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November 2023 Investor Presentation – California Resources Corp.

California Resources Corp. · Nov 30, 2023 · 56 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. November 2023 Investor Presentation – California Resources Corp. – slide 1
    CRC November 2023 Presentation
  2. November 2023 Investor Presentation – California Resources Corp. – slide 2
    Table of Contents EXECUTIVE SUMMARY 3Q23 FINANCIAL & OPERATIONAL RESULTS BUSINESS TRANSFORMATION UPDATE CENTRAL CALIFORNIA CARBON MANAGEMENT BUSINESS NORTHERN CALIFORNIA DAC HUB 2023E CORPORATE GUIDANCE APPENDIX
  3. November 2023 Investor Presentation – California Resources Corp. – slide 3
    Executive Summary Delivering on Our Plan CASHFLOW Generated 71MM of free cash flow1 during the third quarter and 403MM year to date Year to date, returned 52% or 207MM of free cash flow1 to stakeholders in form of Share repurchases of…
  4. November 2023 Investor Presentation – California Resources Corp. – slide 4
    3Q23 Financial & Operational Results
  5. November 2023 Investor Presentation – California Resources Corp. – slide 5
    Delivered Consistent Operational & Financial Performance 3Q23E1 3Q23A Brent (/bbl) Brent realized price with hedge (/bbl) 75.28 65.99 85.95 66.12 11/bbl 62% rise in QoQ Brent prices contributed to of quarterly free cash flow3 CRC…
  6. November 2023 Investor Presentation – California Resources Corp. – slide 6
    Proven Commitment to Shareholder Returns Repurchased Above Average Fixed Return Yield vs. Market Participants & Peers 1.1B To-Date Existing 1.1B SRP with 497MM Remaining SRP AUTHORIZATION 497 Million Remaining Year to Date,…
  7. November 2023 Investor Presentation – California Resources Corp. – slide 7
    Executing on our Low Carbon Intensity O&G Operations 3Q23 OPERATIONAL PERFORMANCE COMMENTARY: Key Operational Results: 85MBOED 3Q23 NET PRODUCTION Continue strong HSE performance above internal goals Oil NGLs Gas 60% 13% 27% Wells:…
  8. November 2023 Investor Presentation – California Resources Corp. – slide 8
    Strong Balance Sheet Position, Ample Liquidity and Financial Flexibility LIQUIDITY ROLL BACK1 9/30/23 NET DEBT2 SNAPSHOT 1,500 (MM) 25MM 4MM 379MM 59MM Revolving Credit Facility (RCF)3 0 1,200 143MM 5MM 958MM 7.125% Senior Notes…
  9. November 2023 Investor Presentation – California Resources Corp. – slide 9
    THE FOREFRONT OF CARBON MANAGEMENT
  10. November 2023 Investor Presentation – California Resources Corp. – slide 10
    Carbon TerraVault Californias Leading Carbon Management Platform CALIFORNIA LEADING CARBON MANAGEMENT PLATFORM Positioned to Be Californias Premier Carbon Management Provider Identified up to 1BMT1 CO2 storage in California…
  11. November 2023 Investor Presentation – California Resources Corp. – slide 11
    California Air Resources Board (CARB) 2022 Climate Change Scoping Plan Governor Newsoms Response to CARB CCS Plays an Increasing Role in Californias Carbon Neutrality Goals as Part of CARB 2022 Simply put, it will not be possible to…
  12. November 2023 Investor Presentation – California Resources Corp. – slide 12
    California Has the Largest Amount of Domestic Potential Incentives for CCS Growth Potential Economic Incentives Supportive Domestic Regulatory Policies5 FEDERAL 45Q TAX CREDIT 85 (2026) Value for Carbon Storage (per MT of…
  13. November 2023 Investor Presentation – California Resources Corp. – slide 13
    CCS Technology Can Enable a Lower Carbon Future and CTV is Well Positioned to Provide It Application Requirements In proximity to emitters eligible for LCFS and 45Q/V credits; and are also attracting greenfield projects focused on…
  14. November 2023 Investor Presentation – California Resources Corp. – slide 14
    Multiples Paths to Decarbonize Brownfield emitters provide a decarbonized Greenfield projects provide product with an inherently product by capturing the CO2 molecules lower carbon intensity than gray products Conventional used in the…
