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1Q 2025 Earnings Presentation – California Resources Corp.

California Resources Corp. · May 7, 2025 · 27 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. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 1
    First Quarter 2025 Results May 7, 2025
  2. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 2
    1Q25 Key Takeaways Execution, Execution, Execution 186MM 1Q25 OPERATING CASH FLOW 1. STRONG FINANCIAL & OPERATIONAL PERFORMANCE 55 131 Generated 328MM of Adj. EBITDAX*, exceeding guidance Delivered strong reservoir performance:…
  3. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 3
    Robust 2025 Outlook, Strong Balance Sheet, Focus on Shareholder Returns REAFFIRMING 2025E ADJ. EBITDAX* GUIDANCE1 DESPITE A 16% DECREASE IN 1,100 - 1,200MM 2025 BRENT EXPECTATIONS 2025E CONTROLLABLE COST STRUCTURE 15%…
  4. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 4
    Strong 1Q25 Execution, Execution, Execution
  5. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 5
    Demonstrating Strong 1Q25 Results Commodity 1Q25E1 1Q25A Stability of Cash Flows Brent (/Bbl) 76.54 74.92 Net Cash Flow Before Changes in Working Capital* (MM) 275 Brent realized price with hedge (/Bbl) N/A 72.01 Oil without…
  6. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 6
    Record Quarterly Returns to Shareholders Consistent Track Record of Shareholder Returns1 Competitive Dividend Yield vs. Market2 Dividends & Share Repurchases (MM) Dividend Yield (%) 5% 160 Shares Repurchased 140 2.3MM in 1Q25…
  7. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 7
    Enhancing Our Cost Structure Targeting Lower Controllable Operating Costs Estimating a Decrease in Operating Cost Structure3 Non-Energy Operating Costs1 (MM) (MM) 460 1,100 9% 440 Est. Decline In Operating 1,000 Cost…
  8. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 8
    Executing on Our 235MM Total Synergies Target Aera Merger Related Annual Synergies (MM) Targeted Annual Synergies Realized Annual Synergies to Date 250 235MM Delivering on Our Targets 200 173MM or 74% of total expected 150MM…
  9. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 9
    Why California Resources Corporation LEADING CARBON MANAGEMENT BUSINESS PREMIER BALANCE SHEET WITH STRONG FREE CASH FLOW GENERATION SUSTAINABLE SHAREHOLDER RETURNS STRATEGY DISCIPLINED CAPITAL ALLOCATION Higher Less…
  10. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 10
    2Q25E and FY25E Guidance
  11. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 11
    Integrated Business Strategy and Strong Hedge Book Protect Cash Flows 2024A Revenue Sources Breakdown (%) 2025E & 2026E Oil Hedge Cash Settlements1 (MM) 350 78% Diversified, low capital intensity, low decline, conventional…
  12. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 12
    Lower Cost Structure & Integrated Strategy Provides Resilience in 2025 Conventional, low decline, low capital intensity asset base provides ample run rate for Brent WTI CRC to efficiently deploy capital towards better return and future…
  13. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 13
    Enhancing Cash Flow Through Realized Portfolio Synergy Natural Gas Optimization Connected Elk Hills Produced Natural Gas to Belridge Steamfloods Natural Gas Usage At EHPP EHPP Limited EHPP Full Situation: In periods of low…
  14. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 14
    2025E Guidance (as of May 7, 2025) 2Q25E Oil and Carbon 2025E Oil and Carbon CRC Guidance Consolidated Natural Gas Management Consolidated Natural Gas Management Net Production (MBoe/d) 79% Oil 133 137 132 138 Margin from Purchased…
  15. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 15
    Appendix
  16. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 16
    Progressing Huntington Beach Real Estate Asset Development 1.2 miles of direct access to Pacific Coast Highway Pacific Coast Highway Fort Apache Huntington Beach Highlands HUNTINGTON BEACH UPDATE 92 ACRE PARCEL TIMELINE Sold…
  17. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 17
    Leading Californias Decarbonization EXPANDING OUR CO2 PERMITTING LEADERSHIP ADVANCING DECARBONIZATION IN CALIFORNIA Third party funding through partnership with Brookfield Renewable - Global Received CAs first EPA Class VI permits for…
  18. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 18
    Well Positioned to Decarbonize Californias Largest Industries CTV reservoirs are in proximity to the states highest emitting industries Sacramento Resource inventory and infrastructure in place to supply energy today Ability to…
  19. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 19
    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…
  20. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 20
    Leading EPA Class VI Permitting Pipeline (As of April 25, 2025) EPA Regions1 EPA Class VI Projects Under Review1 63 59 45 47 8 5 3 21 9 7 20 13 7 4 4 8 2 2 2 6 4 Region: 4 5 6 7 8 9 CTV Wells Applications EPA Projected…
  21. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 21
    Strong Commodity Price Realizations Crude: Crude prices experienced limited volatility during 1Q25 with prices CALIFORNIA IS AN OIL ISLAND AND THE LARGEST U.S. GDP CONTRIBUTOR moving lower across the quarter. Price direction was…
  22. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 22
    Hedge Portfolio (as of March 31, 2025) OIL 2Q25E 3Q25E 4Q25E 1Q26E 2026E 2027E 2028E SOLD CALLS Barrels per Day 30,000 30,000 29,000 15,000 15,000 - - STRATEGY Brent Weighted-Average Price 87.08 87.08 87.13 85.00 85.00 - - CRCs…
  23. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 23
    Strong Balance Sheet, Ample Liquidity and Financial Flexibility 3/31/25 NET DEBT* SNAPSHOT MULTIPLES DEMONSTRATE FLEXIBILITY (MM) (MM) Revolving Credit Facility (RCF) - RCF Borrowing Base 1,500 7.125% 2026 Senior Notes 122 8.250%…
  24. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 24
    Assumptions, Estimates and Endnotes Slide 2: (1) Includes gas processing costs. (2) All CRCs future quarterly dividends and share repurchases are subject to commodity prices, debt agreement covenants and Board of Directors approval.…
  25. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 25
    Assumptions, Estimates and Endnotes (Cont.) Slide 12: (1) Source: CRC internal estimates. Project economics reflect available inventory supported by permits in hand. (2) CRC 2025E free cash flow breakeven, the price of oil at which…
  26. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 26
    Assumptions, Estimates and Endnotes (Cont.) Slide 22: (1) Purchased and sold puts with the same strike price have been netted together. (2) Represents estimated net cash settlement payments for derivative contracts and forward…
  27. 1Q 2025 Earnings Presentation – California Resources Corp. – slide 27
    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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