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    Michael Schwartz • Jefferies LLC

    Michael Schwartz is an Equity Analyst specializing in energy sector research at Jefferies LLC, with a focus on oil and gas exploration and production companies, including coverage of California Resources. He joined Jefferies LLC as an Equity Analyst in April 2022, following roles as an Equity Associate at Jefferies International Ltd. and as an analyst at Energy Aspects Ltd. Schwartz holds an undergraduate degree from the University of St. Andrews and a graduate degree from University College London. According to publicly available performance data, he maintains a 100% success rate on rated stocks with an average return of 7.7%, and is ranked #2,463 out of 4,686 analysts on StockAnalysis.com.

    Michael Schwartz's questions to Berry Corporation (Bry) (BRY) leadership

    Michael Schwartz's questions to Berry Corporation (Bry) (BRY) leadership • Q3 2024

    Question

    Michael Schwartz asked for an overview of the company's priorities for cash utilization following the new term loan and dividend adjustment. He also requested an update on the status of Conditional Use Permits (CUP) and multi-based central permits in California, and their expected impact in 2025.

    Answer

    CFO Michael Helm stated that the new capital allocation approach prioritizes deleveraging the balance sheet, maintaining a sustainable dividend more in line with peers, and funding high-return development opportunities. CEO Fernando Araujo added that the 2025 plan is not reliant on new CUPs, as they have sufficient inventory of sidetracks and other permitted wells to maintain flat production. He noted that CUPs remain a longer-term option, approximately 18 months away.

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