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California Resources Corporation CALIFORNIA RESOURCES CORPORATION RESOURCES CALIFORNIA Corporate Headquarters 10889 Wilshire Boulevard Los Angeles, California 90024 (888) 848-4754 Northern Operations 10800 Stockdale Highway Bakersfi eld, California 93311 (661) 412-5000 Southern Operations 111 W. Ocean Boulevard, Suite 800 REPORT ANNUAL 2014 Long Beach, California 90802 (562) 624-3400 crc.com ENERGY FOR CALIFORNIA BY CALIFORNIANS California Resources Corporation 2014 Annual Report FINANCIALFINANCIAL & OPERATINGOPE HIGHLIGHTS Dollar amounts in millions, except per-share amounts as of and for the years ended December 31, Financialial Highlights 2014 2013 2012 Revenues $ 4,173 $ 4,284 $ 4,073 Income / (Loss) Before Income Taxes $ (2,421) $ 1,447 $ 1,181 Net Income / (Loss) $ (1,434) $ 869 $ 699 Core Income $ 650 $ 869 $ 675 EPS – Basic and Diluted(a) $ (3.75) $ 2.24 $ 1.80 Core EPS – Basic and Diluted(a) $ 1.67 $ 2.24 $ 1.74 Net Cash Provided by Operating Activities $ 2,371 $ 2,476 $ 2,223 CCapitalapital InvestmentsInvestments $ (2,020) $ (1,669) $ (2,331) Proceeds from Debt $ 6,360 — — CasCashh DiviDividendsdends to OccidentalOccidental $ (6,000) — — Net Cash (Used) Provided by Other Financing ActivitieActivitiess $ (45) $ (763) $ 532 TotaTotall AAssetsssets $ 12,497 $ 14,297 $ 13,764 Long-Term Debt $ 6,360 — — Equity/Net InvestmentInv $ 2,611 $ 9,989 $ 9,860 Weightedeighted AveAverage Shares Outstanding(a) 381.9 — — Year-EndEdSh Shares 385.6 — — Operationaltional Highlights Production: CCruderude Oil (MBbl(MBbl/d)/d) 99 90 88 NGLs ((MBbl/d)MBbl/d) 19 20 17 Natural Gas (MMcf(MMcf/d)/d) 246 260 256 Total (MBoe/d) 159 154 148 Average RRealized Prices: Crude ($($/Bbl) $ 92.30 $ 104.16 $ 104.02 NGLs ($/($/Bbl) $ 47.84 $ 50.43 $ 52.76 Natural GaGas ($/Mcf) $ 4.39 $ 3.73 $ 2.94 ReservesReserves:: CCruderude OiOill (MMB(MMBbl)bl) 551 532 497 NGLs ((MMBbl)MMBbl) 85 71 61 Natural Gas (Bcf) 790 844 934 Totaltal (MBoe/d) 768 74 4 714 Reserve Replacementeplacement from Capital PrograProgram 203% 159% 183% PV-10 $16.1 billion $14.0 billion $13.8 billion Acreage (in thousands): NeNett DeveDevelopedloped 716 701 466 NeNett UnUndevelopeddeveloped 1,691 1,604 1,646 TTotalotal 2,407 2,305 2,112 Closing Share Price $ 5.51 (a) On November 30, 2014, the spin-off date from Occidental Petroleum Corporation, 381.4 million shares of our common stock were distributed,distribut of which approximately 18.5% was retained by Occidental. Additional shares were distributed in December to substitute for Occidental stock awards. For comparative purposes, and to provide a more meaningful calculation of weighted-average shares outstanding, we have assumed these amounts to be outstanding for each period prior to the spin-off. All statements, other than statements of historical fact, included in this report that address activities, events or developments that CaliforniCalifornia Resources Corporation (the “Company” or “CRC”) believes will or may occur in the future are forward-looking statements. The words “believe,” “expect,” “may,” “estimate,” “will,” “anticipate,” “plan,” “intend,” “should,” “would,” “could,” or other similar expressions are intended to identify forward-looking statements, wwhich are generally not historical in nature. Forward-looking statements specifi cally include the Company’s expectations based on its plans, strategies, objectives and anticipated fi nancial and operating results, including as to the Company’s drilling program, production, hedging activities, capital expenditure levels and other guidancegu included in this report. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include, but are not limited to, commodityc pricing; vulnerability to economic downturns and adverse developments due to our debt; insuffi ciency of our operating cash fl ow to fund planned capital investments; inability to implement our capital investment program profi tably or at all; compliance with regulations or changes in regulations and the ability to obtainob government permits and approvals; risks of drilling; tax law changes; competition for and costs of oilfi eld equipment, services, qualifi ed personnel and acquisitions; the subjective nature of estimates of proved reserves and related future net cash fl ows; inability to drill identifi ed locations when planned or at all; restrictrestrictions on our ability to obtain, use, manage or dispose of water; inability to operate in the United States outside of California; concerns about climate change and air quality issues; risks related to our acquisition activities; catastrophic events for which we may be uninsured or underinsured; cyber attacks; operational issues thatt restrict market access; and uncertainties related to the anticipated effects of restructuring or reorganizing our business. Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, except as reqrequired by applicable law. EnERGY FOR CAlIFORnIA BY CAlIFORnIAnS CRC’s operations at THUMS in Long Beach, California Engineer performing an inspection at CRC’s power plant at Elk Hills Field near Bakersfi eld CRUDE PRODUCTION Our capital program is focused on high-margin 63% crude oil production MILLION NET ACRES We believe we are the largest private mineral acreage holder 2.4 in the State of California Pumping units at CRC’s operations in Ventura Vision: To be the premier company providing Californians with long-term ample, affordable and reliable energy exclusively from California resources. Mission: To maximize stockholder returns by safely and responsibly developing high-growth, high-return conventional and unconventional assets exclusively in California while benefi ting our communities and the state. California Resources Corporation (NYSE: CRC) is the largest independent oil and natural gas producer in the state. CRC operates its world-class resource base exclusively within the State of California. Using advanced technology, CRC’s dedicated workforce focuses on safely and responsibly supplying affordable energy for California by Californians. 1 Plant operators at CRC’s cryogenic gas processing plant at Elk Hills Field near Bakersfield, California 2 A MESSAGE TO OuR STOCKhOlDERS Dear Stockholder, I welcome you as an inaugural stockholder driven largely by global supply and demand of California Resources Corporation (CRC), fundamentals. These factors confront CRC with a company built on a solid foundation of the challenges of a lower price environment, high-quality assets, with an especially promising but also present us with the opportunity to future as a newly independent oil and natural demonstrate our competitive advantages through gas company. the lower end of the commodity price cycle. We begin with a clear focus — to maximize We benefi t from operational control of almost stockholder returns by safely and responsibly all of our fi elds and our diversifi ed, fl exible developing conventional and unconventional portfolio of assets. We have suffi cient liquidity assets exclusively in California while serving as for our capital program and a strong asset responsible stewards and valued neighbors in base to operate within our cash fl ows, and we the communities where we operate. have a management team in place with deep experience in all phases of the energy industry We bring three competitive strengths to our cycle. We are closely monitoring market mission — world-class assets, operational and conditions and have already implemented fi nancial fl exibility, and an experienced board of decisive measures to adapt to this new price directors and management team committed to environment. As a result, we believe CRC is increasing your share value. To capitalize on these well positioned to emerge from the current strengths, we are implementing a value-driven commodity price downturn with a solid base. capital-investment strategy focused on sustaining economic production and enhancing our net Let me provide a more in-depth summary asset value, with the objective of living within our of our core strengths: a world-class asset annual cash fl ows and de-levering over time. base, operational and fi nancial fl exibility and our experienced board of directors and As you are likely aware, oil and natural gas management team. markets have entered into a cyclical downturn, 3 The California Opportunity recovery factors as we transition from production, drive overall effi ciencies California Resources Corporation was primary production to secondary and uphold our company’s core values. launched as the largest independent oil recovery with waterfl oods and in some In particular, I commend our workforce and natural gas producer in the state. cases steamfl oods and other enhanced for achieving record safety performance We are able to achieve that level of recovery methods. In addition to our in 2014 and remaining focused on our production partly because we enjoy the wealth of conventional assets, we mission during a year of organizational largest privately held mineral acreage have signifi cant unconventional assets and market changes. We are proud of position in the state with operations in and acreage that we can develop for CRC’s heritage and very excited about all four of California’s major oil and gas future growth. Our diverse portfolio of what we can accomplish together.
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