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Corporate Presentation – California Resources Corp.

California Resources Corp. · Mar 1, 2025 · 37 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. Corporate Presentation – California Resources Corp. – slide 1
    March 2025 Corporate Presentation
  2. Corporate Presentation – California Resources Corp. – slide 2
    Our Strengths Are Clear CASHFLOW CARBON CALIFORNIA Strong operational execution on our low Premier carbon management platform Responsible operator with an extensive track decline conventional oil and gas assets focused on reducing…
  3. Corporate Presentation – California Resources Corp. – slide 3
    2025 Strategy Drives Advantaged Business Model Higher Less Better Integrated Strategy Cashflow Carbon California Enhances Asset Portfolio Value 2025E Outlook2 Reinforce Californias leading O&G Business through improved OPTIMIZE &…
  4. Corporate Presentation – California Resources Corp. – slide 4
    Significantly Reducing Our Cost Structure Lower Costs for the Combined Company in 2025E: Ahead of Schedule on 235MM in Targeted Synergies Annualized Aera Merger Run-rate Savings 220MM 125MM (MM) 2025E Improvement vs 2025E…
  5. Corporate Presentation – California Resources Corp. – slide 5
    Leading Californias Decarbonization EXPANDING OUR CO2 PERMITTING LEADERSHIP ADVANCING DECARBONIZATION IN CALIFORNIA Received CAs first EPA Class VI permits for CTV I 26R Approved Californias first CCS project at cryogenic gas plant at…
  6. Corporate Presentation – California Resources Corp. – slide 6
    Making Tangible Steps Towards Decarbonizing Californias Industries CO2 Emissions Agreement Emitter Project Type Service (MMTPA) Type1 Brownfield CRC CalCapture Post - Combustion Capture to Storage 1.4 In House CRC Cryogenic Gas…
  7. Corporate Presentation – California Resources Corp. – slide 7
    2025E Guidance (as of March 3, 2025) 1Q25E Oil and Carbon 2025E Oil and Carbon Guidance Consolidated Natural Gas Management Consolidated Natural Gas Management Net Production (MBoe/d) 79% Oil 138 142 132 138 Margin from Purchased…
  8. Corporate Presentation – California Resources Corp. – slide 8
    Why California Resources Corporation LEADING CARBON MANAGEMENT BUSINESS PREMIER BALANCE SHEET WITH STRONG FREE CASH FLOW GENERATION STRONG SHAREHOLDER RETURNS STRATEGY DISCIPLINED CAPITAL ALLOCATION Higher Less Better…
  9. Corporate Presentation – California Resources Corp. – slide 9
    Delivered On All Fronts in 2024
  10. Corporate Presentation – California Resources Corp. – slide 10
    Delivered on All Fronts in 2024 Californias Premier Energy Platform STRONG FINANCIAL AND OPERATING RESULTS 110MBOE/D (90% Average NRI) Delivered 2024 TOTAL NET PRODUCTION2 SIGNIFICANTLY INCREASED SCALE WITH AERA MERGER Demonstrated…
  11. Corporate Presentation – California Resources Corp. – slide 11
    Driving Capital Efficiencies With Aera Merger Gross Production (MBoe/d) STRONG FOCUS ON BASE PRODUCTION DRIVES OPERATIONAL RESULTS 175 172 Successfully integrated Aera operations 170 Managing base declines through 165 1631…
  12. Corporate Presentation – California Resources Corp. – slide 12
    Returning Significant Cash to Shareholders1 Competitive Dividend Yield vs. Market3 Dividend Yield (%) In 2024 Returned 4% 3% in Dividends and 92MM Buybacks in 4Q241, 2 2% 1% 0% S&P S&P Mid S&P Small XOP 303MM 500…
  13. Corporate Presentation – California Resources Corp. – slide 13
