Berry Overview Western U.S. independent upstream energy company focused on onshore, low geologic risk, low decline, long-lived conventional reserves Low decline assets with attractive full cycle economics NASDAQ: BRY Consistent…
Our Strategy Create long-term value by capitalizing on Berrys 100-year operating history and proven track record 1 2 3 World-Class Assets Strategic Opportunities Financial Discipline Drive continued operational Unlock upside…
Led by an Experienced Management Team Name Position Prior Industry Experience Years in Industry Fernando Araujo Chief Executive Officer 30+ Danielle Hunter President 14+ Jeff Magids Chief Financial Officer 15+ Mike…
Strong Financial and Operating Results 1Q25 and Prior Period Statistics 1Q25 4Q24 FY24 Stable, Low Decline Production Base Stable production over last 2+ years (93% oil) Total Production (MBoe/d) 24.7 26.1 25.4 Sustainable Cash Flow…
Sustaining Production Berry is Dedicated to Ensuring Safe, Affordable and Reliable Energy Average Daily Production (MBoe/d) 25.6 net of divestitures 27.4 26.1 Stable production with low 1.4 25.4 25.4 2.9 1.3 1.3 decline base…
Why Berry Consistently Delivering Results While Reducing Risk by Operating at the Highest Standards Proven ability to operate world-class assets and navigate complex environments Resource base provides substantial development…
1 World-Class Assets Drive continued operational excellence and superior returns in California 9
World-Class California Assets C California Assets Overview The Berry Advantage CA C Berrys California position offers low-decline oil B production and an extensive inventory of high-return D A locations (new wells, sidetracks and…
San Joaquin Basin Overview Asset Regions A Main Productive Area Region Field Recovery Mechanism Midway North Reservoir(s) McKittrick McKittrick A McKittrick Tulare Steamflood / cyclical steam Midway North Midway North A Midway…
Superior Returns: Thermal Diatomite Asset Single Well Production (Bbls/d): 100% Oil 100 0.8mm Stable production profile and low D&C costs drive high Low Capital Intensity D&C cost rates-of-return and sustainable free cash flow 75…
Advantageous Commodity Market California is an Energy Island Californias Supply and Demand Dynamics1 MBbl/d Oil Consumption1 Oil Production1 2,000 1,800 1,600 1,400 1,200 Imports 1,000 No crude pipelines to the 800 (55%)…
2 Strategic Opportunities Unlock upside value by continuing to develop assets in Utah, while pursuing scale 14
Unlocking Value in the Uinta Basin Building Positive Momentum The Berry Advantage Berrys existing infrastructure and advantaged position in High WI and HBP position allows Berry to accelerate the basin provides a cost and returns…
Pushing the Boundaries of Emerging Uinta Play Moving to Horizontal Development of Oily Stacked Pay High working interest and held-by-production Berry Held by Production Acreage acreage allows Berry to optimize development 1,200…
Leveraging Existing Operations for Significant Savings Cost Savings Summary Leading Capital Efficiency Potential (/ft) Berrys infrastructure enables over 150/ft of cost savings vs. recent actuals and offset operators Utilizing same…
3 Financial Discipline Strengthen balance sheet and deliver returns through capital allocation and cost control 18
Financial Discipline Investing for Long-Term Value Creation Through Commodity Cycles Prudent Balance Sheet Net Debt to EBITDA3 improvement to 1.37x from prior quarter Management Capital structure built for resiliency through cycles…
Balance Sheet Strength Maintain Conservative Leverage Profile Through Commodity Price Cycles Revolving Credit Facility3 Term Loan3 SPR Credit Facility First Lien Term Loan 95 million borrowing base 439 million funded 63 million…
Attractive Valuation EV / 2025E EBITDA1 2025E FCF Yield1 3.6x 31% 2.9x 29% 2.8x 28% 2.7x 2.6x 26% 2.4x 2.3x 2.3x 2.1x 21% 19% 14% 10% 8% Peer A Peer B Peer C Peer D Peer E Peer F BRY Peer G Peer H Peer E BRY Peer G…
2025 Outlook and Guidance Production FY25 Guidance Low High Consistent YoY with modest production growth in 2H25 Average Daily Production (Boe/d)1 24,800 26,000 Oil production expected to be 93% of total Non-energy LOE (/Boe)2…
Investment Highlights Sustainable Balance Sheet High-Return Pursue Scale & Free Cash Flow Strength & Inventory Portfolio Diversification Generation Stakeholder Returns Laser-focused on high Pay down debt, reduce Multi-decade…
Appendix 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 24
Hedge Summary As of 5/2/25 2Q25 3Q25 4Q25 REM 25 FY26 FY27 FY28 Brent Crude Oil Production Brent Swaps Hedged volume (Bbls) 1,637,198 1,613,083 1,518,000 4,768,281 5,247,518 3,483,500 1,505,500 Hedged volume (Bbls/d) 17,991 17,534…
Key Business Statistics Average Daily Production (MBoe/d) Capital Expenditures2 (MM) Existing Asset Production Divested Asset Production 28.5 153 27.4 26.1 25.4 25.4 25.2 133 114 102 76 73 26.1 25.6 26.1 25.4 25.4 25.2…
Thermal Diatomite Strategy Maximizing enterprise value by Berrys thermal diatomite play in the Midway Sunset field is a highly prolific, world class asset, generating sustainable free cash with nearly a million barrels of original oil in…
Reducing Our Emissions Impact Cut methane intensity by Berry Scope 1 Emissions (millions mt, CO2e) 80% and exploring carbon reduction opportunities Reduced total Scope 1 emissions 2.5 million investment in 2024 to by 28% vs. 2019…
Stay Connected 16000 N. Dallas Pkwy., Suite 500 Dallas, TX 75248 661.616.3811 irbry.com www.bry.com
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