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3Q 2021 Investor Presentation – California Resources Corp.

California Resources Corp. · Nov 4, 2021 · 24 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 3Q 2021 Investor Presentation – California Resources Corp. – slide 1
    Low Carbon Intensity Fuel for Today and Net Zero Fuel for The Future 3Q21 Earnings Presentation November 11, 2021 1
  2. 3Q 2021 Investor Presentation – California Resources Corp. – slide 2
    Presenters Mac McFarland President & Chief Executive Officer Francisco Leon EVP & Chief Financial Officer 2
  3. 3Q 2021 Investor Presentation – California Resources Corp. – slide 3
    Key Takeaways STRONG OPERATIONAL GENERATED 102 MBOE/D 328 MM PERFORMANCE Sacramento Basin 3Q21 NET PRODUCTION OF FREE CASH FLOW1 YTD 61% 13% 26% San Joaquin Basin Oil NGLs Gas Oil & Gas Los Angeles Basin Midstream…
  4. 3Q 2021 Investor Presentation – California Resources Corp. – slide 4
    CRC 2045 Full-Scope Net Zero Goal : Aligned with Californias Climate Ambitions BUILDING ON A TRACK RECORD OF SAFE PERFORMANCE Announcing WITH A ROBUST AND TRANSPARENT ESG PLATFORM 2045 Full-Scope Net Zero Goal Strong safety and…
  5. 3Q 2021 Investor Presentation – California Resources Corp. – slide 5
    3Q21 Progress
  6. 3Q 2021 Investor Presentation – California Resources Corp. – slide 6
    Stable Production Benefiting from Strong California Market Realizations OIL PRICE REALIZATION (WITHOUT HEDGES) 90 80 69.02 73.23 61.10 MAINTAINING NET PRODUCTION YTD WITH LIMITED DRILLING ACTIVITY 70 68.94 72.89 45.24 60.81…
  7. 3Q 2021 Investor Presentation – California Resources Corp. – slide 7
    Continued Focus on Cost Management 4Q201 1Q211 2Q211 3Q211 Combined Successor Successor Successor MARGIN EXPANSION IN LIGHT OF RISING ENERGY COSTS (Non-GAAP) Energy operating costs2 (/Boe) 4.39 4.70 4.70 5.49 70 65 Blended…
  8. 3Q 2021 Investor Presentation – California Resources Corp. – slide 8
    Natural Gas Pricing Impact on Cost Structure Into YE21 CRC IS NET LONG IN NATURAL GAS Bcf/year 0 10 20 30 40 50 60 Internal Consumption Total Sales 4Q21E 4Q21E Natural Gas Realized Pricing +1 per mmcf -1 per mmcf Cash…
  9. 3Q 2021 Investor Presentation – California Resources Corp. – slide 9
    Third Quarter 2021 Earnings IMPROVING FREE CASH FLOW GENERATION CAPABILITY 4Q201 1Q211 2Q211 3Q211 150 Combined Successor Successor Successor YTD Adjusted Net Income2 per Share Diluted 1.22 0.94 1.83 100 Free Cash Flow2…
  10. 3Q 2021 Investor Presentation – California Resources Corp. – slide 10
    Strong Asset Performance 2021 YTD DEVELOPMENT PERFORMANCE: 2 rigs running in San Joaquin basin + 1 rig added in Long Beach YTD - 65 Wells Drilled 58 Wells Online Post quarter end, added 4th rig in Buena Vista Shale Currently, 90%…
  11. 3Q 2021 Investor Presentation – California Resources Corp. – slide 11
    Maintenance Opportunities Support Strong Production Results STRONG FOCUS ON INCREMENTAL BARRELS THROUGH THE BACKLOG OF MAINTENANCE OPPORTUNITIES EXITING 2020 90% of CRCs net active wells are on artificial lift Through rapid technical…
  12. 3Q 2021 Investor Presentation – California Resources Corp. – slide 12
