California Resources Corporation Launches \$550 Million Senior Unsecured Notes Offering to Redeem 2029 Notes

Long Beach, California – June 16, 2026 — California Resources Corporation (NYSE: CRC), an independent energy and carbon management company, has announced a significant financial initiative that could have a notable impact on its capital structure and future operations. The company intends to offer and sell, subject to market and other conditions, \$550 million in aggregate principal amount of senior unsecured notes due 2035 (the “Notes”).

Key Points of the Announcement

• New Notes Issuance: CRC plans to issue \$550 million in senior unsecured notes maturing in 2035. These Notes will be guaranteed by all existing subsidiaries that guarantee CRC’s revolving credit facility, its 8.250% senior notes due 2029, its 7.000% senior notes due 2034, and certain future subsidiaries.
• Use of Proceeds: The net proceeds from this Notes offering, combined with borrowings under CRC’s revolving credit facility and/or cash on hand, will be used to redeem the company’s outstanding \$550 million aggregate principal amount of 8.250% senior notes due 2029. The redemption will be at a price of 104.125% of principal value, plus accrued and unpaid interest up to, but excluding, the redemption date.
• Conditional Redemption: The redemption of the 2029 Notes is expected to be contingent upon the successful completion of the new Notes offering. However, the offering of the new Notes is not contingent upon the completion of the redemption.
• Private Offering Details: The Notes will be offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act of 1933. The Notes will not be registered under the Securities Act, and cannot be offered or sold in the United States except pursuant to an exemption from registration.

Important Considerations for Shareholders

• Potential Share Price Impact: This transaction could be price sensitive as it involves a refinancing of CRC’s existing debt, which may have implications for the company’s interest expense and overall financial flexibility. The redemption price for the 2029 Notes is at a premium (104.125%), which could have a modest impact on short-term liquidity but may be offset by lower interest rates on the new Notes, if achieved.
• Forward-Looking Statements and Risks: The company cautions that statements regarding the offering and the redemption are forward-looking and subject to risks and uncertainties. Actual outcomes may differ materially due to market conditions, interest rates, and other factors beyond CRC’s control. Investors are encouraged to review the “Risk Factors” section in CRC’s most recent annual and quarterly filings.
• Strategic Objectives: CRC reiterates its commitment to environmental stewardship and advancing the energy transition, including investments in carbon capture and storage and other emissions-reducing projects. These initiatives could positively impact CRC’s long-term value proposition.

Additional Information

This announcement does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor does it serve as a notice of redemption for the 2029 Notes. Any such offer or redemption notice will be made only in accordance with relevant securities laws.

Company Contacts

• Media: Hailey Bonus, CRC Media, 714-874-7732, [email protected]
• Investor Relations: Daniel Juck, 818-661-3700, [email protected]