California Resources : CRC May 2026 Presentation Final

Published: 2026-05-14 08:32:10 ET CRC

Published on 05/14/2026 at 08:32 am EDT

May 2026

A DIFFERENT KIND OF ENERGY COMPANY

~154MBoe/d | 8% - 13%

1Q26 Total Net Production, 81% Oil

Est. Corporate PDP Decline

Northern California

$5.2B2 | $6.5B2

CALIFORNIA'S LARGEST O&G PRODUCER1 WITH ACCESS TO PREMIUM MARKETS

Central California

Market

Capitalization

Enterprise Value

LEADING CARBON MANAGEMENT BUSINESS

STRONG CASH FLOW GENERATION & DISCIPLINED CAPITAL ALLOCATION

Southern California

PREMIER BALANCE SHEET

SUSTAINABLE SHAREHOLDER RETURNS

Low Carbon Intensity Oil & Gas Production

3rd Party Power

Midstream Infrastructure

Solar

Power Generation

Geothermal

Carbon Capture & Storage

See slide 30 for "Assumptions, Estimates and Endnotes".

Opportunities

13 Years

Long Proved Reserves Base

Proved Reserves / Annual Production (Years)5

CRC Canadians US Shale International /

Large Integrated

Large US Offshore

23 Years

Multi-Decade Conventional Runway

Proved + Probable Reserves / Annual Production (Years)5

CRC Canadians Offshore

Significant Value From World-Class Conventional Reservoirs

Material Upside From Long Duration Assets

PV-10*

$21.9B4

PV-10*

$14.4B2

PV-10*

$17.2B3

$6.5B

Current EV1

2026

SEC Price

$75 Brent

$3.00 HH

$85 Brent

$3.00 HH

PDP

$6.9B

$8.1B

$10.1B

See slides 30 and 31 for "Assumptions, Estimates and Endnotes".

Proved Reserves

Probable Reserves

Proved Reserves

Probable Reserves

Proved Reserves

Probable Reserves

Premier California Energy Company

CRC's Advantaged Portfolio Characteristics

Geographic Advantage

High-Quality, Low-Decline Assets

Robust Development Inventory

Ready for Growth

Superior Economics

Existing O&G Midstream Network

CRC's Long Runway 1P Asset Inventory 1

Basin/Unit PD2

Total

Proved

Oil

Est. Annual Corporate

R/P3

Surface

Mineral

Acreage

('000)

NRI WI

(%)

PDP Decline

(Years)

(%)

(MMBOE)

(%)

San Joaquin

84%

529

81%

~11%

~206

~1,304

~94%

~98%

Los Angeles

98%

~7%

~36

~72%

~98%

Sacramento

100%

~9%

~418

~80%

~96%

Other California

85%

93%

~11%

~130

~86%

~100%

Total California

86%

622

83%

~11%

~210

~1,888

~91%

~98%

Uinta

19%

81%

~19%

184

~98

~61%

~75%

Total Company

83%

654

83%

~11%

~212

~1,986

~89%

~97%

See slide 31 for "Assumptions, Estimates and Endnotes". 4

Next to Join the Ranks of Global CCS Leaders1

A Differentiated Position in Global CCS Once the Elk Hills Project is Operational, CRC will be...

U.S.A.

Australia Norway Qatar China Canada

Italy

4.5 6 projects

2.8

2 projects

2.3

3 projects

2.1

1 project

1.5

1 project

1.0

1 project

<0.1

1 project

Verified actual (MTPA) CRC CA project (+0.10 MTPA)

Permanent Geologic Sequestration by Country - Non-EOR, Non-Acid Gas Injection (MMTPA)

1 of only 2 U.S. oil & gas companies to be storing CO2

underground through EPA Class VI geologic sequestration wells

1 of only 6 true commercial-scale CCS sequestration projects in the US

to be permanently injecting and storing CO₂ in dedicated geologic formations (EPA class VI)

1 of 15 commercial-scale CCS projects globally

to be actively injecting and storing CO₂ (Non-EOR, Non-Acid Gas Injection)

