California Resources Corporation · NYSE:CRC

California Resources — Investor Presentation (August 2026)

44 slides from California Resources's investor presentation, August 2026

  1. Slide 1: Corporate Presentation August 2026

    Corporate Presentation August 2026

  2. Slide 2: A Different Kind of Energy Company

    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 $4.6B2 | $5.9B2 Market Enterprise Capitalization Value CALIFORNIA’S LARGEST O&G PRODUCER1 WITH ACCESS TO PREMIUM MAR

  3. 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 Material Upside From Long Duration Assets 13 Years 13 11 PV-10* $21.9B4 9 PV-10* $17.2B3 7 PV-10* Probable Reserves $14.4B2 5 Probable CRC Canadians US Shale Internati

  4. 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 Inventory 1 Est. Annual Total Surf

  5. Slide 5: California's Energy Landscape

    Second largest consumer of energy Second Largest Consumer in the U.S. of Energy in the U.S.1 Highly Dependent on California’s Energy Imports Energy One of the Highest-Cost Energy Markets in the U.S. Landscape Needs A ordable, Clean and Reliable, Local Energy Production CRC is Built for California Se

  6. Slide 6: 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 Refineries1 2025 Sources of Crude Oil Imports to California1 (2000 – 2025) OTHER 75% 8% SAUDI ARABIA 77% 6% ARGENTINA ALASKA 7% 21% 50% ECUADOR 9% BRAZIL 23% 14% 25% CANADA

  7. Slide 7: California Imports Over 90% of its Natural Gas Supply

    California Imports Over 90% of its Natural Gas Supply California Natural Gas Consumption by End Use1 …and imports the majority of natural Commercial 15% gas from unconventional basins Vehicles 2% California is the nation’s Canada ~1.7 Bcf third largest Residential 22% consumer of natural gas Rockies

  8. Slide 8: CRC Offers Affordable, Reliable & Lower Carbon Power Solutions

    CRC O ers A ordable, 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 Valley1 ~145MMT • Partnerships with main p

  9. Slide 9: California's Power Demand Expected to Outpace Supply

    California’s Power Demand Expected to Outpace Supply California’s Power Supply by Source1 California’s Electricity Demand Outlook (000's GWh)1 Solar/Batteries 4% Hydro 5% Solar/Batteries 17% Significant growth in Commercial / Industrial +61% 222 Wind 4% less reliable renewable Other 14% power sources

  10. Slide 10: 2Q26 Results

    7 ~ a * - . = Pe) 2026 Results. Wen NS ™~ » . RR | 10

  11. Slide 11: Executing Our Strategy

    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 markets1 Energy Infrastructure Platform • Adding ~2,000 miles of strategic pipeline infrastructure, storage capacity and third-party th

  12. Slide 12: Strengthening California's Leading Energy Infrastructure Platform

    Strengthening California’s Leading Energy Infrastructure Platform Agreement to Acquire Crimson, a Diversified Midstream Platform1 CTV IV Accretive Attractively Priced Industrial Logic CTV V 4.4x EV/27E Adj. EBITDA*,2 Stockton ~$63MM Cash3 Strong Asset Fit CTV III CTV II San Francisco • ~2,000-mile pi

  13. Slide 13: 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 Ahe

  14. Slide 14: Efficient Execution, Strong California Reservoir Performance

    E cient Strong California Execution Reservoir Performance ~25% Improvement in Drilling New Wells / Sidetracks Holding Near Flat California Production with 5 Rigs # of California Drilled Wells CRC California Production (MBoe/d)1 Jan 2026 Dec 2026E Brent $64.73/Bbl Brent $79.26/Bbl 168 167 124 108 151

  15. Slide 15: Improving 2026E Capital Efficiency, Maintaining Production

    Maintaining Production Outlook Improving 2026E Delivering Growth in 2026 Capital E ciency CRC Production (MBoe/d)1 Jan 2026 Dec 2026E Brent $64.73/Bbl Brent $79.26/Bbl 175 174 Annual Cadence Entry to Exit ~5 Rigs ~1% $370 - $390MM Gross Growth 2026E D&C and Workover Capital*,1 $10MM 156 155 Improvem

  16. Slide 16: Efficiency Gains in California Enhance Long-Term Outlook

    E ciency 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 Execu

  17. Slide 17: 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

  18. Slide 18: 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 Power Pl

  19. Slide 19: Robust Historical Shareholder Return Profile

    Robust Historical Shareholder Balanced Capital Return Profile Approach 2021 – 1H26 Cumulative Shareholder Returns1 (% 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% Di

