California Resources Corporation (CRC) reported robust performance in Q3 2025, bolstered by strong operational results and strategic alignment with California’s evolving energy landscape.

• Production base decline assumption improved to 8-13%, enhancing cash flow generation and capital efficiency post-Aera integration.
• CRC strategically positioned for growth with the proposed merger with Berry Corporation, expected to create synergies and expand operational scale.
• Progressing towards its first commercial-scale carbon capture and sequestration (CCS) project, with first CO2 injection anticipated in early 2026.
• Significant energy demand growth projected in California, with estimates suggesting a need for double the power capacity by 2035, opening avenues for CRC's clean energy solutions.
• CRC is actively exploring partnerships to deliver decarbonized baseload power in response to rising energy demands, particularly from tech-driven markets.