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California Resources Corporation Reports Second Quarter 2026 Financial and Operating Results

Strengthens California's Leading Energy Platform Through Strategic Acquisition

Sustainable Operational Efficiency Gains Enhance 2026 Outlook and Further Reduces Estimated Long-Term Maintenance Capital

LONG BEACH, Calif., August 10, 2026 - California Resources Corporation (NYSE: CRC) today reported its financial and operating results for the second quarter of 2026. The Company plans to host a conference call and webcast at 1 p.m. ET (10 a.m. PT) on Monday, August 10, 2026. Conference call details can be found within this release.

Highlights

•Delivered average net production of 149 thousand barrels of oil equivalent per day (MBoe/d) (81% oil)
•Reported net income of $514 million which includes the non-cash gain from changes in the fair value of outstanding commodity derivatives, adjusted net income1 of $88 million and $338 million of adjusted EBITDAX1
•Generated net cash provided by operating activities of $263 million or $300 million of net cash provided by operating activities before net changes in operating assets and liabilities1
•Delivered $114 million of free cash flow1 or $151 million of free cash flow before net changes in operating assets and liabilities1
•Returned $36 million to shareholders through dividends2
•Ended the quarter with $1,279 million in borrowing capacity and $43 million in available cash and cash equivalents3, representing $1,322 million of liquidity1, 3

Other Highlights

•Announced the signing of a definitive purchase agreement to acquire Crimson Midstream Holdings, LLC (“Crimson”) from CorEnergy Infrastructure Trust, Inc. for total cash consideration of $63 million, subject to customary adjustments. See California Resources Corporation Expands Integrated California Energy Infrastructure Platform Through Strategic Midstream Acquisition for additional information
•Lowered California long-term maintenance capital outlook by reducing drilling, completions and workover capital expectations by approximately 5% to a $450 million to $475 million range with six drilling rigs, compared to seven previously
•Optimized capital structure, reduced annual interest payments and extended maturities through recent $550 million offering of 7.250% senior notes due 2035 (2035 Senior Notes) and subsequent redemption of all remaining 8.250% senior notes due 2029 (2029 Senior Notes)
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•Announced the Golden Valley Technology Hub project, a proposed data center development in partnership with Beacon Data Centers (Beacon), at CRC's Elk Hills field. See www.goldenvalleytechhub.com for additional information
•Implemented more than 100% of the annual Berry merger synergy target, representing $103 million of annualized savings six months ahead of schedule
•Achieved first carbon dioxide (CO2) injection and revenue at Carbon TerraVault I (CTV I), California's inaugural carbon capture and storage (CCS) project. See Carbon TerraVault Provides Second Quarter 2026 Update for additional information

"Our teams are executing exceptionally well, delivering durable operational improvements across our asset base,” said Francisco Leon, CRC’s President and Chief Executive Officer. “Recent efficiency gains and continued Berry synergy capture are strengthening our long-term outlook. Specifically, we are now able to maintain flat California production with fewer rigs and less maintenance capital, creating operational and financial momentum into 2027 and beyond.

"Today, we also announced the planned acquisition of Crimson’s California pipeline systems and storage assets, a strategic infrastructure investment that strengthens our California platform. In parallel, our team continued to advance the Golden Valley Technology Hub with Beacon, leveraging CRC’s assets to meet California’s growing AI demand for reliable power. These developments strengthen CRC’s integrated energy platform, reinforce our commitment to California and create long-term value for our shareholders, Californians and the communities we serve.”

Second Quarter 2026 Results

•Operating expenses and general and administrative expenses were in line with expectations reflecting solid execution and the ongoing capture of Berry merger-related synergies
•Invested total capital of $149 million including drilling, completions and workover capital1 of $101 million; total capital was higher than initial expectations driven by a 25% increase in drilling activity across the California portfolio
•Built approximately 137 thousand barrels of oil (MBo) of inventory due to temporary takeaway constraints, equivalent to approximately 1.5 MBo/d, which, together with weaker differentials and higher operating and transportation costs, reduced second quarter adjusted EBITDAX1 and net cash provided by operating activities before net changes in operating assets and liabilities1 by approximately $25 million. The substantial majority of this inventory was sold in July 2026

