California Resources Corporation · NYSE:CRC
California Resources — Q1 2026 Earnings Presentation
29 slides from California Resources's earnings presentation, May 6, 2026
Slide 1: First Quarter 2026 Results
First Quarter 2026 Results May 5, 2026
Slide 2: Executing on Multiple Value Drivers
Executing on Multiple Value Drivers Accelerating • Increasing drilling activity in 2H26E by 3 rigs and fast-tracking long-term maintenance capital program (2 rigs in CA , 1 in UT) Shareholder Value • Highly contiguous Uinta development opportunity provides production and value upside • Adding increm
Slide 3: Significant Value From World-Class Conventional Reservoirs
Long Proved Reserves Base Significant Value From World- Proved Reserves / Annual Production (Years)5 Class Conventional Reservoirs 15 13 Years Material Upside From Long Duration Assets 13 11 PV-10* $21.9B4 9 PV-10* $17.2B3 Probable 7 PV-10* Reserves $14.4B2 5 Probable CRC Canadians US Shale Internat
Slide 4: Delivering Through 1Q26 Macro Uncertainty – Returning To Growth
Delivering Through 1Q26 Macro Uncertainty – Returning To Growth STRONG FINANCIAL AND OPERATING RESULTS Delivered California’s Premier Energy Platform BENEFITTED FROM BRENT-LINKED PRODUCTION 1Q26 Brent Price ~17% Above Guidance $304MM 154MBOE/D 1Q26 Net Production ~81% Oil-Weighted Adj. EBITDAX* 1Q26
Slide 5: Bringing Value Forward Portfolio Approach
Bringing Value Forward Portfolio Approach Targeting Return to Growth Production Profile By YE26 Adding 1 Rig in Central and 1 Rig in Southern Gross Production (MBoe/d) California Starting in Summer 2026 ~175 Kern County LA County 174 Bakersfield Targeting ~1% Entry-to-Exit Production Growth Jan '26A
Slide 6: Continued Structural Cost Reductions Drive Margin Expansion
Continued Structural Cost Reductions Drive Margin Expansion With >80% of Synergies Implemented to Date 12% Increase in Targeted Synergies Benefits of a Leaner CRC 2026 Estimated Berry-Related Synergies ($MM) Targeted Cumulative Synergies and Structural Cost Reductions ($MM) 2023 2024 2025 2026E 2027
Slide 7: Low-Decline Assets - Quick Returns Program Built for Value Creation
Low-Decline Assets - Quick Returns Program Built for Value Creation 2026E Key Operational Updates Updated 2026E O&G Program Economics1,2 ▪ Reducing 2026E facilities capex by $10MM1 driven by field consolidation, underlying ongoing operating efficiencies ▪ Targeting ~1% entry-to-exit gross production
Slide 8: Uinta: Highly Contiguous Asset with Abundant Stacked Pay Opportunities
Uinta: Highly Contiguous Asset with Abundant Stacked Pay Opportunities Nearby Type Curves Demonstrate Upside De-Risking Acreage Cumulative oil (MBo/10K’ lateral)1 Uinta 150 Moon Tribal Wells Scout Farm-In Wells Historical Uteland Butte Type Curve WEM 125 100 >200 gross drilling locations in CRC’s po
Slide 9: Next to Join the Ranks of Global CCS Leaders
Next to Join the Ranks of Global CCS Leaders1 A Differentiated Position in Global CCS Once the Elk Hills Project is Operational, CRC will be... U.S.A. 4.5 6 projects 1 1 of only 2 U.S. oil & gas companies to be storing CO2 underground through EPA Class VI geologic sequestration wells Australia 2.8 2
Slide 10: Opportunistic Share Repurchases Create Observable Value
Opportunistic Share Repurchases Attractive Create Observable Value Fixed Dividend vs Market Quarterly Shareholder Returns1 Average Share Price Dividend Yield2 ($MM) ($/Share) (%) $350 $1,619MM $60 3% of cumulative shareholder returns since 2021, including 26.8MM shares repurchased at a $43.59 averag
Slide 11: A Different Kind of Energy Company
Gaining Scale A Different Kind Gross Production (MBoe/d)1 of Energy Company ✓ Integrated Portfolio Strategy ✓ Premier Capital Structure 2023 2024 2025 2026E ✓ Superior Risk Management Growing Cash Flow Brent: $82.22 NYMEX: $2.74 Brent: $79.84 NYMEX: $2.27 Est. Brent: $68.87 Est. NYMEX: $3.38 ✓ Focus
Slide 12: Results, Guidance & Capital Structure
Results, Guidance & Capital Structure 12
Slide 13: Strong 1Q26 Results Solid Year Ahead
Solid Year Ahead Strong 1Q26 Results Improved 2026E Outlook Despite 1Q Noise Commodity 1Q26A Adj. EBITDAX* ($MM)1 Brent ($/Bbl) $77.90 Oil Realized Price without Hedges ($/Bbl) $74.53 Oil Realizations without Hedges (% of Brent) 96% Oil Realized Price with Hedges ($/Bbl) $69.37 Oil Realization with
