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2Q 2025 Results – California Resources Corp.

California Resources Corp. · Aug 5, 2025 · 25 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. 2Q 2025 Results – California Resources Corp. – slide 1
    Second Quarter 2025 Results August 5, 2025
  2. 2Q 2025 Results – California Resources Corp. – slide 2
    2Q25 Key Takeaways 1. RECORD QUARTERLY CAPITAL RETURNS TO SHAREHOLDERS1 287MM 2Q25 TOTAL SHAREHOLDER RETURN1 Repurchased 228MM of shares in a private deal at 46/sh and 24MM in the open market at avg. 43.41/sh 35 252 205MM…
  3. 2Q 2025 Results – California Resources Corp. – slide 3
    Execution, Execution, Execution 3
  4. 2Q 2025 Results – California Resources Corp. – slide 4
    Generating Record Shareholder Returns Competitive Dividend Yield vs. Market2 Dividend Yield (%) 4% Returned 3% 287MM Dividends and Buybacks in 2Q251 2% 1% 0% S&P S&P Mid S&P Small XOP 500 Cap 400 Cap 600 O&G E&P…
  5. 2Q 2025 Results – California Resources Corp. – slide 5
    Demonstrating Operational Excellence & Better Capital Efficiency Lower Costs (MM) Key drivers of lower 1H25 costs vs. 2H24: reductions in G&A, decrease in production and GHG taxes and lower non-energy operating costs1 11%…
  6. 2Q 2025 Results – California Resources Corp. – slide 6
    Delivered on Aera Merger Synergies Goal One Year Post Close Implemented 235MM Industrial Scale Logic Aera Merger Synergies Solidified Cross-Asset Synergies Operating Costs 109MM Improved Long-Term Operational Efficiencies G&A…
  7. 2Q 2025 Results – California Resources Corp. – slide 7
    Increasing Operational Intensity in 2H25 Adding Activity in 2H25 Added second rig in Kern County in late June 2025 for a total 16 well 2025 drilling program Investments focused on high-value, high-margin sidetracks and workovers…
  8. 2Q 2025 Results – California Resources Corp. – slide 8
    2Q25 Results Commodity 2Q25E1 2Q25A Higher Adj. EBITDAX* Expectations Brent (/Bbl) 63.00 66.76 Adj EITDAX* (MM) 1,300 Brent realized price with hedge (/Bbl) N/A 66.73 Oil realization without derivative settlements (% of Brent) 96%…
  9. 2Q 2025 Results – California Resources Corp. – slide 9
    Operational Momentum Stronger 2025 Free Cash Flow* Outlook Despite Lower Oil Price Forecast 2025 Enhanced Outlook Driven By Free Cash Flow Before Net Changes in Operating Assets and Liabilities1 (MM) Strong Reservoir…
  10. 2Q 2025 Results – California Resources Corp. – slide 10
    2025E Guidance
  11. 2Q 2025 Results – California Resources Corp. – slide 11
    Driving Operational Strength and Efficiency in 2025 DRIVEN PRIMARILY BY SYNERGIES, EXPECTING EVEN LOWER COSTS1, 2 IN 2025 2% OPERATIONAL EFFICIENCIES AND ENERGY COST SAVINGS REDUCED 2025E D&C AND WORKOVER CAPITAL GUIDANCE2 3%…
  12. 2Q 2025 Results – California Resources Corp. – slide 12
    2025E Guidance (as of August 5, 2025) 3Q25E Oil and Carbon 2025E Oil and Carbon CRC Guidance Consolidated Natural Gas Management Consolidated Natural Gas Management Net Production (MBoe/d) 79% Oil 135 139 134 138 Margin from Purchased…
  13. 2Q 2025 Results – California Resources Corp. – slide 13
    Why California Resources Corporation LEADING CARBON MANAGEMENT BUSINESS PREMIER BALANCE SHEET WITH STRONG FREE CASH FLOW GENERATION SUSTAINABLE SHAREHOLDER RETURNS DISCIPLINED CAPITAL ALLOCATION Higher Less Better…
  14. 2Q 2025 Results – California Resources Corp. – slide 14
    Appendix
  15. 2Q 2025 Results – California Resources Corp. – slide 15
    Unique California Based PurePlay Footprint Superior Portfolio Characteristics Strategic Acreage Footprint: Advantaged position in key California basins provides capital deployment flexibility High-Quality, Low-Decline Assets:…
  16. 2Q 2025 Results – California Resources Corp. – slide 16
    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…
  17. 2Q 2025 Results – California Resources Corp. – slide 17
    Well Positioned to Decarbonize Californias Sacramento Largest Industries CTV IV 603MW SMUD CTV reservoirs are in proximity to the states highest emitting industries Resource inventory and infrastructure in place to supply energy…
  18. 2Q 2025 Results – California Resources Corp. – slide 18
    Californias Premier Carbon Management Provider Received 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…
  19. 2Q 2025 Results – California Resources Corp. – slide 19
    Leading EPA Class VI Permitting Pipeline (As of July 18, 2025) EPA Regions1 EPA Class VI Projects Under Review1 82 59 51 48 47 8 5 3 9 7 24 23 13 8 3 4 4 2 2 6 4 Region: 4 5 6 7 8 9 CTV Wells Applications EPA Projected…
  20. 2Q 2025 Results – California Resources Corp. – slide 20
    Strong Commodity Price Realizations Crude: Crude indices experienced increased volatility during 2Q25 with CALIFORNIA IS AN OIL ISLAND AND THE LARGEST U.S. GDP CONTRIBUTOR prices slumping on Liberation Day tariff announcements and OPEC…
  21. 2Q 2025 Results – California Resources Corp. – slide 21
    Hedge Portfolio (as of June 30, 2025) OIL 3Q25E 4Q25E 1Q26E 2Q26E 2H26E 2027E 2028E SOLD CALLS Barrels per Day 30,000 29,000 35,000 35,000 35,000 - - STRATEGY Brent Weighted-Average Price 87.08 87.13 83.86 83.86 83.86 - - CRCs…
  22. 2Q 2025 Results – California Resources Corp. – slide 22
    Strong Balance Sheet, Ample Liquidity and Financial Flexibility 6/30/25 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%…
  23. 2Q 2025 Results – California Resources Corp. – slide 23
    Assumptions, Estimates and Endnotes Slide 2: (1) All CRCs future quarterly dividends and share repurchases are subject to commodity prices, debt agreement covenants and Board of Directors approval. Excludes excise taxes and commissions…
  24. 2Q 2025 Results – California Resources Corp. – slide 24
    Assumptions, Estimates and Endnotes (Cont.) Slide 16: (1) Source: EPA, www.epa.gov/uic/class-vi-wells-permitted-epa. Permit Volumes refers to carbon storage shown in EPA Class VI permits that CTV has received or submitted. The actual…
  25. 2Q 2025 Results – California Resources Corp. – slide 25
    Joanna Park Daniel Juck VP, Investor Relations & Treasurer Sr. Director, Investor Relations 818-661-3731 818.661.6045 Joanna.Parkcrc.com Daniel.Juckcrc.com Higher Less Better Cashflow Carbon California

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