California Resources Corporation · NYSE:CRC
California Resources — Q2 2026 Earnings Presentation
27 slides from California Resources's earnings presentation, Aug 10, 2026
Slide 1: Second Quarter 2026 Results
Second Quarter 2026 Results August 10, 2026
Slide 2: Executing Our Strategy: 2Q26 Key Messages
Executing Our Strategy 2Q26 Key Messages • Acquiring Crimson for ~$63MM in cash to secure direct E&P access to Strengthening CA’s Leading California’s highest -value markets 1 Energy Infrastructure Platform • Adding ~2,000 miles of strategic pipeline infrastructure, storage capacity and third -party
Slide 3: Strengthening California's Leading Energy Infrastructure Platform
Strengthening California’s Leading Energy Infrastructure Platform Agreement to Acquire Crimson, a Diversified Midstream Platform 1 CTV IV Accretive CTV V Attractively Priced Industrial Logic 4.4x EV/27E Adj. EBITDA *,2 Stockton ~$63MM Cash 3 Strong Asset Fit CTV III CTV II San Francisco • ~2,000 -mi
Slide 4: Structural Cost Reductions Driving Margin Expansion
Structural Cost Reductions Driving Margin Expansion >100% Implementation of Synergies Benefits of a Leaner CRC 2026 Berry -Related Synergies ($MM) Targeted Cumulative Synergies and Structural Cost Reductions ($MM) 2023 2024 2025 2026E 2027E-28E ~$103MM $0 G&A Expense ~$48MM ($100) ~6 Months Ahead of
Slide 5: Efficient Execution, Strong California Reservoir Performance
Efficient Strong California Execution Reservoir Performance Holding Near Flat California ~25% Improvement in Drilling New Wells / Sidetracks Production with 5 Rigs CRC California Production (MBoe/d) 1 # of California Drilled Wells Jan 2026 Dec 2026E Brent $64.73/Bbl Brent $79.26/Bbl 168 167 124 108
Slide 6: Maintaining Production Outlook
Maintaining Production Outlook Delivering Growth in 2026 Improving 2026E Capital Efficiency CRC Production (MBoe/d) 1 Jan 2026 Dec 2026E Brent $64.73/Bbl Brent $ 79.26 /Bbl 175 174 Annual Cadence Entry to Exit ~5 Rigs ~1% $370 - $390MM Gross Growth 2026E D&C and Workover Capital *,1 $10MM Improvemen
Slide 7: Efficiency Gains in California Enhance Long-Term Outlook
Efficiency Gains in California Executing Our Strategy Enhance Long -Term Outlook • 24/7 rig mobilization, including safe nighttime moves 2026 • Continuous drilling campaigns with dedicated rig Holding Nearly Flat Entry -to -Exit Demonstrating Gross Production With ~5 rigs and crew continuity Strong
Slide 8: Golden Valley Technology Hub | Uniquely Positioned
Golden Valley Technology Hub | Uniquely Positioned Proposed ’’Premier’’ Data Center Campus CTV I A1/A2 California’s ‘’Premier’’ Data Center Campus PARTNERSHIP WITH BEACON DATA CENTERS Elk Hills Oil Field A LEADING NORTH AMERICAN CO -DEVELOPER 275MW | INTERCONNECT WITH PG&E | GROWTH OPPORTUNITY CTV I
Slide 9: Golden Valley Technology Hub | Community Focused
Golden Valley Technology Hub | Community Focused The project is expected to provide the following community benefits: Water Power Noise • Closed -loop cooling — lowest -use • Powered directly by CRC -owned Elk Hills • Sited on existing industrial land; nearest category of any data center design Powe
Slide 10: Balanced Capital Approach, Robust Historical Shareholder Return Profile
Robust Historical Shareholder Balanced Capital Return Profile Approach 2021 – 1H26 Cumulative Shareholder Returns 1 (% of Free Cash Flow *) 80% Organic Growth & Strategic Deals 70% ~75% of Cumulative Free Cash Flow * 60% Returned to Shareholders since 2021 50% 40% 30% Balanced 20% Capital Pillars 10
Slide 11: Production and Financial Results Strong 2Q26
Production and Financial Results Strong 2Q26 1 Operating Cash Flow Before WC Changes *,1 Net Production (MBoe/d) ($MM) 160 $320 Commodity 2Q26A $25 Oil Realizations (% of Brent) ~95% 150 1.5 NGL Realizations (% of Brent) ~51% Natural Gas Realizations (% of NYMEX) ~63% 140 $240 $300 Operational and F
Slide 12: Guidance & Capital Structure
Guidance & Capital Structure 12
Slide 13: 2026 Outlook
2026 Outlook 3Q26E Oil and Carbon 2026E Oil and Carbon CRC Guidance (as of July 15, 2026) Consolidated Natural Gas Management Consolidated Natural Gas Management Net Production (MBoe/d) ~80% Oil 151 – 154 150 – 155 Margin from Purchased Commodities *, 1 ($MM) $11 – $15 $50 – $65 Electricity Revenue
