California Resources Corp

We are an independent energy and carbon management company focused on advancing the energy transition. We provide local, responsibly sourced energy and are committed to environmental stewardship. We also aim to maximize the value of our land, mineral ownership, and energy expertise for decarbonization by developing carbon capture and storage (CCS) and other emissions reducing projects. Our business operates through two reporting segments: oil and natural gas, and carbon management. Our oil and natural gas segment explores for, develops, and produces crude oil and condensate, natural gas liquids, and natural gas in major producing basins in California and Utah. As of December 31, 2025, our proved reserves were an estimated 654 MMBoe, comprising 541 MMBbl of crude oil and condensate, 37 MMBbl of NGLs, and 455 Bcf (76 MMBoe) of natural gas. As of the same date, we held approximately 2 million net mineral acres. Our operated assets include 68 distinct fields with approximately 22,000 net operated wells. For the year ended December 31, 2025, our average net production was approximately 138 MBoe/d, with 79% being oil. Our carbon management segment, known as Carbon TerraVault, focuses on building, installing, operating, and maintaining CO2 capture equipment, transportation assets, and underground storage facilities. This segment also holds an investment in the Carbon TerraVault JV. On September 14, 2025, we agreed to combine with Berry, an independent energy company with oil-weighted, mostly conventional oil and natural gas fields in California and oil and natural gas fields in Utah with unconventional development potential.