California Resources Corporation · NYSE:CRC
California Resources — Investor Presentation (July 2026)
39 slides from California Resources's investor presentation, July 2026
Slide 1: Corporate Presentation July 2026
Corporate Presentation July 2026
Slide 2: A Different Kind of Energy Company
A DIFFERENT KIND Diversified and Complementary Energy Platform OF ENERGY COMPANY ~154MBoe/d | 8% - 13% 1Q26 Total Net Est. Corporate Production, 81% Oil PDP Decline Northern California $4.9B2 | $6.2B2 Market Enterprise Capitalization Value CALIFORNIA’S LARGEST O&G PRODUCER1 WITH ACCESS TO PREMIUM MA
Slide 3: 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* $21.9B4 9 PV-10* $17.2B3 Probable 7 PV-10* Reserves $14.4B2 5 Probable CRC Canadians US Shale Internat
Slide 4: Premier California Energy Company
Premier California Energy Company CRC’s Advantaged Portfolio Characteristics ▪ Geographic Advantage ▪ Ready for Growth ▪ High-Quality, Low-Decline Assets ▪ Superior Economics ▪ Robust Development Inventory ▪ Existing O&G Midstream Network CRC’s Long Runway 1P Asset Inventory1 Est. Annual Total Surfa
Slide 5: "California Comeback" Drives Long-Term Value Opportunity
“California Comeback” Drives Long-Term Value Opportunity Maintenance Activity Supports Durable Approach Cash Generation Across Commodity Cycles1 Breakeven Price (Hedged) Brent WTI ($/Bbl) ($/Bbl) Total Corporate Capital ~$60 ~$56 O&G Only ~$58 ~$54 Advantaged Portfolio, Focused Execution and Discipl
Slide 6: CTV Commences First CO2 Injection
CTV Commences First CO2 Injection California’s First Active CCS Project "The Golden State is building the full suite of tools needed to meet our climate goals, and Carbon TerraVault I is proof that innovation and ambition are the California way . . . These Elk Hills Cryogenic Gas Plant Project are t
Slide 7: Joining the Ranks of Global CCS Leaders
Joining the Ranks of Global CCS Leaders1 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 CO2 underground through EPA Class V
Slide 8: A Different Kind of Energy Company
Gaining Scale A Different Kind Gross Production (MBoe/d)1 of Energy Company ✓ Integrated Portfolio Strategy ✓ Premier Capital Structure 2023 2024 2025 2026E ✓ Superior Risk Management Growing Cash Flow Brent: $82.22 NYMEX: $2.74 Brent: $79.84 NYMEX: $2.27 Est. Brent: $68.87 Est. NYMEX: $3.38 ✓ Focus
Slide 9: 1Q26 Results
> ey ; e Ar ¢ 3 1026 Results. FREES RE | 2
Slide 10: Executing on Multiple Value Drivers
Executing on Multiple Value Drivers Accelerating • Increasing drilling activity in 2H26E by 3 rigs and fast-tracking long-term maintenance capital program (2 rigs in CA , 1 in UT) Shareholder Value • Highly contiguous Uinta development opportunity provides production and value upside • Adding increm
Slide 11: Delivering Through 1Q26 Macro Uncertainty – Returning To Growth
Delivering Through 1Q26 Macro Uncertainty – Returning To Growth STRONG FINANCIAL AND OPERATING RESULTS Delivered California’s Premier Energy Platform BENEFITTED FROM BRENT-LINKED PRODUCTION 1Q26 Brent Price ~17% Above Guidance $304MM 154MBOE/D 1Q26 Net Production ~81% Oil-Weighted Adj. EBITDAX* 1Q26
Slide 12: Delivering Through a Portfolio Approach
Delivering Through a Portfolio Approach Starting in Summer 2026 Disciplined Capital Allocation Adding 1 Rig in Central and 1 Rig in Southern California 2026E D&C and Workover Capital1 Kern County LA County $150 $120 Bakersfield $90 $60 $30 $0 1Q26A 2Q26E 3Q26E 4Q26E Planning a 4-Well Pad in Northern
Slide 13: Improved Capital Efficiency in 2026 Stepping Up Activity
Stepping Up Activity Improved Capital Driving Entry-to-Exit Growth Efficiency in 2026 Raised Production Outlook 2026E CRC Production (MBoe/d)1 Jan 2026 Est. Dec 2026 Exit Brent @$64.73/Bbl Brent @$83.41/Bbl Prior 174.4 175.4 Annual Cadence Entry to Exit Old Exit ~4.1Mboe/d Est. Growth 4 Rigs ~(2%) $
Slide 14: Continued Structural Cost Reductions Drive Margin Expansion
Continued Structural Cost Reductions Drive Margin Expansion With >80% of Synergies Implemented to Date 12% Increase in Targeted Synergies Benefits of a Leaner CRC 2026 Estimated Berry-Related Synergies ($MM) Targeted Cumulative Synergies and Structural Cost Reductions ($MM) 2023 2024 2025 2026E 2027
Slide 15: Low-Decline Assets - Quick Returns Program Built for Value Creation
Low-Decline Assets - Quick Returns Program Built for Value Creation 2026E Key Operational Updates Updated 2026E O&G Program Economics1,2 ▪ Reduced 2026E facilities capex by $10MM1 driven by field consolidation, underlying ongoing operating efficiencies ▪ Targeting ~1% entry-to-exit gross production
Slide 16: Uinta: Highly Contiguous Asset with Abundant Stacked Pay Opportunities
Uinta: Highly Contiguous Asset with Abundant Stacked Pay Opportunities Nearby Type Curves Demonstrate Upside De-Risking Acreage Cumulative oil (MBo/10K’ lateral)1 Uinta 150 Moon Tribal Wells Scout Farm-In Wells Historical Uteland Butte Type Curve WEM 125 100 >200 gross drilling locations in CRC’s po
Slide 17: Opportunistic Share Repurchases Create Observable Value
