CRC: Notes From Investor Meetings with Management

Research evidence excerpt

CRC: Notes From Investor Meetings with Management

RBC Capital Markets, LLC

Scott Hanold (Analyst)

(512) 708-6354, scott.hanold@rbccm.com

Christopher Dendrinos, CFA (Analyst)

(212) 428-6522, christopher.dendrinos@rbccm.com

Samuel Cox (Senior Associate)

(512) 708-6309, samuel.cox@rbccm.com

Laura Deng (Senior Associate)

June 29, 2026 (212) 618-7527, laura.deng@rbccm.com

Octavian Jordan (AVP)

(212) 618-3012, octavian.jordan@rbccm.com California Resources CorporationRESEARCH Notes From Investor Meetings with Management

Our view: We hosted meetings with Clio Crespy (EVP & CFO) and Daniel Outperform

Juck (IR) in Europe. There was more discussion on CRC's power and NYSE: CRC; USD 53.71

CCS businesses, but the traditional E&P business was also topical given Price Target USD 87.00

the improved California regulatory environment. Management highlighted

Scenario Analysis* tangible plans and targets that are progressing, and the focus is now

on showing execution. There are several catalysts on the horizon that Downside Current Price Upside

should improve value recognition. Currently, CRC share valuation reflects Scenario Price Target ScenarioEQUITY

upstream PDP value, providing significant upside from power, oil & gas 35.00 53.71 87.00 95.00

growth, CCS, and real estate. 32% 65% 80%

*Implied Total Returns

Key points: Key Statistics

• Upstream revived. The regulatory landscape changed meaningfully last Shares O/S (MM): 88.8 Market Cap (MM): 4,769

fall with SB237 returning the state to a normal well-drilling cadence. CRC Dividend:Debt to Cap: 1.6551% Yield:Tr. 12 ROE: 10.75%3.1%

has identified over 20 years of inventory, which is significantly above Avg. Daily Volume: 767,120

most US SMid caps. CRC already added one rig in CA and one in the 3-Yr. Est. EPS Growth: 33.00%