California Resources : CRC June 2025 Presentation (2dfdce)

Published: 2025-06-03 13:37:09 ET CRC

Published on 06/03/2025 at 13:37

June 2025

Corporate Presentation

1Q25 Key Takeaways - Execution, Execution, Execution

STRONG FINANCIAL & OPERATIONAL PERFORMANCE

Generated $328MM of Adj. EBITDAX*, exceeding guidance

Delivered strong reservoir performance: flat QoQ net production - above guidance midpoint

7% QoQ decrease in non-energy operating costs1, realized 74% of Aera merger-related synergies

RECORD QUARTERLY SHAREHOLDER RETURNS

Returned $135MM or 103% of 1Q25 FCF* to shareholders2 Attractive fixed dividend yield of ~4.3% vs. market and peers3

BALANCE SHEET & HEDGE BOOK STRENGTH REDUCE 2025 RISK

~70% of remaining 2025E net production hedged at a floor price of ~$67/bbl Brent drives cash flow stability Integrated strategy provides revenue diversification (power and natural gas marketing with CMB in development)

Strengthened financial position - 0.7x 2025E Net Leverage*, 4: redeemed $123MM of 2026 Senior Notes in February 2025, targeting to address the balance in 2025

$186MM

1Q25 OPERATING CASH FLOW

$131

$55

$135MM

1Q25 TOTAL SHAREHOLDER RETURN2

$100

$35

141MBOE/D

1Q25 NET PRODUCTION

14%

7%

79%

See slide 33 for "Assumptions, Estimates and Endnotes". 2

Robust 2025 Outlook, Strong Balance Sheet, Focus on Shareholder Returns

REAFFIRMING 2025E ADJ.

EBITDAX* GUIDANCE1

DESPITE A ~16% DECREASE IN 2025 BRENT EXPECTATIONS

$1,100 - $1,200MM

~15%

2025E CONTROLLABLE COST STRUCTURE

IMPROVEMENT VS PRO FORMA 2023 BASELINE2

TARGETING TO REALIZE $185MM OF THE $235MM OF AERA MERGER RELATED SYNERGIES BY YE25 AND THE REMAINDER IN EARLY 2026

ADVANCING CMB AND POWER PORTFOLIO

TARGETING FIRST CO2SEQUESTRATION FROM ELK HILLS CRYOGENIC GAS PLANT

YE25 Targets

EXPECTING A LONG TERM, THIRD PARTY, BEHIND THE METER PPA AT EHPP BY YE25

LINE OF SIGHT TO WELL PERMITTING PROGRESSION IN

2H25

EXPECTED TO INCREASE ACTIVITY IN 2026, IF CONDITIONS WARRANT

CASH FLOW

CARBON

CALIFORNIA

See slide 33 for "Assumptions, Estimates and Endnotes". 3

Strong 1Q25

Execution, Execution, Execution

Demonstrating Strong 1Q25 Results

Commodity

1Q25E1

1Q25A

Brent ($/Bbl)

$76.54

$74.92

Brent realized price with hedge ($/Bbl)

N/A

$72.01

Oil without derivative settlements (% of Brent)

94% - 98%

98%

Operational and Financial

Stability of Cash Flows

Net Cash Flow Before Changes in Working Capital* ($MM)

$275

$250

$225

Net Production (MBoe/d)

138 - 142

141

Net Oil Production (%)

79%

79%

Operating Costs ($MM)

$320 - $340

$316

G&A ($MM)

$80 - $84

$72

Adj. G&A* ($MM)

$75 - $80

$66

Taxes Other Than on Income ($MM)

$70 - $78

$70

Other Operating Revenue and Expenses, net2 ($MM)

$10 - $30

($27)

Total Capital ($MM)

$60 - $70

$55

Adjusted EBITDAX* ($MM)

$275 - $295

$328

$200

3Q24 4Q24 1Q25

Margin from Purchased Commodities3 ($MM)

$10 - $15

Electricity Margin4 ($MM)

$0 - $5

Transportation Expense ($MM)

$18 - $22

$14

$12

$20

Other Items

Net Production (MBoe/d)

150

145

140

Maintaining Capital Efficiency

D&C and Workover Capital ($MM)

$40

$35

Dividends Paid ($MM)

Shares Repurchased ($MM)

135

130

3Q24 4Q24 1Q25

$30

$100

$35

$135

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

Production

Capex

5

Disclaimer

California Resources Corporation published this content on June 03, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 03, 2025 at 17:36 UTC.