Opportunistic Share Repurchases Attractive Create Observable Value Fixed Dividend vs Market Quarterly Shareholder Returns1 Average Share Price Dividend Yield2 ($MM) ($/Share) (%) $350 $1,619MM $60 3% of cumulative shareholder returns since 2021, including 26.8MM shares repurchased at a $43.59 averag
Slide 18: Capital Structure Provides Flexibility
Capital Structure Provides Strong Balance Sheet and Flexibility Ample Liquidity Year-to-Date Highlights Ample Liquidity Net Debt* Snapshot as of March 31, 2026 ($MM) Revolving Credit Facility (RCF) $ 25 ▪ Fitch upgraded corporate rating to BB- 8.250% 2029 Senior Notes 550 ▪ Issued $550MM in 7.250% 2
Slide 19: Strong Commodity Price Realizations
Strong Commodity Price Realizations CALIFORNIA IS AN OIL ISLAND AND THE LARGEST U.S. GDP CONTRIBUTOR ▪ Crude: 1Q26 Brent crude prices rose Q/Q and Y/Y as both (amounts shown as % of U.S. domestic GDP) Middle East and incremental Russian liquids exports were sharply curtailed due to military conflict
Slide 20: Hedge Portfolio (as of March 31, 2026)
Hedge Portfolio (as of March 31, 2026) OIL 2Q26E 3Q26E 4Q26E 2027E 2028E SOLD CALLS STRATEGY Barrels per Day 36,000 36,000 36,000 2,465 17,534 CRC’s hedging strategy is designed to Brent Weighted-Average Price $83.51 $83.51 $83.51 $71.06 $81.28 meet our business objectives should market prices decli
Slide 21: Appendix
Appendix 21
Slide 22: Top-Quartile Well Performance Puts Uinta on the Map
Top-Quartile Well Performance Puts Uinta on the Map Uinta Basin Performance Rivals Permian & Bakken Recent Wells are Competitive on First 12-Month Oil Rates ▪ Growth activity driven by development in the Uteland Top 25 Lower 48 Operators Ranked by 2019+ Well Performance2 Butte, Castle Peak, Douglas
Slide 23: Production Sharing Contracts (PSC) at Higher Prices
Production Sharing Contracts (PSC) at Higher Prices Effect Of Oil Price On Net Production2 Wilmington Field Production (Bo/d) For every ~$1/Bbl change in Brent price, we +/- $1/Bbl +/- $1/Bbl +/- $1/Bbl expect a ~90 Bo/d decrease/increase in our net -/+ ~20 Bo/d at lower -/+ ~90 Bo/d -/+ ~50 Bo/d oi
Slide 24: Well Positioned to Decarbonize California's Largest Industries
Sacramento Northern California CTV IV Northern California1 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 25: California's Premier Carbon Management Provider
California’s Premier Carbon Management Provider ▪ In May 2026, started sequestering CO2 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 20261 Est. Annual Injection Rate1 (MMTPA) Targeted Final
Slide 26: 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 27: 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 28: 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 29: 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 30: Progressing Huntington Beach Real Estate Asset Development
Progressing Huntington Beach Real Estate Asset Development 1.2 miles of direct access to Pacific Coast Highway Pacific Coast Highway Fort Apache Huntington Beach – Highlands HUNTINGTON BEACH UPDATE| 92 ACRE PARCEL TIMELINE ▪ Sold Fort Apache (0.9-acre parcel) for total proceeds of ▪ Proposal will be
Slide 31: 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 32: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 2: 1) Source: Enverus. 2) Market capitalization (as of June 22, 2026) using 88.8MM shares outstanding. Enterprise value calculated using net debt of $1,300MM (as of March 31, 2026) plus market capitalization. Slide 3: • Proved Reserves: Proved developed (PD)
Slide 33: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 3 (Cont.): 5) CRC data reflect reserves and annual production volumes as of December 31, 2025. CRC’s production volumes include Berry Corporation’s volumes for 14 days following the transaction close. Production amounts used are reported results and are not
Slide 34: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 10: 1) Total year 2026E guidance assumes a 2026E Brent price of $90.58 per barrel of oil, NGL realizations consistent with prior years and an average daily NYMEX gas price of $3.61 per mcf. Generally, CRC’s share of production under PSCs decreases when commo
Slide 35: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 16: 1) Source: CRC internal estimates. 2) Total year 2026E guidance assumes a 2026E Brent price of $90.58 per barrel of oil, NGL realizations consistent with prior years and an average daily NYMEX gas price of $3.61 per mcf. Generally, CRC’s share of product
Slide 36: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 24: 1) CTV VI is located in Central California but is shown in the Northern California due to map scale. 2) Source: California Air Resources Board, "Current California GHG Emission Inventory Data 2000–2023," 2025 edition. Slide 25: 1) Source: EPA as of April
Slide 37: 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 38: 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 39: 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
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