California Resources (CRC) 8-K Results of Operations and Financial Condition

Expecting Strong Quarterly Results $40 – $60MM 4Q23E FCF1 82 – 84MBOE/D 4Q23E Total Production ~60% Oil $65 – $75MM 4Q23E Total Capital EXPECTING TO EXCEED QUARTERLY FCF1 AND TO BE IN LINE WITH PRODUCTION GUIDANCE2 ADVANCING CALIFORNIA’S LEADING CARBON MANAGEMENT BUSINESS Class VI Draft Permit EPA Released California’s First For 26R reservoir (part of CTV I storage vault) Midstream Infrastructure Carbon Capture & Storage Low Carbon Intensity Production BTM Solar Opportunities FTM/Grid Power Production Geothermal Opportunities LA Basin 1 ACTIVE DRILLING RIGS 21% 79% Announced TBA 5MMTPA YE27 CTV INJECTION RATE TARGET 200MMT YE27 CTV STORAGE CAPACITY TARGET Los Angeles Basin San Joaquin Basin Sacramento Basin Submitted to EPA TBA 191 MMT 9 MMT 3 38MMT of permitted injection capacity with an injection rate of up to ~1.5MMTPA3 ; both above type curve Started 90-day public comment period (1) Represents a non-GAAP measure. For all historical non-GAAP financial measures please see the Investor Relations page at www.crc.com for a reconciliation to the nearest GAAP equivalent and other additional information. Free cash flow is equal to net cash provided (used) by operating activities less capital investments. Reconciliation of 4Q23E non–GAAP measure to its nearest GAAP equivalent can be found on slide 52 of this deck. (2) See CRC’s 3Q23 earnings presentation for a FY23 and 4Q23 guidance. (3) See slide 12 for more information on CTV I (26R) reservoir.

Preliminary 2024 E&P Business Outlook 4 CASHFLOW CALIFORNIA CARBON (1) Capacity revenue is a part of electricity revenue on CRC’s income statement. (2) Includes YE2023 reduction in non energy operating costs and Adj. E&P corporate and other G&A. (3) Internal estimates. EXPECTED INVENTORY OF SIDETRACKS, WORKOVERS, NATURAL GAS TO INCREASE ACTIVITY IN 2H24 EST. ELK HILLS PLANTS TURNAROUND IMPACT IN 1Q24 CONTRACTED CAPACITY REVENUE1 FROM EHPP TO INCREASE BY ~$45MM IN 2024 VS 2023E ON PATH TO ACHIEVE $55MM + IN TARGETED YE2023 RUN RATE REDUCTIONS2 IMPLIES ~$2/BOE REDUCTION TO CRC’S OPERATING COST3 20 MMCF/D CAPITAL $34MM LINE OF SIGHT TO WELL PERMITTING PROGRESSION IN 2024

Free Cash Flow Reconciliation Management uses the non-GAAP measure of free cash flow, which is defined by us as net cash provided by operating activities less our capital investment, as a measure of liquidity. The table below presents a reconciliation of net cash provided by operating activities to free cash flow. Free Cash Flow 4Q23E ($MM) Low High Est. Net Cash Provided by Operating Activities $115 $125 Est. Capital Investment (75) (65) Est. Free Cash Flow $40 $60 Note: Free Cash Flow is a non-GAAP measure. For all historical non-GAAP financial measures please see the Investor Relations page at www.crc.com for a reconciliation to the nearest GAAP equivalent and other additional information. 52