California's first and only commercial-scale CCS project

once operational and injecting CO₂ in the state

Poised to Join an Elite Sequestration Peer Group

EPA CO2 Sample Collection

CO₂ Line to Injection Pad

Capture Equipment

Positioned alongside some of the world's proven commercial-scale CCS operators

CRC

Elk Hills, California

Chevron

Gorgon, Australia

ExxonMobil

Strathcona, Canada

Shell

Quest, Canada

Equinor

Snøhvit, Norway

Santos

Moomba, Australia

See slide 31 for "Assumptions, Estimates and Endnotes". 5

A Different Kind

of Energy Company

Gaining Scale

Gross Production (MBoe/d)1

Integrated Portfolio Strategy

Premier Capital Structure

Superior Risk Management

Focus on Cost Control

Disciplined Capital Allocation

Track Record of Strategic M&A

2023 2024 2025 2026E

Growing Cash Flow

Operating Cash Flow Before WC Changes* ($MM)1

Note: "Before WC Changes" means "Before Net Changes in Operating Assets and Liabilities".

See slide 31 for "Assumptions, Estimates and Endnotes".

Weighted Average Diluted Shares (MM)

2023 2024 2025 2026E

72.5 81.4 87.4 ~892

Accelerating

Shareholder Value

Increasing drilling activity in 2H26E by 3 rigs and fast-tracking long-term maintenance capital program (2 rigs in CA , 1 in UT)

Highly contiguous Uinta development opportunity provides production and value upside

Adding incremental capital-efficient workover opportunities

Improved

Operating Efficiencies

Lowered 2026E facilities capital by $10MM driven by operating efficiencies1

Increased Berry merger synergy target by ~12%

Raised

2026E Outlook

Targeting ~1% entry-to-exit gross production growth

Raised 2026E adj. EBITDAX* guidance by nearly 42%, outpacing a 38% increase in Brent1

