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Corporate Presentation – California Resources Corp.

California Resources Corp. · Jan 1, 2025 · 36 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
    January 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
    A Different Kind of Energy Company 140 - 146MBOE/D (90% NRI) CALIFORNIAS ENERGY SOLUTIONS PROVIDER 2H24E TOTAL NET PRODUCTION SOLD Californias Largest Oil & Gas Producer1 79% 7% 14% Multi Decade Track Record of Operations in…
  4. Corporate Presentation – California Resources Corp. – slide 4
    Delivering on Our Plan RECEIVED CALIFORNIAS FIRST EPA CLASS VI PERMITS1 FOR CTV I 26R RESERVOIR 1 Nations first Class VI permits for use of depleted oil and natural gas fields to sequester CO2 Began surface preparation for new Class…
  5. Corporate Presentation – California Resources Corp. – slide 5
    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…
  6. Corporate Presentation – California Resources Corp. – slide 6
    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…
  7. Corporate Presentation – California Resources Corp. – slide 7
    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…
  8. Corporate Presentation – California Resources Corp. – slide 8
    Making Tangible Steps Towards Decarbonizing Californias Industries CO2 Emissions Emitter Project Type Service (MMTPA) Agreement Type1 Greenfield Capture to Post - Combustion 1.4 In House Storage Capture to Pre - Combustion 0.1…
  9. Corporate Presentation – California Resources Corp. – slide 9
    Preliminary 2025 Outlook OPERATIONAL EFFICIENCIES DRIVE HIGHER MARGINS On track to achieve 235MM in targeted Aera related synergies Targeting a gradual 5% YoY annual run-rate improvement in non-energy operating costs and adj. G&A*…
  10. Corporate Presentation – California Resources Corp. – slide 10
    Introducing Our New CFO Nearly two decades of experience in the Energy Investment Banking sector advising global energy companies on major transactions totaling more than 150 billion. Former Senior Managing Director, Investment…
  11. Corporate Presentation – California Resources Corp. – slide 11
    Strong 3Q24 Performance
  12. Corporate Presentation – California Resources Corp. – slide 12
    3Q24 Key Takeaways STRONG OPERATIONAL AND FINANCIAL RESULTS Net production sold at high end of quarterly guidance range on less than expected capital 1 Generated 402MM of adjusted EBITDAX* and 141MM of Free Cash Flow* 145MBOE/D…
  13. Corporate Presentation – California Resources Corp. – slide 13
    Commitment to Returning Cash to Shareholders1 Competitive Dividend Yield vs. Market2 Dividend Yield (%) Returned 3% 2% in Dividends and 76MM Buybacks in 3Q24 1% 0% S&P S&P Mid S&P Small XOP 211MM 500 Cap 400 Cap 600…
  14. Corporate Presentation – California Resources Corp. – slide 14
    Enhancing Operational and Capital Efficiencies Resilient Reservoir Performance Lower Operating Costs Lower Capital Gross Production (MBoe/d) Operating costs (MM) Capital (MM) 175 350 343 100 171 170 89 164 311 79 165 300 160 4% 9%…
  15. Corporate Presentation – California Resources Corp. – slide 15
    Executing on 235MM in Targeted Aera Merger Synergies Annualized Aera Merger Run-rate Savings (MM) 245 135MM IMPLEMENTED TO DATE WITH 100MM REMAINING 210 We expect that the targeted synergies that have been implemented to date will…
  16. Corporate Presentation – California Resources Corp. – slide 16
    Driving Down Costs and Delivering Durable Cash Flow Declining Adj. G&A* Enhances Margins Durable Cashflow Generation Adj. General and Administrative Expenses* (/Boe) Net cash provided by operating activities before changes 300 in…
  17. Corporate Presentation – California Resources Corp. – slide 17
    3Q24 Results Guidance 3Q24E1 3Q24A Robust Production Management Brent (/Bbl) 84.23 78.54 Net Production Sold (MBoe/d) Brent realized price with hedge (/Bbl) N/A 75.38 150 Brent realized price without hedge (% of Brent) 94% - 98% 98%…
