California Resources Corporation

California Resources Corporation (NYSE: CRC) is an oil and natural gas exploration and production company operating properties exclusively in the state of California. CRC explores for, produces, gathers, processes and markets crude oil, natural gas and natural gas liquids. CRC has a large portfolio of lower-risk conventional opportunities in each of Californias four major oil and gas basins: San Joaquin, Los Angeles, Ventura and Sacramento.  CRC is Californias largest oil and natural gas producer on a gross-operated basis, with approximately 4,000 employees and contractors. The company specializes in applying advanced technology to increase production from our diverse portfolio of reserves. CRC is committed to ensuring safety and protecting the environment everywhere we operate.

Vision: To be the premier company providing Californians with long-term ample, affordable and reliable energy from California resources  Mission: To maximize stockholder returns by safely and responsibly developing high-growth, high-return conventional and unconventional assets in California while benefiting our communities and the state.

Values

• Character: Acting with integrity and honor, without exception

• Responsibility: Achieving Californias high standards for safety and environmental protection

• Commitment: Respecting our neighbors and advancing community interests for ample, affordable and reliable energy

Our Commitment to our Workforce

The primary factor in our success is CRCs multicultural workforce. We recognize that a motivated, well-trained, and diverse workforce is a strong competitive advantage, and we expect our employees to communicate and work effectively with people from many different backgrounds and cultures.  CRC is an Equal Opportunity Employer. We provide equal opportunity in every aspect of employment without regard to race, religion, color, national origin, ancestry, physical disability, mental disability, legally protected medical condition, marital status, sex, gender identity, age over 40, veteran status, sexual orientation, or any other basis protected by federal, state, or local law. CRCs Equal Opportunity statement is reissued annually to reaffirm our commitment.

Sustainability

The dedicated men and women of California Resources Corporation (CRC) are committed to helping our state and its diverse communities achieve and sustain a vibrant and inclusive future for generations to come. Californias future success will depend, first and foremost, on meeting the social, economic and energy needs of all residents – particularly those in disadvantaged communities that have not shared equally in the prosperity of some coastal communities. To meet the long-term goals of California and CRC, this success must be accompanied by continued improvements in environmental quality and by greater resiliency of our energy supply and society to withstand natural and human-caused disruptions.  CRC strongly believes that California can meet both the pressing social and economic needs of working families and its ambitious environmental goals by replacing our states chronic dependence on imported energy with affordable, reliable and secure local production of a diverse mix of oil, natural gas and renewables. California oil and natural gas is produced under the worlds most stringent safety, labor, human rights and environmental standards, and their affordability and reliability complement renewable energy. Unfortunately, Californians set a record for dependence on imported energy in 2017, obtaining 72 percent of their crude oil demand by supertanker from places around the world that do not apply California standards. By increasing energy self-sufficiency from a mix of local oil, natural gas and renewable production.

Exploration

California Resources Corporation (CRC) drives growth and value creation through our successful exploration program that is focused on established, world-class hydrocarbon basins with the infrastructure to quickly turn new discovered resources into production.  CRC geoscientists evaluate opportunities with regard to their likelihood of recoverable hydrocarbons, reserve potential and economic value. Exploration targets range from new plays and concepts in both conventional and unconventional reservoirs to extension and appraisal opportunities in proven play trends near established fields.  To identify opportunities, we utilize recent advances in technology, as well as solid geologic fundamentals. Advances in seismic imaging and structural geology play a role, but just as important is a diligent integration of previously drilled wells, geologic field work and regional analogs.  Coupled with creativity and our industry leading land position, this work enables CRCs geoscientists to challenge conventional wisdom and identify new plays and prospects in mature areas that have significant resource potential and running room.  CRC is also exploring for oil and gas in unconventional reservoirs, where stimulation techniques enable production from low permeability rocks. These types of plays have added significant production reserves and value to our operations.