California Resources Corporation · NYSE:CRC
California Resources — Q4 2025 Earnings Presentation
34 slides from California Resources's earnings presentation, Mar 2, 2026
Slide 1: Fourth Quarter and Full Year 2025 Results
Fourth Quarter and Full Year 2025 Results March 2, 2026
Slide 2: 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 3: 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 4: 2025 – A Year of Outstanding Achievements
2025 – A Year of Outstanding Financial and Operating Highlights Achievements Highest Highest Total Net Highest Annual Adj. EBITDAX*, Free Cash Adj. EBITDAX*, 1 Free Cash Flow*, 1 Production Flow* and Shareholder Returns since 20211 $1,241MM $543MM 138MBoe/d 23% YoY Growth 53% YoY Growth 25% YoY Grow
Slide 5: 2026 Estimated Outlook
2026 Estimated Outlook1 Operational and Strategic Focus Adj. EBITDAX* YoY Production Growth3 $970 – $1,070MM 12% Focused Execution and Cost Discipline ~2/3 of oil production hedged at 152-157MBoe/d, 81% oil ~$65/Bbl2 4 rigs Operating Costs Berry Merger Synergies $1,400 – $1,500MM $80 - $90MM Strateg
Slide 6: 2025 Reserves Demonstrate Robust Growth
2025 Reserves Demonstrate Meaningfully Lower Estimated Robust Growth Base Decline Rate vs Peers Estimated Corporate PDP Decline Rates (%) PD1 and PUD Reserves Up 7% and 190% YoY, Respectively Despite ~14% Brent Price Decline Proved Reserves2 (MMBOE) ~58% 654 Lower MMBOE 545 PUD ~25% MMBOE PUD 8% - 1
Slide 7: Significant Value From World-Class Conventional Reservoirs
Long Proved Reserves Base Significant Value From World- Proved Reserves / Annual Production (Years)4 Class Conventional Reservoirs 17 Material Upside From Long Duration Assets 15 13 Years 13 PV-10* 11 $17.2B3 9 PV-10* $14.4B2 Probable 7 Reserves Probable 5 Reserves CRC Canadians US Shale Large US La
Slide 8: Low-Decline Base Enables Control and Operational Flexibility
Low-Decline Base Enables Control and Operational Flexibility 2026E Framework1 Majority of 2026 Drilling Permits Secured ▪ Targeting Entry-to-exit gross production decline ~2%; average ~4 rigs ▪ Focus on developing predictable conventional reservoirs ▪ Workovers and sidetracks expected to smooth quar
Slide 9: High-Return Development with Low Capital Intensity
High-Return Development with Low Capital Intensity 2026E Development Program1 2026E O&G Program Economics1,2 ▪ ~264 low-risk, high-value wells ~49% IRR ~3.8x MOIC ~$53 per Bbl Brent O&G Only3 Breakeven Price* Hedged 4 ▪ Consist of workovers, sidetracks and new wells (primarily 2H26) and hold the maj
Slide 10: “Best of the West”
“Best of the West” Advancing Innovative Energy Solutions California’s Premier Carbon Management Provider • Completed construction of carbon capture equipment • Signed MOUs1 covering 6.8MMTPA of incremental CO₂ at CRC’s Cryogenic Gas Plant at Elk Hills – California’s volumes in 2025 with leading indu
Slide 11: Power-to-CCS Expansion Kern County CCS Opportunity
Power-to-CCS Expansion Kern County CCS Opportunity AI inference is driving rising demand for • Natural gas pipeline connectivity • Proximity to major fiber networks reliable in-state power • Power interconnect • Access to premier CO2 storage reservoirs • Water availability and supply • Possible CO2
Slide 12: Structural Cost Reductions Drive Margin Expansion
Structural Cost Reductions Drive Margin Expansion 2026 Estimated Berry-Related Synergies Benefits of a Leaner CRC Included in 2026E Guidance ($MM) Targeted Cumulative Synergies and Structural Cost Reductions ($MM) 2023 2024 2025 2026E 2027E-28E $80 – 90MM $0 G&A Expenses ($100) ~$35 - $40MM ($200) O
Slide 13: Disciplined Capital Allocation… …Drives Shareholder Returns
Disciplined Capital Allocation… …Drives Shareholder Returns Historical Dividend Growth Maintaining Long-Term Focus, Delivering Buybacks Quarterly Dividend at Year End ($/sh)1 Share Repurchases ($MM)1 $400 $0.50 $0.40 $300 $0.30 $200 $0.20 $100 $0.10 $0.00 $0 2021 2022 2023 2024 2025 2021 2022 2023 2
Slide 14: “California Comeback” Drives Long-Term Value Opportunity
“California Comeback” Drives Long-Term Value Opportunity Maintenance Activity Supports Durable Approach Cash Generation Across Commodity Cycles1 Breakeven Price (Hedged) Brent WTI ($/Bbl) ($/Bbl) Total Corporate Capital ~$60 ~$56 O&G Only ~$58 ~$54 Advantaged Portfolio, Focused Execution and Discipl
Slide 15: Results, Guidance & Capital Structure
Results, Guidance & Capital Structure 15
Slide 16: 4Q25 and FY25 Results
4Q25 and FY25 Results Impressive Results 4Q25 2025 Commodity Actual Actual Brent ($/Bbl) $63.08 $68.22 Brent Realized Price with Hedge ($/Bbl) $64.27 $67.51 Oil Realization without Derivative Settlements (% of Brent) 97% 98% Operational and Financial ▪ 25% YoY Production Net Production (MBoe/d) Net
Slide 17: 2026E Guidance (as of March 2, 2026)