  18. Corporate Presentation – California Resources Corp. – slide 18
    Carbon TerraVault
  19. Corporate Presentation – California Resources Corp. – slide 19
    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…
  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…
  22. Corporate Presentation – California Resources Corp. – slide 22
    Leading EPA Class VI Permitting Pipeline (As of December 20, 2024) EPA Regions1 EPA Class VI Projects Under Review1 61 59 Wells Applications 47 8 30 5 3 7 20 9 14 13 7 8 3 2 2 4 4 2 2 6 4 Region: 3 4 5 6 7 8 9 CTV 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
    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…
  25. Corporate Presentation – California Resources Corp. – slide 25
    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…
  26. Corporate Presentation – California Resources Corp. – slide 26
    CTV Assets Well-Positioned to Unlock AI Data Center Growth Long Runway Opportunity to Accommodate AI Data Center Growth1 Abundance of natural gas combined-cycle gas turbine (CCGT) power plants 4% in California (252) 2 5,000 6%…
  27. Corporate Presentation – California Resources Corp. – slide 27
    Californias AI Data Center Ecosystem Fragmented Data Center Market Comprised of Co-Locators Big-Tech with Owned Data Centers in California are primarily the large tech firms (Ex: AWS, Microsoft, Apple, etc.) CTV premium pore space can…
  28. Corporate Presentation – California Resources Corp. – slide 28
    Appendix
  29. Corporate Presentation – California Resources Corp. – slide 29
    2023: Sustainability & Social Responsibility Is In Our Business Model Recertified Wildlife Habitat Council projects at THUMS, Bolsa Chica, and Elk Hills Eliminated 269 pneumatic venting devices reducing methane emissions by 400 Mt/year…
  30. Corporate Presentation – California Resources Corp. – slide 30
    Strong Commodity Price Realizations in the State That Relies on External Energy Sources CALIFORNIA IS AN OIL ISLAND AND THE LARGEST U.S. GDP CONTRIBUTOR (amounts shown as % of U.S. domestic GDP) Crude: Crude price volatility in 3Q24…
  31. Corporate Presentation – California Resources Corp. – slide 31
    Hedge Portfolio (as of September 30, 2024) OIL 4Q24E 1Q25E 2Q25E 3Q25E 4Q25E 2026E 2027E 2028E SOLD CALLS Barrels per Day 29,000 30,000 30,000 30,000 29,000 5,000 - - Brent Weighted-Average Price 90.07 87.08 87.08 87.08 87.13 85.00…
  32. Corporate Presentation – California Resources Corp. – slide 32
    Strong Balance Sheet, Ample Liquidity and Financial Flexibility LIQUIDITY1 (MM) 9/30/24 NET DEBT* SNAPSHOT 2,400 22 (MM) 520 847 2,100 Revolving Credit Facility (RCF) - 775 1,800 7.125% 2026 Senior Notes 245 1,500 211 8.250% 2029…
  33. Corporate Presentation – California Resources Corp. – slide 33
    Assumptions, Estimates and Endnotes Slide 3: (1) Source: Enverus. 2023 data as of May 8, 2024. In 2023, Californias oil producers accounted for approximatively 23% of oil consumed by local refiners in California, source:…
  34. Corporate Presentation – California Resources Corp. – slide 34
    Assumptions, Estimates and Endnotes (Cont.) Slide 7: (1) Source: CRC internal data and Enverus, The Natural Option Gas With CCS Fuels E&Ps and Data Centers December 20, 2024. (2) This MOU is a non-binding collaboration agreement that…
  35. Corporate Presentation – California Resources Corp. – slide 35
    Assumptions, Estimates and Endnotes (Cont.) Slide 19: (1) Internal estimates. (2) See slide 6 for additional information on project details. (3) See CRCs 2Q22 earnings presentation for additional details on Brookfield's initial…
  36. Corporate Presentation – California Resources Corp. – slide 36
    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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