California Resources Corporation · NYSE:CRC
California Resources — Investor Presentation (October 2020)
17 slides from California Resources's investor presentation, Oct 27, 2020
Slide 1: Energy for California by Californians
Y CALIFORNIA ENERGY FOR CALIFORNIA BY CALIFORNIANS tfaore
Slide 2: Forward Looking / Cautionary Statements - Certain Terms
Forward Looking / Cautionary Statements - Certain Terms The information included herein contains forward-looking statements that involve risks and uncertainties that could materially affect our expected results of operations, liquidity, cash flows and business prospects. Such statements include thos
Slide 3: CRC - New Foundation
CRC - New Foundation Sustainable Onerati §6 Restructured CRC is well designed to withstand price cycles New Strong Flatter Organization us ah aa ° ee a and continue delivering affordable, sustainable and reliable Balance Sheet with Leaner Structure ‘wa Reauetians os! energy that Is so essential to C
Slide 4: Streamlined CRC + Strong Underlying Assets to Drive FCF Generation
Streamlined CRC + Strong Underlying Assets to Drive FCF Generation New Strong Balance Sheet Flatter Organization with Leaner Structure Sustainable Operations with Enduring Cost Reductions Targeting 1x Leverage Fixed charges of ~$52 MM Cost Structure Revamped for Current Prices and Disciplined Capita
Slide 5: CRC's Revamped Balance Sheet Reflects a Cross-Over Credit
CRC’s Revamped Balance Sheet Reflects a Cross-Over Credit Net Debt at Emergence October 27, 2020 $537 Million »> Simplified Balance Sheet with a target of 1x leverage $ in Millions » | Ample liquidity with $540 million RBL on a $1.2 billion Borrowing Base _s, Sufficient interest coverage from »»> =
Slide 6: CRC's New Board of Directors
CRC’s New Board of Directors Experlence Audit Compensation Committee Nominating Committee Chair: 28660800 MarkA. McFarland © Douglas E. Brooks Tiffany (TJ) James N. Chapman : Julio M. Quintana William B. Roby Brian Steck Todd A. Stevens Chairman Thom Cepak President & CEO (Director Since 2014) GenOn
Slide 7: CRC is Dedicated to ESG Leadership
CRC is Dedicated to ESG Leadership Environmental Social Governance CRC’s new Board of experienced, independent CRC’s 2030 Sustainability Goals align with Safety performance continues to surpass Industry Directors from diverse backgrounds wil! build on California’s landmark goals as a signatory of an
Slide 8: California's Leading Energy Producer with an Integrated Business Model
California’s Leading Energy Producer with an Integrated Business Model + Largest privately-held mineral acreage position in CA * Predominantly owned and operated asset base allows for significant control Sacramento Basin . 3,000 BOE per day* Largest Oil & * Decades of development opportunities remai
Slide 9: CRC Supplies Essential California Energy
CRC Supplies Essential California Energy ECONOMY CALIFORNIA IS THE LARGEST U.S. GDP CONTRIBUTOR + World’s 5th largest economy and biggest contributor to domestic GDP is the 7.8% second-largest energy consuming state and consumes ~2% of the world’s daily crude oil production 14.8% 4.0% 4 + In-state p
Slide 10: CRC's Stable Foundation Supports Sustainable Value Growth
CRC’s Stable Foundation Supports Sustainable Value Growth We AreCallfornia California Resourges Corporation Portfolio of world-class assets investable throughout the commodity cycle Disciplined capital allocation in a robust inventory of Yo conventional low-decline projects to deliver FCF Ry ts Inte
Slide 11: Appendix
APPENDIX
Slide 12: CRC's Refreshed and Simplified Capital Structure
CRC’s Refreshed and Simplified Capital Structure Net Debt at Emergence October 27, 2020 $537 Million $37* $200 MEHP Secured Notes ™2L Term Loan m Revolving Credit Facility * $1.2 Billion Borrowing Base * Semi-annual redetermination starting in April, 2021 _ * Cash interest of L+3.0% - L+4.0% based o
Slide 13: CRC Has Peer-Leading Debt Metrics
CRC Has Peer-Leading Debt Metrics TOTAL DEBT / 2024E EBITDA NET DEBT / ENTERPRISE VALUE 6.0x 120% 5.0x BE 100% 90% 93% 94% 96% 4.0x 4.0x 44 4.0% 80% 1 65% 66% 2.x 29% 3.0x 21s. 60% 52° er 24x 2.4% 4 45% 50% 2.0 40% 09x 10x 10x 12x 23% 25% Saal all il .o. a os e 2021-2022E AGGREGATE FCF / TOTAL DEBT
Slide 14: CRC's Realigned Management Team
CRC's Realigned Management Team Michael Preston Senior Executive Vice President, Chief Administrative Officer and General Counsel Todd Stevens President and Chief Executive Officer Francisco Leon Executive Vice President and Chief Financial Officer Shawn Kerns Executive Vice President, Operations an
Slide 15: Reserves Summary: SEC 2019 and Strip Pricing
Reserves Summary: SEC 2019 and Strip Pricing oil (MMBbI) (MMBbI) Gas (Bcf) (MMBoe) NGLs Natural Total Business Plan Reserves - 7/31/2020 Strip oil NGLs Natural Total (MMBbl) (MMBbl) Gas (Bcf) (MMBoe) Proved developed reserves: 357 45 543 493 Proved developed reserves: 355 41 489 477 Proved undevelop
Slide 16: Hedging Program Supports Cash Flows
Hedging Program Supports Cash Flows CURRENT HEDGE PROTECTION | 4q20 | 1921 2021 July 202 Strate; (3) ey Barrels per Day 4,800 4,500 4,500 4,200 WW CRC will hedge 75% of oil PDP volumes for years 1 & 2 SCE Weighted Average Price per Barrel $48.05 $48.05 $48.05 $48.05 Allocation Bi | Di 18,600 18,000
Slide 17: Contact Us
Contact Us Investor Relations Scott Espenshade SVP, Investor Relations P: 818-661-6010 E: CRC_IR@CRC.com
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