California Resources Corporation · NYSE:CRC
California Resources — Investor Presentation (March 2026)
39 slides from California Resources's investor presentation, March 2026
Slide 1: Corporate Presentation March 2026
Corporate Presentation March 2026
Slide 2: 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 3: 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 4: A Different Kind of Energy Company
A DIFFERENT KIND Diversified and Complementary Energy Platform OF ENERGY COMPANY ~138MBoe/d | 8% - 13% 2025 Total Net Est. Corporate Production, 79% Oil PDP Decline Northern California $5.4B2 | $6.5B2 Market Enterprise Capitalization Value CALIFORNIA’S LARGEST O&G PRODUCER1 WITH ACCESS TO PREMIUM MA
Slide 5: 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 6: 4Q25 and Full Year 2025 Results
4Q25 and Full Year 2025 Results 6
Slide 7: 2025 – A Year of Outstanding Achievements
2025 – A Year of Outstanding Financial and Operating Highlights Achievements Highest Highest Total Net Highest Annual Adj. EBITDAX*, Free Cash Adj. EBITDAX*, 1 Free Cash Flow*, 1 Production Flow* and Shareholder Returns since 20211 $1,241MM $543MM 138MBoe/d 23% YoY Growth 53% YoY Growth 25% YoY Grow
Slide 8: 2026 Estimated Outlook
2026 Estimated Outlook1 Operational and Strategic Focus Adj. EBITDAX* YoY Production Growth3 $970 – $1,070MM 12% Focused Execution and Cost Discipline ~2/3 of oil production hedged at 152-157MBoe/d, 81% oil ~$65/Bbl2 4 rigs Operating Costs Berry Merger Synergies $1,400 – $1,500MM $80 - $90MM Strateg
Slide 9: 2025 Reserves Demonstrate Robust Growth
2025 Reserves Demonstrate Meaningfully Lower Estimated Robust Growth Base Decline Rate vs Peers Estimated Corporate PDP Decline Rates (%) PD1 and PUD Reserves Up 7% and 190% YoY, Respectively Despite ~14% Brent Price Decline Proved Reserves2 (MMBOE) ~58% 654 Lower MMBOE 545 PUD ~25% MMBOE PUD 8% - 1
Slide 10: Significant Value From World-Class Conventional Reservoirs
Long Proved Reserves Base Significant Value From World- Proved Reserves / Annual Production (Years)4 Class Conventional Reservoirs 17 Material Upside From Long Duration Assets 15 13 Years 13 PV-10* 11 $17.2B3 9 PV-10* $14.4B2 Probable 7 Reserves 5 Probable Reserves CRC Canadians US Shale Large US La
Slide 11: Low-Decline Base Enables Control and Operational Flexibility
Low-Decline Base Enables Control and Operational Flexibility 2026E Framework1 Majority of 2026 Drilling Permits Secured ▪ Targeting Entry-to-exit gross production decline ~2%; average ~4 rigs ▪ Focus on developing predictable conventional reservoirs ▪ Workovers and sidetracks expected to smooth quar
Slide 12: High-Return Development with Low Capital Intensity
High-Return Development with Low Capital Intensity 2026E Development Program1 2026E O&G Program Economics1,2 ▪ ~264 low-risk, high-value wells ~49% IRR ~3.8x MOIC ~$53 per Bbl Brent O&G Only3 Breakeven Price* Hedged 4 ▪ Consist of workovers, sidetracks and new wells (primarily 2H26) and hold the maj
Slide 13: “Best of the West”
“Best of the West” Advancing Innovative Energy Solutions California’s Premier Carbon Management Provider • Completed construction of carbon capture equipment • Signed MOUs1 covering 6.8MMTPA of incremental CO₂ at CRC’s Cryogenic Gas Plant at Elk Hills – California’s volumes in 2025 with leading indu
Slide 14: Power-to-CCS Expansion
Power-to-CCS Expansion Kern County CCS Opportunity AI inference is driving rising demand for • Natural gas pipeline connectivity • Proximity to major fiber networks reliable in-state power • Power interconnect • Access to premier CO2 storage reservoirs • Water availability and supply • Possible CO2
Slide 15: Structural Cost Reductions Drive Margin Expansion
Structural Cost Reductions Drive Margin Expansion 2026 Estimated Berry-Related Synergies Benefits of a Leaner CRC Included in 2026E Guidance ($MM) Targeted Cumulative Synergies and Structural Cost Reductions ($MM) 2023 2024 2025 2026E 2027E-28E $80 – 90MM $0 G&A Expenses ($100) ~$35 - $40MM ($200) O
Slide 16: Disciplined Capital Allocation Drives Shareholder Returns
Disciplined Capital Allocation… …Drives Shareholder Returns Historical Dividend Growth Maintaining Long-Term Focus, Delivering Buybacks Quarterly Dividend at Year End ($/sh)1 Share Repurchases ($MM)1 $400 $0.50 $0.40 $300 $0.30 $200 $0.20 $100 $0.10 $0.00 $0 2021 2022 2023 2024 2025 2021 2022 2023 2
Slide 17: “California Comeback” Drives Long-Term Value Opportunity
“California Comeback” Drives Long-Term Value Opportunity Maintenance Activity Supports Durable Approach Cash Generation Across Commodity Cycles1 Breakeven Price (Hedged) Brent WTI ($/Bbl) ($/Bbl) Total Corporate Capital ~$60 ~$56 O&G Only ~$58 ~$54 Advantaged Portfolio, Focused Execution and Discipl
Slide 18: Strong Balance Sheet, Ample Liquidity and Financial Flexibility
