California Resources Corporation · NYSE:CRC
California Resources — Merger or Acquisition (September 2025)
10 slides from California Resources's merger presentation, September 2025
Slide 1: Strategic Bolt-On Combination
Strategic Bolt-On Combination California’s Leading Energy Platform
Slide 2: Forward-Looking / Cautionary Statements – Certain Terms
Forward-Looking / Cautionary Statements – Certain Terms Additional Information and Where to Find It In connection with the transaction, California Resources Corporation (“CRC”) will file with the U.S. Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 (the “registration
Slide 3: Forward-Looking / Cautionary Statements – Certain Terms (Continued)
Forward-Looking / Cautionary Statements – Certain Terms (Continued) i. transaction costs, ii. unknown liabilities, iii. the risk that any announcements relating to the transaction could have adverse effects on the market price of CRC’s common stock or Berry’s common stock, iv. the ability to success
Slide 4: Combination Strengthens California’s Leading Energy Platform
Combination Strengthens California’s Leading Energy Platform Complementary Assets Rationale + $717MM ~94% 1Q26 COMPELLING INDUSTRIAL LOGIC $80 – 90MM Transaction CRC Ownership of Est. • Exceptional asset fit with significant corporate and operational synergies Targeted Annual Value1 Pro Forma Compan
Slide 5: Synergies to Enhance Free Cash Flow Generation
Synergies to Enhance Free Cash Flow Generation Significant Estimated Deal Synergies Enhanced Free Cash Flow* Per Share Annual estimated synergies as % of transaction value Drives Shareholder Value3 ~14% 14% $80 – 90MM ~$500MM1 Improvement in Pro Forma Annual Est. Deal Synergies Implemented NPV @ 10%
Slide 6: Low Decline, Long Duration, Conventional Oil Assets
Low Decline, Long Duration, Conventional Oil Assets CRC - Top-Tier Independent Oil Producer ~20% Growth in Pro Forma Proved Reserves 2Q25 Net Oil Production1 (Mbo/d) 2024 Proved SEC Reserves2 (MMBOE) 200 180 160 652 140 120 CRC BRY Pro Forma 100 Peer Leading Low Base Oil Decline Rate 80 60 + 40 ~27%
Slide 7: California’s Leading Energy Platform
California’s Leading Energy Platform STRONG BALANCE SHEET WITH DISCIPLINED SOLID FREE CASH FLOW GENERATION CAPITAL ALLOCATION TRACK RECORD OF LEADING ROBUST SHAREHOLDER RETURNS CARBON MANAGEMENT BUSINESS 7
Slide 8: Pro Forma Metrics & Glossary
Pro Forma Metrics & Glossary ($ MM unless otherwise noted) CRC BRY Pro Forma Term Definition 2Q25 Total Net Production (MBoe/d) 137 24 161 Earnings Before Interest, Taxes, Depreciation, Amortization and EBITDAX Exploration 2Q25 Net Oil Production (%) 80% 92% 81% EV Enterprise Value 2024 Total Proved
Slide 9: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Pro forma 2025 estimates. This presentation includes certain forward-looking estimates of pro forma combined operating and financial results for the six months ended December 31, 2025. Unless otherwise noted, pro forma 2025 estimates are based on management estima
Slide 10: Investor Relations Contacts
Joanna Park Daniel Juck Hailey Bonus VP, Investor Relations & Treasurer Sr. Director, Investor Relations Sr. Director, Communications 818-661-3731 818-661-6045 562-999-8363 Joanna.Park@crc.com Daniel.Juck@crc.com Hailey.Bonus@crc.com
California Resources — Merger or Acquisition (September 2025) on 6ix