shareholder Return Model Expects to Generate Substantial Returns Based on Adjusted Free Cash Flow1 80% 80% targeted primarily to share buybacks and debt repurchases and bolt-on acquisitions2 Share bry shares 7%…
Operational Overview Conventional properties in California & Utah California Q2 production of 20,800 boe/d Long production history and operational control Oil Gas NGL Shallow decline curves with highly predictable production…
Thermal Diatomite Asset Continues to Perform May-July 2019 Lawrence Livermore (LL) Chevron surface study started April 15, 2020 expressions reported Lawrence Livermore report finalized in Nov 19, 2019 LL Technical interviews with…
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 Consumption Oil production…
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 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 August 2023 18
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 2023 19
Maintain Low Leverage Profile We consistently manage to a prudent and attractive long-term leverage profile of below 2.0x.1 5.0 millions 400 Net Debt 4.5 350 4.0 300 3.5 250 3.0 TTM Adj. EBITDA2 (hedged) 2.5 200…
Hedging Update: Fuel Gas as of 7/31/2023 Q3 2023 Q4 2023 FY 2024 FY 2025 NWPL Rockies - Natural Gas purchases (FBNPM1 Index) Swaps Hedged volume (mmbtu) 3,680,000 3,680,000 10,980,000 6,080,000 Weighted-average price 5.34 5.34 4.21…
Q2 2023 Q1 2023 Key Company Highlights Capital Expenditures 22mm 21mm Includes 1 MM for C&J Includes 5 MM for C&J New Wells Drilled Including Sidetracks 100% California development 10 17 100% California development 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%…
Status of 2023-2024 CA Legislation DATE POTENTIAL BILL NUMBER (SPONSOR) STATUS INTRODUCED IMPACT TO BERRY SB 253 (Wiener) Climate Corporate Data Responsibility Act: Requires corporations 1/30/23 Next hearing in Minimal with more than…
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