Strong Balance Sheet, Ample Liquidity and Financial Flexibility Ample Liquidity Coverage Multiples Demonstrate Strength Net Debt* Snapshot as of December 31, 2025 ($MM) ($MM) Revolving Credit Facility (RCF) $ - RCF Borrowing Base $1,500 8.250% 2029 Senior Notes 900 4Q25 Free Cash Flow* $115 7.000% 2
Slide 19: Hedge Portfolio (as of December 31, 2025)
Hedge Portfolio (as of December 31, 2025) OIL 1Q26E 2Q26E 3Q26E 4Q26E 2027E 2028E SOLD CALLS Barrels per Day 37,078 36,000 36,000 36,000 2,465 1,534 STRATEGY Brent CRC’s hedging strategy is designed to Weighted-Average Price $83.45 $83.51 $83.51 $83.51 $71.06 $70.59 meet our business objectives shou
Slide 20: Strong Commodity Price Realizations
Strong Commodity Price Realizations CALIFORNIA IS AN OIL ISLAND AND THE LARGEST U.S. GDP CONTRIBUTOR ▪ Crude: 4Q25 Brent crude prices declined Q/Q and Y/Y as global (amounts shown as % of U.S. domestic GDP) supply growth from both OPEC+ and non-OPEC+ producers continued to exceed demand growth. Cali
Slide 21: Appendix
Appendix 21
Slide 22: Uinta Basin Development Upside
Uinta Basin Development Upside Strong Footprint in the Heart of the Uinta Basin Asset Overview Net Mineral Acres ~98,455 Net Revenue Interest ~61% ~65% 2025 Production1 5.0MBoe/d 2025 Oil Production % 61% ▪ Uinta Basin is one of the last remaining stacked pay growth opportunities in the L48 ▪ Multi-
Slide 23: Production Sharing Contracts (PSC) at Higher Prices
Production Sharing Contracts (PSC) at Higher Prices Difference of ~2.2MBo/d in net oil production For every ~$1/Bbl increase/decrease in between $50/Bbl and $80/Bbl2 Wilmington Field Production (Bo/d) Brent price, we expect a ~83Bo/d decrease/increase in our net oil -/+ ~$1/Bbl -/+ ~$1/Bbl -/+ ~$1/B
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 ▪ Anticipating first CO2 injection at California’s first CCS project in Spring 2026, subject to EPA approval ▪ Anticipating the receipt of Class VI draft permits for additional reservoirs in 20261 Est. Annual Injection Rate1 (MMTPA) Targeted Final Perm
Slide 26: Strategic Carbon Management Partnership
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 27: 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 28: 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 29: On Track for California’s First CO2 Injection
On Track for California’s First CO2 Injection First injection – Spring 2026, subject to EPA approval CTV I A1-A2 CTV I 26R CTV VII CO2 Capture and Compression CO2 Emitter Pad and Pipeline Injection Pad 29
Slide 30: On Track for California’s First CO2 Injection (cont.)
On Track for California’s First CO2 Injection (cont.) CO2 Compression and Dehydration Stripping CO2 from Field Gas Inlet Conditioning Gas and CGP1 Inlet • 2x Compressor Redesign and Isolation from Large Bore Inner Ethane Service Contactor Tower • Evaporative Cooler • Plant Piping • TEG Dehydration P
Slide 31: 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 32: Sustainability and Social Responsibility Are Core Priorities
Sustainability and Social 2025 Sustainability Highlights Responsibility Are ENVIRONMENT Core Priorities ▪ Plugged and sealed >1,400 wells, ~20% of the legally required amount ▪ Eliminated 351 pneumatic venting devices, >450 MT of methane annually ▪ Delivered >108MM barrels of water for agricultural
Slide 33: 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 34: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 4: (1) Source: Enverus. (2) Market capitalization (as of March 3, 2026) using 88.6MM shares outstanding. Enterprise value calculated using net debt of $1,183MM (as of December 31, 2025) plus market capitalization. Slide 5: (1) Proved reserves estimated as of
Slide 35: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 10: • Proved Reserves: Proved developed (PD) reserves include proved developed producing (PDP) and proved developed non-producing (PDNP) reserves. • Probable Reserves: Probable reserves are those reserves that are less certain to be recovered than proved res
Slide 36: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 12: (1) Total year 2026E guidance assumes a 2026E Brent price of $65.57 per barrel of oil, NGL realizations consistent with prior years and an average daily NYMEX gas price of $4.13 per mcf. Generally, CRC’s share of production under PSCs decreases when comm
Slide 37: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 17: (1) Breakeven price represents the average crude oil price at which CRC’s projected cumulative 2026E–2028E cash flow from operations (before net changes in operating assets and liabilities) equals projected capital and dividends, and includes projected s
Slide 38: Assumptions, Estimates and Endnotes
Assumptions, Estimates and Endnotes Slide 23: (1) Based on Brent price of $65 per barrel of oil. (2) Net production from Wilmington field only. Includes the effects of a development program in the Los Angeles basin. Slide 24: (1) CTV VI is located in Central California but is shown in the Northern C
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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