Item 8.01 Other Events.

On December 3, 2020, California Resources Corporation (the "Company") disclosed certain unaudited pro forma condensed consolidated financial information and explanatory notes (the "Pro Forma Financial Information") for the Company and its consolidated subsidiaries. The Pro Forma Financial Information is provided for informational purposes only and gives effect to (i) the Company's plan of reorganization, as described in our Quarterly Report on Form 10-Q for the period ended September 30, 2020, which became effective on October 27, 2020 (the "Effective Date"), and (ii) our adoption of fresh start accounting on the Effective Date.

The Pro Forma Financial Information is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and incorporated into this Item 8.01 by reference. The purpose of this Current Report on Form 8-K is to, among other things, file the Pro Forma Financial Information set forth in Item 9.01 below, and to allow such financial information to be incorporated by reference into a future registration statement to be filed with the Securities and Exchange Commission.

Item 9.01 Financial Statements and Exhibits

(b) Pro Forma Financial Information

The following Pro Forma Financial Information, giving effect to the Company's plan of reorganization and adoption of fresh start accounting on the Effective Date, is attached as Exhibit 99.1 hereto and incorporated herein by reference:

•Unaudited pro forma condensed consolidated balance sheet as of September 30, 2020

•Unaudited pro forma condensed consolidated statement of operations for the nine months ended September 30, 2020



•Unaudited pro forma condensed consolidated statement of operations for the year
ended December 31, 2019


(d)  Exhibits
     Exhibit No.                                           Description
         99.1                  Pro Forma Financial Information  .
         104                 Cover Page Interactive Data File (embedded within the Inline XBRL
                             document).

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