A Different Kind of Energy Company First Quarter 2023 Results May 01, 2023
Presenters Francisco Leon President & Chief Executive Officer
1Q23 Business Highlights - Strong Start to the Year RECORD QUARTERLY FINANCIAL PERFORMANCE Strong Performance Maintained oil production on lower quarterly capital Leading gas position1 supported by strong commodity realizations…
Strong Quarterly Operational Performance & Natural Gas Revenues Key Operational Results: 89 MBOE/D 1Q23 NET PRODUCTION Oil1 Oil NGLs Gas 62% 12% 26% 42% Other 1% Drilled 9 wells and 2 sidetracks in 1Q23 Continuing to build a…
Delivered on 1Q23 Guidance With Record Quarterly Financial Performance ACHIEVED RECORD QUARTERLY MARGIN1 (MM) 31.98 1Q23 Results Exceeded CRCs Guidance Margin Between Blended Realized Price Due to high natural gas realizations,…
Committed To Peer Leading Returns Of Capital To Shareholders 4.0% 3.0% Fixed Fixed Dividend Yield1 (%) Current implied annualized Dividend yield of 2.87%1; Paid 20MM in dividends in 1Q23 2.0% Yield 1.0% 0.0% 1 2 3…
Progressing Business Repositioning to Unlock Shareholder Value YE23 Sustainable Run Rate Cost Reductions Target1 CRCs management in conjunction with finance committee of the Board 25 - 50MM launched cost reduction initiative For…
Strengthening The Expansion of Carbon Management Business Signed 2 additional storage only CDMAs1 for a combined injection rate of 140,000 MTPA with Yosemite Clean Energy and InEnTec Submitted a Class VI permit application to the EPA…
Why California Resources Corporation Premier Balance Sheet with Strong Free Cash Flow Generation Superior Shareholder Returns Strategy Leading Carbon Management Business 11
2023 Corporate Guidance
Updated 2023E Corporate Guidance (as of May 2 nd, 2023) FY 2023E 2Q23E FY23E 2Q23E CRC 2023E GUIDANCE1: E&P, Corp. & Other CMB E&P, Corp. & Other CMB Combined Combined Net Total Production1 (MBOE/D) 91 85 91 85 88 86 88 86 Net Oil…
Supplemental Materials
Further Expanding CTVs Northern California Storage Opportunity Set CDMA DETAILS FOR YOSEMITES RENEWABLE FUELS PROJECT1 Yosemite to build and operate a 24 tons per day (TPD) hydrogen facility2 in the city of Oroville, California,…
Elk Hills Net Zero Industrial Park Expands With Its Second Storage Only Project CDMA DETAILS FOR INENTEC DIMETHYL ETHER (DME) FACILITY1 InEnTec to construct a facility that will use proprietary gasification technology to produce 80…
Decarbonizing California and Building a Diversified Portfolio of CO2 Emissions Expecting to Further Diversify CTVs Portfolio of Emitters Across The Energy Spectrum in California Positioned to Be Californias Premier Carbon Management…
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…
Illustrative CTV JV Type Curve Demonstrates Potential Valuation Upside First Full Year of Est. Impact 2026E 2028E Example Strategic Partnership Economics An average Est. CO2 Injection Rate per Year 1MMTPA 5MMTPA CTV project could…
Large Opportunity Set With a Variety of Potential Emitters ILLUSTRATIVE EBITDA1 VS CAPEX REQUIREMENTS FOR STORAGE ONLY PROJECTS CTV JV is the off-taker of CO2 at storage site through Storage Co. VARIOUS CO2 PROJECTS Lower expected…
Strong Price Realizations in CAs Unique Market Dynamics CALIFORNIA IS AN OIL ISLAND AND THE LARGEST U.S. GDP CONTRIBUTOR (amounts shown as % of U.S. domestic GDP) Crude: California crude prices generally moved in tandem with the…
Hedging Program OIL HEDGES1 Date as of March 31, 2023 2Q23 3Q23 4Q23 1H 2024 2H 2024 Barrels per 17,837 17,363 5,747 2,000 4,000 STRATEGY Day CRCs hedging strategy seeks to mitigate our exposure SOLD CALLS Weighted- to…
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