Berry : Q2 2023 Investor Presentation

August 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); anticipated financial and operating results; capital program and development and production plans; operations and business strategy; projected G&A savings from workforce reductions; 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; our ESG strategy and initiation of new projects or business in connection therewith; recovery factors; consummation of the acquisition of Macpherson Energy Resources, LLC (the "Macpherson Acquisition") and the timing thereof; 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 execute and close the acquisition and to 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.

August 2023

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

Focus on accretive "bolt-on" additions to help us 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

August 2023	2
May 2022

Checking the Boxes of Our Strategy

Strategic Element	Activity/Result
Maximize shareholder value by generating	Q2 Adjusted Free Cash1 (AFCF) of $34 MM
sustainable free cash flow	Trailing Twelve Month AFCF1 Flow of $116 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	Paid $0.14/Share Q2 dividends;
Return Model	Repurchased ~ $10 MM of BRY shares in open
	market at ~$7 per share average
Focus on accretive "bolt-on" additions to	Signed PSA for Kern County producing bolt-on
help us grow or keep production flat	acquisition for $70 MM
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.

August 2023

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Q2 2023 Highlights

• Q2 Production back on track after Q1 2023 dip
• • Q2 2023 average daily production of 25,900 boe/d, up nearly 7% over Q1 2023
  • Average YTD daily production of 25,100 boe/d
  • 2023 production guidance from current operations unchanged
• LOE and G&A Costs down
• • LOE decreased 23% from Q1, including the effect of gas purchase hedges
• Dividends/Share Repurchases support shareholder returns
• • Declared fixed dividend of $0.12/Share and $0.02/Share Variable dividend
  • In the market purchases of ~1.4 million shares for ~$10 MM
  • Average price of $7/share
  • Shares outstanding of 75.7 million (July 31, 2023)
• Signed PSA for Macpherson Energy Company
• • Cash deal - $70 million - without taking on additional long-term debt
  • Located in Kern County, CA, adjacent to existing Berry assets
  • Transaction improves capital efficiency by reallocating $35 MM of CapEx to fund deal

August 2023

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