See slide 31 for "Assumptions, Estimates and Endnotes". 8

Delivering Through 1Q26 Macro Uncertainty - Returning To Growth

1Q26 Total Net Production

Oil NGLs Gas

$131MM

1Q26 Total Capital

D&C and Workovers CMB

Facilities

Corporate and Other

CA's First CCS Project

CONTINUED MARGIN EXPANSION

2026E Adj EBITDAX* Guidance3

42%

Increase

13%

38% Commodity

~$91/Brent

28%

54%

81%

~$66/Brent

STRONG FINANCIAL AND OPERATING RESULTS

California's Premier Energy Platform

BENEFITTED FROM BRENT-LINKED PRODUCTION

1Q26 Brent Price ~17% Above Guidance 1Q26 Net Production ~81% Oil-Weighted

IMPROVED CAPITAL STRUCTURE

Refinanced $350MM in Long-Term Debt Retains Balance Sheet Strength and Duration

CONTINUED SHAREHOLDER RETURNS FOCUS

Attractive ~2.4% Dividend Yield1

Opportunistic and Disciplined Share Repurchases

Delivered

$304MM

Adj. EBITDAX*

Maintained

<1.1x

Net Leverage*

Returned

$46MM

Dividends and SRP2

154MBOE/D

HIGHLIGHTS

Increasing 2H26E Activity by

3 Drilling Rigs

2 Rigs in CA + 1 in UT

Targeting ~1% Entry to Exit Growth

Lowered

2026E Facilities Capital by

~$10MM3

Driven by Operating Efficiencies

Increased BRY Synergy Target to

$90 - $100MM

~12% Increase at Midpoint

Raised

2026E Adj. EBITDAX* Guidance

$1,400 - $1,500MM3

at $91 Brent

4Q25 Earnings

Increase

1Q26 Earnings

See slide 31 for "Assumptions, Estimates and Endnotes". 9

Delivering Through a Portfolio Approach

Starting in Summer 2026

Adding 1 Rig in Central and 1 Rig in Southern California

Disciplined Capital Allocation

2026E D&C and Workover Capital

$150

Kern County

Bakersfield

Planning a 4-Well Pad in Northern Uinta

Targeting First Production in 4Q26

LA County

$120

$90

$60

$30

1Q26A 2Q26E 3Q26E 4Q26E

Planning to Scale Activity

>200 Gross Uteland Butte locations

+ Other benches under review

Uinta

2026E Rig Program

1Q26A 2Q26E 3Q26E 4Q26E

See slide 32 for "Assumptions, Estimates and Endnotes". 10

Stepping Up Activity

Driving Entry-to-Exit Growth

Raised Production Outlook

2026E CRC Production (MBoe/d)1

Jan 2026

Brent @$64.73/Bbl

Est. Dec 2026 Exit Brent @$83.41/Bbl

155.8

154.4

174.4 175.4

Old Exit

~4.1Mboe/d

Est. Growth

Est. adjustment for PSC effects2

Jan-26A PSCs Dec-26E

Scaling activity from 4 to 7 rigs adding 1 Uinta rig in June (4-well program) and 2 California rigs in July

Currently operating 4 of 7 active California rigs3 with all 2026 drilling permits on hand

Targeting net entry-to-exit 2026 production to be flat at ~156 MBoe/D before PSC effects

See slide 32 for "Assumptions, Estimates and Endnotes".

Annual Cadence

4 Rigs

$280 -$300MM

D&C and Workover

Capital

Entry to Exit

~(2%)

Gross Decline

Annual Cadence

~5 Rigs

$380 -$400MM

D&C and Workover Capital

Entry to Exit

~1%

Gross Growth

Improved Capital Effi ciency in 2026

Prior

New4

CRC Continues to Target Long-Term Maintenance Program5

~7 rigs with D&C + workover capital range of $480-$500MM

Continued Structural Cost Reductions Drive Margin Expansion

With >80% of Synergies Implemented to Date

12% Increase in Targeted Synergies

2026 Estimated Berry-Related Synergies ($MM)

G&A Expenses

~$35 - $40MM

Operating Costs

~$35 - $40MM

Interest Expense

~$20MM

$90 - $100MM

$80 - $90MM

Benefits of a Leaner CRC

Targeted Cumulative Synergies and Structural Cost Reductions ($MM)

2023 2024 2025 2026E 2027E-28E

Targeting Up To

~$460MM

($100)

~$20MM

~$25 - $30MM

~$35 - $40MM

($200)

($300)

($400)

Old

New

of Cumulative Synergies and Cost Reductions Through 2028

($500)

Low-Decline Assets - Quick Returns

2026E Key Operational Updates

Reduced 2026E facilities capex by $10MM1 driven by field

consolidation, underlying ongoing operating efficiencies

Targeting ~1% entry-to-exit gross production growth with an annual average of ~5 operated rigs

With a large base of artificial lift wells in CA, an existing remediation backlog and an improved commodity environment, CRC can deploy targeted discretionary OPEX to quickly grow high-impact production, delivering fast and capital-efficient uplift to PDP volumes

Continued focus on sustainable, efficiency gains to structurally improve reservoir productivity

See slide 32 for "Assumptions, Estimates and Endnotes".

Program Built for Value Creation

Updated 2026E O&G Program Economics1,2

2026E E&P Capital1

$500 - $525MM

D&C Workovers Facilities

Other

Accelerating 2026E D&C and Workover Activity Cadence1

Planned Quarterly Wells

1Q26A 2Q26E

New Wells / Sidetracks

3Q26E

Workovers

4Q26E

Uinta

108

110

108

112

120

~22%

~18%

~58%

~69%

IRR

~4.5x

MOIC3

Uinta: Highly Contiguous Asset with Abundant Stacked Pay Opportunities

Nearby Type Curves Demonstrate Upside

Cumulative oil (MBo/10K' lateral)1

Uinta

WEM

Moon Scout

Tribal Farm-In

150

De-Risking Acreage

Moon Tribal Wells Scout Farm-In Wells Historical Uteland Butte Type Curve

>200

gross drilling locations in CRC's portfolio with similar attributes

Historical Type Curve1

MD: ~22K' | TVD: ~6.3K'