2026E Guidance (as of March 2, 2026) 1Q26E Oil and Carbon 2026E Oil and Carbon CRC Guidance Consolidated Natural Gas Management Consolidated Natural Gas Management Net Production (MBoe/d) ~81% Oil 155 – 157 152 – 157 Margin from Purchased Commodities*, 1 ($MM) $15 – $20 $60 – $75 Electricity Revenue
Slide 18: Strong Balance Sheet, Ample Liquidity and Financial Flexibility
Strong Balance Sheet, Ample Liquidity and Financial Flexibility Ample Liquidity Coverage Multiples Demonstrate Strength Net Debt* Snapshot as of December 31, 2025 ($MM) ($MM) Revolving Credit Facility (RCF) $ - RCF Borrowing Base $1,500 8.250% 2029 Senior Notes 900 4Q25 Free Cash Flow* $115 7.000% 2
Slide 19: Appendix
Appendix 19
Slide 20: Uinta Basin Development Upside
Uinta Basin Development Upside Strong Footprint in the Heart of the Uinta Basin Asset Overview Net Mineral Acres ~98,455 Net Revenue Interest ~61% ~65% 2025 Production1 5.0MBoe/d 2025 Oil Production % 61% ▪ Uinta Basin is one of the last remaining stacked pay growth opportunities in the L48 ▪ Multi-
Slide 21: On Track for California’s First CO2 Injection
On Track for California’s First CO2 Injection First injection – Spring 2026, subject to EPA approval CTV I A1-A2 CTV I 26R CTV VII CO2 Capture and Compression CO2 Emitter Pad and Pipeline Injection Pad 21
Slide 22: On Track for California’s First CO2 Injection (cont.)
On Track for California’s First CO2 Injection (cont.) CO2 Compression and Dehydration Stripping CO2 from Field Gas Inlet Conditioning Gas and CGP1 Inlet • 2x Compressor Redesign and Isolation from Large Bore Inner Ethane Service Contactor Tower • Evaporative Cooler • Plant Piping • TEG Dehydration P
Slide 23: California’s Premier Carbon Management Provider
California’s Premier Carbon Management Provider ▪ Anticipating first CO2 injection at California’s first CCS project in Spring 2026, subject to EPA approval ▪ Anticipating the receipt of Class VI draft permits for additional reservoirs in 20261 Est. Annual Injection Rate1 (MMTPA) Targeted Final Perm
Slide 24: Premier California Energy Company
Premier California Energy Company CRC’s Advantaged Portfolio Characteristics ▪ Geographic Advantage ▪ Ready for Growth ▪ High-Quality, Low-Decline Assets ▪ Superior Economics ▪ Robust Development Inventory ▪ Existing O&G Midstream Network CRC’s Long Runway 1P Asset Inventory1 Est. Annual Total Surfa
Slide 25: Hedge Portfolio (as of December 31, 2025)
Hedge Portfolio (as of December 31, 2025) OIL 1Q26E 2Q26E 3Q26E 4Q26E 2027E 2028E SOLD CALLS Barrels per Day 37,078 36,000 36,000 36,000 2,465 1,534 STRATEGY Brent CRC’s hedging strategy is designed to Weighted-Average Price $83.45 $83.51 $83.51 $83.51 $71.06 $70.59 meet our business objectives shou
Slide 26: Strong Commodity Price Realizations
Strong Commodity Price Realizations CALIFORNIA IS AN OIL ISLAND AND THE LARGEST U.S. GDP CONTRIBUTOR ▪ Crude: 4Q25 Brent crude prices declined Q/Q and Y/Y as global (amounts shown as % of U.S. domestic GDP) supply growth from both OPEC+ and non-OPEC+ producers continued to exceed demand growth. Cali
Slide 27: Sustainability and Social Responsibility Are Core Priorities
Sustainability and Social 2025 Sustainability Highlights Responsibility Are ENVIRONMENT Core Priorities ▪ Plugged and sealed >1,400 wells, ~20% of the legally required amount ▪ Eliminated 351 pneumatic venting devices, >450 MT of methane annually ▪ Delivered >108MM barrels of water for agricultural
Slide 28: 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 29: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 4: (1) Represents achievement of the highest annual adjusted EBITDAX, annual free cash flow and annual total shareholder returns which includes share repurchases and dividends paid since 2021. (2) All CRC’s future quarterly dividends and share repurchases ar
Slide 30: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 7 (Cont.): • Reserve estimates are inherently uncertain and constitute forward-looking statements based on assumptions regarding commodity prices, costs, development timing, and reservoir performance; actual results may differ materially. Estimates of future
Slide 31: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 10: (1) MOUs and CDMAs are non-binding agreements. The projects and transactions described in an MOU or CDMA are subject to certain conditions precedent, typically including the negotiation of definitive documents, a final investment decision by the parties
Slide 32: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 17: (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) Other operating expenses net
Slide 33: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 25: (1) Purchased and sold puts with the same strike price have been netted together. (2) NPWL volumes require transportation to where the gas is consumed. These costs are reflected in our 2026E transportation guidance. See slide 17 for 2026E guidance. (3) R
Slide 34: 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