  15. November 2023 Investor Presentation – California Resources Corp. – slide 15
    Solidifying CTV Class VI Permitting Leadership CTV Leads CA/Region 9 with EPA Class VI Permit Submissions U.S. EPA Regions 10% CTV Elk Hills 26R (CTV I) is expected to be receive draft permit before year end CTV Elk Hills 26R…
  16. November 2023 Investor Presentation – California Resources Corp. – slide 16
    Positioned to Be Californias Premier Carbon Management Provider 100KMTPA for CRCs own CCS brownfield project within the CTV Clean Energy Park at Elk Hills Signed an additional storage only CDMA1 for an injection rate of 150KMTPA…
  17. November 2023 Investor Presentation – California Resources Corp. – slide 17
    CENTRAL CALIFORNIA NORTHERN CALIFORNIA DAC HUB THE FOREFRONT OF CARBON MANAGEMENT
  18. November 2023 Investor Presentation – California Resources Corp. – slide 18
    Leveraging CRCs Flagship Elk Hills Asset with a CTV Clean Energy Park Elk Hills provides ideal conditions to attract greenfield projects, given By combining CRCs Elk Hills surface acreage and world class Large 47,000 acres land…
  19. November 2023 Investor Presentation – California Resources Corp. – slide 19
    Lone Cypress Clean Hydrogen Facility CDMA DETAILS FOR LONE CYPRESS HYDROGEN FACILITY1 Lone Cypress to construct a 65 tons per day (TPD) clean hydrogen facility at the CTV Clean Energy Park at Elk Hills using its proprietary…
  20. November 2023 Investor Presentation – California Resources Corp. – slide 20
    InEnTec Renewable Dimethyl Ether Facility CDMA DETAILS FOR INENTEC DIMETHYL ETHER (DME) FACILITY1 InEnTec to construct a facility that will use proprietary gasification technology to produce 80 to 100 tons per day (TPD) renewable…
  21. November 2023 Investor Presentation – California Resources Corp. – slide 21
    Verde Renewable Gasoline Facility CDMA DETAILS FOR VERDE RENEWABLE GASOLINE FACILITY1 Verde to construct a facility at the CTV Clean Energy Park at Elk Hills that will use proprietary gasification technology targeted to produce 7.5…
  22. November 2023 Investor Presentation – California Resources Corp. – slide 22
    NLC Energy Greenfield Renewable Natural Gas (RNG) Facility CDMA DETAILS FOR NLCE GREENFIELD RNG FACILITY1 NLCE to construct a greenfield production facility at the CTV Clean Energy Park at Elk Hills that is expected to generate up…
  23. November 2023 Investor Presentation – California Resources Corp. – slide 23
    Announcing CRCs First Capture to Storage Project at Elk Hills Gas Plant PROJECT DETAILS FOR CAPTURE TO STORAGE PROJECT AT ELK HILLS DECARBONIZING CRCS OPERATIONS & TARGETING CTV to construct a pre-combustion project at the CTV Clean…
  24. November 2023 Investor Presentation – California Resources Corp. – slide 24
    CENTRAL CALIFORNIA NORTHERN CALIFORNIA DAC HUB THE FOREFRONT OF CARBON MANAGEMENT
  25. November 2023 Investor Presentation – California Resources Corp. – slide 25
    CTV Storage Vaults in Northern California 145MMT of CO2 storage capacity vaults1, or 3.7MMTPA expected injection rate, submitted by CRC to EPA for Class VI permits in Northern California Northern California has 34% of Californias…
  26. November 2023 Investor Presentation – California Resources Corp. – slide 26
    Grannus Clean Ammonia Facility CDMA DETAILS FOR GRANNUS CLEAN AMMONIA FACILITY1 Grannus to construct a 150KMTPA clean ammonia & 10KMTPA hydrogen facility near the CTV III location using its patented process design with commercial…
  27. November 2023 Investor Presentation – California Resources Corp. – slide 27
    Clean Ammonia Will Help Accelerate The Decarbonization of CAs Agricultural Sector CLEAN AMMONIA ENERGY TRANSITION MIX IN CALIFORNIA U.S. is the worlds third largest producer of ammonia, consuming 19.5MMTPA of ammonia which is…
  28. November 2023 Investor Presentation – California Resources Corp. – slide 28
