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7th Annual Mizuho Energy – California Resources Corp.

California Resources Corp. · Mar 14, 2023 · 34 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. 7th Annual Mizuho Energy – California Resources Corp. – slide 1
    A Different Kind of Energy Company 7th Annual Mizuho Energy Summit March 13 - 14, 2023
  2. 7th Annual Mizuho Energy – California Resources Corp. – slide 2
    Key Highlights
  3. 7th Annual Mizuho Energy – California Resources Corp. – slide 3
    Delivered on Our 2022 Priorities Returned 120% of FCF1 through SRP and Dividends 91 MBOE/D 4 2022 NET PRODUCTION ACTIVE DRILING RIGS2 DELIVERED STRONG RESULTS 61% 12% 27% 1.5 2.5 Oil NGLs Gas LA Basin San Joaquin Basin Strong…
  4. 7th Annual Mizuho Energy – California Resources Corp. – slide 4
    Strategic Realignment to Enhance Value and Positioning to Return 100% of FCF in 2023 Laying the groundwork for potential separation of REPOSITIONING STRUCTURE E&P and Carbon Management Businesses AND LEADERSHIP TO SUPPORT Francisco…
  5. 7th Annual Mizuho Energy – California Resources Corp. – slide 5
    Revised Corporate Structure Focus on E&P FCF Maximization and Eye Toward Separation of CMB Board of Directors Chaired by Tiffany (TJ) Thom Cepak Francisco J. Leon to succeed Mac McFarland as President Francisco J. Leon and Chief…
  6. 7th Annual Mizuho Energy – California Resources Corp. – slide 6
    Building on our Momentum to Accelerate The Carbon Management Business Early-Stage Development Goals 2023 Outlook 200MMT of Class VI Californias First CCS Introducing Carbon TerraVault permits submitted by Storage Project Board of…
  7. 7th Annual Mizuho Energy – California Resources Corp. – slide 7
    2023 Development Plan Based on Permits in Hand Significantly Reduces Uncertainty 2023 MAIN OPERATIONAL GOALS Mitigate CRCs decline in oil production from entry to exit in light of Kern County EIR litigation Maintain non-energy…
  8. 7th Annual Mizuho Energy – California Resources Corp. – slide 8
    Revised Capital Allocation - Buyback Shares at a Discount to PV10 or Deploy Capital Through the Drillbit 13% PUD PV10 MMBoe Est. Annual Est. Annual 9.2B4 LONG DURABILITY 1P ASSETS (80 Brent)1 % Oil Decline Production2 R/P 3.1B3…
  9. 7th Annual Mizuho Energy – California Resources Corp. – slide 9
    Focusing on Reducing Costs & Unlocking Value From Real Estate Assets Special Finance Committee of the Board in conjunction with CRCs management team are focused on: PURSUING THE MONETIZATION OF HUNTINGTON BEACH Aligning non-energy…
  10. 7th Annual Mizuho Energy – California Resources Corp. – slide 10
    Financial Flexibility to Increase Shareholder Returns 1,000 EVALUATING FURTHER FINANCIAL FLEXIBILITY 800 Intend to: Undrawn2 600 Amend and extend or replace the RBL credit facility in 2023 MM Refinance 600MM senior…
  11. 7th Annual Mizuho Energy – California Resources Corp. – slide 11
    2023 Strategic Realignment To Maximize Cash Flow Per Share Reduces Costs to Align with Activity Pursues E&P Development that Reduces Uncertainty REPEATABLE PLAN Creates Financial Flexibility to Accelerate Pace & Increase…
  12. 7th Annual Mizuho Energy – California Resources Corp. – slide 12
    2023 Corporate Guidance
  13. 7th Annual Mizuho Energy – California Resources Corp. – slide 13
    CRCs 2023E Corporate Guidance [as of February 24, 2023] 2023E 1Q23E CRC 2023E GUIDANCE1: E&P, Corp. & Other CMB FY23E E&P, Corp. & Other CMB FY23E Net Total Production1 (MBOE/D) 91 85 91 85 91 89 91 89 Net Oil Production1 (MBO/D) 55…
  14. 7th Annual Mizuho Energy – California Resources Corp. – slide 14
    Strategic Partnership A Structural Capital Advantage Illustrative 2027 CO2 Storage/Injection Goal Capital Funding Needs1 Improves & Increases Flexibility of CRCs assumes Brookfield fully participates in 5MMTPA of CTV JV projects…
  15. 7th Annual Mizuho Energy – California Resources Corp. – slide 15
    Why California Resources Corporation Strong Balance Sheet with Attractive Free Cash Flow Generation Enhanced Shareholder Returns Strategy Leading Carbon Management Business 17
  16. 7th Annual Mizuho Energy – California Resources Corp. – slide 16
    Low Carbon Intensity E&P Business
  17. 7th Annual Mizuho Energy – California Resources Corp. – slide 17
    Strong 2022 Asset Performance Despite Challenging Regulatory Hurdles San Joaquin Basin Long Beach KEY ACHIVEMENTS: Rigs 2.5 Rigs 1.5 Optimized asset portfolio to offset challenges from Kern County EIR litigation and SB1137 Wells…
  18. 7th Annual Mizuho Energy – California Resources Corp. – slide 18
