On November 19, 2019 the California Department of Conservation, Division of Oil and Gas released a number of initiatives designed to safeguard public health and the environment, advance California’s goal to become carbon-neutral by 2045 and manage the decline of oil production and consumption in the state.

As a conventional oil producer with a low corporate decline rate, the company would like to outline our understanding of the initiatives’ impact to Berry Petroleum’s business:

• Berry continues to see strong year over year growth in 2020 despite the moratorium.
• Berry’s 2020 growth initiatives do not require well stimulation permits.
• Berry holds abundant inventory in California that is not impacted by the moratorium.
• Production growth is not dependent on any single field or completion method.
• The overwhelming majority of Berry’s cyclic steam operations does not require high-pressure cyclic steam injection.
• Existing permits secured by the company enable Berry to drill, produce and grow production using high-pressure cyclic steaming processes into 2020.
• Berry will continue to grow and pay its dividend within levered free cash flow.
• Berry’s commitment to safety and environmental stewardship is reflected in the exemplary operational record of the existing management team.

The company's focus remains on delivering shareholder value through the development and realization of the intrinsic value in the company’s assets. Berry will continue to proactively work with the California regulatory and legislative communities to provide affordable energy for all citizens while being a good steward of the environment and natural resources that are so important to the state.

KeyFacts Energy Industry Directory: Berry Petroleum