    Raising the Bar on Guidance PRIOR GUIDANCE REVISED GUIDANCE Guidance updated for: FY 2021E1 FY 2021E1 Continued strong operational performance Net Total Production (Mboepd)2 97 100 99 - 101 Strong (horizontal program, maintenance…
  13. 3Q 2021 Investor Presentation – California Resources Corp. – slide 13
    Initiating a Dividend & Accelerating Shareholder Returns while Maintaining Flexibility for Carbon Management Activities ANNOUNCED OVER 300MM IN EXPECTED Share Repurchased 104 million YTD1, with a total share SHAREHOLDER RETURNS…
  14. 3Q 2021 Investor Presentation – California Resources Corp. – slide 14
    Closing Remarks
  15. 3Q 2021 Investor Presentation – California Resources Corp. – slide 15
    Delivering On Our Priorities Low Carbon Improving Strong Core Intensity Shareholder Performance Strategy Returns Provide stable, low carbon intensity Progressing Carbon Management Extending Share Repurchase Program oil and gas…
  16. 3Q 2021 Investor Presentation – California Resources Corp. – slide 16
    SUPPLEMENTAL MATERIALS 18
  17. 3Q 2021 Investor Presentation – California Resources Corp. – slide 17
    Carbon Storage Support Continues to Gain Momentum Across Legislations FEDERAL 45Q LEGISLATION CALIFORNIA NEWLY PROPOSED LEGISLATION1 CURRENT LEGISLATION CALIFORNIA HAS THE MOST SUPPORTIVE DOMESTIC REGULATORY POLICIES2 50 per MT…
  18. 3Q 2021 Investor Presentation – California Resources Corp. – slide 18
    Strengthening Solar Capability SELF SUPPLY GRID SUPPLY BEHIND THE METER UPDATE : FRONT OF THE METER UPDATE: Progressing our partnership with SunPower on CRC has identified over 5,000 acres suitable 24 MW of BTM solar projects at the…
  19. 3Q 2021 Investor Presentation – California Resources Corp. – slide 19
    Hedging Program Protects Cash Flow OIL HEDGE PROTECTION1 as of September 30, 2021 4Q21 1Q22 2Q22 3Q22 4Q22 FY23 Barrels per 37,037 35,347 35,343 34,380 25,167 14,790 Day STRATEGY SOLD CALLS Weighted- CRC hedging strategy…
  20. 3Q 2021 Investor Presentation – California Resources Corp. – slide 20
    Hedging Program Changes Since June 30, 2021 Downside Protection (Swaps + Purchased Puts) Ceiling (Sold Calls) Barrels per Day 2,000 4Q 2021 Weighted Avg. Price per Barrel 68.30 Barrels per Day 22,967 1Q 2022 Weighted Avg.…
  21. 3Q 2021 Investor Presentation – California Resources Corp. – slide 21
    Maintaining Balance Sheet Strength, Liquidity, and Financial Flexibility ESTIMATED LIQUIDITY ROLL FORWARD1 9/30/21 DEBT SNAPSHOT 900 182+ MM (45+) MM ( in millions) 685+ MM Revolving Credit Facility (RCF) 0 548 MM 600 7.125%…
  22. 3Q 2021 Investor Presentation – California Resources Corp. – slide 22
    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…
  23. 3Q 2021 Investor Presentation – California Resources Corp. – slide 23
    Leverage Ratio & Free Cash Flow Reconciliation 3Q 2021E ( in millions) Low High Leverage Ratio and Net Debt Face value of debt 600 600 We calculate the leverage ratio by dividing net debt by adjusted EBITDAX for Available cash (189)…
  24. 3Q 2021 Investor Presentation – California Resources Corp. – slide 24
    Joanna Park (Investor Relations) Richard Venn (Media) 818-661-3731 818-661-6014 Joanna.Parkcrc.com Richard.Venncrc.com

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