California Resources Corporation · NYSE:CRC
California Resources — Q3 2025 Earnings Presentation
24 slides from California Resources's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Results
Third Quarter 2025 Results November 4, 2025
Slide 2: Key Messages
Key Messages California Comeback Improving regulatory landscape creates opportunity for local energy in the Golden State Strategic Value Creation A DIFFERENT KIND Disciplined approach to opportunistic transactions supports cash flow durability and shareholder returns OF ENERGY COMPANY Higher Less Be
Slide 3: California Pure–Play
California Pure–Play Governor signed bills SB237/614 & AB1207 Ample Room For New O&G Development into law California Oil Production (MBo/d)1 Kern County New Well Permits2 – Fall 2025 450 3,000 MBo/d Well Permits 2,500 400 SB 237 targets ~25% of refining feedstock demand from in-state production 2,00
Slide 4: Recent and 3Q25 Key Takeaways
Recent and 3Q25 Key Takeaways Cash Flow Carbon California 3Q25 3Q25 Net Total New CTV MOU3 California’s Governor Adj. EBITDAX* Production Up to Signed $338MM 137MBOE/D 3MMTPA SB 237/614 & AB 1207 $322MM Net Operating Cash 78% oil, 2 rigs, $43MM in New Agreement with CRC Announced Strategic Merger Fl
Slide 5: Execution
Execution Lower Costs Disciplined Capital Allocation ($MM) D&C and Workover Capital* ($MM) $650 $40 $550 $20 $0 $450 3Q24 4Q24 1Q25 2Q25 3Q25 Robust Cash Flow Net Cash from Operating Activities before Net Changes in Operating $350 Assets and Liabilities* ($MM) $300 $250 $200 3Q24 3Q25 Electricity Ge
Slide 6: Shareholder Returns
Shareholder Returns Returned Top-Tier 2025E Total Shareholder Return Yield2 (%) $32MM 25% In Dividends in 3Q251 20% ~106% 15% Of Free Cash Flow* YTD25 via Dividends and Share Buybacks 10% 5% Disciplined SRP Execution 0% ~$45/sh A B C D E F G H I J K L M N O P Q R S T U V W X Y Z SRP’s Avg. Price per
Slide 7: Power-to-CCS Expansion Kern County CCS Opportunity
Power-to-CCS Expansion Kern County CCS Opportunity “[CCS] is an option to support achieving California’s decarbonization goals while continuing to leverage legacy power generation resources X such as natural gas combined cycle (NGCC) combustion turbines. “ California Energy Commission Staff Report,
Slide 8: CA's Power Needs Are Rising Evaluating Expanding Alternatives
CA’s Power Needs Are Rising Evaluating Expanding Inference Spend Taking a Leading Role Global AI Capex Spending1 ($B) Alternatives $600 Non-Datacenter Traditional Cloud Training Inference AI inference prioritizes low latency, ▪ AI spend shifting to inference: California is well positioned with $500
Slide 9: Gaining Scale and Cash Flow Despite Lower Commodity Prices
Gaining Scale and Cash Flow Despite Lower Commodity Prices Net Cash from Operating Activities before Net Changes in Gross Production (MBoe/d) Operating Assets and Liabilities* ($MM) Brent: $82.22 Brent: $79.84 Est. Brent: $68.87 NYMEX: $2.74 NYMEX: $2.27 Est. NYMEX: $3.38 2023 2024 2025E 2023 2024 2
Slide 10: Guidance & Capital Structure
Guidance & Capital Structure 10
Slide 11: Hedge Portfolio (as of September 30, 2025)
Hedge Portfolio (as of September 30, 2025) OIL 4Q25E 1Q26E 2Q26E 3Q26E 4Q26E 2027E 2028E SOLD CALLS STRATEGY Barrels per Day 29,000 35,000 35,000 35,000 35,000 - - CRC’s hedging strategy is designed Brent to meet our business objectives Weighted-Average $87.13 $83.86 $83.86 $83.86 $83.86 $- $- Price
Slide 12: 4Q25E Guidance and 2026 Outlook
