Berry Petroleum Company, LLC

Berry is a value-driven, independent oil and natural gas company engaged primarily in the development and production of conventional reserves located in the western United States, including California, Utah, Colorado and Texas. Berry targets onshore, low-cost, low-risk, oil-rich basins, such as the San Joaquin basin of California and the Uinta basin of Utah. Berry's asset base is concentrated in the San Joaquin basin in California, which has over 100 years of production history and substantial remaining original oil in place. Berry's focus on conventional, shallow reservoirs, the drilling and completion of which are low-cost in contrast to modern unconventional resource plays. Berry's decades-old proven completion techniques include steamflood and low-volume fracture stimulation. Berry focuses on enhancing our production, improving drilling and completion techniques, controlling costs and maximizing the ultimate recovery of hydrocarbons from their assets, with the goal of generating top-tier returns. Berry seeks to fund repeatable organic production and reserves growth through the use of levered free cash flow, while also maintaining ample liquidity and a conservative financial leverage profile.