Carbon TerraVault Provides First Quarter 2025 Update

On Track to Inject CO2 at California's First CCS Project by Year-End LONG BEACH, Calif., May 06, 2025 (GLOBE NEWSWIRE) -- Carbon TerraVault Holdings, LLC (CTV), a carbon management subsidiary of California Resources Corporation (NYSE: CRC), provided an update on its first quarter 2025 operations. California Resources Corporation (NYSE: CRC) conducts its carbon management business through CTV which pursues carbon capture and sequestration (CCS) projects that are directly sited or within close proximity to significant sources of carbon dioxide (CO2) emissions in California. “We remain committed to supporting the decarbonization of California and creating meaningful value for the benefit of local communities and our shareholders,” said Francisco Leon, CRC’s President and Chief Executive Officer. “We are advancing the state's first CCS project at Elk Hills and expect to break ground this summer. This important project will unlock significant opportunities in the CTV business. Carbon management is a pillar of CRC's strategy as we work to diligently advance emissions reducing projects in California.” Highlights After receiving California's first Environmental Protection Agency Class VI well permits for CO₂ storage in the CTV I - 26R reservoir, preparing to commence construction of California's first CCS project at CRC's Elk Hills cryogenic gas plant in the second quarter of 2025On track for first CO2 injection at CTV I - 26R reservoir by year-end 2025Signed MOU1 with National Cement for "Lebec Net Zero", a first-of-its-kind initiative with up to $500 million of Department of Energy funding to produce carbon-neutral cement for up to 1 MMTPA of CO2 emissionsEngaged in discussions with multiple large scale industrial customers for a power purchase agreement (PPA) expected later this year. This PPA is expected to utilize CTV's CO2 storage reservoirs to provide a decarbonized energy solution Carbon Management Business (CMB) First Quarter 2025 Financial Results Selected Financial Statement Data and non-GAAP measures: 1st Quarter 4th Quarter($ in millions) 2025 2024 Selected Expenses CMB expenses2 $18 $20 General and administrative expenses $3 $5 Capital and Non-GAAP Measures Capital investments $2 $6 Adjusted EBITDAX3 $(21) $(25) Guidance The following table provides key second quarter and full year 2025 financial and operating guidance. CRC Guidance($ in millions) 2Q25E Total Year2025ECapital $5 - $10 $20 - $30CMB expenses2 $10 - $15 $60 - $90General and administrative expenses $2 - $4 $10 - $15Adjusted EBITDAX4 ($15) - ($20) ($80) - ($85) 1 MOUs and CDMAs are non-binding agreements. The projects and transactions described in an MOU or CDMA are subject to certain conditions precedent, typically including the negotiation of definitive documents, a final investment decision by the parties and receipt of EPA Class VI permits and other regulatory approvals.2 CMB expenses includes lease cost for sequestration easements, advocacy, and other startup related costs.3 See Attachment 3 of CRC's 1Q25 earnings release for the non-GAAP financial measures of adjusted EBITDAX including reconciliations to their most directly comparable GAAP measure, where applicable. 4 See Attachment 2 for the 2Q25 and 2025 estimates of the non-GAAP measures of adjusted EBITDAX and adjusted general and administrative expenses, including reconciliations to its most directly comparable GAAP measure. About Carbon TerraVault Carbon TerraVault (CTV) is CRC’s carbon management business and is developing services to capture, transport and permanently store CO2 for its customers. CTV is engaged in a series of CCS projects that will inject CO2 captured from industrial sources into depleted underground reservoirs and permanently store CO2 deep underground. For more information, visit carbonterravault.com. About California Resources Corporation California Resources Corporation (CRC) is an independent energy and carbon management company committed to 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. Forward-Looking Statements This document contains statements that CRC believes to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than historical facts are forward-looking statements, and include statements regarding CRC's future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and plans and objectives 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 subject to risks and uncertainties that could cause actual results to differ materially from those expressed 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 Securities and Exchange Commission. These factors include, but are not limited to: fluctuations in commodity prices; production levels and/or pricing by OPEC or U.S. producers; government policy, war and political conditions and events; integration efforts and projected benefits in connection with the Aera Merger 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 prevent oil and gas activities or the development of CRC’s carbon management segment; changes in business strategy and capital plan; 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 and other renewable energy efforts; future dividends and share repurchases an de-leveraging efforts; and natural disasters, accidents, mechanical failures, power outages, labor difficulties, cybersecurity breaches or attacks or other catastrophic events. CRC cautions you not to place undue reliance on forward-looking statements contained in this document, which speak only as of the filing date, and CRC undertakes no obligation to update this information. This document 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. This press release was published by a CLEAR® Verified individual.

Carbon TerraVault Provides First Quarter 2025 Update

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