4Q25E Guidance (as of November 5, 2025) 2026 4Q25E Oil and Carbon Outlook CRC Guidance Consolidated Natural Gas Management Net Production (MBoe/d) ~78% Oil 131 – 135 Margin from Purchased Commodities*, 1 ($MM) $14 – $18 Electricity Margin*, 2 ($MM) $27 – $33 Targeting Shallower Corporate PDP Operati
Slide 13: Strong Balance Sheet, Ample Liquidity and Financial Flexibility
Strong Balance Sheet, Ample Liquidity and Financial Flexibility 9/30/25 NET DEBT* SNAPSHOT MULTIPLES DEMONSTRATE FLEXIBILITY ($MM) ($MM) Revolving Credit Facility (RCF) $ - RCF Borrowing Base $1,500 7.125% 2026 Senior Notes 122 3Q25 Free Cash Flow* $188 8.250% 2029 Senior Notes 900 3Q25 Net Debt* /
Slide 14: Appendix
Appendix 14
Slide 15: Sustainability and Social Responsibility Are Core Priorities
Sustainability and Social 2024 Sustainability Report Responsibility Are Highlights Core Priorities ENVIRONMENT ▪ Received CA’s first-ever EPA Class VI permits for underground CO 2 injection and storage ▪ Combined methane intensity of <0.05 MT methane/MBoe under CARB reporting requirements ▪ Achieved
Slide 16: Well Positioned to Decarbonize California's Largest Industries
Sacramento Northern California CTV IV Northern California1 Well Positioned to Decarbonize CTV V California’s Largest Industries CTV III Stockton CTV II ▪ CTV reservoirs are in proximity to the state’s highest emitting industries San Francisco ▪ Resource inventory and infrastructure in place to suppl
Slide 17: California's Premier Carbon Management Provider
California’s Premier Carbon Management Provider ▪ Received Kern County Board of Supervisors’ approval of the conditional use permits for the CTV I CCS project ▪ Received CA’s first EPA Class VI permits for CTV I – 26R; Approved California’s first CCS project at Elk Hills Cryogenic Gas Plant ▪ Antici
Slide 18: Strong Commodity Price Realizations
Strong Commodity Price Realizations ▪ Crude: 3Q25 Brent crude was lower Y/Y, but higher Q/Q as CALIFORNIA IS AN OIL ISLAND AND THE LARGEST U.S. GDP CONTRIBUTOR Chinese buying and geopolitical tensions – specifically related to (amounts shown as % of U.S. domestic GDP) Russia and Ukraine – provided s
Slide 19: Glossary
Glossary Term Definition Term Definition Bcf Billion Cubic Feet JV Joint Venture BMT Billion Metric Tons KMTPA Thousand Metric Tons Per Annum BTM Behind-the-Meter LCFS Low Carbon Fuel Standard CARB California Air Resources Board LTM Last Twelve Months CCS Carbon Capture and Storage MMT Million Metri
Slide 20: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 3: (1) Source: US Energy Information Administration. California crude oil production as of October 31, 2025. (2) Source: California Geologic Energy Management Division WellSTAR Data Dashboard. (3) Source: California Energy Commission. Data represents annual
Slide 21: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 12: (1) Margin from purchased commodities is calculated as the difference between revenue from marketing of purchased commodities and costs related to marketing of purchased commodities, and excludes costs of transportation. (2) Electricity margin is calcula
Slide 22: 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 23: Forward-Looking / Cautionary Statements – Certain Terms (Cont.)
Forward-Looking / Cautionary Statements – Certain Terms (Cont.) 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 successfull
Slide 24: Investor Relations Contacts
Joanna Park Daniel Juck Hailey Bonus VP, Investor Relations & Treasurer Sr. Director, Investor Relations Sr. Director, Communications 818-661-3731 818-661-6045 562-999-8363 Joanna.Park@crc.com Daniel.Juck@crc.com Hailey.Bonus@crc.com