    Delivered Strong 2024 Results Increased Scale Drives Adj. EBITDAX* Commodity 4Q24E1 4Q24A 2024A Adj. EBITDAX* (MM) Brent (/Bbl) 71.48 73.97 79.84 1,100 Brent realized price with hedge (/Bbl) N/A 73.00 75.66 Brent realized price without…
  14. Corporate Presentation – California Resources Corp. – slide 14
    Carbon TerraVault
  15. Corporate Presentation – California Resources Corp. – slide 15
    Carbon TerraVault Californias Leading Carbon Management Platform CALIFORNIAS LEADING CARBON MANAGEMENT PLATFORM Identified up to 1BMT1 CO2 storage in California Large amount of potentially available and stackable incentives for CCS…
  16. Corporate Presentation – California Resources Corp. – slide 16
    CRC Approves Californias First CCS Project1 Natural Gas Production CRC CAPTURE PROJECT: Targeting Project Start in 2025 CRC plans to capture up to 100KMTPA of CO2 from Carbon Frontier inlet gas Main Gas Collection Carbon…
  17. Corporate Presentation – California Resources Corp. – slide 17
    Compelling Economics For Each Stage of CCS Value Chain1 CRC (Cryogenic Gas Plant CCS Project at 26R) CTV JV (Storage-Only Project CTV 51%) CRCs Full Project Economics /MT /MT /MT Unlevered IRR (%) 200 90 140 40% 180 80 120 160 70…
  18. Corporate Presentation – California Resources Corp. – slide 18
    National Cements Trusted Decarbonization Partner1 PARTNERSHIP HIGHLIGHTS Lebec Net Zero Aims to Produce Californias First CTV plans to develop transportation and sequestration solutions for up Carbon-Neutral Cement in Kern County to…
  19. Corporate Presentation – California Resources Corp. – slide 19
    Enabling Low Carbon Power Solutions in Northern California PARTNERED WITH INNOVATIVE AND LIKE-MINDED Carbon TerraVaults CCS-to-Power Proposition1 CLEAN ENERGY TECHNOLOGY LEADER 145MMT Of Premium CO2 Storage Space Sacramento…
  20. Corporate Presentation – California Resources Corp. – slide 20
    Multiple Paths to Decarbonize Greenfield projects provide product with an inherently Brownfield emitters provide a decarbonized lower carbon intensity than gray products Conventional product by capturing the CO2 molecules Greenfield…
  21. Corporate Presentation – California Resources Corp. – slide 21
    Californias Premier Carbon Management Provider Received the Kern County Board of Supervisors approval of the conditional use permits for the CTV I CCS project Received CAs first EPA Class VI permits for CTV I 26R; Approved Californias…
  22. Corporate Presentation – California Resources Corp. – slide 22
    Leading EPA Class VI Permitting Pipeline (As of February 14, 2025) EPA Regions1 EPA Class VI Projects Under Review1 59 59 47 8 31 5 3 9 7 15 19 13 7 8 3 2 2 4 4 2 2 6 4 Region: 3 4 5 6 7 8 9 CTV Wells Applications EPA…
  23. Corporate Presentation – California Resources Corp. – slide 23
    Strategic Partnership A Structural Capital Advantage Illustrative CO2 Storage/Injection Goal Capital Funding Needs1 Improves & Increases Flexibility of CRCs assumes Brookfield fully participates in the initial 5MMTPA of CTV JV…
  24. Corporate Presentation – California Resources Corp. – slide 24
    CTV Dropdown Mechanism TIMING JV 35% of annual CO2 storage capacity for Carbon TerraVault JV (CTV JV) 26R reservoir under CCS contracts 26R Milestone 1 Milestone 2 Milestone 3 Third First Installment Second Installment…
  25. Corporate Presentation – California Resources Corp. – slide 25
    Strategic Partnership A Structural Capital Advantage ILLUSTRATIVE EBITDA1 VS CAPEX REQUIREMENTS STORAGE ONLY PROJECTS FOR VARIOUS CO2 PROJECTS CTV JV is the off-taker of CO2 at storage site through Storage Co. Lower expected capital…
