FOCUSED Scan with November 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 Q3 2023 Results Strategic Element Activity/Result Maximize shareholder value by generating Q3 Adjusted Free Cash Flow1 (AFCF) of 35 MM, sustainable free cash flow Trailing Twelve Month AFCF1 Flow of…
Q3 2023 Highlights Q3 Production above expectations Q3 2023 average daily production of 25,300 boe/d, higher than first half of 2023 Average YTD daily production of 25,200 boe/d LOE and G&A Costs down Q3 LOE decreased 10% from…
Acquisition of Macpherson Berry acquired Macpherson Energy Corporation for 70 million, and closed on September 15, 2023 This capital efficient transaction is expected to increase the Companys Adj. Free Cash Flow1,2 beginning in…
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 Debt and…
2023 Adjusted Free Cash Flow for Shareholder Return Model Shareholder Return Model generated from Adjusted Free Cash Flow1: 000s Q1 23 Q2 23 Q3 23 YTD Net cash provided by operating activities 1,781 62,538 55,320 119,639 (includes…
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)…
Berry Expects to Deliver Substantial Returns Dynamic Shareholder Return Model Based on Adjusted Free Cash Flow1 80% 80% targeted primarily to debt repurchases, share buybacks and bolt-on acquisitions2 Debt bry shares 7%…
Operational Overview Conventional properties in California & Utah California Q3 production of 20,500 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 Declines1 Mbbl/d Oil Consumption 1 Oil…
ESG Philosophy BRYs ESG operating model is centered on the following: 1. Producing oil and gas is the core of our business, and we are committed to lowering the carbon intensity of our operations in a cost-effective manner. 2. We play a…
BRY ESG Initiatives BRY is committed to conducting operations in a manner that maintains, protects, and preserves our environment, and promotes a safe and healthy workplace Initiative Broader Application In 2022, permanently sealed…
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 November 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 November 2023 19
Maintain Low Leverage Profile We consistently manage to a prudent and attractive long-term leverage profile of between 1.0x 1.5x1, if not lower Chart Title 450 5.0 Net Debt 400 4.5 4.0 350 3.5 300 3.0 250 TTM Adj. EBITDA2…
Hedging Update: Oil as of 10/31/2023 Q4 2023 FY 2024 FY 2025 FY 2026 Brent - Crude Oil production Swaps Hedged volume (bbls) 1,407,600 5,426,817 1,847,125 645,768 Weighted-average price (/bbl) 77.61 77.82 75.21 69.43 Sold Calls1 Hedged…
Hedging Update: Fuel Gas as of 10/31/2023 Q4 2023 FY 2024 FY 2025 NWPL Rockies - Natural Gas purchases (FBNPM1 Index) Swaps Hedged volume (mmbtu) 3,680,000 10,980,000 6,080,000 Weighted-average price 5.34 4.21 4.27 (/mmbtu) Gas Basis…
Q3 2023 Q2 2023 Key Company Highlights Capital Expenditures 14mm 22mm Includes 2 MM for C&J Includes 1 MM for C&J New Wells Drilled Including Sidetracks 100% California development 3 10 100% California development Production…
Proved Reserves YE 2022 Results DeGolyer and MacNaughton Reserve Report Total Berry Reserve Reconciliation 2022 Replacement Metrics BRY California 11.58 Reserves Replacement 2 10.86 BRY R/P Ratio Years 236% Total Proved…
Status of 2023-2024 CA Legislation DATE BILL NUMBER (SPONSOR) STATUS INTRODUCED SB 253 (Wiener) Climate Corporate Data Responsibility Act: Requires corporations with more than 1 1/30/23 Passed Legislature. billion in annual gross…
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