California Resources Corporation

Item 2.02 Results of Operations and Financial Condition. California Resources Corporation (the "Company") presents in this Item 2.02 certain summary information for the three months ended June 30, 2026 regarding realized prices and commodity derivatives. The summary information presented below is preliminary and unaudited, does not reflect all adjustments and charges, and remains subject to completion of the Company's financial reporting process. The preliminary summary information is not comprehensive of all results for the period and does not constitute an estimate of the Company's quarterly earnings. There can be no assurances that the final results for this period will not differ from the preliminary summary information presented below. The information in this Item 2.02 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing. Realized Prices The following table presents information about estimated index and average realized prices: For the Three Months Ended June 30, 2026 ────────────────────────────────────────────────────────────────────────────────── Index Prices: Brent ($ per Bbl) $96.87 WTI ($ per Bbl) $92.79 NYMEX Henry Hub ($ per Mcf) $2.90 Realized price without derivative settlements: Oil ($ per Bbl) $91.64 NGLs ($ per Bbl) $49.62 Gas ($ per Mcf) $1.84 Realized price with derivative settlements: Oil ($ per Bbl) $76.50 NGLs ($ per Bbl) $49.62 Gas ($ per Mcf) $1.84 Commodity Derivative Activity For the three months ended June 30, 2026, the Company estimates a loss from net settlement from commodity derivatives of $190 million, including a loss of $164 million from net settlements and premiums from commodity sales derivatives and a loss of $26 million from settlements of natural gas purchase derivatives.