California Resources Corporation · NYSE:CRC
California Resources — Investor Presentation (September 2026)
47 slides from California Resources's investor presentation, September 2026
Slide 1: Corporate Presentation September 2026
Corporate Presentation September 2026
Slide 2: Signed Agreement to Sell Uinta Basin Assets
Signed Agreement to Sell Uinta Basin Assets Divestiture of Non -Core Uinta Basin 1 Net Mineral Acres : ~100,000 acres 1H26 Oil Realization : ~79% of WTI Net Revenue Interest : ~61% Strategic Sale Attractively Priced CRC Focus 1H26 Operating Costs/Boe : ~$26/Boe Unconventional Asset ~$90MM Cash 2 Cal
Slide 3: Connecting the Dots on CTV's Leading Storage Platform
Connecting the Dots on CTV’s Leading Storage Platform Crimson Acquisition Adds Long -Term Optionality for a Potential CO 2 Pipeline System Delta Region • Acquisition of ~2,000 -mile pipeline system (including the ~220 -mile KLM pipeline corridor) includes land rights that help build a foundation for
Slide 4: Midstream Integration Enhances Marketing Function
Midstream Integration Enhances Marketing Function Commodity Marketing Advantage Benefits All of CRC CRC is the Largest Producer of Oil, NGLs and Natural Gas in California Flexibility NGLs Natural Gas Oil Optimized delivery to highest -value markets >14,000 Miles of Pipeline ~50% Propane | ~33% Butan
Slide 5: Sustainability is Embedded in Our Operations
Sustainability is Embedded in Our Operations Near -Term Ambition Long -Term Goal ≥20% from 2020 Baseline by 2035 ≥80% from 2020 Baseline by 2045 Reduction in Scope 1 & 2 Emissions Reduction in Average Carbon Responsible Goal to Reduce Absolute Scope 1 & 2 Intensity of Oil & Gas Operations Emissions,
Slide 6: CRC Overview
CRC Overview 6
Slide 7: Diversified and Complementary Energy Platform
A DIFFERENT KIND Diversified and Complementary Energy Platform OF ENERGY COMPANY 149MBoe/d | 8% - 13% 2Q26 Total Net Est. Corporate Production, ~81% Oil PDP Decline Northern California $4.6B 2 | $5.9B 2 Market Enterprise Capitalization Value CALIFORNIA’S LARGEST O&G PRODUCER 1 WITH ACCESS TO PREMIUM
Slide 8: 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* $21.9B 4 9 PV -10* $17.2B 3 Probable 7 PV -10* Reserves $14.4B 2 5 Probable CRC Canadians US Shale
Slide 9: 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 Inventory 1 Est. Annual Total Su
Slide 10: California's Energy Landscape
Second largest consumer of energy Second Largest Consumer of Energy in the U.S. 1 in the U.S. Highly Dependent on California’s Energy Imports One of the Highest -Cost Energy Energy Markets in the U.S. Landscape Needs Affordable, Clean and Reliable, Local Energy Production CRC is Built for California
Slide 11: California Relies Heavily on Imported Oil
California Relies Heavily on ~80% of Oil Imports Came Imported Oil from Foreign Sources Annual Oil Supply Sources to California Refineries 1 1 2025 Sources of Crude Oil Imports to California (2000 – 2025) OTHER 75% 8% SAUDI ARABIA 77% 6% ARGENTINA ALASKA 7% 21% 50% ECUADOR 9% BRAZIL 23% 14% 25% CANA
Slide 12: California Imports Over 90% of its Natural Gas Supply
California Imports Over 90% of its Natural Gas Supply California Natural Gas Consumption by End Use 1 …and imports the majority of natural Commercial 15% gas from unconventional basins Vehicles 2% California is the nation’s Canada ~1.7 Bcf Residential 22% third largest consumer of natural gas Rockie
Slide 13: CRC Offers Affordable, Reliable & Lower Carbon Power Solutions
CRC Offers Affordable, Reliable & Lower Carbon Power Solutions • Active participant in California’s power market Nearly through industrial and RA capacity sales ~1-GW Northern CA • Operating 855MW near CTV carbon capture 4 permitting facilities in San Joaquin Valley 1 ~145MMT • Partnerships with mai
Slide 14: California's Power Demand Expected to Outpace Supply
