Item 1.01  Entry into a Material Definitive Agreement.
On July 12, 2020, California Resources Corporation (the "Company") and certain
of its subsidiaries further amended the forbearance agreements, dated June 2,
2020 (collectively, as amended, the "Forbearance Agreements"), with:
•         certain lenders (collectively, the "2014 Lenders") representing a
          majority of the outstanding principal amount of the loans under its
          Credit Agreement, dated as of September 24, 2014 (as amended, the "2014
          Credit Agreement"), by and among the Company, as the Borrower, the
          subsidiary guarantors party thereto, the various Lenders identified
          therein, JPMorgan Chase Bank, N.A., as Administrative Agent, a Lender
          and a Letter of Credit Issuer, and Bank of America, N.A., as a Lender
          and a Letter of Credit Issuer;


•         certain lenders (collectively, the "2016 Lenders") representing a
          majority of the outstanding principal amount of the term loans under
          its Credit Agreement, dated August 12, 2016 (the "2016 Credit
          Agreement"), by and among the Company, as the Borrower, the various
          Lenders identified therein and The Bank of New York Mellon Trust
          Company, N.A., as Administrative Agent; and


•         certain lenders (collectively, the "2017 Lenders", and together with
          the 2014 Lenders and the 2016 Lenders, the "Forbearing Parties")
          representing a majority of the outstanding principal amount of the term
          loans under its Credit Agreement, dated as of November 17, 2017 (as
          amended, the "2017 Credit Agreement", and together with the 2014 Credit
          Agreement and the 2016 Credit Agreement, the "Credit Agreements"), by
          and among the Company, as the Borrower, the subsidiary guarantors party
          thereto, the various Lenders identified therein and The Bank of New
          York Mellon Trust, N.A., as Administrative Agent.

The Forbearing Parties agreed to extend the period in which they will forbear from exercising any remedies under the Credit Agreements with respect to certain specified events of default until the earlier of (a) 11:59 p.m. (New York time) on July 15, 2020 and (b) the date the Forbearance Agreements otherwise terminate in accordance with their terms. The Forbearance Agreements include certain covenants with which the Company must comply during the forbearance period. The failure to comply with such covenants, among other things, would result in the early termination of the forbearance period.

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