Lateral: ~15K' Oil: ~617 Mbo Gas: ~789 MMcf EUR: ~749 MBoe Oil: 82%

IP30: ~969 Bo/d WI: 100%

NRI: 80%

125

100

0 30 60 90 120 150 180 210 240 270 300

Days Online

Accelerating Production

2026E Uinta Net Production (MBoe/d)2

6.0

5.0

4.0

3.0

2.0

1.0

0.0

Offset well production has substantially de-risked performance of CRC future wells

Moon Tribal wells provided completion optimization learnings that are expected to lower future costs and improve productivity performance

Allocating ~$46MM to D&C a new 4-well pad: 3 wells targeting Uteland Butte and 1 well targeting Castle Peak

First production planned for 4Q26 with projected peak in 1Q27

1Q26A 2Q26E 3Q26E 4Q26E

See slide 32 for "Assumptions, Estimates and Endnotes". 14

Opportunistic Share Repurchases

Create Observable Value

Quarterly Shareholder Returns1 ($MM)

Average Share Price

($/Share)

$350

$300

$1,619MM

26.8MM shares repurchased at a $43.59 average price

of cumulative shareholder returns since 2021, including

$60

$250

$200

$50

$150

$100

$40

$50

1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Dividends Share Repurchases Average CRC Share Price

$30

See slide 32 for "Assumptions, Estimates and Endnotes".

Attractive

Fixed Dividend vs Market

Dividend Yield2

(%)

S&P 500

S&P Mid Cap 400

S&P Small XOP Cap 600 O&G E&P ETF

Strong Balance Sheet and Ample Liquidity

Ample Liquidity

Net Debt* Snapshot as of March 31, 2026

Revolving Credit Facility (RCF)

($MM)

$ 25

8.250% 2029 Senior Notes

550

7.000% 2034 Senior Notes

750

Face Value of Debt

$ 1,325

Less Available Cash & Cash Equivalents1

(25)

Net Debt*

$ 1,300

Liquidity*, 2 $ 1,276

Strong Coverage Ratios

($MM)

RCF Borrowing Base $1,500

1Q26 Free Cash Flow* ($32)

1Q26 Net Debt* / LTM Adj. EBITDAX*, 3 1.1x

LTM Adj. EBITDAX* / LTM Interest Expense*, 4 11.3x

Capital Structure Provides Flexibility

1Q26 Highlights

Issued $350MM in 7.000% 2034 Senior Notes

Redeemed $350MM in 8.250% 2029 Senior Notes

Borrowing base reaffirmed at $1.5B in April 2026

Long Dated Debt Maturity Profile

Unsecured Senior Notes ($MM)

2026 2027 2028 2029 2030 2031 2032 2033 2034

See slide 33 for "Assumptions, Estimates and Endnotes".

$550

$750

Strong Commodity Price Realizations

CALIFORNIA IS AN OIL ISLAND AND THE LARGEST U.S. GDP CONTRIBUTOR

(amounts shown as % of U.S. domestic GDP)

8.0%

3.9%

13.8%

CRC's commodity realizations are historically above domestic averages

6.0%

9.4%

Crude: 1Q26 Brent crude prices rose Q/Q and Y/Y as both Middle East and incremental Russian liquids exports were sharply curtailed due to military conflicts. California realizations were in line with seasonal expectations.

Natural Gas: 1Q26 North American natural gas prices were generally higher Q/Q and Y/Y as the Eastern 80% of the country experienced prolonged, unseasonably cold weather. California natural gas prices - as with prices across the Western US -remained comparatively tepid as an absence of weather demand and an abundance of storage kept prices in check.

NGLs: 1Q26 NGL prices were higher Q/Q but lower Y/Y as North American propane inventories continued to build. California NGLs continue to carry a material premium to the broader North American market.

