Berry : Q1 2024 Earnings Presentation

A Western US Energy Company

2024 Q1 Earnings

May 1, 2024

INVESTOR PRESENTATION

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Disclaimer

The information in this document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this document that address plans, activities, events, objectives, goals, strategies, or developments that the Company expects, believes or anticipates will or may occur in the future, such as those regarding the Company's financial position; liquidity; cash flows (including, but not limited to, Adjusted Free Cash Flow); financial and operating results; capital program and development and production plans; operations and business strategy; potential acquisition and other strategic opportunities; reserves; hedging activities; capital expenditures; return of capital; our shareholder return model and the payment of future dividends; future repurchases of stock or debt; future reduction or refinancing of existing debt; capital investments; our ESG strategy and the initiation of new projects or business in connection therewith; recovery factors; projected accretion to financial and production results; anticipated increases to free cash flow and shareholder returns; our capital expenditures and leverage profile; and other guidance are forward-looking statements.

Berry cautions you that these forward-looking statements are subject to all of the risks and uncertainties incident to acquisition transactions and the exploration for and development, production, gathering and sale of natural gas, NGLs and oil most of which are difficult to predict and many of which are beyond Berry's control. These risks include, but are not limited to, commodity price volatility; legislative and regulatory actions that may prevent, delay or otherwise restrict our ability to drill and develop our assets, including with respect to existing and/or new requirements in the regulatory approval and permitting process; legislative and regulatory initiatives in California or our other areas of operation addressing climate change or other environmental concerns; investment in and development of competing or alternative energy sources; drilling, production and other operating risks; uncertainties inherent in estimating natural gas and oil reserves and in projecting future rates of production; our ability to replace our reserves through exploration and development activities or strategic transactions; cash flow and access to capital; the timing and funding of development expenditures; environmental, health and safety risks; effects of hedging arrangements; potential shut-ins of production due to lack of downstream demand or storage capacity; disruptions to, capacity constraints in, or other limitations on the third-party transportation and market takeaway infrastructure (including pipeline systems) that deliver our oil and natural gas and other processing and transportation considerations; epidemics or pandemics, including the effects of related public health concerns and the impact of actions that may be taken by governmental authorities and other third parties in response to a pandemic; the ability to effectively deploy our ESG strategy and risks associated with initiating new projects or business in connection therewith; our ability to successfully integrate the Macpherson assets into our operations; we fail to identify risks or liabilities related to Macpherson, its operations or assets; our inability to achieve anticipated synergies; our ability to successfully execute other strategic bolt-on acquisitions; overall domestic and global political and economic conditions; the imposition of tariffs or trade or other economic sanctions, political instability or armed conflict in oil and gas producing regions, including the ongoing conflict in the Middle East, or a prolonged recession; inflation levels and government efforts to reduce inflation, including high interest rates and volatility in financial markets and banking; changes in tax laws; information technology failures or cyberattacks and the other risks described under the heading "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent filings with the SEC.

The forward-looking statements in this presentation include management's projections of certain key operating and financial metrics. Material assumptions include but are not limited to a consistent and stable regulatory environment; the timely issuance of permits and approvals required to conduct our operations; access to and availability of drilling and completion equipment and other resources necessary for drilling, completing and operating wells; availability of capital; and access to third-party transportation and market takeaway infrastructure and our ability to sell oil and natural gas product to available markets. While Berry believes that these assumptions are reasonable and made in good faith in light of management's current expectations concerning future events, the estimates underlying these assumptions are inherently uncertain and speculative and are subject to significant risks and uncertainties which are difficult or impossible to predict and are beyond our control, including those discussed in this disclaimer. While Berry currently expects that its actual results will be within the ranges and guidance provided in this presentation, there will be differences between actual and projected results, and actual results may differ materially from those contained in these projections or any other forward-looking statement. Additionally, reported results should not be considered an indication of future performance.

You can typically identify forward-looking statements by words such as aim, anticipate, achievable, believe, budget, continue, could, effort, estimate, expect, forecast, goal, guidance, intend, likely, may, might, objective, outlook, plan, potential, predict, project, seek, should, target, will or would and other similar words that reflect the prospective nature of events or outcomes.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no responsibility to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise except as required by applicable law. Investors are urged to consider carefully the disclosure in our filings with the Securities and Exchange Commission, available from us via our website or from the SEC's website at www.sec.gov.

This presentation has been prepared by Berry and includes market data and other statistical information from sources believed by management to be reliable, including independent industry publications, government publications or other published independent sources. Some data is also based on Berry's good faith estimates, which are derived from its review of internal sources as well as the independent sources described above. Although Berry believes these sources are reliable, management has not independently verified the information and cannot guarantee its accuracy and completeness.

Proved Reserves and PV-10 based on year end reserves and SEC pricing of $82.84 Brent and $2.63 Henry Hub as of December 31, 2023

Reconciliation of Non-GAAP Measures to GAAP

Please see https://ir.bry.com/non-gaap-reconciliations-to-gaapfor non-GAAP reconciliations to GAAP measures and additional important information.