California’s Power Demand Expected to Outpace Supply California’s Power Supply by Source 1 California’s Electricity Demand Outlook (000's GWh) 1 Solar/Batteries 4% Hydro 5% Wind 4% Solar/Batteries 17% Significant growth in Commercial / Industrial +61% 222 less reliable renewable Other 14% power sour
Slide 15: 2Q26 Results
a. a Res ) + . :\ \ \ ~> ts J .! bs! ul fey bo ar . i > yh 2026 RR | 15
Slide 16: 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 17: 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 ~$63MM Cash 3 Strong Asset Fit CTV III CTV II San Francisco • ~2,000 -mi
Slide 18: Structural Cost Reductions Driving Margin Expansion
Structural Cost Reductions Driving Margin Expansion >100% Implementation of Synergies Benefits of a Leaner CRC 2026 Berry -Related Synergies ($MM) Targeted Cumulative Synergies and Structural Cost Reductions ($MM) 2023 2024 2025 2026E 2027E-28E ~$103MM $0 G&A Expense ~$48MM ($100) ($200) ~6 Months A
Slide 19: 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 $79.26/Bbl 168 167 124 108
Slide 20: Efficiency Gains in California Enhance Long-Term Outlook
Efficiency Gains in California Executing Our Strategy Enhance Long -Term Outlook • 24/7 rig mobilization, including safe nighttime moves 2026 • Continuous drilling campaigns with dedicated rig Holding Nearly Flat Entry -to -Exit Demonstrating Gross Production With ~5 rigs and crew continuity Strong
Slide 21: Golden Valley Technology Hub | Uniquely Positioned
Golden Valley Technology Hub | Uniquely Positioned Proposed ’’Premier’’ Data Center Campus CTV I A1/A2 California’s ‘’Premier’’ Data Center Campus PARTNERSHIP WITH BEACON DATA CENTERS Elk Hills Oil Field A LEADING NORTH AMERICAN CO -DEVELOPER 275MW | INTERCONNECT WITH PG&E | GROWTH OPPORTUNITY CTV I
Slide 22: Golden Valley Technology Hub | Community Focused
Golden Valley Technology Hub | Community Focused The project is expected to provide the following community benefits: Water Power Noise • Closed -loop cooling — lowest -use • Powered directly by CRC -owned Elk Hills • Sited on existing industrial land; nearest category of any data center design Powe
Slide 23: Balanced Capital Approach
Robust Historical Shareholder Balanced Capital Return Profile Approach 2021 – 1H26 Cumulative Shareholder Returns 1 (% of Free Cash Flow *) 80% Organic Growth & Strategic Deals 70% ~75% of Cumulative Free Cash Flow * 60% Returned to Shareholders since 2021 50% 40% 30% Balanced 20% Capital Pillars 10
Slide 24: Capital Structure Provides Flexibility
Capital Structure Strong Balance Sheet and Provides Flexibility Ample Liquidity Liquidity 2Q26 Highlights * Snapshot as of June 30, 2026 Net Debt ($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 25: 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 26: 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 27: Appendix
Appendix 27
Slide 28: Well Positioned to Decarbonize California's Largest Industries
Sacramento Northern California Northern California1 CTV IV 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 29: 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 30: California's Premier Carbon Management Provider
California’s Premier Carbon Management Provider ▪ In May 2026, started sequestering CO 2 at California’s first CCS project at CRC’s Elk Hills cryogenic gas plant ▪ Anticipating the receipt of Class VI draft permits for additional reservoirs in 2026 1 Est. Annual Injection Rate 1 (MMTPA) Targeted Fin
Slide 31: CTV Commences First CO2 Injection
CTV Commences First CO 2 Injection California’s First Active CCS Project "The Golden State is building the full suite of tools needed to meet our climate Elk Hills Cryogenic Gas Plant Project “ goals, and Carbon TerraVault I is proof that innovation and ambition are the California way . . . These ar
