Berry : Q1 2022 Investor Presentation

FOCUSED

A Responsible

California Energy Partner

May 2022

INVESTOR PRESENTATION

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 Discretionary Free Cash Flows); 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 and the Company's new shareholder return model; payment of or improvement of future dividends; future repurchases of stock or debt; capital investments, recovery factors and other guidance are forward-looking statements. 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.

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 and adversely affect our business, financial position, financial and operating results, liquidity, cash flows, shareholder returns and future prospects. Additionally, Berry cautions you that these forward-looking statements are subject to, among other risks and uncertainties, those incident to the exploration for and development, production, gathering and sale of oil and natural gas; commodity price volatility; legislative and regulatory actions that may prevent, delay or otherwise restrict our ability to drill, develop and produce our assets, including the implementation of additional requirements for the regulatory approval and permitting process; legislative and regulatory initiatives in California or our other areas of operation addressing climate change or other environmental, health and safety concerns; investment in and development of competing or alternative energy sources; drilling and other operating risks; uncertainties inherent in estimating natural gas and oil reserves and in projecting future rates of production; cash flow and access to capital; the timing and funding of development expenditures; environmental risks; effects of hedging arrangements; potential shut-ins of production due to lack of downstream demand or storage capacity; the impact and duration of the ongoing COVID-19 pandemic on demand and pricing levels; the ability to effectively deploy our ESG strategy and risks associated with initiating new projects or business in connection therewith; 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, 2021 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 transport and 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.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to correct or update any forward-looking statement after they are made whether as a result of new information, future events or otherwise except as required by applicable law. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. 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 atwww.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 $69.47 Brent and $3.64 Henry Hub as of December 31, 2021

Reconciliation of Non-GAAP Measures to GAAP

Please seehttps://ir.berrypetroleum.com/non-gaap-reconciliations-to-gaap for non-GAAP reconciliations to GAAP measures and additional important information.

Highlights

First Quarter 2022

$0.19/Share = $0.06 Fixed Dividend + $0.13 Variable Dividend $150 MM Board authorization for share buyback program 26,700 boe/d Total Production

91% Oil or 24,400 boe/day 22,200 bbl/d California Production

$96 MM Adj. EBITDA1 (including C&J Well Services)

90% of production comes from base

Oil hedges at ~ $77/bbl on ~ 60% of Q2 -Q4 '22 oil production

Natural gas purchases hedged at ~$4.00 mmbtu for ~2/3 of daily needs, plus 48,200 mmbtu/d available pipeline capacity

1 Please seehttps://ir.berrypetroleum.com/non-gaap-reconciliations-to-gaapfor non-GAAP reconciliations to GAAP measures and additional important information.

2

Our Long-Term Strategy

1 Levered Free Cash Flow = Adjusted EBITDA - (Capex + Interest Expense + Fixed Dividends).

Please seehttps://ir.berrypetroleum.com/non-gaap-reconciliations-to-gaap for non-GAAP reconciliations to GAAP measures and additional important information.

Operate Within Levered Free Cash Flow

• • We have generated positive Levered Free Cash Flow1 annually since our IPO in July 2018.

• • We will continue to operate within Levered Free Cash Flow, which is a core principle of our Financial Policy.

• • We maintain an active hedging program to opportunistically lock-in cash flows.2 Our hedging strategy has provided a positive benefit to shareholder value over time.

206

2018

2019

2020

2021

(from July)

Cumulative since IPO thru Dec 2021

1. Levered Free Cash Flow = Adjusted EBITDA - (Capex + Interest Expense + Fixed Dividends).

Please seehttps://ir.berrypetroleum.com/non-gaap-reconciliations-to-gaapfor non-GAAP reconciliations to GAAP measures and additional important information.

2. Our credit facility also has hedging requirements that we must satisfy.