    Yosemite Renewable Fuels Facility CDMA DETAILS FOR YOSEMITES RENEWABLE FUELS PROJECT1 Yosemite to build and operate a 24 tons per day (TPD) hydrogen facility in the city of Oroville, California, using dual bed gasification…
  29. November 2023 Investor Presentation – California Resources Corp. – slide 29
    NORTHERN CALIFORNIA CENTRAL CALIFORNIA DAC HUB THE FOREFRONT OF CARBON MANAGEMENT
  30. November 2023 Investor Presentation – California Resources Corp. – slide 30
    Accelerating Climate Leadership and Energy Transition Through Direct Air Capture (DAC) Carbon TerraVault has formed a DAC Hub consortium to accelerate a Direct Air Capture and storage solution (DAC+S) for California through its wholly…
  31. November 2023 Investor Presentation – California Resources Corp. – slide 31
    Development Vision HOW WILL IT BE DEVELOPED The first DAC Hub is targeted for Kern County and is expected to store CO2 at the CTV I reservoir1. The hub is expected to expand to other locations across the state to store CO2 in non-EOR…
  32. November 2023 Investor Presentation – California Resources Corp. – slide 32
    Together We Can Achieve Bigger and DAC Things INDUSTRY DAC TECHNOLOGY ACADEMIA NATIONAL LABS Lead DOE Applicant Represents a Public-Private Partnership of Leading CA Community, Academic, DAC, and Carbon Storage…
  33. November 2023 Investor Presentation – California Resources Corp. – slide 33
    California Is Leading the Climate Charge California is pioneering new solutions to fight climate change. Its not enough to cut emissions we have to go further by actively removing carbon pollution from the atmosphere. This project…
  34. November 2023 Investor Presentation – California Resources Corp. – slide 34
    2023E Corporate Guidance & 2024E Preliminary Details
  35. November 2023 Investor Presentation – California Resources Corp. – slide 35
    2023E Corporate Guidance (as of November 1st, 2023) FY 2023E 4Q23E FY23E 4Q23E CRC 2023E GUIDANCE1: E&P, Corp. & Other CMB E&P, Corp. & Other CMB Combined Combined Net Total Production1 (MBOE/D) 85 87 85 87 82 85 82 85 Net Oil…
  36. November 2023 Investor Presentation – California Resources Corp. – slide 36
    Preliminary 2024 E&P Business Outlook LINE OF SIGHT TO WELL PERMITTING PROGRESSION IN 2024 EXPECTED INVENTORY OF SIDETRACKS, WORKOVERS, NATURAL GAS TO INCREASE ACTIVITY IN 2H24 CONTRACTED CAPACITY REVENUE1 FROM EHPP TO INCREASE…
  37. November 2023 Investor Presentation – California Resources Corp. – slide 37
    Appendix
  38. November 2023 Investor Presentation – California Resources Corp. – slide 38
    Why California Resources Corporation LEADING CARBON MANAGEMENT BUSINESS PREMIER BALANCE SHEET WITH STRONG FREE CASH FLOW GENERATION STRONG SHAREHOLDER RETURNS STRATEGY DISCIPLINED CAPITAL ALLOCATION
  39. November 2023 Investor Presentation – California Resources Corp. – slide 39
    Huntington Beach Asset Optimization & Value Unlock 1 ACRE PARCEL FT APACHE 1810 Pacific Coast Highway, Huntington Beach, CA Completed the abandonment of six wells In the process of completing surface abandonment Targeting call for…
  40. November 2023 Investor Presentation – California Resources Corp. – slide 40
    Transforming the Way We Operate for a Long-Term Outlook Transforming the way we operate to improve margins and FOCUS AREAS: drive higher cash flows Utilizing Alvarez & Marsals industry experience and proprietary NON ENERGY OPERATING…
  41. November 2023 Investor Presentation – California Resources Corp. – slide 41
    Sustainability Is In Our Business Model 2022 Sustainability Update Highlights CO2 Removal Announced a California DAC Hub with a purpose to permanently store atmospheric CO2 using low carbon emission energy and provide economic…
  42. November 2023 Investor Presentation – California Resources Corp. – slide 42
    Differentiated and Diversified Asset Base Across California LA BASIN SACRAMENTO BASIN SAN JOAQUIN BASIN THUMS Islands Largest Natural Gas Producer in California San Joaquin Valley NG Processing Plant & Huntington Beach…