    Integrated Assets1 Across a Unique Western Energy Island CALIFORNIA IS AN ENERGY ISLAND Diversified Revenue Stream CRC has some of the lowest carbon intensity production in the U.S. and in California2 (% of Total 2022A…
  19. 7th Annual Mizuho Energy – California Resources Corp. – slide 19
    Strong Price Realizations in CAs Unique Market Dynamics EST. HEDGE SETTLEMENTS SIGNIFICANTLY LOWER IN 20231 Crude: Crude realizations were solid for 2022 as refining margins across California continued to be supportive to local…
  20. 7th Annual Mizuho Energy – California Resources Corp. – slide 20
    Focus on Expanding Margin to Offset Rising Energy Costs and Inflation HIGHEST MARGIN1 SINCE CRCS INCEPTION2 20 19.02 Margin Between Blended Realized Price with Hedge 15 and Costs1 () 10 5 0 2015 2016 2017 2018…
  21. 7th Annual Mizuho Energy – California Resources Corp. – slide 21
    Carbon Management Business
  22. 7th Annual Mizuho Energy – California Resources Corp. – slide 22
    Carbon TerraVault EPA Class VI Permits 2021 2022 2023 2024 2025 2026 2027 2028 CTV I1 Expecting to Receive EPA Draft Permit Class VI EPA Draft Permit Public Review For CTV I as early as YE23 EPA Final Permit FID Initial…
  23. 7th Annual Mizuho Energy – California Resources Corp. – slide 23
    Decarbonizing California and Building a Diversified Portfolio of CO2 Emissions Californias Potential Addressable CCS Market Size by 2045 Expecting to Further Diversify CTVs Portfolio of Emitters Across The Energy Spectrum in…
  24. 7th Annual Mizuho Energy – California Resources Corp. – slide 24
    Supplemental Materials
  25. 7th Annual Mizuho Energy – California Resources Corp. – slide 25
    Sustainability Is In Our DNA Sustainable Commitment 2021 Sustainability Report Highlights Submitted 140MMT of CO2 Reservoirs to EPA for Class VI permits CRC's 2021 Sustainability Report references Sustainability Accounting Standards…
  26. 7th Annual Mizuho Energy – California Resources Corp. – slide 26
    2022 Delivered on Our Guidance RECORD 2022 CASH FLOW FROM OPERATIONS3 Final Guidance Final Results 750 CRC GUIDANCE 690 FY22E1 FY22A Total Production2 (MBOE/D) 94 91 91 Operating Cash Flow (MM) Oil Production2 (MBO/D) 58 53 55…
  27. 7th Annual Mizuho Energy – California Resources Corp. – slide 27
    Robust Shareholder Returns Platform Supported by Cash Flow Generating Assets SIGNIFICANT OPERATING CASH FLOW SUPPORTS SHAREHOLDER RETURNS CRCS FIXED DIVIDEND IS AMONGST THE TOP OF ITS PEERS 800 4.0% 600 3.0% Fixed Dividend…
  28. 7th Annual Mizuho Energy – California Resources Corp. – slide 28
    Solar Developments on Track SELF SUPPLY BEHIND THE METER UPDATE : Progressing our solar developments: BTM Development Capacity Est. Commercial Field (MW) Operation Mount Poso 12 4Q23 39 MW Kern Front 22 1H24 of BTM projects in…
  29. 7th Annual Mizuho Energy – California Resources Corp. – slide 29
    Wilmington Production Sharing Contracts (PSC) At Higher Commodity Prices EFFECT OF OIL PRICE ON NET PRODUCTION2 For every 1/BBL increase/decrease in Brent price, we expect a 90 BO/D decrease/increase in our Gross Production net oil…
  30. 7th Annual Mizuho Energy – California Resources Corp. – slide 30
    Hedging Program OIL HEDGES1 Date as of December 31, 2022 1Q23 2Q23 3Q23 4Q23 2024 Barrels per 18,322 17,837 17,363 5,747 STRATEGY Day CRCs hedging strategy is focused on supporting capital SOLD CALLS Weighted- to maintain…
  31. 7th Annual Mizuho Energy – California Resources Corp. – slide 31
    Maintaining Balance Sheet Strength, Liquidity, and Financial Flexibility ESTIMATED LIQUIDITY ROLL FORWARD1 12/31/22 NET DEBT SNAPSHOT 1,500 80MM (17)MM (MM) 91MM (372)MM 1,200 311MM Revolving Credit Facility (RCF)1 0 900 7.125%…
  32. 7th Annual Mizuho Energy – California Resources Corp. – slide 32
    Free Cash Flow & Adjusted General & Administrative Expenses Reconciliations (Cont.) Free Cash Flow Management uses free cash flow, which is defined by us as net cash provided by operating activities after our internal capital investment,…
  33. 7th Annual Mizuho Energy – California Resources Corp. – slide 33
    Free Cash Flow & Adjusted General & Administrative Expenses Reconciliations (Cont.) Free Cash Flow Management uses free cash flow, which is defined by us as net cash provided by operating activities after our internal capital investment,…
  34. 7th Annual Mizuho Energy – California Resources Corp. – slide 34
    Joanna Park (Investor Relations) Richard Venn (Media) 818-661-3731 818-661-6014 Joanna.Parkcrc.com Richard.Venncrc.com

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