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Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp.

California Resources Corp. · Jan 1, 2022 · 32 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. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 1
    Low Carbon Intensity Fuel for Today and Net Zero Fuel for The Future Investor Presentation January 2022 1
  2. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 2
    3Q21 Key Takeaways STRONG DURING THE FIRST 3 QUARTERS Sacramento Basin OPERATIONAL OF 2021, GENERATED 102 MBOE/D 328 MM PERFORMANCE 3Q21 NET PRODUCTION OF FREE CASH FLOW1 San Joaquin Basin 61% 13% 26% Oil NGLs Gas Oil &…
  3. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 3
    CRC 2045 Full-Scope Net Zero Goal : Aligned with Californias Climate Ambitions BUILDING ON A TRACK RECORD OF SAFE PERFORMANCE Announced WITH A ROBUST AND TRANSPARENT ESG PLATFORM 2045 Full-Scope Net Zero Goal Strong safety and…
  4. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 4
    Initiated a Dividend & Accelerated Shareholder Returns ANNOUNCED OVER 300MM IN EXPECTED SHAREHOLDER RETURNS 350 Share Repurchased 104 million YTD1, with a total share Repurchase repurchase program of 250 million 300 Program…
  5. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 5
    3Q21 Progress
  6. Goldman Sachs Global Energy and Clean Technology Conference – 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. Goldman Sachs Global Energy and Clean Technology Conference – 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. Goldman Sachs Global Energy and Clean Technology Conference – 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. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 9
    Third Quarter 2021 Earnings IMPROVING FREE CASH FLOW GENERATION CAPABILITY 4Q201 1Q211 2Q211 3Q211 150 Combined Successor Successor Successor Adjusted Net Income2 per Share Diluted 1.22 0.94 1.83 100 Free Cash Flow2 (MM)…
  10. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 10
    Strong Asset Performance DEVELOPMENT PERFORMANCE THROUGH FIRST 3 QUARTERS OF 2021: 2 rigs running in San Joaquin basin + 1 rig added in Long Beach YTD - 65 Wells Drilled 58 Wells Online Post 3rd quarter end, added 4th rig in Buena…
  11. Goldman Sachs Global Energy and Clean Technology Conference – 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. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 12
    CRC has The Lowest Carbon Intensity Among Top 100 US Oil & Gas Producers 65 60 55 50 45 40 kg CO2/boe 35 30 94% 25 below the CRC average emitter 20 0.98 kg CO2/boe 15 100th of 100 45% below the next 10…
  13. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 13
    CRCs Carbon Management Competitive Advantages
  14. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 14
    Enabling Californias Climate Goals CA EMISSIONS REDUCTION TARGETS1 CALIFORNIA IS AN ECONOMIC POWERHOUSE 500 468.0 447.9 California's GDP would place it as the 5th largest global economy 418.2 ahead of the United Kingdom2 2020 Goal :…
  15. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 15
    CCS Technology Can Enable a Lower Carbon Future and CRC Is Well Positioned to Provide It Application Requirements High concentration of emitters near CRC reservoirs eligible for LCFS credits Strong historical relationships with major…
  16. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 16
    Assets Located in Proximity to Emission Sources across our Operating Basins SACRAMENTO BASIN SAN JOAQUIN BASIN LOS ANGELES BASIN The CRC storage potential: CA wide subsurface knowledge with 80% of CRCs production from drilling at…
  17. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 17
    CRCs Inventory of Deep Wells Uniquely Positions it for CCS in California Unlike Other CA Producers, Most of CRCs Wells Are Deeper CO2 Storage Generally Requires Depths 2,600 ft. Than 2,600 ft. Density Of CO2 At Varying Depth1…
  18. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 18
    CRCs Reservoir Characteristics & Operational Data Are Key to Demonstrating Safe Containment ELK HILLS CROSS SECTION DEPTH CRC HAS THE LARGEST 3D SEISMIC COVERAGE IN CA1 Storage candidates need certain reservoir characteristics such as…
  19. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 19
    Developing CCS and CCUS in Parallel Carbon TerraVault (CCS) Targeted Early-Stage Development Goals: 1st Injection by 20251 CTV I Status: Early-stage development, submitted Class VI permits 200 MMT permitted by 2025 ; 5 MMTPA injection…
  20. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 20
    Positioned to be a Premier California Carbon Management Provider 23
  21. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 21
    Carbon TerraVault Example Economic Type Curve EXAMPLE PROJECT ECONOMICS EXAMPLE PROJECT CASH FLOW PROFILE (PER MT OF INJECTED CO2) EST. CASH FLOW POSITIVE IN YEAR 4 WITH PAYBACK IN 4 YEARS Unit Low High Notes/Incorporated…
  22. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 22
    Variety of Go-to-Market Business Models at Hand Emission Capture Conditioning1 Transport Storage Business Models: More CRC Capital Integrated Solution CRC manages & operates capture & Transportation may or End-to-end value CRC…
  23. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 23
    Developing a Project Playbook 2021 2022 2023 2024 2025 2026 2027 EPA LCFS C&T Land Pipelines Environmental Insurance Certification Legal Authorization CTV I Permitting EPA Review Public Review Targeting to permit the project in…
  24. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 24
    Real Solutions for a Low Carbon Future Partner With Positioned To Be Californias Emission Sources Premier Carbon Management Provider CalCapture Leveraging Help Enable a Premier Land & Minerals Position Lower Carbon Future…
  25. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 25
    SUPPLEMENTAL MATERIALS 28
  26. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 26
    Introducing a New Board Member Appointed as Chair of the Audit Committee on December 14, 2021 Over 28 years of experience as a global financial leader in publicly listed, privately owned and Alejandra (Ale) Veltmann global auditing…
  27. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 27
    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…
  28. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 28
    CO2 Storage: Permitting EPA Minimum Criteria for Siting a CARB Minimum Site Selection Criteria Class VI Well [40 CFR 146.83] [LCFS CCS Protocol, Section 2.1] Injection N/A Minimum injection depth of 800m, or the depth corresponding…
  29. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 29
    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…
  30. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 30
    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…
  31. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 31
    Example Project Economics Assumptions Information presented on slide 24 shows example project economics for a CTV project. The structure of the project, financing and ownership of CTV project could take many forms and has not yet been…
  32. Goldman Sachs Global Energy and Clean Technology Conference – California Resources Corp. – slide 32
    Joanna Park (Investor Relations) Richard Venn (Media) 818-661-3731 818-661-6014 Joanna.Parkcrc.com Richard.Venncrc.com

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