California Resources Corporation · NYSE:CRC
California Resources — Merger or Acquisition (September 2025)
10 slides from California Resources's merger presentation, Sep 15, 2025
Slide 1: Strategic Bolt-On Combination: California's Leading Energy Platform
Strategic Bolt-On Combination California’s Leading Energy Platform
Slide 2: Forward-Looking / Cautionary Statements – Certain Terms
Forward-Looking / Cautionary Statements – Certain Terms Additional Information and Where to Find It In connection with the transaction, California Resources Corporation (“CRC”) will file with the U.S. Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 (the “registration
Slide 3: Forward-Looking Statement Risk Factors
i. transaction costs, ii. unknown liabilities, iii. the risk that any announcements relating to the transaction could have adverse effects on the market price of CRC’s common stock or Berry’s common stock, iv. the ability to successfully integrate the businesses, v. the ability to achieve projected
Slide 4: Rationale: Complementary Assets
RationaleComplementary Assets $717MM Transaction Value1 ~94% Est. Close 1Q26 CRC Ownership of Pro Forma Company2 Poso Creek Bakersfield Round Mountain South MWSS North MWSS McKittrick Belridge BRY’s Kern County Assets • 20 MBoe/d (100% Oil)4 • 66 MW total power capacity BRY’s CA Assets3 • ~20,000 ne
Slide 5: Significant Estimated Deal Synergies to Enhance Free Cash Flow Generation
0% 2% 4% 6% 8% 10% 12% 14% $80 – 90MM Annual Est. Deal Synergies Implemented Within 12 Months Post Close NPV @ 10% of Cumulative Est. Deal Synergies Over 10 Years ~$500MM1 5 Annual estimated synergies as % of transaction value E&P Peer Deals2 A B C D E F G H I J K Enhanced Free Cash Flow* Per Share
Slide 6: Low Decline, Long Duration, Conventional Oil Assets
0 20 40 60 80 100 120 140 160 180 200 PR CHRD CIVI MTDR SM CRC CRGY MUR NOG TALO VTLE KOS MGY VET HPK BRY MNR 66 CRC BRY Pro Forma 2024 Proved SEC Reserves2 (MMBOE) 652 10% - 15% ~27% Pro Forma Peer Group Average Peer Leading Low Base Oil Decline Rate 4 Pro Forma 3 ~20% Growth in Pro Forma Proved Re
Slide 7: California's Leading Energy Platform
STRONG BALANCE SHEET WITH SOLID FREE CASH FLOW GENERATION TRACK RECORD OF ROBUST SHAREHOLDER RETURNS DISCIPLINED CAPITAL ALLOCATION LEADING CARBON MANAGEMENT BUSINESS California’s Leading Energy Platform 7
Slide 8: Pro Forma Metrics & Glossary
88 Pro Forma Metrics & Glossary Note: Closing is subject to customary closing conditions, including receipt of customary required regulatory approvals and receipt of BRY shareholder approval. See Slide 9 “Assumptions, Estimates and Endnotes”. Term Definition EBITDAX Earnings Before Interest, Taxes,
Slide 9: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Pro forma 2025 estimates. This presentation includes certain forward-looking estimates of pro forma combined operating and financial results for the six months ended December 31, 2025. Unless otherwise noted, pro forma 2025 estimates are based on management estima
Slide 10: Joanna Park VP, Investor Relations & Treasurer 818-661-3731 Joanna.Park@crc.com Daniel Juck Sr. Director, Investor
Joanna Park VP, Investor Relations & Treasurer 818-661-3731 Joanna.Park@crc.com Daniel Juck Sr. Director, Investor Relations 818-661-6045 Daniel.Juck@crc.com Hailey Bonus Sr. Director, Communications 562-999-8363 Hailey.Bonus@crc.com
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