California Resources : CRC Investor Presentation – May 2025 (bfa90b)

Corporate Presentation

May 2025

Our Strengths Are Clear

CASHFLOW

CARBON

CALIFORNIA

Strong operational execution on our low decline conventional oil and gas assets provide predictable cash flows which are utilized for shareholder returns and value creation

Premier carbon management platform focused on reducing carbon emissions of critical industries through energy transition technologies and a leading strategic and financing partnership with Brookfield

Responsible operator with an extensive track record of safe operations and ready to partner with the state to provide reliable, affordable and sustainable energy products critical to achieve its climate goals

"I believe energy transition means we need to do oil and gas better by aiming to lower the carbon

intensity of our production while also enabling the development of cleaner energy technologies.

We are committed to both. Our differentiated asset base, strong shareholder returns and

alignment with California's 2045 climate goals are keys to our success."

Francisco Leon

- President and Chief Executive Officer of California Resources Corporation

Northern California

132 - 138MBOE/D

2025E NET PRODUCTION5

Oil NGLs Gas

Central California

2025E ACTIVE DRILLING RIGS

1H25

2H25E

Southern California

$1.1 - $1.2B

2025E Adj. EBITDAX*, 5

~$3.8B ~$4.6B

Market Cap6 Enterprise Value6

2

1

~14%

%

~7

~79%

A Different Kind of Energy Company

CALIFORNIA'S ENERGY SOLUTIONS PROVIDER

• California's Largest Oil & Gas Producer1

• Multi Decade Track Record of Operations in California

• Diversified, Complementary and Sustainable Energy Platform with O&G, Power, Midstream, Real Estate and Carbon Assets, and Access to Premium Pricing

SUSTAINABLE CASH FLOW GENERATION & SHAREHOLDER

RETURNS

• Generated ~$1.7B of FCF* and Returned ~$1.2B to Shareholders Since 20212

• Disciplined Capital Allocation with Premier Balance Sheet (~0.7x Net Leverage*, 3)

• Track Record of Continuous Business Improvement

LEADING CARBON MANAGEMENT PLATFORM

• Received Nation's First Class VI Permits for a Depleted Oil & Gas Reservoir for

  up to ~38MMT of CO2Storage

• 7 Class VI Permit Applications for up to ~287MMT Under EPA Review

• ~1BMT of Identified Total CO2Storage Potential Across California4

• ~8.8MMTPA of CCS Projects Under Consideration

Higher Less Better

Low Carbon Intensity Production

Midstream

Infrastructure

Carbon Capture & Storage

BTM Solar Opportunities

Cashflow Carbon

California

FTM/Grid Power Production

Geothermal Opportunities AI Data Centers Opportunities

SACRAMENTO BASIN

LA BASIN

THUMS Islands

Huntington Beach

SAN JOAQUIN BASIN

Differentiated and Diversified Asset Base Across California

California's Largest Natural Gas & Oil Producer				California's Carbon Management Leader
Midstream Infrastructure at Elk Hills & Belridge				NG Processing Plant & Access to ~850MW of Power

2024 Reserves

~93% PD1

~7% PUD

~95% PD1

~5% PUD

Sacramento Basin

84%

16%

3

0%

~9%

2

4

Durable 1P Asset Inventory	% PD1/PUD			MMBOE ($70 Brent)2	% Oil	Est. Annual Decline	4Q24 Net Production (MBOE/D)	R/P3 (Years)
San Joaquin	91%		9%	431	77%	~12%	112	11
Basin

Los Angeles Basin

100%

72 99% ~8% 17 12

PV10

$6.6B2

PV10

$8.9B5

Other Basins

100%

19 94% ~13% 10 5

Total 93% 7% 525 81% ~12% 141 11

Current EV4

$4.6B4

$70 Brent2 SEC Price Deck5

525MMBOE 545MMBOE

PDP PUD

~236 MMBoe

Proved Reserves Inventory Added in 20246

RESERVES DETERMINATION INCLUDES:

1.5 rig program in 2025

2025E guidance assumes a two rigs scenario starting in 2H25