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Select Production, Price and Financial Results and Non-GAAP Measures2nd Quarter1st Quarter
($ in millions except production and prices)
20262026
Net oil production per day (MBbl/d)120 124 
Realized oil price without derivative settlements ($ per Bbl)$91.55 $74.53 
Realized oil price with derivative settlements ($ per Bbl)1
$76.43 $69.37 
Net NGL production per day (MBbl/d)10 10 
Realized NGL price ($ per Bbl)$49.62 $44.98 
Net natural gas production per day (Mmcf/d)115 117 
Realized natural gas price ($ per Mcf)$1.84 $3.56 
Net total production per day (MBoe/d)149 154 
Margin from purchased commodities1
$11 $18 
Electricity revenue net of electricity generation expenses1
$(4)$6 
Net gain (loss) from commodity sales derivatives1
$205 $(848)
Other operating expenses net of other revenue1
$56 $44 
Select Financial Statement Data and Non-GAAP Measures:2nd Quarter1st Quarter
($ and shares in millions, except per share amounts)20262026
Total operating revenues before net (loss) gain from commodity derivatives1
$1,092 $967 
Operating costs$347 $365 
General and administrative expenses$97 $106 
Adjusted general and administrative expenses1
$89 $99 
Taxes other than on income$66 $67 
Transportation costs$30 $26 
Operating income (loss)$511 $(711)
Interest and debt expense, net
$28 $29 
Income tax benefit$(56)$(49)
Deferred income tax benefit$(55)$(50)
Net income (loss)$514 $(711)
Weighted-average common shares outstanding - diluted89.3 88.7 
Net income (loss) per share - diluted$5.76 $(8.02)
Adjusted net income1
$88 $79 
Adjusted net income per share1 - diluted
$0.99 $0.88 
Net cash provided by operating activities$263 $99 
Net cash provided by operating activities before net changes in operating assets and liabilities1
$300 $247 
Capital investments$149 $131 
Adjusted EBITDAX1
$338 $304 
Free cash flow1
$114 $(32)

2026 Guidance Highlights

CRC reaffirmed its full-year 2026 total capital outlook and reduced expected full-year 2026 drilling, completions and workover capital by $10 million to $370 million to $390 million while targeting approximately 1% entry-to-exit gross production growth. Stronger operating efficiencies across the portfolio, together with the impact of lower estimated oil prices on production-sharing contracts, provide increased confidence in achieving these targets and strengthen the Company’s long-term outlook.

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CRC expects to operate an average of five rigs in California and one rig in Utah during the second half of 2026 and currently holds sufficient permits to support its 2026 capital program. The Company also continues to build its permit inventory in support of anticipated 2027 operations. Following the closing of the pending transaction, CRC expects to provide additional financial and operating guidance. The following table provides key current third-quarter and full-year 2026 financial and operating guidance4. See Attachment 2 for additional information.

CRC Guidance3Q26E
Total Year
2026E
Net Production (MBoe/d)151 - 154150 - 155
Percentage Oil
80%80%
Capital Investments ($ millions)
$150 - $170$520 - $560
Adjusted EBITDAX1 ($ millions)
$285 - $325$1,200 - $1,300

Shareholder Returns

On August 10, 2026, CRC's Board of Directors declared a quarterly cash dividend of $0.405 per share of common stock, payable to shareholders of record on September 4, 2026. The dividend is expected to be paid on September 18, 2026.

In the second quarter 2026, CRC returned $36 million in dividends to shareholders. Since 2021, the Company has returned approximately $1,655 million to shareholders, including $1,180 million in share repurchases and $475 million in dividends2.

Balance Sheet and Liquidity

In June 2026, CRC completed an offering of $550 million of 2035 Senior Notes. The proceeds, together with cash on hand, were used to redeem all $550 million of the Company’s outstanding 2029 Senior Notes for total consideration of $573 million. The redemption resulted in a $28 million loss on extinguishment of debt, including a $23 million premium paid and $5 million write-off of unamortized debt issuance costs, net of unamortized premium. Following this redemption, CRC had outstanding $750 million of 2034 Senior Notes and $550 million of 2035 Senior Notes.

As of June 30, 2026, CRC had liquidity of $1,322 million1,3, consisting of $43 million in available cash and cash equivalents3 and $1,279 million of available borrowing capacity under its Revolving Credit Facility (which reflects $1,460 million of borrowing capacity less $181 million of outstanding letters of credit and no balance outstanding on the Revolving Credit Facility).

Participation in Upcoming Investor Conferences

CRC is scheduled to participate in the following events in August and September 2026:

•Citi 2026 Natural Resources Conference, August 12 and 13, Las Vegas, NV
•Seaport 15th Annual Summer Investor Conference, August 18, Virtual
•Daniel Energy Partners, Executive Series, September 1 to 3, Pebble Beach, CA
•Barclays 40th Annual Energy-Power Conference, September 9 and 10, New York, NY
•NYSE Energy & Utilities Investor Access Day, September 24, Virtual
•PEP Energy Conference 2026, September 29, Austin, TX

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CRC’s presentation materials will be available on the day of the event on its website. See the Events and Presentations page under the Investor Relations section at www.crc.com.

Conference Call Details

A conference call and webcast is planned for 1 p.m. ET (10 a.m. PT) on Monday, August 10, 2026. To participate in the call, dial (877) 328-5505 (International calls dial +1 (412) 317-5421) or access via webcast at www.crc.com. Participants may also pre-register for the conference call at https://dpregister.com/sreg/10209577/1041fba52bd. A digital replay of the conference call will be available for approximately 90 days.

