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…
Long-Term Strategy Creating Shareholder Value Sustainable Balance Sheet High-Return Pursue Scale & Free Cash Flow Strength & Inventory Portfolio Diversification Generation Stakeholder Returns x x Laser-focused on high rate Pay…
Recent Highlights & Achievements Reduced debt by 23MM since YE24; on track with 10% annual debt reduction rate Returned 0.03/sh through quarterly cash dividend; annualized dividend yield of 4%1 1H25 Hedged LOE tracking 6% below…
Strong Regulatory Tailwinds in California Current Status Next Steps Kern County EIR Next Steps Legislative Effort Kern County adopted the Superior Court must approve the Governors Petroleum Market revised Environmental Impact…
1 California Assets Drive continued operational excellence and superior returns in San Joaquin Basin 7
World-Class California Assets California Assets Overview The Berry Advantage CA C Berrys California position offers low-decline oil B D production and an extensive inventory of high-return A locations (new wells, sidetracks and…
San Joaquin Basin Overview Asset Regions A Main Productive Midway North Area Region Field Recovery Mechanism 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…
The California Advantage California vs. Shale Characteristic California Typical U.S. Shale Receive premium Brent pricing Benchmark Pricing Brent WTI (vs. WTI) Full land ownership on majority Land Ownership Fee Simple Leasehold of…
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 (56%)…
2 Utah Assets Unlock upside value by continuing to develop Uinta Basin while pursuing scale 13
Unlocking Value in the Uinta Basin Development: Then vs. Now The Berry Advantage Initially acquired position from Williams Companies in High WI and HBP position allows Berry to accelerate 2003. Antelope Creek bolt-on closed in 2022…
Pushing the Boundaries of Emerging Uinta Play Key Points A Great Neighborhood Horizontal drilling has expanded the Active Producing Wells plays viability over the past decade Active Rigs (6)1 Berry Acreage Play started in the center…
Momentum Continues to Build in the Uinta Basin The Berry Advantage High working interest and held-by-production acreage allows Berry to optimize development Berry DUCs (4) Operated DSUs 1,200 existing vertical wells on Berrys acreage…
Uinta 4-Well Horizontal Pad Case Study: Operational Execution Drives Capital Efficiency Improved spud-to-rig Faster drilling release times by 0.5 times days compared to non-op 3-mile wells Optimized Achieved 90% drilling placement…
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 Conservative Net Debt to EBITDA1 of 1.5x or lower Management Capital structure built for resiliency through cycles…
Balance Sheet Strength Maintain Conservative Leverage Profile Through Commodity Price Cycles Revolving Credit Facility1 Term Loan1 SPR Credit Facility First Lien Term Loan 95 million borrowing base 428 million funded 63 million…
Active Hedging Program to Protect Returns Manage commodity price risk through a disciplined risk management program Maintain a simple hedge portfolio comprised primarily of fixed price swaps and two-way collars Crude Oil: Hedge 50-75%…
Attractive Valuation EV / 2025E EBITDA1 2025E FCF Yield1,2 4.5x 28% 27% 27% 22% 3.4x 3.2x 3.1x 3.1x 3.0x 18% 2.7x 2.5x 2.3x 13% 10% 7% Peer A Peer B Peer C Peer D Peer E Peer F BRY Peer G Peer H BRY Peer B Peer E…
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…
Why Berry Consistently delivered sustainable FCF1 and created long-term value Sustainable Free Cash Flow Generated 1.5 billion in Cash Flow From Operations since July 2018 IPO Generation Held CA production flat last 6 years;…
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 25
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 2Q25 and Prior Period Statistics Stable, Low Decline Production Base 2Q25 1Q25 FY24 Stable annual production over last 2+ years (93% oil) Total Production (MBoe/d) 23.9 24.7 25.4 Corporate…
Hedge Summary As of 7/31/25 3Q25 4Q25 REM 25 FY26 FY27 FY28 Brent Crude Oil Production Brent Swaps Hedged volume (Bbls) 1,613,083 1,610,000 3,223,083 5,382,518 3,901,500 2,045,000 Hedged volume (Bbls/d) 17,534 17,500 17,517 14,747…
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…
Reducing Our Emissions Impact Berry Scope 1 Emissions (millions mt, CO2e) Cut methane intensity by 80% and exploring carbon reduction opportunities Reduced total Scope 1 emissions by 28% vs. 2019 2.5 million investment in 2024 to…
Stay Connected 16000 N. Dallas Pkwy., Suite 500 Dallas, TX 75248 661.616.3811 irbry.com irbry.com www.bry.com www.bry.com
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