Trending to High-End of 2021 FCF Guidance & Initiating Share Repurchase Program PRIOR REVISED IMPROVING GUIDANCE GUIDANCE G&A COST 5/boe STRUCTURE FY 2021E1 FY 2021E1 E2021 G&A cost per boe2 is trending down toward low end of range…
CRCs Reserves Value at Current Prices Provides Equity Upside CURRENT OIL PRICING OFFERS ROBUST UPSIDE RESERVES MULTIPLE COMPARED TO PEERS4 SHOWS STRONG INVESTMENT OPPORTUNITY 8.0x 7.0x 5,720 MM3 6.0x PV-10 Reserves EV/SMOG5…
First Quarter 2021 Results Comparison 1Q21 SNAPSHOT 1 1 1 1Q20 4Q20 1Q21 Predecessor Non-GAAP Successor Sacramento Basin Net Oil Production (MBbl/d) 77 63 60 3,000 BOE per day Total Net Production (MBoe/d) 121 103 99 Realized…
First Quarter 2021 Cost Comparison 1Q201 4Q201 1Q211 Predecessor Non-GAAP Successor INTEGRATED BUSINESS MODEL & OPERATIONAL PERFOMANCE Energy operating costs2 (/Boe) 3.71 4.39 4.70 DRIVING CASH FLOWS 250 Gas processing costs (/Boe)…
Hedging Program Protects Cash Flow STRATEGY OIL HEDGE PROTECTION1 as of April 30, 2021 CRC hedging strategy typically utilizes a mixture of Puts, Collars 2Q21 3Q21 4Q21 1H22 2H22 Jan-Oct 23 and Swaps to protect cash flow and to…
Maintaining Balance Sheet Strength, Liquidity, and Financial Flexibility ESTIMATED LIQUIDITY ROLL FORWARD1 3/31/21 DEBT SNAPSHOT 800 680 MM 700 ( in millions) 600 545 MM Revolving Credit Facility (RCF) 0 500 7.125% Senior Notes 600…
ESG Strategy Evolving to Reflect the Energy Transition to Net Zero CRCS MANAGEMENT AND THE BOARD OF DIRECTORS ARE UNDERGOING A THOROUGH REVIEW OF CRCS ESG STRATEGY TO ENHANCE ITS DECARBONIZATION INITIATIVES CONTINUE TO STRENGTHEN…
CRCs Strong Foundation Provides Quality Investment Opportunity New Strategic Direction Strong Financial Position Cash-Advantaged Portfolio Integrated Model Committed to ESG Advancement California Resources…
SUPPLEMENTAL MATERIALS
Introducing a New Chair of the Board Appointed Chair of the Board in April 2021; Director since 2020 26 years of energy experience in both financial and operational appointments Tiffany (TJ) Thom Cepak Serving as Director of…
CRC : Focused on Decreasing GHG Emissions TOTAL 2020 EMISSIONS CONTINUE TO FALL California has the most stringent air quality laws and regulations Total GHG Emissions from Integrated Operations 4.0 governing oil and natural gas…
Shifting Capital to Improve Capital Efficiency STRONG FOCUS ON BEST OPPORTUNITIES INCREMENTAL 2021E REVISED CAPITAL PROGRAM OF 185MM - 210MM BARRELS THROUGH MAINTENANCE 90% of CRCs net active wells are on artificial lift. Due to a…
CRC Price Realizations Remained Strong in CAs Improving Market Dynamics OIL PRICE REALIZATION (WITH HEDGES) NATURAL GAS PRICE REALIZATION WTI Realizations Brent 80 4.00 NYMEX Realizations 70 61.10 /MMBtu & /Mcf 3.50 3.29 55.50…
Integrated Assets and Ancillary Businesses Further Support Financials STRATEGIC INTEGRATION AND OPERATIONAL STREAMLINING INCREMENTAL REVENUE CAPTURE Elk Hills Power Plant reduces OPEX 100MM/year, allows for more Additional liquids by…
Leverage Reconciliation Leverage and Net Debt We calculate the leverage ratio by dividing net debt by adjusted EBITDAX for (in millions) Low High the applicable period. We define net debt as the face value of our debt less Face…
Joanna Park (Investor Relations) Richard Venn (Media) 818-661-3731 818-661-6014 Joanna.Parkcrc.com Richard.Venncrc.com
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