1 See Attachment 3 for the non-GAAP financial measures of adjusted net income (loss), adjusted net income (loss) per share - basic and diluted, net cash provided by operating activities before net changes in operating assets and liabilities, adjusted EBITDAX, free cash flow, free cash flow before net changes in operating assets and liabilities, adjusted general and administrative expenses, total operating revenues before net (loss) gain from commodity derivatives, margin from purchased commodities, electricity revenue net of electricity generation expenses and other operating expenses net of other revenue, including reconciliations to the most directly comparable GAAP measure without unreasonable effort. See Attachment 2 for the 3Q26 and 2026 estimates of the non-GAAP measures of adjusted EBITDAX, adjusted general and administrative expenses, margin from purchased commodities, other operating expenses net of other revenue and electricity revenue net of electricity generation expenses, including reconciliations to its most directly comparable GAAP measure, without unreasonable effort. See Attachment 1 for a reconciliation of drilling completion and workover capital to total capital investments, and non-cash commodity derivative (loss) gain from combined derivatives to net (loss) gain from combined derivatives, reported under GAAP.
2 All of CRC’s future quarterly dividends and share repurchases are subject to commodity prices, debt agreement covenants and Board of Directors' approval. The total value of shares purchased excludes commissions and excise taxes. Commissions paid on share repurchases were not significant in all periods presented.
3 Excludes restricted cash of $13 million.
4 3Q26 guidance assumes Brent price of $83.14 per barrel of oil, NGL realizations as a percentage of Brent consistent with prior years and a NYMEX gas price of $2.95 per mcf. Total year 2026 guidance assumes Brent price of $84.51 per barrel of oil, NGL realizations as a percentage of Brent consistent with prior years and a NYMEX gas price of $3.55 per mcf.

About California Resources Corporation

California Resources Corporation (CRC) is an independent energy and carbon management company advancing the energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit www.crc.com.

About Carbon TerraVault

Carbon TerraVault (CTV), CRC’s carbon management business, develops services to capture, transport and permanently store carbon dioxide (CO2) for its customers. CTV is advancing a portfolio of carbon capture and storage (CCS) projects, including CTV I, which is now operational and injecting CO2 for permanent sequestration in a depleted reservoir deep underground. For more information, visit www.carbonterravault.com.

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Forward-Looking Statements

Information set forth in this communication, including financial estimates and statements as to the effects of the Berry Merger and the Crimson acquisition, constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other securities laws. All statements other than historical facts are forward-looking statements, and include statements regarding the benefits of the Berry Merger and the Crimson acquisition, CRC's future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and plans and objectives and intentions of management for the future. Words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy” or similar expressions are generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the management of CRC and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, projected in, or implied by, such statements.

Although CRC believes the expectations and forecasts reflected in its forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond its control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause CRC’s actual results to be materially different than those expressed in its forward-looking statements are described in its most recent Annual Report on Form 10-K and its other periodic filings with the SEC. These factors include, but are not limited to: fluctuations in commodity prices; production levels and/or pricing by OPEC, OPEC+ or U.S. producers; government policy, war and political conditions and events; integration efforts and projected synergies and other benefits in connection with the Berry Merger, Crimson acquisition and other acquisitions; divestitures and joint ventures; regulatory actions and changes that affect the oil and gas industry generally and us in particular; the efforts of activists to delay or prevent oil and gas activities or the development of CRC’s carbon management segment; changes in business strategy and the ability and financial resources to execute our capital plan in a timely manner; lower-than-expected production; changes to estimates of reserves and related future cash flows; the recoverability of resources and unexpected geologic conditions; general economic conditions and trends; results from operations and competition in the industries in which it operates; CRC’s ability to realize the anticipated benefits from prior or future efforts to reduce costs; environmental risks and liability; the benefits contemplated by its energy transition strategies and initiatives; CRC’s ability to successfully identify, develop and finance carbon capture and storage projects, power projects and other renewable energy efforts; delays from government approvals and otherwise that could affect the timing of first injection of CO2; future dividends and share repurchases and de-leveraging efforts; and natural disasters, accidents, mechanical failures, power outages, labor difficulties, cybersecurity breaches or attacks or other catastrophic events.

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CRC cautions you not to place undue reliance on forward-looking statements contained in this document, which speak only as of the date hereof, and CRC is under no obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise. This communication may also contain information from third-party sources. This data may involve a number of assumptions and limitations, and CRC has not independently verified them and does not warrant the accuracy or completeness of such third-party information.

