Charting a new course 2Q21 Earnings Presentation August 5, 2021
Mac McFarland President & CEO Francisco Leon EVP & CFO
2Q21 Highlights 2Q21 SNAPSHOT Continued Strong Core Financial & Operational Performance Sacramento Basin 3,300 BOE per day Announcing Strategic A&D Transactions San Joaquin Basin 74,500 BOE per day Further Optimizing Operations &…
Executing On Our Strategy & Delivering on Our Priorities 1 COST & OPERATIONAL EXCELLENCE 2 DISCIPLINED INVESTING 3 PORTFOLIO MANAGEMENT Prudent Investment and Responsible, Value-Focused Efficient Operating Model Prioritization of…
Positioning for the Future CO2 CARBON OPPORTUNITIES SOLAR OPPORTUNITIES Up to 1 BMT of Potential CO2 300 to 1,000 MW Solar Opportunity Permanent Storage Capacity for CRC Front-of-the-Meter Solar for Grid Supply Strategically…
STEWARDING OUR RETURNS-FOCUSED BUSINESS MODEL
Continued Operational Excellence Second Quarter 2021 First Half 2021 PRODUCTION PRODUCTION 101 Mboe/d 100 Mboe/d 60% Oil 60% Oil OPERATIONS OPERATIONS 21 Drilled1 38 Drilled1 21 Online 48 Workover Wells 36 Online 88 Workover…
Emphasizing CRCs Asset Quality 6-Month Program Highlights (avg. per well) Mount Poso 2021 YTD DEVELOPMENT PERFORMANCE: Wells Drilled & Completed 22 2 rigs running in San Joaquin basin during Q2 TMD (ft.) 2,630 Focused on shallow, high…
CRC Price Realizations Remained Strong in CAs Improving Market Dynamics Realized oil prices increased due to stronger Brent pricing and an CALIFORNIA IS AN ENERGY ISLAND AND THE LARGEST U.S. GDP CONTRIBUTOR almost full return to…
Second Quarter 2021 Highlights REDUCED MAINTENANCE PRUDENT MAINTENANCE SPENDING SPENDING 2Q201 1Q211 2Q211 RETAINING COST FOCUS TO ENABLE MARGIN EXPANSION Predecessor Successor Successor Energy operating costs2 (/Boe) 3.51 4.70…
Second Quarter 2021 Highlights (cont.) MAINTAINING PRODUCTION WITH LIMITED DRILLING ACTIVITY DUE TO STRONG MAINTENANCE OPPORTUNITIES 120 60 2Q201 1Q211 2Q211 Predecessor Successor Successor 80 40 Wells Drilled MBOEPD Net Oil…
Raising the Bar on Guidance & Improving Shareholder Returns CRC IS NET LONG IN NATURAL GAS PRIOR REVISED GUIDANCE GUIDANCE FY 2021E1 FY 2021E1 Total Production (Mboepd)2 96 99 97 - 100 Bcf/year 0 10 20 30 40 50 60 Oil…
CRCs Low Valuation Provides Equity Upside: Increasing SRP to 250MM MULTIPLES COMPARED TO PEERS1 SHOW STRONG CURRENT OIL PRICING OFFERS ROBUST UPSIDE INVESTMENT OPPORTUNITY 30% PV-10 Reserves High FCF / Low Leverage High FCF / High…
Value Through Core A&D Transactions BOLT-OFF THROUGH VENTURA BASIN EXIT BOLT-ON ACQUISITON IN OUR CORE ASSET Signed PSAs for a full basin divestiture1 Purchase of MIRAs2 Working Interest Removes high-cost fields Simplifies business…
Maintaining Balance Sheet Strength, Liquidity, and Financial Flexibility ESTIMATED LIQUIDITY ROLL FORWARD1 6/30/21 DEBT SNAPSHOT 1,000 770 MM ( in millions) 800 Revolving Credit Facility (RCF) 0 250 MM 7.125% Senior Notes 600 600…
Hedging Program Protects Cash Flow OIL HEDGE PROTECTION1 as of June 30, 2021 3Q21 4Q21 1Q22 2Q22 2H22 FY23 Barrels per 36,688 37,037 35,347 35,343 28,773 14,790 Day STRATEGY SOLD CALLS Weighted- Average Price 50.47 60.75 60.37…
Hedging Program Changes Since April 30, 2021 Downside Protection (Swaps Ceiling (Sold Calls) + Purchased Puts) Barrels per Day 1,326 326 3Q 2021 Weighted Avg. Price per Barrel 67.91 67.95 Barrels per Day 1,337 337 4Q 2021…
New Chapter : Low Carbon Opportunities 19
Understanding Californias Full CCS Potential 5th LARGEST ECONOMY WORLDWIDE1 BIGGEST DOMESTIC GDP POWERHOUSE STATE 424 MMT of CO2 e in 20172 CCS TECHNOLOGY HAS THE POTENTIAL TO REDUCE 15% OF THE CO2 EMISSIONS NEEDED FOR CA TO…
Defining CRCs Strategic Decarbonization Advantage CALIFORNIA HAS THE MOST SUPPORTIVE REGULATORY CAS DEPLETED O&G RESERVOIRS PROVIDE ENORMOUS ENVIRONMENT FOR DECARBONIZATION, INCLUDING PERMANENT CARBON STORAGE POTENTIAL FINANCIAL CCS…
Validating CRCs New Chapter Est. CRC O&G RESERVOIR CCS STORAGE CAPACITY1 MMT of CO2 0 200 400 600 800 1,000 Permitting & Near- Probable Possible Term Focus Carbon TerraVault I: New 40 MMT CCS Project1,2 Elk Hills CalCapture…
Strengthening Solar Capability SELF SUPPLY BEHIND THE METER: Advancing an agreement with SunPower for a 12 MW behind-the-meter solar project at Mt. Poso, expected to be LCFS eligible Targeting up to 45 MW Solar PV installations in five…
Introducing New Board Member Appointed as a member of the Sustainability & Compensation Committees on August 5, 2021 Over 20 years of experience in strategic planning and sustainability roles Nicole Neeman Brady Currently serves as…
SUPPLEMENTAL MATERIALS
Adjusted EBITDAX Reconciliation We define adjusted EBITDAX as earnings before interest expense; income taxes; depreciation, depletion and amortization; exploration expense; other unusual, infrequent and out-of-period items; and other…
Leverage & Free Cash Flow Reconciliation 2Q 2021E Leverage and Net Debt ( in millions) Low High We calculate the leverage ratio by dividing net debt by adjusted EBITDAX for Face value of debt 600 600 the applicable period. We define…
Joanna Park (Investor Relations) Richard Venn (Media) 818-661-3731 818-661-6014 Joanna.Parkcrc.com Richard.Venncrc.com
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