California Resources (CRC) Proxy Filing summary

Executive summary

• Completed a $600 million private offering of 8.250% senior notes due 2029, with interest payable semi-annually and maturity on June 15, 2029.

• Notes are guaranteed on a senior unsecured basis by existing and future subsidiaries, and will be guaranteed by entities acquired in the pending Aera Merger.

• Special mandatory redemption applies if the Aera Merger is not completed by May 7, 2025, or if the merger agreement is terminated.

• Notes are subject to optional redemption provisions, change of control repurchase, and other standard covenants and events of default.

Voting matters and shareholder proposals

• Proxy statement filed in connection with the Aera Merger, including the proposed issuance of common stock.

• Shareholders are urged to read the proxy statement and related materials for important information about the merger and related transactions.

Board of directors and corporate governance

• Directors and executive officers may be deemed participants in the proxy solicitation for the Aera Merger.

• Information about directors and officers is available in the annual meeting proxy statement.