Contacts:
Daniel Juck (Investor Relations)
818-661-3700
CRC_IR@crc.com
Hailey Bonus (Media)
714-874-7732
CRC.Communications@crc.com
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Attachment 1
STATEMENTS OF OPERATIONS, SELECT FINANCIAL INFORMATION
2nd Quarter1st Quarter2nd QuarterSix MonthsSix Months
($ and shares in millions, except per share amounts)20262026202520262025
Statements of Operations:
Revenues
Oil, natural gas and natural gas liquids sales
$1,056 $905 $702 $1,961 $1,516 
Net gain (loss) from commodity derivatives205 (848)157 (643)163 
Revenue from marketing of purchased commodities26 41 56 67 120 
Electricity revenue
6 11 58 17 80 
Other revenue
4 10 5 14 11 
     Total operating revenues1,297 119 978 1,416 1,890 
Operating Expenses
Operating costs347 365 295 712 611 
General and administrative expenses97 106 79 203 151 
Depreciation, depletion and amortization131 133 128 264 259 
Taxes other than on income66 67 47 133 117 
Costs related to marketing of purchased commodities15 23 41 38 91 
Electricity generation expenses10 5 5 15 15 
Transportation costs30 26 20 56 40 
Accretion expense 27 27 28 54 57 
Net loss on natural gas purchase derivatives5 24 3 29 (3)
Measurement period adjustments, net
(2)— — (2)1 
Other operating expenses, net60 54 65 114 98 
     Total operating expenses786 830 711 1,616 1,437 
Operating Income (Loss)511 (711)267 (200)453 
Non-Operating (Expenses) Income
Interest and debt expense, net
(28)(29)(25)(57)(52)
Equity loss from unconsolidated subsidiaries
(2)(2)— (4)(1)
Loss on early extinguishment of debt(28)(21)— (49)(1)
Other non-operating income, net
5 3 — 8 5 
Income (Loss) Before Income Taxes458 (760)242 (302)404 
Income tax benefit (provision)
56 49 (70)105 (117)
Net Income (Loss)$514 $(711)$172 $(197)$287 
Net income per share - basic $5.79 $(8.02)$1.93 $(2.22)$3.20 
Net income per share - diluted$5.76 $(8.02)$1.92 $(2.22)$3.18 
Adjusted net income$88 $79 $98 $167 $196 
Adjusted net income per share - basic$0.99 $0.89 $1.10 $1.88 $2.18 
Adjusted net income per share - diluted(1)
$0.99 $0.88 $1.10 $1.87 $2.17 
Weighted-average common shares outstanding - basic88.8 88.7 89.0 88.7 89.8 
Weighted-average common shares outstanding - diluted(1)
89.3 88.7 89.4 88.7 90.3 
Effective tax rate(12)%6 %29 %35 %29 %
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2nd Quarter1st Quarter2nd QuarterSix MonthsSix Months
($ in millions)20262026202520262025
Cash Flow Data:
Net cash provided by operating activities$263 $99 $165 $362 $351 
Net cash used in investing activities$(153)$(136)$(51)$(289)$(130)
Net cash used in financing activities$(94)$(55)$(256)$(149)$(521)
June 30,December 31,
($ in millions)20262025
Select Balance Sheet Information:
Total current assets$697 $938 
Property, plant and equipment, net$5,923 $5,905 
Total current liabilities$1,055 $1,050 
Long-term debt, net$1,281 $1,283 
Noncurrent asset retirement obligations$923 $913 
Total stockholders' equity$3,402 $3,674 
(1) Adjusted net income per share - diluted for the three months ended March 31, 2026 is calculated using weighted average shares outstanding of 89.5 million shares. Adjusted net income per share - diluted for the six months ended June 30, 2026 is calculated using weighted average shares outstanding of 89.3 million shares.

GAINS AND LOSSES FROM COMMODITY DERIVATIVES
2nd Quarter1st Quarter2nd QuarterSix MonthsSix Months
($ millions)20262026202520262025
Non-cash gain (loss) from commodity sales derivatives$370 $(792)$140 $(422)$162 
Net settlements and premiums
(165)(56)17 (221)1 
      Net gain (loss) from commodity sales derivatives$205 $(848)$157 $(643)$163 
Non-cash (gain) loss from natural gas purchase derivatives$(20)$12 $(4)$(8)$(22)
Settlements
25 12 7 37 19 
Net loss (gain) from natural gas purchase derivatives
$5 $24 $3 $29 $(3)
Non-cash gain (loss) from combined commodity derivatives$390 $(804)$144 $(414)$184 
Net settlements and premiums from combined derivatives
(190)(68)10 (258)(18)
      Net gain (loss) from combined commodity derivatives$200 $(872)$154 $(672)$166 
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CAPITAL INVESTMENTS
2nd Quarter1st Quarter2nd QuarterSix MonthsSix Months
($ millions)20262026202520262025
Facilities(1)
$38 $37 $17 $75 $25 
Drilling and completions
77 53 19 130 34 
Workovers
24 17 15 41 34 
Other
6 9 — 15 — 
Oil and natural gas segment
145 116 51 261 93 
Carbon management segment
3 12 5 15 7 
Corporate and other1 3 — 4 11 
Total capital investment
$149 $131 $56 $280 $111 