1Q 2024 Results

1

Berry Corporation Overview

A Western US Energy Company

• Western U.S. independent upstream energy company focused on onshore, low geologic risk, low decline, long- lived conventional reserves:
• • San Joaquin Basin of California (Oil 100%)
  • Uinta Basin of Utah (Oil 65% & Gas 35%)
• Operate leading Well Servicing & Abandonment business (C&J Well Services) in California, which contributed ~9% of our Adj. EBITDA1 in 2023
• Successful operations in California for over 100 years
• California production benefits from Brent-influenced pricing dynamics
• Conservative balance sheet leverage with ample liquidity and manageable contractual obligations

CA

Operational Metrics (Q1 2024):
Average Daily Production	25,400 boe/d
Oil Production	23,800 bo/d (~94%)
California Production	21,300 (~84% of total)

NASDAQ: BRY

HQ: Dallas, TX

Website: bry.com

UT

1Non-GAAP financial measure; please see https://irbry.com/non-gaap-reconciliations-to-gaapfor reconciliations to GAAP measures and additional important information

1Q 2024 Results

2

Our Strategy

Maximize enterprise value by generating sustainable free cash flow

Invest in the business to maintain long-term value

• Keep production flat (protect the base, development activities and bolt-on acquisitions)
• Be a cost-effective producer: improve capital efficiency; reduce opex & G&A
• Demonstrate commitment to uncompromised HSE performance and full regulatory compliance

Pursue strategic opportunities

• Focus on accretive transactions that will provide scale with geographic and product diversification

Pursue growth in C&J's P&A and well servicing business

• Become the pre-eminent well service business in California

Maintain balance sheet strength through the cycle

1Q 2024 Results

3

Q1 2024 Statistics

	Q1 2024
Total sales volume (mboe/d)	25.4
Oil sales volume (mbbl/d)	23.8
Realized Oil Price w/o Hedges ($/bbl)	$75.31
Realized Oil Price with Hedges ($/bbl)	$73.14
Realized Oil Price w/o Hedges % of Brent	92%
Realized Oil Price with Hedges % of Brent	89%
Adj. EBITDA1 ($mm)	69
Adj. G&A1 ($mm)	19
Cash flow from Operations ($mm)	27
Capex ($mm)	17
E&P Capex ($mm)	16
Adj. Free Cash Flow1 ($mm)	1

Q1 & Recent Highlights

Q1 2024 avg daily production of 25.4 mboe/d, above midpoint of annual guidance

Closed Utah 4-wellfarm-in and acquiring CA bolt-on working interest (will complete in Q2 '24) w/no long- term debt increase

Declared fixed dividend of $0.12 per share

Issued Sustainability Report; announced target of 80% methane reduction by 2025

1Please see https://ir.bry.com/non-gaap-reconciliations-to-gaapfor reconciliations to GAAP measures and additional important information.
1Q 2024 Results	4

Quarter Over Quarter

Working Capital Changes

Working Capital Change $MM

50.0

40.0

30.0

20.0

10.0

0.0

(10.0)

(20.0)

(30.0)

(40.0)

(50.0)

2021

2022

2023 2024

Q1 is historically our

largest use of

working capital

Q11,4

Q2 2

Q3 1,2

Q43

1. Each Q1 and Q3 period includes semi-annual interest payments.
2. Q3 2023 & Q4 2023 included price increase (Q3) or decrease (Q4) impacting Accounts Receivable
3. Q4'22 includes higher AP build, AR reductions and increased capex program
4. Q1'23 includes higher working capital usage and higher annual royalty payment due to higher 2022 prices

1Q 2024 Results	5

Uncompromised HSE Performance and

Regulatory Compliance

Our safety performance remains strong with zero recordable incidents, zero lost- time incidents, and no reportable spills in the first quarter, following the same achievement in the fourth quarter of 2023.

First Quarter 2024

ZERO

recordable incidents

ZERO

lost-time incidents

ZERO

reportable spills

1Q 2024 Results	6

Thermal Diatomite

Asset Continues to Perform

Production

May-July 2019	Lawrence Livermore (LL)
Chevron surface
study started April 15, 2020
expressions reported
		Nov 19, 2019			LL Technical interviews with operators
		Governor announces		April 28 and May 18, 2020
6,500		HPSI moratorium

Lawrence Livermore report finalized in November 2021.

Q u a r t e r l y p r o d u c t i o n

+~19% since Q4 2019

Net bbl/d

Qtrly Average

6,000
5,500
5,000	N o n e w p e r m i t s f o r h i g h p r e s s u r e s t e a m i n j e c t i o n w e l l s i n C a l i f o r n i a
4,500

4,000

Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024

Berry has successfully managed the thermal energy (steam chest) within its thermal diatomite reservoirs in California and has increased production ~19%by performing workoversfrom existing wellbores as an alternative method of developing thermal diatomite reserves as it awaits final resolution by CalGEM.

1Q 2024 Results

7

$10 MM Four-WellFarm-In Uinta Basin

Potential for ~22,000 net prospective acres

Duchesne

County

U T A H

We recently signed an agreement to farm into four horizontal wells that immediately offset our Brundage Canyon acreage to the north and east.

pub/survey-notes/horizontal-drilling-utah/

U T A H

Berry's Brundage Canyon Asset

• These wells have been drilled and completed and expected to be on production by June 2024.
• If the wells are successful, the knowledge gained will help us define a development plan for our acreage.
• Right now, we believe that approximately 22,000 net acres could be prospective.

Source: https://geology.utah.gov/map-

1Q 2024 Results

8

Focus on Reducing Emissions

We aim to eliminate 80% of methane emissions

associated with our operations from 2022 by the end of 2025

Demonstrated Stewardship Commitment	New 80% reduction target
22% reduction vs. 2019
Berry Scope 1 emissions, millions mt CO2e	Berry Scope 1 methane emissions,
	thousands mt, methane1

1.71

1.61	6.68
6.07

1.311.34

2019	2020	2021	2022	2021	2022	2025
			1Q 2024 Results		Baseline
			1 Expected to result in an approximate 10% reduction in the total	9
Source: Berry "Sustainable Business Report", April 2024			Scope 1 emissions associated with existing operations