Slide 32: 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 33: Power-to-CCS Expansion Kern County CCS Opportunity
Power -to -CCS Expansion Kern County CCS Opportunity • Natural gas pipeline connectivity • Proximity to major fiber networks AI inference is driving rising demand for • Power interconnect • Access to premier CO 2 storage reservoirs reliable in -state power • Water availability and supply • Possible
Slide 34: Brookfield's Capital Contribution
Strategic Carbon Management Partnership Illustrative CO2 Storage/Injection Goal Capital Funding Needs1 Improves & Increases Flexibility of CRC’s assumes Brookfield fully participates in the initial 5MMTPA of CTV JV projects Capital Allocation Framework JV (Initial 5MMTPA of CO2 Injection) ▪ Capitali
Slide 35: Carbon TerraVault Joint Venture Details
Carbon TerraVault Joint Venture Details Global Transition Fund (“BGTF”) Joint Venture Initial commitment1 Wholly owned by CRC $500MM (with potential for follow-on Contribution of $10/MT on permitted investments)2 volume for 49% of CTVH JV Contributes Funded in 3 installments storage assets Carbon Te
Slide 36: Strategic Partnership – A Structural Capital Advantage
Strategic Partnership – A Structural Capital Advantage STORAGE ONLY PROJECTS ILLUSTRATIVE EBITDA1 VS CAPEX REQUIREMENTS FOR VARIOUS CO2 PROJECTS ▪ CTV JV is the off-taker of CO2 at storage site through Storage Co. ▪ Lower expected capital requirements for project development, including injection and
Slide 37: Production Sharing Contracts 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) a
Slide 38: Progressing Huntington Beach Real Estate Asset Development
Progressing Huntington Beach Real Estate Asset Development 1.2 miles of direct access to Pacific Coast Highway Huntington Beach – Highlands Pacific Coast Highway Fort Apache HUNTINGTON BEACH UPDATE| 92 ACRE PARCEL TIMELINE ▪ Sold Fort Apache (0.9 -acre parcel) for total proceeds of ~$10MM ▪ Proposal
Slide 39: 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 40: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 2: 1) The transaction has an effective date of July 1, 2026, is subject to receipt of certain third -party consents and customary closi ng conditions, and is expected to close by year - end 2026. Following the closing of the transaction, CRC expects to provi
Slide 41: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 8 (Cont.): • Reserve estimates are inherently uncertain and constitute forward -looking statements based on assumptions regarding commodity pr ices, costs, development timing, and reservoir performance; actual results may differ materially. Estimates of futu
Slide 42: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 12: 1) Source: EIA Natural Gas Consumption by End Use. 2) Source: Southern California Gas Company California Gas Report. Slide 13: 1) Includes 120 MW attributable to CRC’s 50% interest in the Midway Sunset Power Plant. 2) Source: Company reports. Slide 14: 1
Slide 43: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 24: 1) Available cash and cash equivalents excludes $13MM of restricted cash. 2) Liquidity on June 30, 2026 is calculated as $43MM of cash and cash equivalents (excluding $13MM of restricted cash) plus $1,2 79M M of borrowing capacity on CRC’s revolving cred
Slide 44: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 33: 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 34: 1) Ass
Slide 45: 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, the Crimson acquisition and the Uinta divestiture, constitute “forward -looking stat
Slide 46: 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 47: Investor Relations Contacts
Daniel Juck Hailey Bonus Investor Relations Media 818 -661 -3700 714-874 -7732 CRC_IR@crc.com CRC.Communications@crc.com
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