  20. Slide 20: Strong 2Q26 Production and Financial Results

    Production and Financial Results Strong 2Q26 Net Production1 Operating Cash Flow Before WC Changes*,1 (MBoe/d) ($MM) 160 $320 Commodity 2Q26A $25 Oil Realizations (% of Brent) ~95% 150 1.5 NGL Realizations (% of Brent) ~51% Natural Gas Realizations (% of NYMEX) ~63% 140 $240 $300 Operational and Fin

  21. Slide 21: Capital Structure Provides Flexibility

    Capital Structure Strong Balance Sheet and Provides Flexibility Ample Liquidity Liquidity 2Q26 Highlights Net Debt* Snapshot as of June 30, 2026 ($MM) Revolving Credit Facility (RCF) $ -  Fitch upgraded corporate rating to BB- 7.000% 2034 Senior Notes 750  Issued $550MM in 7.250% 2035 Senior Notes

  22. Slide 22: Hedge Portfolio (as of June 30, 2026)

    Hedge Portfolio (as of June 30, 2026) OIL PRODUCTION 3Q26E 4Q26E 1Q27E 2Q27E 2H27E 2028E STRATEGY SOLD CALLS 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 objective

  23. Slide 23: 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

  24. Slide 24: Appendix

    Appendix 24

  25. Slide 25: Well Positioned to Decarbonize California's Largest Industries

    Well Positioned to Decarbonize Sacramento Northern California Northern California1 CTV IV 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

  26. Slide 26: 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 1

  27. Slide 27: 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 P

  28. Slide 28: 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 Elk Hills Cryogenic Gas Plant Project goals, and Carbon TerraVault I is proof that innovation and ambition are the California way . . . These are t

  29. Slide 29: Joined the Ranks of Global CCS Leaders

    Joined the Ranks of Global CCS Leaders 1 CARBON TERRAVAULT | A Di erentiated 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 Australia 2.8 2 projects undergr

  30. Slide 30: 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 CO2 storage reservoirs reliable in-state power • Water availability and supply • Possible CO2 p

  31. Slide 31: 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

  32. Slide 32: 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

  33. Slide 33: 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

  34. Slide 34: Production Sharing Contracts (PSC) at Higher Prices

    Production Sharing Contracts (PSC) at Higher Prices E ect Of Oil Price On Net Production1 Wilmington Field Production (Bo/d) +/- $1/Bbl +/- $1/Bbl +/- $1/Bbl CRC sees a di erence of ~4.1 MBO/D in net oil 20,000 -/+ ~70 Bo/d at lower -/+ ~90 Bo/d -/+ ~60 Bo/d prices (low recovery) at mid point at hig

  35. Slide 35: 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

  36. Slide 36: 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 Millio

  37. Slide 37: Assumptions, Estimates and Endnotes

    Assumptions, Estimates and Endnotes Slide 2: 1) Source: Enverus. 2) Market capitalization (as of August 7, 2026) using 88.8MM shares outstanding. Enterprise value calculated using net debt of $1,257MM (as of June 30, 2026) plus market capitalization. Slide 3: • Proved Reserves: Proved developed (PD)

  38. Slide 38: 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 p

  39. Slide 39: Assumptions, Estimates and Endnotes

    Assumptions, Estimates and Endnotes Slide 12: 1) Subject to customary regulatory approvals, other closing conditions and is expected to close in the third quarter of 2026. CRC plans to provide updated guidance following closing of the transaction. 2) Estimated 2027 adjusted EBITDA is based on CRC’s

  40. Slide 40: Assumptions, Estimates and Endnotes

    Assumptions, Estimates and Endnotes Slide 20 (Cont.): 5) Electricity revenue net of electricity generation expenses is calculated as the di erence between electricity sales and electricity generation expenses. 6) All CRC’s future quarterly dividends and share repurchases are subject to commodity pri

  41. Slide 41: Assumptions, Estimates and Endnotes

    Assumptions, Estimates and Endnotes Slide 29: 1) Source: Enverus. Peers include projects operated by ADM, Basin Electric Power Cooperative, Gevo, Harvestone Group, Shell, Equinor, Santos, Chevron, Qatar Energy, ENI and Huaneng Group. Slide 30: 1) Source: Company reports. 2) Based on signed memoranda

  42. Slide 42: 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 e ects of the Berry Merger and the Crimson acquisition, constitute “forward- looking statements” within the meaning o

  43. Slide 43: 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 limit

  44. Slide 44: 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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