LIQUIDITY
($ millions)June 30, 2026December 31, 2025
Available cash and cash equivalents(1)
$43 $117 
Revolving credit facility:
Borrowing capacity
1,460 1,460 
Outstanding letters of credit
(181)(176)
Availability
$1,279 $1,284 
Liquidity
$1,322 $1,401 
(1) Excludes restricted cash of $13 million and $15 million at June 30, 2026 and December 31, 2025, respectively.
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Attachment 2
CRC GUIDANCE
Consolidated
3Q26E
Oil and Natural Gas
Segment
Carbon Management
Segment
Net production (MBoe/d)
151 - 154
Net oil production (%)
80%
Operating costs ($ millions)
$360 - $380$360 - $380
General and administrative expenses ($ millions)
$82 - $92$12 - $16$0 - $2
Adjusted general and administrative expenses ($ millions)
$75 - $85$12 - $16$0 - $2
Depreciation, depletion and amortization ($ millions)
$126 - $138$120 - $130
Capital investments ($ millions)
$150 - $170$150 - $165$0 - $2
Adjusted EBITDAX ($ millions)$285 - $325
Margin from purchased commodities ($ millions) (1)
$11 - $15
Electricity revenue net of electricity generation expenses ($ millions)
$18 - $24
Other operating expenses net of other revenue ($ millions) (2)
$20 - $32$4 - $12
Transportation costs ($ millions)
$30 - $35$20 - $24
Taxes other than on income ($ millions)
$70 - $80$62 - $68
Interest and debt expense ($ millions)
$27 - $31
Other Assumptions:
Brent ($/Bbl)$83.14
NYMEX ($/Mcf)$2.95
Price realization oil - % of Brent:
91% - 94%
Price realization NGLs - % of Brent:
48% - 54%
Price realization natural gas - % of NYMEX:
97% - 103%
Current income tax provision ($ millions) (3)
$(2) - $2
Effective tax rate
33% - 37%
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CRC GUIDANCE
Consolidated
2026E
Oil and Natural Gas
Segment
Carbon Management
Segment
Net production (MBoe/d)
150 - 155
Net oil production (%)
80%
Operating costs ($ millions)
$1,425 - $1,475$1,425 - $1,475
General and administrative expenses ($ millions)
$365 - $385$51 - $63$4 - 10
Adjusted general and administrative expenses ($ millions)
$335 - $350$51 - $63$4 - 10
Depreciation, depletion and amortization ($ millions)
$520 - $540$500 - $510
Capital investments ($ millions)
$520 - $560$505 - $530$10 - $18
Adjusted EBITDAX ($ millions)$1,200 - $1,300
Margin from purchased commodities ($ millions) (1)
$50 - $65
Electricity revenue net of electricity generation expenses ($ millions)
$20 - $40
Other operating expenses net of other revenue ($ millions) (2)
$135 - $145$20 - $30
Transportation costs ($ millions)
$115 - $125$75 - $85
Taxes other than on income ($ millions)
$272 - $282$240 - $246
Interest and debt expense ($ millions)
$115 - $125
Other Assumptions:
Brent ($/Bbl)$84.51
NYMEX ($/Mcf)$3.55
Price realization oil - % of Brent:
92% - 96%
Price realization NGLs - % of Brent:
52% - 57%
Price realization natural gas - % of NYMEX:
80% - 85%
Current income tax provision ($ millions) (3)
$(2) - $2
Effective tax rate
33% - 37%

(1) Margin from purchased commodities is calculated as the difference between revenue from marketing of purchased commodities and costs related to marketing of purchased commodities, and excludes costs of transportation.
(2) Other operating revenue and expenses, net is calculated as the difference between other revenue and other operating expenses, net and includes exploration expense and CMB expenses. CMB expenses includes lease cost for sequestration easements, advocacy, and other startup related costs.
See Attachment 3 for management's disclosure of its use of these non-GAAP measures and how these measures provide useful information to investors about CRC's results of operations and financial condition.
(3) Current income tax composition is subject to variability and depends on a number of factors, including but not limited to, final taxable income determinations, the availability and utilization of net operating loss carryforwards (NOLs), applicable tax credits, and other differences between book and taxable income. Accordingly, the current provision may vary from period to period and should not be viewed as indicative of future tax obligations.
FORWARD LOOKING NON-GAAP RECONCILIATIONS

3Q26E
Consolidated
Oil and Natural Gas
Segment
Carbon Management
Segment
($ millions)LowHighLowHighLowHigh
General and administrative expenses$82 $92 $12 $16 $— $2 
Equity-settled stock-based compensation(7)(7)— — — — 
Estimated adjusted general and administrative expenses$75 $85 $12 $16 $— $2 
Consolidated
3Q26E
($ millions)LowHigh
Revenue from marketing of purchased commodities
$32 $48 
Costs related to marketing of purchased commodities
(21)(33)
Margin from purchased commodities
$11 $15 
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Consolidated
3Q26E
($ millions)LowHigh
Other operating expenses, net
$23 $39 
Other revenue
(3)(7)
Other operating expenses net of other revenue
$20 $32 
2026E
Consolidated
Oil and Natural Gas
Segment
Carbon Management
Segment
($ millions)LowHighLowHighLowHigh
General and administrative expenses$365 $385 $51 $63 $4 $10 
Equity-settled stock-based compensation(30)(35)— — — — 
Estimated adjusted general and administrative expenses$335 $350 $51 $63 $4 $10 
Consolidated
2026E
($ millions)LowHigh
Revenue from marketing of purchased commodities
$138 $163 
Costs related to marketing of purchased commodities
(88)(98)
Margin from purchased commodities
$50 $65 
Consolidated
2026E
($ millions)LowHigh
Other operating expenses, net
$156 $174 
Other revenue
(21)(29)
Other operating expenses net of other revenue
$135 $145 
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Attachment 3
NON-GAAP RECONCILIATIONS
To supplement the presentation of its financial results prepared in accordance with U.S. generally accepted accounting principles (GAAP), management uses certain non-GAAP measures to assess its financial condition, results of operations and cash flows. These measures are also widely used by the industry, the investment community and CRC's lenders. Although these are non-GAAP measures, the amounts included in the calculations were computed in accordance with GAAP. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing CRC's financial performance, such as CRC's cost of capital and tax structure, as well as the effect of acquisition and development costs of CRC's assets. Management believes that the non-GAAP measures presented, when viewed in combination with CRC's financial and operating results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the Company's performance. The non-GAAP measures presented herein may not be comparable to other similarly titled measures of other companies. Below are additional disclosures regarding each of these non-GAAP measures, including reconciliations to their most directly comparable GAAP measure where applicable.

