UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-36478 California Resources Corporation (Exact name of registrant as specified in its charter) Delaware 46-56709 ...

Financial Data and Key Metrics Changes - In Q3 2022, the company produced 92,000 barrels of oil equivalent per day and generated $128 million of after-tax free cash flow, demonstrating strong performance despite external challenges [7][22]. - The average realized price for oil was $62.45 per barrel, while natural gas prices remained strong at $8.58 per mcf, reflecting a 109% realization of NYMEX prices after hedges [18][19]. - The company generated $234 million of adjusted EBITDAX and $235 million in quarterly operating cash flow, indicating significant cash generation capability [20]. Business Line Data and Key Metrics Changes - The company maintained oil production flat year-over-year, projecting approximately $235 million in D&C capital expenditures for 2022 [8][22]. - Non-energy operating costs rose by $0.77 per BOE quarter-over-quarter, primarily due to increased downhole maintenance activity [19]. - The company returned 105% of free cash flow through share repurchases and dividends, increasing the dividend by 66% to $0.2825 per share [11][23]. Market Data and Key Metrics Changes - California natural gas prices have seen five consecutive quarters of increases, benefiting the company as the largest natural gas producer in the state [19]. - The company anticipates a cash income tax rate of 15% to 20% of taxable income in 2023, reflecting its strong financial results [29]. Company Strategy and Development Direction - The company focuses on delivering consistent free cash flow, disciplined capital allocation, and advancing its carbon management business through the Carbon TerraVault JV with Brookfield [6][10]. - The carbon management business is expected to be self-funding through the JV, allowing the company to concentrate on shareholder returns [10]. - The company is exploring new opportunities in the energy economy, including hydrogen and ammonia, which align with its carbon management strategy [12][13]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the favorable court ruling lifting the stay on the current County EIR litigation, which is expected to expedite the permitting process [17][35]. - The company remains cautious but optimistic about returning to normalized drilling activity in 2023 [35][45]. - The management highlighted the importance of maintaining high standards in permit applications to ensure credibility and success in carbon management initiatives [53]. Other Important Information - The company has a significant backlog of permit applications and is focused on refining and defining best-in-class permit applications [15][25]. - The company is evaluating potential real estate developments near its Huntington Beach field, indicating a strategic approach to asset optimization [26][62]. Q&A Session Summary Question: Can you discuss the backlog of permits and the timeline for resuming optimized drilling in 2023? - Management indicated that there is a backlog of permits that needs to be processed, and they are optimistic about returning to normalized activity in 2023 [31][35]. Question: What is the status of the emitter contract (CDMA) and its relation to the permitting process? - Management confirmed they are targeting to sign an emitter contract by the end of the year, which aligns with their permitting timeline [36][38]. Question: How are the permitting constraints affecting production in the L.A. Basin? - Management acknowledged that while there are potential impacts from the step-back rule, they are still evaluating the inventory depth and production capabilities in the L.A. Basin [46][49]. Question: Can you provide updates on the Brookfield deal and new projects? - Management shared that they submitted several new projects to Brookfield and are awaiting their response within a defined timeframe [51]. Question: What are the logistics for moving captured CO2 to sequestration sites? - Management explained that proximity to CO2 sources is crucial for economic feasibility, and they are focusing on opportunities within a 30-mile radius [57]. Question: What is the company's approach to maintaining high standards in permit applications? - Management emphasized their commitment to high-quality permits and the importance of meeting EPA standards as they navigate the permitting process [53].

"Low Carbon Intensity Fuel for Today and Net Zero Fuel for The Future" Barclays 2022 CEO Energy Power Conference September 6-7, 2022 Forward Looking / Cautionary Statements – Certain Terms This document contains statements that we believe to be "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 historical facts are forward-looking statements, and include statements regarding our future ...

California Resources Corporation (NYSE:CRC) Q2 2022 Earnings Conference Call August 4, 2022 12:00 PM ET Company Participants Joanna Park - Vice President, Investor Relations and Treasurer Mac McFarland - President and Chief Executive Officer Francisco Leon - Executive Vice President and Chief Financial Officer Conference Call Participants Scott Hanold - RBC Capital Markets Kalei Akamine - Bank of America Eric Seeve - GoldenTree Karl Blunden - Goldman Sachs Operator Good afternoon. Good day, everyone and wel ...

"Low Carbon Intensity Fuel for Today and Net Zero Fuel for The Future" Second Quarter 2022 Results August 3, 2022 Presenters Mac McFarland President & Chief Executive Officer Francisco Leon EVP & Chief Financial Officer Forward Looking / Cautionary Statements – Certain Terms This document contains statements that we believe to be "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 histo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-36478 California Resources Corporation (Exact name of registrant as specified in its charter) Delaware 46-5670947 (S ...

"Low Carbon Intensity Fuel for Today and Net Zero Fuel for The Future" Investor Presentation June 2022 Forward Looking / Cautionary Statements – Certain Terms This document contains statements that we believe to be "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 historical facts are forward-looking statements, and include statements regarding our future financial position, business ...

California Resources Corporation (NYSE:CRC) Q1 2022 Earnings Conference Call May 5, 2022 1:00 PM ET Company Participants Joanna Park - Vice President, Investor Relations and Treasurer Mac McFarland - President and Chief Executive Officer Francisco Leon - Executive Vice President and Chief Financial Officer Jay Bys - Chief Commercial Officer Chris Gould - Chief Sustainability Officer Shawn Kerns - Chief Operating Officer Conference Call Participants Scott Hanold - RBC Capital Leo Mariani - KeyBanc Doug Legga ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission file number 001-36478 California Resources Corporation (Exact name of registrant as specified in its charter) Delaware 46-5670947 ( ...

March 2022 Investor Presentation "Low Carbon Intensity Fuel for Today and Net Zero Fuel for The Future" Forward Looking / Cautionary Statements – Certain Terms This document contains statements that we believe to be "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 historical facts are forward-looking statements, and include statements regarding our future financial position, business ...