  26. Corporate Presentation – California Resources Corp. – slide 26
    Our Emerging Vision for Data Centers CTV Offers Essential Solutions for Artificial Carbon Valley: Intelligence (AI) Data Centers: Where Silicon Valley and the Central Valley Meet CTV owns assets located in proximity to heavily…
  27. Corporate Presentation – California Resources Corp. – slide 27
    Appendix
  28. Corporate Presentation – California Resources Corp. – slide 28
    Commitment to Sustainability in 2024 Caring About Our Environment AWARDS Received MiQ Grade A certification for its methane emissions performance in the Los Angeles Basin Recertified Wildlife Habitat Council projects at THUMS, Bolsa…
  29. Corporate Presentation – California Resources Corp. – slide 29
    2024 Reserves Durable 1P Est. 4Q24 Net Asset % PD1/PUD MMBOE % Oil Annual R/P3 (70 Brent)2 Production (Years) 7% PUD Inventory Decline (MBOE/D) San Joaquin 91% 9% 431 77% 12% 112 11 Basin 5% PUD Los Angeles 100% 72 99% 8% 17 12…
  30. Corporate Presentation – California Resources Corp. – slide 30
    Strong Commodity Price Realizations Crude: Crude prices were generally firm in 4Q24 supported by evolving CALIFORNIA IS AN OIL ISLAND AND THE LARGEST U.S. GDP CONTRIBUTOR geopolitical dynamics following the US election and uncertain…
  31. Corporate Presentation – California Resources Corp. – slide 31
    Hedge Portfolio (as of December 31, 2024) OIL 1Q25E 2Q25E 3Q25E 4Q25E 2026E 2027E 2028E SOLD CALLS STRATEGY CRCs hedging strategy is designed to Barrels per Day 30,000 30,000 30,000 29,000 15,000 - - Brent meet our business…
  32. Corporate Presentation – California Resources Corp. – slide 32
    Strong Balance Sheet, Ample Liquidity and Financial Flexibility 12/31/24 NET DEBT* SNAPSHOT MULTIPLES DEMONSTRATE FLEXIBILITY (MM) (MM) Revolving Credit Facility (RCF) - RCF Borrowing Base 1,500 7.125% 2026 Senior Notes 245 4Q24 Free…
  33. Corporate Presentation – California Resources Corp. – slide 33
    Assumptions, Estimates and Endnotes Slide 3: (1) All CRCs future quarterly dividends and share repurchases are subject to commodity prices, debt agreement covenants and Board of Directors approval. Figures exclude excise taxes and…
  34. Corporate Presentation – California Resources Corp. – slide 34
    Assumptions, Estimates and Endnotes (Cont.) Slide 13: (1) 4Q24 guidance assumed a 4Q24 Brent price of 71.48 per barrel of oil, NGL realizations consistent with prior years and an average daily NYMEX gas price of 2.95 per mcf. Generally,…
  35. Corporate Presentation – California Resources Corp. – slide 35
    Assumptions, Estimates and Endnotes (Cont.) Slide 18: (1) See Carbon TerraVault and National Cement Sign MOU for California's First Net Zero Cement Facility press release from March 3, 2025 for additional information. (2) MOUs and…
  36. Corporate Presentation – California Resources Corp. – slide 36
    Assumptions, Estimates and Endnotes (Cont.) Slide 31: (1) Purchased and sold puts with the same strike price have been netted together. (2) Represents estimated net cash settlement payments for derivative contracts as of December 31,…
  37. Corporate Presentation – California Resources Corp. – slide 37
    Joanna Park (Investor Relations) Richard Venn (Media) 818-661-3731 818-661-6014 . Joanna.Parkcrc.com Richard.Venncrc.com Higher Less Better Cashflow Carbon California

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