ADJUSTED NET INCOME (LOSS)
Adjusted net income (loss) and adjusted net income (loss) per share are non-GAAP measures. CRC defines adjusted net income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. Management believes these non-GAAP measures provide useful information to the industry and the investment community interested in comparing CRC's financial performance between periods. Reported earnings are considered representative of management's performance over the long term. Adjusted net income (loss) is not considered to be an alternative to net income (loss) reported in accordance with GAAP. The following table presents a reconciliation of the GAAP financial measure of net income and net income attributable to common stock per share to the non-GAAP financial measures of adjusted net income and adjusted net income per share.
2nd Quarter1st Quarter2nd QuarterSix MonthsSix Months
($ millions, except per share amounts)20262026202520262025
Net income (loss)$514 $(711)$172 $(197)$287 
Unusual, infrequent and other items:
Non-cash derivative (gain) loss on Brent based commodity contracts(370)792 (140)422 (162)
Non-cash derivative (gain) loss on natural gas derivative contracts(20)12 — (8)— 
Severance and termination costs— 25 6 25 8 
Merger-related costs1 1 — 2 3 
Loss on early extinguishment of debt28 21 — 49 1 
Offshore platform expense
10 10 — 20 — 
Litigation and settlements
— — 25 — 25 
Measurement period adjustments, net(2)— — (2)1 
Other, net12 8 6 20 (3)
Total unusual, infrequent and other items(341)869 (103)528 (127)
Income tax (benefit) provision of adjustments at the combined tax rate
(85)(79)29 (164)36 
Adjusted net income$88 $79 $98 $167 $196 
Net income (loss) per share – basic
$5.79 $(8.02)$1.93 $(2.22)$3.20 
Net income (loss) per share – diluted
$5.76 $(8.02)$1.92 $(2.22)$3.18 
Adjusted net income per share – basic
$0.99 $0.89 $1.10 $1.88 $2.18 
Adjusted net income per share – diluted
$0.99 $0.88 $1.10 $1.87 $2.17 


Page 14

ADJUSTED EBITDAX
CRC defines adjusted EBITDAX as earnings before interest expense; income taxes; depreciation, depletion and amortization; exploration expense; other unusual, infrequent and out-of-period items; and other non-cash items. CRC believes this measure provides useful information in assessing its financial condition, results of operations and cash flows and is widely used by the industry, the investment community and its lenders. Although this is a non-GAAP measure, the amounts included in the calculation were computed in accordance with GAAP. Certain items excluded from this non-GAAP measure are significant components in understanding and assessing CRC’s financial performance, such as its cost of capital and tax structure, as well as depreciation, depletion and amortization of CRC's assets. This measure should be read in conjunction with the information contained in CRC’s financial statements prepared in accordance with GAAP. A version of adjusted EBITDAX is a material component of certain of its financial covenants under CRC's Revolving Credit Facility and is provided in addition to, and not as an alternative for, income and liquidity measures calculated in accordance with GAAP.

These materials include forward-looking non-GAAP financial measures, including adjusted EBITDAX. CRC is unable to provide a reconciliation of such forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP financial measures because certain information needed to reconcile these measures is dependent on future events, many of which are outside of CRC’s control and cannot be reasonably predicted at this time. These items include, but are not limited to, changes in working capital, the timing and amount of capital accruals, and other non-cash or unusual items. Accordingly, a quantitative reconciliation is not available without unreasonable efforts.

The following table represents a reconciliation of the GAAP financial measures of net income and net cash provided by operating activities to the non-GAAP financial measure of adjusted EBITDAX. CRC has included non-GAAP measures of adjusted EBITDAX for its oil and gas segment and its carbon management segment below. Management believes these segment non-GAAP measures are useful for investors to understand the results of our core businesses.

2nd Quarter1st Quarter2nd QuarterSix MonthsSix Months
($ millions, except per BOE amounts)20262026202520262025
Net (loss) income
$514 $(711)$172 $(197)$287 
Interest and debt expense28 29 25 57 52 
Depreciation, depletion and amortization131 133 128 264 259 
Income tax (benefit) provision
(56)(49)70 (105)117 
Interest income— (1)(2)(1)(5)
Equity loss from unconsolidated subsidiaries
2 2 — 4 1 
Exploration expense27 — 1 27 1 
Unusual, infrequent and other items (1)
(341)869 (103)528 (127)
Non-cash items
   Accretion expense27 27 28 54 57 
   Stock-based compensation8 7 7 15 13 
   Pension and post-retirement benefits(2)(2)(2)(4)(3)
Adjusted EBITDAX$338 $304 $324 $642 $652 
Net cash provided by operating activities$263 $99 $165 $362 $351 
Cash interest payments26 1 39 27 50 
Cash interest received— (1)(2)(1)(5)
Cash income taxes16 — 39 16 39 
Exploration expense
27 — 1 27 1 
Working capital changes
6 205 82 211 216 
Adjusted EBITDAX$338 $304 $324 $642 $652 
Net (loss) income per Boe
$37.93 $(51.19)$13.78 $(7.18)$11.42 
Adjusted EBITDAX per Boe$24.94 $21.89 $25.95 $23.40 $25.93 
(1) See Adjusted Net Income (Loss) reconciliation.

