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, 81% oil-weighted, and an estimated PDP decline of 8–13%.

• Maintains a premier balance sheet with $5.2B market capitalization and $6.5B enterprise value.

• Integrated portfolio includes oil, gas, geothermal, solar, power generation, and carbon capture/storage.

• Focuses on disciplined capital allocation, strong cash flow, and sustainable shareholder returns.

• Strategic M&A and operational efficiencies drive scale and margin expansion.

Reserves, production, and asset quality

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

• Multi-decade conventional asset runway with PV-10 values up to $21.9B for proved plus probable reserves.

• Low-decline, high-quality assets concentrated in San Joaquin, Los Angeles, and Sacramento basins.

• Uinta Basin offers over 200 gross drilling locations and significant stacked pay opportunities.

Carbon management and CCS leadership

• Launched California's first commercial-scale CCS project at Elk Hills in May 2026, targeting up to 100K MTPA CO2 injection.

• Among the few U.S. oil & gas companies with active EPA Class VI sequestration wells; part of an elite global CCS peer group.

• Carbon TerraVault JV with Brookfield targets 5MMTPA injection and 200MMT storage, with $2.5B capital outlay.

• Multiple reservoirs permitted or pending, with a combined injection potential of 16MMTPA and 352MMT storage.