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CALIFORNIA RESOURCES CORPORATION Exhibit 99.1 NEWS RELEASE California Resources Corporation Announces First Quarter 2021 Results and $ 150 Million Share Repurchase Program Santa Clarita , May 13 , 2021 - California Resources Corporation ( NYSE : CRC ) , an independent oil and natural gas exploration and production company , today reported first quarter 2021 operational and financial results . " CRC delivered on its strategy with strong first quarter results while maintaining solid environmental and safety records , " said Mac McFarland , President and Chief Executive Officer . " Given the positive first quarter results , supported by the previously announced capital structure simplification through a senior debt offering and the recent amendment to our Revolving Credit Facility , CRC's Board of Directors authorized a $ 150 million Share Repurchase Program . This promising step underpins our robust financial fundamentals which are further strengthened by CRC's 2021 projected free cash flow¹ . As CRC is tracking to the high end of 2021 free cash flow¹ guidance , we will look for additional ways to return capital to our shareholders as the year progresses . " First Quarter 2021 Highlights Financial • • • • • • • Reported a net loss attributable to common stock of $ 94 million , or $ 1.13 per diluted share . Adjusted net income¹ was $ 102 million , or $ 1.22 per diluted share Generated adjusted EBITDAX¹ of $ 189 million and free cash flow¹ of $ 120 million Reaffirmed 2021 free cash flow¹ guidance and optimized CRC investment dollars by shifting $ 15 million from drilling and completions to downhole maintenance projects which provide efficiencies and faster payouts Closed the quarter with $ 130 million of cash on hand , an undrawn credit facility and $ 545 million of liquidity2 Simplified CRC's capital structure with a senior unsecured $ 600 million debt offering Subsequent to quarter end , signed an amendment to its Revolving Credit Facility which provides CRC with additional strategic flexibility with regard to returning capital to shareholders and to future hedging levels , and completed the borrowing base review which set the borrowing base at $ 1.2 billion Quarterly operating costs were $ 164 million and general and administrative ( G & A ) expenses were $ 48 million , a reduction of 15 % and 20 % , respectively , as compared to 1Q20 Generated net cash provided by operating activities of $ 147 million with quarterly capital expenditures of $ 27 million Operational • . Produced an average of 99,000 net barrels of oil equivalent ( BOE ) per day , including 60,000 barrels per day of oil Maintained industry leading HSE standards Page 1