Page 15

SEGMENT ADJUSTED EBITDAX
This measure should be read in conjunction with Note 16 Segment Information in CRC’s 2025 Annual Report. A reconciliation of the non-GAAP measure of segment adjusted EBITDAX cannot be reconciled to the comparable measure of operating cash flow prepared in accordance with GAAP without unreasonable effort.
Oil and Natural Gas Segment
2nd Quarter1st Quarter2nd QuarterSix MonthsSix Months
($ millions)
20262026202520262025
Segment profit$427 $281 $194 $711 $460 
Depreciation, depletion and amortization124 128 121 251 247 
Exploration expense27 — 1 27 1 
Accretion expense27 27 28 54 57 
Adjusted income items3 3 2 7 3 
Adjusted EBITDAX - Oil and Natural Gas$608 $439 $346 $1,050 $768 
Carbon Management Segment
Segment loss$(13)$(12)$(20)$(25)$(45)
Interest on contingent liability (related to Carbon TerraVault JV)3 3 2 6 5 
Equity loss from unconsolidated subsidiary
2 1 1 3 2 
Adjusted EBITDAX - Carbon Management$(8)$(8)$(17)$(16)$(38)

FREE CASH FLOW
Management uses free cash flow, which is defined by CRC as net cash provided by operating activities less capital investments, as a measure of liquidity. The following table presents a reconciliation of CRC's net cash provided by operating activities to free cash flow.
2nd Quarter1st Quarter2nd QuarterSix MonthsSix Months
($ millions)20262026202520262025
Net cash provided by operating activities$263 $99 $165 $362 $351 
Capital investments(149)(131)(56)(280)(111)
Free cash flow$114 $(32)$109 $82 $240 
FREE CASH FLOW BEFORE NET CHANGES IN OPERATING ASSETS AND LIABILITIES
Management uses free cash flow before changes in operating assets and liabilities, which is defined by CRC as net cash provided by operating activities less net changes in operating assets and liabilities and capital investments, as a measure of liquidity. The following table presents a reconciliation of CRC's net cash provided by operating activities to free cash flow before net changes in operating assets and liabilities.
2nd Quarter1st Quarter2nd QuarterSix MonthsSix Months
($ millions)20262026202520262025
Net cash provided by operating activities
$263 $99 $165 $362 $351 
Net changes in operating assets and liabilities37 148 56 185 122 
Net cash provided by operating activities before net changes in operating assets and liabilities
300 247 221 $547 $473 
Capital investments(149)(131)(56)(280)(111)
Free cash flow before net changes in operating assets and liabilities
$151 $116 $165 $267 $362 



Page 16

ADJUSTED GENERAL & ADMINISTRATIVE EXPENSES
Management uses a measure called adjusted general and administrative (G&A) expenses and adjusted G&A per BOE to provide useful information to investors interested in comparing CRC's costs between periods and performance to its peers.
2nd Quarter1st Quarter2nd QuarterSix MonthsSix Months
($ millions)20262026202520262025
General and administrative expenses$97 $106 $79 $203 $151 
Stock-based compensation(8)(7)(7)(15)(13)
Adjusted G&A expenses$89 $99 $72 $188 $138 
G&A per BOE$7.16 $7.63 $6.33 $7.40 $6.01 
Adjusted G&A per BOE$6.57 $7.13 $5.77 $6.85 $5.49 
TOTAL OPERATING REVENUES BEFORE NET (LOSS) GAIN FROM COMMODITY DERIVATIVES
Management uses a measure called total operating revenues before net (loss) gain from commodity derivatives, which is calculated as the difference between total operating revenues less net (loss) gain from commodity derivatives.
2nd Quarter1st Quarter2nd QuarterSix MonthsSix Months
($ millions)20262026202520262025
Total operating revenues
$1,297 $119 $978 $1,416 $1,890 
Less: Net gain (loss) from commodity derivatives 205 (848)157 (643)163 
Total operating revenues before net gain (loss) from commodity derivatives$1,092 $967 $821 $2,059 $1,727 
MARGIN FROM PURCHASED COMMODITIES
Management uses a measure called margin from purchased commodities, which is calculated as the difference between revenue from purchased commodities and costs related to purchased commodities. This non-GAAP measure excludes transportation costs.
2nd Quarter1st Quarter2nd QuarterSix MonthsSix Months
($ millions)20262026202520262025
Revenue from purchased commodities
$26 $41 $56 $67 $120 
Costs related to purchased commodities
(15)(23)(41)(38)(91)
Margin from purchased commodities
$11 $18 $15 $29 $29 

