36TH ANNUAL INSTITUTIONAL INVESTOR CONFERENCE Raymond James Mark Smith Sr. EVP & CFO Orlando, FL March 4, 2015
CRC at a Glance World-Class Resource Base Sacramento Basin 19 MMBoe Proved Reserves In 4 of 12 largest fields in the 9 MBoe/d production continental U.S. 768 MMBoe proved reserves San Joaquin Basin Capital Structure 525 MMBoe…
Overview of California Resources Corporation California Pure-Play Net Resource Overview Total proved reserves by basin Avg. net production by An independent E&P company spun off by (12/31/2014) basin (12/31/2014) Occidental Los Angeles…
Production Expected to Be Essentially Flat in 2015 Resource base enables predictable production profile Conventional assets have relatively low decline rates, long production life Steamflood and waterflood investments will deliver…
Self-Funded Capital Investment Program Commentary 2015 Total Capital Budget 2015 capital budget of 440 million expected to Other Total: 440 million 95 1 be directed almost entirely towards oil-weighted 22% Drilling production 150…
Capital Allocation Priority: De-Leveraging Balance Sheet Exploring adjustments to capital structure Total long-term debt: 6.4 billion at Year-end 2014 Have received a 24-month amendment to revolver and term loan Resource base…
Capital Structure & Hedges Deleveraging is a priority Capitalization as of 12/31/14 (MM) 1 2.0Bn Senior Unsecured RCF 360 Corporate family and senior unsecured credit Senior Unsecured Term Loan 1,000 ratings of Ba1 and BB+ from…
Long Term Value Creation Driven by World Class Asset Base 9
CRC is the Leading Operator in California Top California Producers in 2013* 200 188 180 166 147 Gross Operated MBoe/d 160 140 120 100 80 60 38 40 25 20 - CRC Chevron Aera Energy Freeport LINN Energy USA McMoRan…
World Class Assets with Significant Development Opportunities Total California as of 12/31/2014 Diversity of basins, drive mechanisms. Net Proved Reserves (MMBoe) 768 % Oil Net Proved 72% Predictable production, low decline rates.…
Large in Place Volumes with Significant Upside Recovery Factors for Discovered Fields In place volumes of 40 Bn Boe at low Billion Boe recovery factor (22%) to date 45 40 Conventional value chain approach to life of field…
Creating a Recovery Value Chain Conventional fields in various stages of Typical Recoveries by Mechanism Type development 80 Base assets in place advancing recovery 70 with traditional means Moving recoveries from primary through…
Elk Hills Field - Overview Overview Field Map CRCs flagship asset, a 104-year old field with exploration opportunities1 RR Gap Large fee property with multiple stacked reservoirs GS Light oil from conventional and unconventional…
Wilmington Field - Overview Overview Field Map CRCs flagship coastal asset: acquired in 2000 Field discovered in 1932; 3rd largest field in the U.S. Over 7 billion barrels OOIP (34% recovered to date)1 Depths 2,000 10,000 (TVDSS)…
Proven Track Record in Sensitive Environments Operator of choice in coastal environments Proven coexistence with sensitive environmental receptors Excellence in safety and mechanical integrity 17
Well Positioned for Growth in Recovery World-class asset base with diverse and rich resources. Capacity for significant production growth at higher prices as we develop high-return, lower-risk development opportunities. Committed to…
California Resources Corporation Appendix 19
Non-GAAP Reconciliation for Adjusted EBITDAX For the Year Ended December 31, ( in millions) 2014 2013 Net Income (1,434) 869 Interest Expense 72 - Provision (benefit) for income taxes (987) 578 Depreciation, depletion and…
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