Slide 14: Capital Structure Provides Flexibility, Strong Balance Sheet and Liquidity
Capital Structure Strong Balance Sheet and Provides Flexibility Ample Liquidity Liquidity 2Q26 Highlights * Snapshot as of June 30, 2026 Net Debt ($MM) Revolving Credit Facility (RCF) $ - ▪ Fitch upgraded corporate rating to BB - 7.000% 2034 Senior Notes 750 ▪ Issued $550MM in 7.250% 2035 Senior Not
Slide 15: Appendix
Appendix 15
Slide 16: Advancing the National CCS Industry
Advancing the National CCS Industry CARBON TERRAVAULT | Major share of EPA’s active Class VI portfolio with first -of -a-kind technical and operational leadership Leading Position Setting Industry Precedent EPA Class VI Wells (US) 1 Permitting & Operations 30% Largest individual share of wells under
Slide 17: Joined the Ranks of Global CCS Leaders
Joined the Ranks of Global CCS Leaders 1 CARBON TERRAVAULT | A Differentiated Position in Global CCS Permanent Geologic Sequestration by Country — Non -EOR, Non -Acid Gas Injection (MMTPA) U.S.A. 4.5 6 projects 1 1 of only 2 U.S. oil & gas companies actively storing CO 2 underground through EPA Clas
Slide 18: Production Sharing Contracts (PSC) at Higher Prices
Production Sharing Contracts (PSC) at Higher Prices Effect Of Oil Price On Net Production 1 Wilmington Field Production (Bo/d) +/- $1/Bbl +/- $1/Bbl +/- $1/Bbl CRC sees a difference of ~4.1 MBO/D in net oil -/+ ~70 Bo/ d at lower -/+ ~90 Bo/d -/+ ~60 Bo/d 20,000 at mid point 1 prices (low recovery)
Slide 19: Hedge Portfolio
Hedge Portfolio (as of June 30, 2026) OIL PRODUCTION 3Q26E 4Q26E 1Q27E 2Q27E 2H27E 2028E SOLD CALLS STRATEGY Barrels per Day 36,000 36,000 1,250 5,250 1,681 17,534 Brent CRC’s hedging strategy is designed to Weighted -Average Price $83.51 $83.51 $70.47 $72.07 $69.72 $81.28 meet our business objectiv
Slide 20: Commodity Price Realizations
Commodity Price Realizations ▪ Crude: 2Q26 Brent crude prices rose sharply Q/Q and Y/Y as CALIFORNIA IS AN OIL ISLAND AND THE LARGEST U.S. GDP CONTRIBUTOR hostilities continued across the Middle East. California (amounts shown as % of U.S. domestic GDP) realizations came under limited pressure as in
Slide 21: Glossary
Glossary Term Definition Term Definition Bcf Billion Cubic Feet KMTPA Thousand Metric Tons Per Annum BMT Billion Metric Tons LCFS Low Carbon Fuel Standard BTM Behind -the -Meter LTM Last Twelve Months CARB California Air Resources Board MMT Million Metric Tons CCS Carbon Capture and Storage MMTPA Mi
Slide 22: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 2: 1) Subject to customary regulatory approvals, other closing conditions and is expected to close in the third quarter of 2026 . CRC plans to provide updated guidance following closing of the transaction . 2) Reflects the increase in wells drilled compared
Slide 23: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 11: 1) Built inventory represented approximately 1.5 MBo/d, and together with weaker differentials and higher transportation and operating costs associated with temporary takeaway constraints, reduced 2Q 26 net cash provided by operating activities before ne
Slide 24: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 18: 1) Net Production from Wilmington field only . Includes the effects of a development program in the Los Angeles basin . Slide 19: 1) Purchased and sold puts with the same strike price have been netted together . 2) NPWL volumes require transportation to
Slide 25: Forward-Looking / Cautionary Statements – Certain Terms
Forward -Looking / Cautionary Statements – Certain Terms Forward -Looking Statements : Information set forth in this communication, including financial estimates and statements as to the effects of the Berry Merger and the Crimson acquisition, constitute “forward - looking statements” within the mea
Slide 26: Forward-Looking / Cautionary Statements – Certain Terms
Forward -Looking / Cautionary Statements – Certain Terms Non -GAAP Financial Measures : This presentation contains certain financial measures that are not prepared in accordance with generally accepted accounting principles (“GAAP”) . These measures are identified with an “*”and include but are not
Slide 27: Investor Relations and Media Contacts
Daniel Juck Hailey Bonus Investor Relations Media 818 -661 -3700 714-874 -7732 CRC_IR@crc.com CRC.Communications@crc.com