California Resources (CRC) Corporate presentation summary

Strategic positioning and portfolio highlights

• Operates California's largest oil and gas platform with 138 MBoe/d net production, 79% oil, and a low 8–13% PDP decline rate.

• Market capitalization of $5.4B and enterprise value of $6.5B as of March 2026.

• Maintains a diversified energy platform including oil, gas, geothermal, solar, and carbon capture.

• Robust development inventory and existing midstream network support long-term growth.

• Uinta Basin assets provide additional upside with multi-bench development and high working interest.

Financial and operational performance

• Achieved record adjusted EBITDAX of $1,241MM (23% YoY growth) and free cash flow of $543MM (53% YoY growth) in 2025.

• Delivered $513MM in shareholder returns, representing 94% of free cash flow, with $377MM in share repurchases and a 5% dividend increase.

• 2025 net production reached 138 MBoe/d, up 25% YoY.

• 2026 guidance: adjusted EBITDAX of $970–$1,070MM, 12% production growth to 152–157 MBoe/d, and $430–$470MM in total capital.

• Berry merger synergies expected to contribute $80–$90MM in 2026.

Reserves and asset longevity

• Proved reserves at 654 MMBOE and probable reserves at 526 MMBOE as of year-end 2025.

• Proved developed and undeveloped reserves grew 7% and 190% YoY, respectively, despite a 14% Brent price decline.

• Reserve replacement ratio of 368% and a long 13-year proved reserves/production ratio.

• Low base decline rates (8–13%) reduce capital intensity and support stable production.