  43. November 2023 Investor Presentation – California Resources Corp. – slide 43
    Long Durability, Low Decline & Low Carbon Intensity O&G Assets 13 years of low carbon 1H23 CI3 intensity multi year MMBoe % Oil Est. Annual Average Net R/P2 NRI (Scope 1+2) production runway2 LONG DURABILITY 1P ASSETS (80…
  44. November 2023 Investor Presentation – California Resources Corp. – slide 44
    California Needs Low Carbon Intensity Domestic Natural Gas Canada / Rockies (1.8 Bcf) POWER AND INDUSTRY CONSUME 70% OF THE STATES NATURAL GAS1 Californias Natural Gas Demand (Bcf/d) 6.0 Residential Commerical Industrial Electric Power…
  45. November 2023 Investor Presentation – California Resources Corp. – slide 45
    CRCs Natural Gas Inventory Depth 1Tcf1 Opportunity CRCs Opportunity Set1 by Basin CRC is pursuing a Responsibly Sourced Gas2 (RSG) certification for the majority of its natural gas assets 250 Sacramento Basin Opportunity Set1 San…
  46. November 2023 Investor Presentation – California Resources Corp. – slide 46
    Exploring Technologies to Further Advance Net Zero Energy Pathways Est. 6MW of Geothermal Opportunities in SJB Partnered with ICE Thermal Harvesting (ICE), who was awarded a 2MM Wells of Opportunity grant from the DOE Provides an…
  47. November 2023 Investor Presentation – California Resources Corp. – slide 47
    Solar Developments on Track SELF SUPPLY BEHIND THE METER UPDATE : Progressing our solar developments: BTM Est. Capacity Est. Energy OPEX Development Commercial (MW) Reduction Field Operation 38 MW Mount Poso 12 2H24 15% - 25% of…
  48. November 2023 Investor Presentation – California Resources Corp. – slide 48
    Decarbonizing California and Building a CTV Driven Energy Transition Ecosystem Expecting to Further Diversify CTVs Portfolio of Emitters Across The Energy Spectrum in California Positioned to Be Californias Premier Carbon Management…
  49. November 2023 Investor Presentation – California Resources Corp. – slide 49
    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…
  50. November 2023 Investor Presentation – California Resources Corp. – slide 50
    CTV JV Vault Dropping Mechanism JV Carbon TerraVault JV (CTV JV) 26R1 Initial Payment Milestone 2 Milestone 3 Brookfield 49% Capital Call For Brookfield 46MM Brookfield 46MM Brookfield 46MM Project Development Reservoir Permit…
  51. November 2023 Investor Presentation – California Resources Corp. – slide 51
    Illustrative CTV JV Type Curve Demonstrates Potential Valuation Upside Example Strategic Partnership Economics An average 500 CTV project could generate on average 50 to 135 of EBITDA per metric ton injected per annum depending on…
  52. November 2023 Investor Presentation – California Resources Corp. – slide 52
    Large Opportunity Set With a Variety of Potential Emitters STORAGE ONLY PROJECTS ILLUSTRATIVE EBITDA1 VS CAPEX REQUIREMENTS FOR VARIOUS CO2 PROJECTS CTV JV is the off-taker of CO2 at storage site through Storage Co. Lower expected…
  53. November 2023 Investor Presentation – California Resources Corp. – slide 53
    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, Net Production (BOD) we expect a 90BOD decrease/increase in our net…
  54. November 2023 Investor Presentation – California Resources Corp. – slide 54
    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 continued move in tandem with the…
  55. November 2023 Investor Presentation – California Resources Corp. – slide 55
    Hedging Program OIL HEDGES2 STRATEGY As of September 30, 2023 CRCs hedging strategy is designed to meet our business 4Q23 1Q24 2Q24 3Q24 4Q24 2025 objectives should market prices decline and participate should Barrels per 5,747…
  56. November 2023 Investor Presentation – California Resources Corp. – slide 56
    Joanna Park (Investor Relations) Richard Venn (Media) 818-661-3731 818-661-6014 Joanna.Parkcrc.com Richard.Venncrc.com

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