Berry Corporation sees 2024 average daily production 24,600-25,800 boe/d

Berry’s 2024 capital program reflects management’s prior experience with the constraints imposed by the current permitting litigation impacting Kern County, with an underlying commitment to maximize Adjusted Free Cash Flow and shareholder value. Our current plan is based on 2024 production that is essentially flat to 2023. Berry’s current capital program for 2024 focuses on sidetracks, workovers and other activities related to existing wellbores. The Company expects to benefit from a full year of production from the assets acquired in the Macpherson Acquisition and another bolt-on acquisition completed at the end of 2023, which should help keep our production essentially flat in 2024. As a result of the ongoing regulatory uncertainty in California impacting the permitting process in Kern County where all of our California assets are located, the capital program has been prepared based on the assumption that we will not receive additional new drill permits in California in 2024, but that we will continue to timely receive the other permits and approvals needed for planned activities, in addition to the permits we already have in hand. However, should there be favorable changes to the permitting process we are well prepared to take advantage of the opportunities. In 2024, the Company expects to continue to focus on debt and leverage, including looking at opportunistically refinancing the senior notes due February 2026, if market conditions allow. The Company also expects to reduce general and administrative expenses, as well as operating costs, primarily energy costs which is reflected in the 2024 guidance. The Company has oil hedges for more than 80% of its expected 2024 oil production, while approximately 70% of the expected production is hedged with swaps with an average strike price of $77.97 per barrel Brent. The Company has gas purchase hedges for approximately three quarters of its expected 2024 gas demand, approximately 96% of this position is swaps with an average strike of $3.99 per mmbtu.