First Quarter 2024 Results May 7, 2024 Presenters Francisco Leon President and Chief Executive Officer EVP and Chief Financial Officer Key Takeaways $54 $33 4 Reduced outstanding share count by ~19% since program inception in May 2021 TARGETING AERA MERGER CLOSE IN MID-20242 CTV JV RECEIVED $46MM FROM BROOKFIELD FOR CTV I - 26R VAULT Nelly Molina S Key Takeaways 63% 14% 23% $21 $58 RETURNED $94MM TO SHAREHOLDERS YTD1 GENERATED $149MM OF ADJ. EBITDAX*IN 1Q24 Robust financial and operational performance; Rese ...

Financial Data and Key Metrics Changes - In Q1 2024, the company generated $54 million in adjusted net income, equating to $0.75 per diluted share, with production at 76,000 barrels of oil equivalent per day [135] - The first quarter net cash from operating activities was $87 million, with total capital invested at $54 million and free cash flow of $33 million [107][135] - The leverage ratio at the end of Q1 was 0.2 times, with liquidity of $880 million, including $403 million in cash [136] Business Line Data and Key Metrics Changes - Gross production for Q2 2024 is expected to average around 93,000 barrels of oil equivalent per day, with net production ranging between 74,000 and 78,000 barrels of oil equivalent per day [99] - The company anticipates a net production decline of 5% to 7% for the year, maintaining a one-rig program due to insufficient improvement in the permitting process [104][123] Market Data and Key Metrics Changes - The company noted a softer natural gas pricing environment and increased seasonal supply of solar power, which will impact natural gas sales and consumption at the Elk Hills power plant [99][76] - The California energy market is seeing a shift towards carbon-free power sources, with data centers seeking reliable energy solutions [66][125] Company Strategy and Development Direction - The company is focused on closing the Aera merger, which is expected to create significant scale and synergies, targeting $150 million in annual synergies from the combined businesses [5][105] - The strategy includes enhancing carbon management capabilities and expanding the carbon capture and storage (CCS) initiatives, with a goal to meet California's climate objectives [105][106] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the permitting process for CCS, anticipating final permits in the second half of 2024, which will enable CO2 sequestration by the end of 2025 [106][112] - The company is optimistic about returning to increased drilling activity in the second half of 2025, contingent on improved permitting conditions [109][133] Other Important Information - The company has secured commitments to increase its borrowing base and revolver commitments in connection with the Aera merger, enhancing liquidity by $470 million [136] - The company has received a Grade A certification for methane emissions performance, highlighting its commitment to sustainability [134] Q&A Session Summary Question: What are the expectations for cash use post-Aera merger? - Management indicated a commitment to returning cash to shareholders while addressing debt reduction post-merger [37] Question: Can you provide updates on 2024 guidance? - The company expects production to continue at a midpoint of 70,000 BOEs per day, with capital expenditures between $200 million and $240 million [22] Question: What are the low-hanging fruit opportunities from the Aera merger? - Management highlighted potential synergies in infrastructure, supply chain, and G&A, with opportunities to optimize operations and reduce costs [17][35] Question: How is the permitting process progressing? - The company is confident in the permitting timeline, with expectations for simultaneous issuance of permits from the EPA and Kern County [11][112] Question: What is the impact of solar energy on gas consumption? - Management noted that increased solar energy generation is leading to lower gas consumption at the Elk Hills power plant, affecting sales [76][99]

| --- | --- | --- | --- | |------------------------------------------------------------------------------------------------|------------------|-----------------|---------------------| | | March 31, 2024 | (in millions) | December 31, 2023 | | Compensation-related liabilities | $ | 33 $ | 38 | | Postretirement benefit plan | | 35 | 36 | | Operating lease liability | | 56 | 55 | | Fair value of commodity derivative contracts | | 14 | 2 | | Premiums due on commodity derivative contracts | | 10 | 10 | | Conting ...

The market expects California Resources Corporation (CRC) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on May 7, 2024, might help the stock move higher if these ke ...

LONG BEACH, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) announced today that the Board of Directors has nominated Christian S. (Chris) Kendall to stand for election as a director at CRC’s 2024 Annual Meeting of Stockholders. Mr. Kendall is the former President and Chief Executive Officer of Denbury. “As we continue creating long-term sustainable value at CRC and CTV, Mr. Kendall will bring significant strategic insights to navigate the growth and development of our low carbon in ...

February 27, 2024 Fourth Quarter and Year End 2023 Results 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 strategy, projected revenues, earnings, co ...

California Resources Corporation (NYSE:CRC) Q4 2023 Earnings Conference Call February 28, 2024 1:00 PM ET Company Participants Joanna Park - Vice President, Investor Relations and Treasurer Francisco Leon - Chief Executive Officer Nelly Molina - Chief Financial Officer Chris Gould - Chief Sustainability Officer Conference Call Participants Scott Hanold - RBC Capital Markets Kalei Akamine - Bank of America Nate Pendleton - Stifel Leo Mariani - ROTH MKM Noel Parks - Tuohy Brothers Investment Research Operator ...

For the quarter ended December 2023, California Resources Corporation (CRC) reported revenue of $726 million, up 6.5% over the same period last year. EPS came in at $0.93, compared to $1.24 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $610.7 million, representing a surprise of +18.88%. The company delivered an EPS surprise of -7.92%, with the consensus EPS estimate being $1.01.While investors closely watch year-over-year changes in headline numbers -- revenue and ...

California Resources Corporation (CRC) came out with quarterly earnings of $0.93 per share, missing the Zacks Consensus Estimate of $1.01 per share. This compares to earnings of $1.24 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -7.92%. A quarter ago, it was expected that this company would post earnings of $0.79 per share when it actually produced earnings of $1.02, delivering a surprise of 29.11%.Over the last four quarte ...

LONG BEACH, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) today reported financial and operating results for the fourth quarter and full-year 2023. The Company plans to host a conference call and webcast on Wednesday, February 28th at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time). Participation details can be found within this release. In addition, supplemental slides are posted to CRC’s website at www.crc.com. 2023 Highlights: Generated $653 million of net cash from operatin ...