"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 ...

"Low Carbon Intensity Fuel for Today and Net Zero Fuel for The Future" Fourth Quarter & Year End 2021 Results Strong Delivery in a Transformative Year February 24, 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 Securitie ...

California Resources Corporation (NYSE:CRC) Q4 2021 Earnings Conference Call February 24, 2022 1:00 PM ET Company Participants Mac McFarland – President and Chief Executive Officer Joanna Park – Vice President and Treasurer Francisco Leon – Executive Vice President and Chief Financial Officer Chris Gould – Executive Vice President and Chief Sustainability Officer Conference Call Participants Scott Hanold – RBC Capital Markets Leo Mariani – KeyBanc Capital Markets Doug Leggate – Bank of America Eric Seeve – ...

Reserves and Production - As of December 31, 2021, the company reported proved reserves of approximately 480 MMBoe, including 343 MMBbl of crude oil and condensate reserves, 41 MMBbl of NGL reserves, and 576 Bcf of natural gas reserves[25]. - The company held approximately 1.9 million net mineral acres, making it the largest non-governmental mineral acreage position in California[26]. - Average net production for the year ended December 31, 2021, was approximately 100 MBoe/d, with 60% being oil[26]. - Proved reserves total 480 MMBoe, with oil comprising 71% of these reserves[39]. - The company operates 99 producing fields across various basins, including 42 in the San Joaquin Basin[39]. - The reserves to production ratio was 13 years as of December 31, 2021, indicating a stable production outlook[52]. - Total proved undeveloped reserves increased to 75 MMBoe as of December 31, 2021, with significant contributions from successful drilling[59]. - The company converted 6 MMBoe of proved undeveloped reserves to proved developed reserves with an investment of approximately $64 million[63]. - The average realized prices for estimating proved reserves were $68.73 per barrel for oil and $3.99 per Mcf for natural gas[50]. Financial Performance and Investments - The company plans to invest approximately 50% of its operating cash flow back into exploration and production over the next several years[18]. - A dividend policy was adopted in 2021, with an expected quarterly dividend of $0.17 per share, subject to Board approval[19]. - The company has a $350 million share repurchase program, with 4,089,988 shares repurchased at an average price of $36.08 per share as of December 31, 2021[19]. - The PV-10 of cash flows as of December 31, 2021 was $6,173 million, reflecting the present value of estimated future cash inflows from proved reserves[65]. - Operating costs for the year ended December 31, 2021 were $705 million, with a cost per barrel of $19.39[47]. - The company reported operating costs excluding PSC effects at $639 million, with a cost per barrel of $17.56[47]. Safety and Environmental Initiatives - The company achieved a 99.9997% oil spill prevention rate in 2021 and a total recordable incident rate of 0.43 per 100 employees and contractors[21]. - The company aims to invest approximately 25% of its operating cash flows in carbon management projects over the next several years[22]. - The company announced a Full Scope Net Zero Goal in November 2021, intending to pursue carbon capture and storage (CCS) projects[86]. - The company treats and reuses a substantial portion of produced water for operations, which is essential for economic production of crude oil and natural gas[130]. Regulatory and Market Environment - Recent regulations have expanded CalGEM's authority, potentially impacting the company's ability to obtain drilling permits and conduct operations[121]. - Numerous federal, state, and local regulations may restrict the use of properties and operations, increasing costs or lowering demand for products and services[128]. - California's stringent laws require a 40% reduction in GHG emissions below 1990 levels by 2030, with a cap-and-trade program in place[135]. - The state mandates that 60% of electricity for retail customers must come from renewable resources by 2030, aiming for 100% by 2045[135]. - The company faces increasing competition from renewable energy sources, which may intensify due to technological advances and California's climate policies[115]. Infrastructure and Operations - The company operates approximately 10,000 wells across 99 distinct fields[26]. - The company has significant infrastructure for water management and steam generation, which supports its high-margin oil fields and reduces operating costs[117]. - The company operates six gas processing plants with a total capacity of 543 MMcf/d, three power plants with a total capacity of 643 MW, and over 30 steam generators with a capacity of 150 MBbl/d[117]. - The company has a competitive advantage due to its proximity to California refineries, which lowers transportation costs compared to imported oil[113]. Workforce and Diversity - As of December 31, 2021, 19% of employees and 18% of senior managers were female, while 38% of employees and 21% of senior managers were ethnically diverse[94]. - The company achieved exemplary safety performance, promoting a culture of safety where all employees can cease any activity to prevent accidents[95].

"Low Carbon Intensity Fuel for Today and Net Zero Fuel for The Future" Investor Presentation December 2021 1 Forward Looking / Cautionary Statements – Certain Terms This report contains forward-looking statements, including statements relating to the manner in which CRC intends to conduct certain of its activities with respect to developing and implementing carbon capture and storage programs and related efforts based on management's current plans and expectations. These statements are not promises or guara ...

"Low Carbon Intensity Fuel for Today and Net Zero Fuel for The Future" Investor Presentation November 2021 1 Forward Looking / Cautionary Statements – Certain Terms This report contains forward-looking statements, including statements relating to the manner in which CRC intends to conduct certain of its activities with respect to developing and implementing carbon capture and storage programs and related efforts based on management's current plans and expectations. These statements are not promises or guara ...

California Resources Corporation (NYSE:CRC) Q3 2021 Results Conference Call November 11, 2021 1:00 PM ET Company Participants Joanna Park - Vice President and Treasurer Mark McFarland - President and Chief Executive Officer Francisco Leon - Executive Vice President and Chief Financial Officer Jay Bys - Executive Vice President and Chief Commercial Officer Chris Gould - Executive Vice President and Chief Sustainability Officer Shawn Kerns - Executive Vice President of Operations and Engineering Conference Ca ...