Note: 5 largest contributors to domestic GDP. Source: BEA, preliminary data for 4Q25; EIA

Oil w/ Hedges ($/BBL) NGLs ($/BBL) Natural Gas ($/MCF)

$66.73 $67.04 $64.27 $69.37

2Q25 3Q25 4Q25 1Q26

Average Benchmark Prices1 $66.76 $68.13 $63.08 $77.90

$42.41 $42.86 $44.98

$41.04

2Q25 3Q25 4Q25 1Q26

$66.76 $68.13 $63.08 $77.90

$3.47 $3.91 $3.56

$2.79

2Q25 3Q25 4Q25 1Q26

$3.44 $3.07 $3.55 $5.04

% of Benchmark1 97% 97% 97% 96%

64% 60% 68% 58%

81% 113% 110% 71%

Average Realized Prices2 $66.73 $67.04 $64.27 $69.37

Hedge Settlements $1.66 $0.72 $3.13 ($5.16)

- - - -

$42.41 $41.04 $42.86 $44.98

$2.79 $3.47 $3.91 $3.56

See slide 33 for "Assumptions, Estimates and Endnotes". 17

EXECUTION

~65% of remaining 2026E net oil production hedged at an average Brent floor price of ~$65/Bbl4

OIL

2Q26E

3Q26E

4Q26E

2027E

2028E

SOLD CALLS

Brent

Barrels per Day

Weighted-Average Price

36,000

$83.51

36,000

$83.51

36,000

$83.51

2,465

17,534

$71.06

$81.28

SWAPS

Brent

Barrels per Day

Weighted-Average Price

44,487

$68.52

42,869

$68.20

41,703

$67.98

69,610

7,285

$65.69

$66.98

PURCHASED PUTS1

Barrels per Day

36,000

2,465

17,534

Brent

Weighted-Average Price

$61.11

$61.01

$62.74

NATURAL GAS

2Q26E

3Q26E

4Q26E

2027E

2028E

SWAPS

MMBtu per Day

13,250

10,750

9,908

3,463

SoCal Border

Weighted-Average Price

$4.82

$4.83

$4.84

$4.77

NWPL Rockies2

MMBtu per Day

Weighted-Average Price

91,750

$3.77

91,750

$3.76

91,750

$4.17

88,254

11,475

$4.00

$3.51

EST. HEDGE CONTRACT SETTLEMENTS3

2Q26E

3Q26E

4Q26E

2027E

2028E

Combined Hedge Portfolio ($MM)

($252)

($157)

($89)

($359)

($21)

STRATEGY

CRC's hedging strategy is designed to meet our business objectives should market prices decline and participate

in upside should market prices increase

Hedge Portfolio (as of March 31, 2026)

OPERATIONS

~61% of remaining 2026E internal fuel consumption hedged at an average natural gas price of ~$4.00/MMBtu4

See slide 33 for "Assumptions, Estimates and Endnotes". 18

Top-Quartile Well Performance Puts Uinta on the Map

Uinta Basin Performance Rivals Permian & Bakken

Growth activity driven by development in the Uteland Butte, Castle Peak, Douglas Creek and Wasatch intervals

Lateral length average of ~10,500' over past three years, with some extended laterals being drilled (20 three-mile wells drilled)

Peer drilled 12 four-mile wells on the Sandlot and Talladega pads over the past six months

Extended laterals performing in-line with shorter laterals on a per foot basis

Operators reporting ~10% reduction in D&C costs over last year, down to ~$850/ft; the CJ Pad/Moon Tribal averaged $668/ft ($707/ft when including equip.)

Since YE2020, 2x Rise in Basin Production

Uinta Basin Gross Production (MBoe/d)1

300

Recent Wells are Competitive on First 12-Month Oil Rates

Top 25 Lower 48 Operators Ranked by 2019+ Well Performance2

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 7

Peer 8

Peer 9

Peer 6

Peer 3

Peer 10

Peer 11

Peer 12

Peer 13

Peer 8

Peer 14

Peer 15

Peer 16

Peer 17

Peer 18

Peer 8

Peer 19

134 Wells

268 Wells

20 Wells

29 Wells

Uinta Basin is the top performer

outside the Permian & Bakken

200

100

2010 2015 2020 2025

See slide 33 for "Assumptions, Estimates and Endnotes".

50k 100k 150k 200k 250k

Average 12-month cumulative oil production (Bbl)

Uinta

Disclaimer

California Resources Corporation published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 12:31 UTC.