California Resources Corporation · NYSE:CRC
California Resources — Dallas Producers Club December 2021
19 slides from California Resources's conference presentation, Dec 9, 2021
Slide 1: Low Carbon Intensity Fuel for Today and Net Zero Fuel for The Future
‘Low Carbon Intensity Fuel for Today and Net Zero Fuel for The Future Dallas Producers Club December 2021 & CALIFORNIA
Slide 2: Presenter
Presenter ») Mac McFarland President & Chief Executive Officer
Slide 3: Forward Looking / Cautionary Statements - Certain Terms
> Forward Looking / Cautionary Statements - Certain Terms This report contains forward-looking statements, including statements relating to the manner in which CRC intends to conduct certain ofits activities with respect to developing and implementing carbon capture and storage programs and related
Slide 4: Forward Looking / Cautionary Statements - Certain Terms (Cont.)
> Forward Looking / Cautionary Statements - Certain Terms (Cont.) Words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "goal," “intend," "likely," "may," "might," ‘plan, "potential," "project," "seek," “should,” "target, "will” or "would" and similar words that reflect t
Slide 5: Glossary
} Glossary Term Definition BMT BOD Billion Metric Tons Board of Directors Behind the Meter Celsius Cap and Trade California Air Resources Board Clean Air Task Force Carbon Capture and Storage Carbon Capture, Utilization and Storage Carbon Intensity Carbon Dioxide Carbon TerraVault Conditional Use Pe
Slide 6: Quick CRC Overview
) Quick CRC Overview Company Overview 101 MBOE/D ~1,100 4 2021 YTD NET PRODUCTION EMPLOYEES" ACTIVE DRILING RIGS? Sacramento Basin ad @ © San Joaquin Basin in Om 4 x O11 Gas Los Angeles Basin a © ® Midstroarn latrastructure Carton Capture & Storage BTM Solar sow: FIM/Grid Powor a) Production «Pf OBs
Slide 7: Differentiated and Diversified Asset Base
} Differentiated and Diversified Asset Base SACRAMENTO BASIN Largest Natural Gas Producer in California sr Vast Midstream Infrastructure at Elk Hills NG Processing Plant at Elk Hills ga ie FP ecto ctu nee ken an ener ts cuen nopes nde
Slide 8: Eventful Year Post Exiting Bankruptcy
) Eventful Year Post Exiting Bankruptcy Relisted on NYSE on October 28", 2020 2021 Strategy Day, March 18, set a new direction for the company : Cost & operational excellence | Disciplined investing | Portfolio management 1Q21 Earnings call provided a glimpse on the new Low Carbon Intensity Strategy
Slide 9: Low Carbon Intensity Fuel for Today and Net Zero Fuel for The Future
} Low Carbon Intensity Fuel for Today we BO, Net Zero Fuel for The Future CORE UPSTREAM LOW CARBON INTENSITY VENTURES Real Solutions for a Low Carbon Future Lowest Carbon Intensity Production in the U.S.+ Large Conventional Asset Base Premier Carbon Management Provider = Conventional production with
Slide 10: CRC's Free Cash Flow Generation Provides Financial Flexibility
) CRC’s Free Cash Flow Generation Provides Financial Flexibility Targeting ~$2.5B+ Of Cumulative FCF+? After Reinvesting ~$1.7B in the Upstream Business to Maintain Production in the Next 5 Years Carbon Management Activities = Advancing carbon storage and EOR projects including CTV and CalCapture =
Slide 11: Supplemental Materials
ae >) SUPPLEMENTAL MATERIALS ay
Slide 12: Developing a Project Playbook
} Developing a Project Playbook 2021 2022 2023 2024-20258 2026 =—_ 2027 EPA | LCFS | C&T | Land | Pipelines | Environmental (Ten ] kn Insurance Certification | Legal Authorization Permitting [EPARRGView Puviic Review y—P_Tarteting to permit the project in 2023! i Engagement | Commercial Analysis Pro
Slide 13: Variety of Go-to-Market Business Models at Hand
) Variety of Go-to-Market Business Models at Hand AE y Business Models: J emission) copture —)conttiningt )transvort storage] CRC manages & operates capture & Transportation may or End-to-end value CRC owns and operates | Conditioning may not be necessan ICARBON. ; ' iH é y (USER AVauLr chain pmnlsa
Slide 14: Carbon TerraVault Example Economic Type Curve
} Carbon TerraVault Example Economic “Type Curve” EXAMPLE PROJECT ECONOMICS EXAMPLE PROJECT CASH FLOW PROFILE (PER MT OF INJECTED CO,) EST. CASH FLOW POSITIVE IN YEAR 4 WITH PAYBACK IN ~ 4 YEARS. Unit — Low High Notes/Incorporated Assumptions (REFLECTS MIDPOINT OF RANGE ESTIMATES) Total $/MT | $170
Slide 15: Example Project Economics Assumptions
) Example Project Economics Assumptions Information presented on slide 14 shows example project economics for a CTV project. The structure of the project, financing and ownership of CTV project could take many forms and has not yet been negotiated. The terms and availability of third-party sources o
Slide 16: Maintaining Balance Sheet Strength, Liquidity, and Financial Flexibility
} Maintaining Balance Sheet Strength, Liquidity, and Financial Flexibility ESTIMATED LIQUIDITY ROLL FORWARD+ $900 ~$182+ MM ~1845+) MM — 085+ MM 5 o $300 so 9/30/21 Liquidity 4246 Cash Flow Before AQ21E Shareholder Est. 12/34/2021 YE Shareholder Returns Returns Liguicity NO SIGNIFICANT MATURITIES UN
Slide 17: Adjusted EBITDAX Reconciliation
) Adjusted EBITDAX Reconciliation We define adjusted EBITDAX as earnings before interest expense; income taxes; depreciation, depletion and amortization; exploration expense; other unusual, infrequent and out-of-period items; and other non-cash items. We believe this measure provides useful informat
Slide 18: Leverage Ratio & Free Cash Flow Reconciliation
} Leverage Ratio & Free Cash Flow Reconciliation Leverage Ratio and Net Debt We calculate the leverage ratio by dividing net debt by adjusted EBITDAX for the applicable period. We define net debt as the face value of our debt less available cash. We believe the leverage ratio is an important metric
Slide 19: gn cauironnia
gn cauironnia Joanna Park (Investor Relations) Richard Venn (Media) 818-661-3731 818-661-6014 joanna.Park@crc.com Richard Venn@ere.com
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