Berry : Q3 2023 Investor Presentation

November 2023

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; capital investments; recovery factors; projected accretion to financial and production results; projected synergies related to the Macpherson Acquisition; anticipated increases to free cash flow and shareholder returns; our capital expenditures and leverage profile; and other guidance are forward-looking statements. The forward-looking statements in this document are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although we believe that these assumptions were reasonable when made, these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control. Therefore, such forward-looking statements involve significant risks and uncertainties that could materially affect our expected financial position, financial and operating results, liquidity, cash flows (including, but not limited to, Adjusted Free Cash Flow) and business prospects.

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; effects of competition; 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; 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; inflation levels, including increased interest rates and volatility in financial markets and banking; changes in tax laws 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, 2022 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 $100.25 Brent and $6.40 Henry Hub as of December 31, 2022

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.

November 2023

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Pursue growth in C&J's P&A business in California.

Pursue accretive scale and diversification in and outside of CA to grow or keep production flat

Our Strategy

Maximize shareholder

value by generating

sustainable free cash

flow

Return capital through

our Shareholder Return

Model

Invest in the business to maintain long-term value and achieve operational excellence

• Focus on cost efficiency (capital, operating, corporate)
• Aim to keep production essentially flat
• Committed to top HSE performance & full compliance
• Enhance corporate culture and employee engagement

November 2023	2
May 2022

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 $98 MM
Invest in the business to maintain long-term	YTD production ahead of plan with less capital
value and achieve operational excellence	than budgeted; lowered LOE and G&A expenses
Return capital through our Shareholder	Declared $0.21/Share Q3 dividends
Return Model
Pursue accretive scale and diversification in	Closed on Macpherson acquisition,
and outside of CA to grow or keep	Aggressively pursing accretive acquisitions in
production flat	and outside of CA
Pursue growth in C&J's P&A business in	C&J Well Services bidding on CA Gov't "Orphan
California.	Well" abandonment project list
1Please see https://ir.bry.com/non-gaap-reconciliations-to-gaapfor reconciliations to GAAP measures and additional important information.
November 2023	3

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 first half 2023
  • Q3 Adjusted G&A1 costs trending down
• Dividends/Share Repurchases support shareholder returns
• • Declared fixed dividend of $0.12/Share and $0.09/Share Variable dividend
  • Used 80% of third quarter 2023 AFCF2 to pay portion of acquisition
• Announced new development in the Midway Sunset Field in CA
• • Identified new play targeting light oil and gas
  • Initial production volumes exceeding expectations
  • Performing technical assessment
  • No steam required, and selling production via existing infrastructure

1. Please seehttps://ir.bry.com/non-gaap-reconciliations-to-gaapfor reconciliations to GAAP measures and additional important information.
2. Adjusted Free Cash Flow = Cash Flow from Operations less fixed dividends and the capital needed to hold production flat.

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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 Company's Adj. Free Cash Flow1,2 beginning in 2024. Current estimates are expected to exceed the initial estimate of 15% - 25% per year and strengthen our ability to deliver sustainably on Berry's Shareholder Return Model.
• Approximately 80% of the acquisition cost is funded through

Capex reallocation in 2023 ($30- $35 million), and Adj. Free Cash Flow2 generated by the acquired assets in 2023 and 2024.

1. Based on current projections, including $75 per barrel Brent pricing & $5/mmbtu fuel price.
2. Please see "Non-GAAP Financial Measures" for more information see disclosures on Non-GAAP measures.

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Why BRY? Repeatable Results

Shallow

Corporate Decline

Conventional Oil

2023 fixed and variable dividends targeting high single digit cash return 1,2

Repeatable Low

Capital Intensity

Development

Variable

Dividends

Top-Tier

Shareholder

Return Model

Visibility to Free

Cash Flow

Generation

Debt and share repurchases, bolt-on acquisitions

Please see https://ir.bry.com/non-gaap-reconciliations-to-gaapfor reconciliations to GAAP measures and additional important information. 1 Includes Fixed and Variable Dividends for four quarters, at current stock price

2 Assumes $85/bbl Brent oil price

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6

2023 Adjusted Free Cash Flow for

Shareholder Return Model

Shareholder Return Model generated from Adjusted Free Cash Flow1:

$000's	Q1 '23	Q2 '23	Q3 '23	YTD
Net cash provided by operating activities	1,781	62,538	55,320	119,639
(includes impact of working capital each period)
Maintenance CapEx	(19,272)	(19,625)	(13,596)	(49,730)
Fixed Dividend1	(9,190)	(9,139)	(9,080)	(27,409)
Adjusted Free Cash Flow Available for SRM	(26,681)	33,774	35,407	42,520
Variable Dividend - 20% of AFCF1
Cumulative Cash Available for Variable Dividend	-	1,402	7,081	8,483
Variable Dividend $/share	-	$0.02	$0.09	$0.11

Total Dividends $/share (fixed + variable)

$0.12

$0.14

$0.21

$0.47

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

November 2023	7

Illustrative Shareholder

Return Model

																		Adjusted Free Cash Flow of
																	approximately $17 per boe, on			85.00
																		an unhedged oil basis,	17.00
	Illustrative example											available to Shareholders
	Values are in general range of														2.00
	2023 budget amounts. Actual						11.00	63.50	2.50
	results may differ materially.
						4.00
										7.50		4.00
								6.50			44.50
											(3.00)
$/boe	33.50	2.00	0.50				5.00											All-In-Cost = ~$63.50 Brent
																		including benefit

(3.50)	(4.00)	of C&J Well Services

Note: Based on long-term historical averages. See our published financials for actual historical values.

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

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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)

			2019
			2020
			2021
			2022
			2023
Q1 is historically
our largest use of
working capital

Q11,4

Q2 2

Q3 1,2

Q43

1. Each Q1 and Q3 period included semi-annual interest payments.
2. Q2 & Q3 2021 included price increase impacting Accounts Receivable
3. Q4'22 includes higher AP build, AR reductions and increased capex program
4. Q1'23 includes higher working capital usage, higher annual royalty payment due to higher 2022 prices

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