Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Francisco J. Leon was appointed Executive Vice President and Chief Financial
Officer of California Resources Corporation (the "Company") effective as of
August 14, 2020. Mr. Leon, age 43, has been the Company's Executive Vice
President, Corporate Development & Strategic Planning since January 2018. Prior
to that, he served as Vice President - Portfolio Management and Strategic
Planning since December 2014. Mr. Leon holds an M.B.A. from the University of
Texas, Austin and a bi-national Bachelor of Arts degree in International
Business from San Diego State University and CETYS Universidad in Mexico.
Marshall D. Smith, formerly Senior Executive Vice President and Chief Financial
Officer, left the Company effective as of August 14, 2020. Mr. Smith's departure
from the Company did not result from any disagreement or difference of opinion
with the Company with respect to its internal controls, financial statements,
audit scope limitations, audit reports, management representations or otherwise
connected in any way with its financial controls or audit procedures. In
connection with his departure, Mr. Smith entered into a separation agreement and
general release with the Company. As part of that agreement, he also agreed to
provide transition services as a consultant to the Company for two months for a
monthly fee of $30,000. The foregoing description is qualified in its entirety
by the terms of the separation agreement and general release, which is filed as
Exhibit 10.1 to this current report on Form 8-K and is incorporated by reference
into this Item 5.02.
The Company would like to thank Mark for his years of service and wish him well
in his retirement.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
     Exhibit No.                                           Description
         10.1                  Separation Agreement and General Release.

         104                 Cover Page Interactive Data File (embedded within the Inline XBRL
                             document)

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