Slide 14: Improved 2026E Outlook
Improved 2026E Outlook 2Q26E Oil and Carbon 2026E Oil and Carbon CRC Guidance (as of March 31, 2026) Consolidated Natural Gas Management Consolidated Natural Gas Management Net Production (MBoe/d) ~81% Oil 148 – 150 149 – 155 Margin from Purchased Commodities*, 1 ($MM) $10 - $15 $50 - $65 Electricit
Slide 15: Capital Structure Provides Flexibility Strong Balance Sheet and Ample Liquidity
Capital Structure Provides Strong Balance Sheet and Flexibility Ample Liquidity 1Q26 Highlights Ample Liquidity Net Debt* Snapshot as of March 31, 2026 ($MM) Revolving Credit Facility (RCF) $ 25 ▪ Issued $350MM in 7.000% 2034 Senior Notes at par 8.250% 2029 Senior Notes 550 ▪ Redeemed $350MM in 8.25
Slide 16: Appendix
Appendix 16
Slide 17: Top-Quartile Well Performance Puts Uinta on the Map
Top-Quartile Well Performance Puts Uinta on the Map Uinta Basin Performance Rivals Permian & Bakken Recent Wells are Competitive on First 12-Month Oil Rates ▪ Growth activity driven by development in the Uteland Top 25 Lower 48 Operators Ranked by 2019+ Well Performance2 Butte, Castle Peak, Douglas
Slide 18: Production Sharing Contracts (PSC) at Higher Prices
Production Sharing Contracts (PSC) at Higher Prices Effect Of Oil Price On Net Production2 Wilmington Field Production (Bo/d) For every ~$1/Bbl change in Brent price, we +/- $1/Bbl +/- $1/Bbl +/- $1/Bbl expect a ~90 Bo/d decrease/increase in our net -/+ ~20 Bo/d at lower -/+ ~90 Bo/d -/+ ~50 Bo/d oi
Slide 19: Power-to-CCS Expansion Kern County CCS Opportunity
Power-to-CCS Expansion Kern County CCS Opportunity AI inference is driving rising demand for • Natural gas pipeline connectivity • Proximity to major fiber networks reliable in-state power • Power interconnect • Access to premier CO2 storage reservoirs • Water availability and supply • Possible CO2
Slide 20: Hedge Portfolio (as of March 31, 2026)
Hedge Portfolio (as of March 31, 2026) OIL 2Q26E 3Q26E 4Q26E 2027E 2028E SOLD CALLS STRATEGY Barrels per Day 36,000 36,000 36,000 2,465 17,534 CRC’s hedging strategy is designed to Brent Weighted-Average Price $83.51 $83.51 $83.51 $71.06 $81.28 meet our business objectives should market prices decli
Slide 21: Strong Commodity Price Realizations
Strong Commodity Price Realizations CALIFORNIA IS AN OIL ISLAND AND THE LARGEST U.S. GDP CONTRIBUTOR ▪ Crude: 1Q26 Brent crude prices rose Q/Q and Y/Y as both (amounts shown as % of U.S. domestic GDP) Middle East and incremental Russian liquids exports were sharply curtailed due to military conflict
Slide 22: 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 Mill
Slide 23: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 2: 1) Total year 2026E guidance assumes a 2026E Brent price of $90.58 per barrel of oil, NGL realizations consistent with prior years and an average daily NYMEX gas price of $3.61 per mcf. Generally, CRC’s share of production under PSCs decreases when commod
Slide 24: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 3 (Cont.): 5) CRC data reflect reserves and annual production volumes as of December 31, 2025. CRC’s production volumes include Berry Corporation’s volumes for 14 days following the transaction close. Production amounts used are reported results and are not
Slide 25: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 13: 1) Total year 2026E guidance assumes a 2026E Brent price of $90.58 per barrel of oil, NGL realizations consistent with prior years and an average daily NYMEX gas price of $3.61 per mcf. Generally, CRC’s share of production under PSCs decreases when commo
Slide 26: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 19: 1) Source: Company reports. 2) Based on signed memoranda of understanding (MOUs) and existing CRC power assets. 3) Includes EPA Class VI permit estimated annual CO2 injection rates for CTV I 26R, CTV I A1-A2, CarbonFrontier and CTV VII. Slide 20: 1) Purc
Slide 27: 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, constitute “forward-looking statements” within the meaning of the safe harbor provision
Slide 28: 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 lim
Slide 29: 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