California Resources (CRC) investor relations material

Strategic infrastructure and asset growth

• Acquired Crimson, a 2,000-mile pipeline system, for $63MM to enhance market access and support future CO2 pipeline development, expanding storage and throughput capabilities.

• Integrated Central Valley midstream network and added over 1.0 MMBbl of oil storage, improving operational reliability and flexibility.

• Achieved $103MM in Berry-related synergies ahead of schedule, lowering drilling and workover capital requirements.

• Maintained near-flat California production with improved drilling efficiencies and permit inventory for future growth.

Carbon management and sustainability leadership

• Commenced California’s first commercial-scale CCS project, injecting CO2 at Elk Hills and targeting up to 100K MTPA, with multiple regulatory and tax incentives.

• Submitted ~352MMT of CO2 permit volumes to the EPA, holding a leading share of Class VI wells and advancing additional reservoirs.

• Formed a joint venture with Brookfield, targeting 5MMTPA of CO2 injection and $2.5B in capital for CCS projects.

• Achieved a 25% reduction in Scope 1 and 2 emissions from 2020 baseline, with long-term goals of ≥80% reduction by 2045.

Financial performance and capital discipline

• Returned ~75% of cumulative free cash flow to shareholders since 2021 through dividends and buybacks.

• Maintained a strong balance sheet with $1,322MM liquidity and net debt of $1,257MM as of June 30, 2026.

• Upgraded Fitch rating to BB-, issued $550MM in new senior notes, and redeemed higher-cost debt.

• Hedged ~64% of remaining 2026 oil production at a $65/Bbl floor and ~59% of internal fuel at $4.05/MMBtu.