California Resources (CRC) investor relations material

Diversified energy platform and operational highlights

• Operates California's largest oil and gas production platform with 154 MBoe/d net production, 81% oil-weighted, and an estimated 8–13% corporate PDP decline rate.

• Maintains a premier balance sheet with $4.9B market capitalization and $6.2B enterprise value.

• Focuses on low carbon intensity oil and gas, power generation, geothermal, solar, and carbon capture and storage (CCS) opportunities.

• Delivers strong cash flow and disciplined capital allocation, supporting sustainable shareholder returns.

Asset base, reserves, and production outlook

• Holds 654 MMBOE proved reserves and 526 MMBOE probable reserves, with a 13-year proved reserves life at current production rates.

• Multi-decade conventional asset runway, with proved plus probable reserves supporting 23 years of production.

• Maintains high-quality, low-decline assets across major California basins and the Uinta Basin, with robust development inventory.

• Targets flat to slightly declining net production in 2026, with increased drilling activity and capital efficiency improvements.

Financial performance and capital management

• Achieved $304MM adjusted EBITDAX in 1Q26, with net leverage below 1.1x and $46MM returned to shareholders via dividends and repurchases.

• Raised 2026E adjusted EBITDAX guidance by nearly 42%, outpacing a 38% increase in Brent price assumptions.

• Reduced 2026E facilities capital by $10MM through operating efficiencies and increased Berry merger synergy target by 12%.

• Maintains a strong balance sheet with $1.3B net debt, $1.5B borrowing base, and recent Fitch upgrade to BB-.