ELECTRICITY REVENUE NET OF ELECTRICITY GENERATION EXPENSES
Management uses a measure called electricity revenue net of electricity generation expenses, which is calculated as the difference between electricity revenue and electricity generation expenses.
2nd Quarter1st Quarter2nd QuarterSix MonthsSix Months
($ millions)20262026202520262025
Electricity revenue
$6 $11 $58 $17 $80 
Electricity generation expenses
(10)(5)(5)(15)(15)
Electricity revenue net of electricity generation expenses
$(4)$6 $53 $2 $65 
Page 17

OTHER OPERATING EXPENSES NET OF OTHER REVENUE
Management uses a measure called other operating expenses net of other revenue, which is calculated as the difference between other operating expenses, net and other revenue.
2nd Quarter1st Quarter2nd QuarterSix MonthsSix Months
($ millions)20262026202520262025
Other operating expenses, net$60 $54 $65 $114 $98 
Other revenue
(4)(10)(5)(14)(11)
Other operating expenses net of other revenue
$56 $44 $60 $100 $87 
Page 18

Attachment 4
PRODUCTION STATISTICS
2nd Quarter1st Quarter2nd QuarterSix MonthsSix Months
Net Production Per Day20262026202520262025
Oil (MBbl/d)
 San Joaquin Basin93 96 83 94 84 
 Los Angeles Basin15 17 17 16 17 
 Uinta Basin
3 3 — 3 — 
 Other Basins9 8 9 9 9 
 Total120 124 109 122 110 
NGLs (MBbl/d)
 San Joaquin Basin10 10 10 10 10 
 Total10 10 10 10 10 
Natural Gas (MMcf/d)
 San Joaquin Basin93 95 96 95 99 
 Los Angeles Basin1 1 1 1 1 
 Sacramento Basin10 10 12 10 12 
 Uinta Basin
9 8 — 9 — 
 Other Basins2 3 2 2 2 
 Total115 117 111 117 114 
Total Net Production (MBoe/d)149 154 137 152 139 
Gross Operated and Net Non-Operated2nd Quarter1st Quarter2nd QuarterSix MonthsSix Months
Production Per Day20262026202520262025
Oil (MBbl/d)
 San Joaquin Basin102 103 89 102 90 
 Los Angeles Basin21 21 21 21 21 
 Uinta Basin
4 4 — 4 — 
 Other Basins9 9 11 10 11 
 Total136 137 121 137 122 
NGLs (MBbl/d)
 San Joaquin Basin10 10 11 10 11 
 Uinta Basin1 — — 1 — 
 Other Basins— 1 — — — 
 Total11 11 11 11 11 
Natural Gas (MMcf/d)
 San Joaquin Basin128 127 134 128 134 
 Los Angeles Basin6 6 6 6 6 
 Sacramento Basin13 13 14 13 15 
 Uinta Basin
12 11 — 11 — 
 Other Basins3 3 4 3 3 
 Total162 160 158 161 158 
Total Gross Production (MBoe/d)174 175 158 175 159 
Page 19

Attachment 5
PRICE STATISTICS
2nd Quarter1st Quarter2nd QuarterSix MonthsSix Months
20262026202520262025
Oil ($ per Bbl)
Realized price with derivative settlements$76.43 $69.37 $66.73 $72.88 $69.39 
Realized price without derivative settlements$91.55 $74.53 $65.07 $82.97 $69.34 
NGLs ($/Bbl)$49.62 $44.98 $42.41 $47.29 $48.60 
Natural gas ($/Mcf)
Realized price without derivative settlements$1.84 $3.56 $2.79 $2.72 $3.46 
Index Prices
 Brent oil ($/Bbl)$96.87 $77.90 $66.76 $87.38 $70.84 
 WTI oil ($/Bbl)$92.79 $71.93 $63.74 $82.36 $67.58 
 NYMEX average monthly settled price ($/MMBtu)
$2.90 $5.04 $3.44 $3.97 $3.55 
Realized Prices as Percentage of Index Prices
Oil with derivative settlements as a percentage of Brent79 %89 %100 %83 %98 %
Oil without derivative settlements as a percentage of Brent95 %96 %97 %95 %98 %
Oil with derivative settlements as a percentage of WTI82 %96 %105 %88 %103 %
Oil without derivative settlements as a percentage of WTI99 %104 %102 %101 %103 %
NGLs as a percentage of Brent51 %58 %64 %54 %69 %
NGLs as a percentage of WTI53 %63 %67 %57 %72 %
Natural gas with derivative settlements as a percentage of NYMEX contract month average63 %71 %81 %69 %97 %
Natural gas without derivative settlements as a percentage of NYMEX contract month average63 %71 %81 %69 %97 %



Page 20

Attachment 6
SECOND QUARTER 2026 DRILLING ACTIVITY
San JoaquinLos AngelesSacramentoUintaOther
Wells DrilledBasinBasinBasinBasinBasinsTotal
Development Wells
Primary221—1—24
Waterflood331———34
Steamflood39————39
Total (1)
942—1—97
(1) Includes steam injectors and drilled but uncompleted wells, which are not included in the SEC definition of wells drilled.
Page 21