California Resources Corp

We are subject to various risks and uncertainties in the course of our business. A discussion of such risks and uncertainties may be found under the heading Risk Factors in our 2024 Annual Report. There were no material changes to those risk factors during the three months ended June 30, 2025.

Share Repurchases

Our Board of Directors has authorized a Share Repurchase Program to acquire up to $1.35 billion of our common stock through December 31, 2025. In July 2025, our Board of Directors authorized anextension of our Share Repurchase Program through June 30, 2026. The repurchases may be affected from time-to-time through open market purchases, privately negotiated transactions, Rule 10b5-1 plans, accelerated stock repurchases, derivative contracts or otherwise in compliance with Rule 10b-18, subject to market and contractual limitations in our debt agreements. The Share Repurchase Program does not obligate us to repurchase any dollar amount or number of shares and our Board of Directors may modify, suspend or discontinue authorization of the program at any time. Shares repurchased are either retired or held as treasury stock.

Our share repurchase activity for the three months ended June 30, 2025 was as follows:

(a)The total value of shares that may yet be purchased under the Share Repurchase Program totaled $205 million as of June 30, 2025.

Refer to Part I, Item 1 – Financial Statements, Note 10 Stockholders' Equityfor more information on a repurchase of shares during the second quarter of 2025 from one of the former Aera owners.