California Resources (CRC) investor relations material

Strategic positioning and platform

• Operates California's largest oil and gas production platform with a diversified energy mix, including oil, gas, midstream, solar, geothermal, and carbon capture and storage (CCS).

• Maintains a premier balance sheet, strong cash flow, and disciplined capital allocation, supporting sustainable shareholder returns.

• Holds a long-duration asset base with 13 years of proved reserves and 23 years of proved plus probable reserves at 2025 SEC prices.

• Focuses on low carbon intensity production and access to premium markets.

Operational and financial performance

• Achieved 2Q26 net production of 149 MBoe/d, with 81% oil and a corporate PDP decline rate of 8–13%.

• Delivered strong cash flow, with $320MM operating cash flow before working capital changes and $151MM free cash flow in 2Q26.

• Implemented $103MM in Berry-related synergies ahead of schedule, driving margin expansion and lowering long-term maintenance capital by 5%.

• Improved drilling efficiency by 25% and maintained nearly flat production with five rigs.

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

Infrastructure and acquisitions

• Acquired Crimson for ~$63MM, adding 2,000 miles of pipeline, storage capacity, and direct access to high-value California markets.

• Enhanced operational reliability and flexibility with integrated midstream assets and improved Central Valley platform.