CRC Q3 2025 Earnings Presentation

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Third Quarter 2025 Results November 4, 2025

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Key Messages 2 Disciplined approach to opportunistic transactions supports cash flow durability and shareholder returns California Comeback Strategic Value Creation Improving regulatory landscape creates opportunity for local energy in the Golden State Execution, Execution, Execution Top-tier balance sheet, excellent operational and financial execution & an integrated strategy delivering value A DIFFERENT KIND OF ENERGY COMPANY Cashflow Higher Carbon Less California Better

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262 0 500 1,000 1,500 2,000 2,500 3,000 200 250 300 350 400 450 2019 2020 2021 2022 2023 2024 2025YTD MBo/d Well Permits SB 237 targets ~25% of refining feedstock demand from in-state production ~350MBo/d3 California Pure–Play 3 CRC’s Durable 1P Asset Inventory4 PDP (%) Total Proved (MMBOE) Oil (%) Est. Annual Corporate PDP Decline (%) R/P5 (Years) Surface Acreage (‘000) Mineral Acreage (‘000) NRI (%) WI (%) Total 85% 545 81% ~11% 11 193 1,863 ~91% ~97% See slide 20 for “Assumptions, Estimates and Endnotes”. Governor signed bills SB237/614 & AB1207 into law – Fall 2025 Ample Room For New O&G Development ➢ Geographic Advantage ➢ High-Quality, Low-Decline Assets ➢ Robust Development Inventory ➢ Ready for Growth ➢ Superior Economics ➢ Existing O&G Midstream Network CRC’s Advantaged Portfolio Characteristics California Oil Production (MBo/d)1 Kern County New Well Permits2 262 MBo/d California’s oil production YTD25

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Recent and 3Q25 Key Takeaways 4 5%1 Raised Dividend by 4th Consecutive Annual Increase On Track Elk Hills Cryogenic Gas Plant CCS Project Targeting CO2 Sequestration in Early 2026 137MBOE/D 3Q25 Net Total Production 78% oil, 2 rigs, $43MM in D&C & Workover Capital* Ratings upgrade (Moody’s) to Ba3 & positive outlook (Fitch) 3Q25 Adj. EBITDAX* $338MM $322MM Net Operating Cash Flow Before WC Changes* Working with MiQ to Expand ICG Certifications to Our Operations Across CA MiQ "Grade A" Ventura Assets ICG Designation CRC Announced Strategic Merger with BRY with Expected Close 1Q26 BRY Merger Agreement Est. Annual Synergies of $80 - $90MM within 12 months Post Close $400MM 2034 Senior Notes @ 7.000% New Agreement with Capital Power 3MMTPA New CTV MOU3 Up to Cash Flow Carbon California $122MM Repaid in Full 2026 Senior Notes at Par Exited 3Q25 with Leverage Ratio* of 0.6x2 SB 237/614 & AB 1207 California’s Governor Signed Note: “Before WC Changes” means “Before Net Changes in Operating Assets and Liabilities”. See slide 20 for “Assumptions, Estimates and Endnotes”. Signed To Refinance BRY’s Debt at Close, Raised $231MM Free Cash Flow Before WC Changes* Deployed $91MM in Total Capital $454MM1 Through Dividends & Buybacks Shareholder Returns YTD25

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Execution 5 $0 $20 $40 3Q24 4Q24 1Q25 2Q25 3Q25 Disciplined Capital Allocation Robust Cash Flow $250 $350 $450 $550 $650 3Q24 3Q25 Electricity Generation Expenses CMB Expenses* Transportation Costs Costs Related to Marketing of Purchased Commodities Taxes Other Than On Income G&A Expenses Operating Costs Lower Costs D&C and Workover Capital* ($MM) Net Cash from Operating Activities before Net Changes in Operating Assets and Liabilities* ($MM) ($MM) See slide 20 for “Assumptions, Estimates and Endnotes”. $0 $100 $200 $300 3Q24 4Q24 1Q25 2Q25 3Q25 , 1

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0% 5% 10% 15% 20% 25% Fixed Dividend Variable Dividend Share Repurchase Returned Shareholder Returns $32MM In Dividends in 3Q251 SRP’s Avg. Price per Share, Bought $352MM in YTD251 ~106% Of Free Cash Flow* YTD25 via Dividends and Share Buybacks ~$45/sh Top-Tier 2025E Total Shareholder Return Yield2 (%) Disciplined SRP Execution See slide 20 for “Assumptions, Estimates and Endnotes”. 6 C DA B E F G H I J K L M N O P Q R S T U V W X Y Z

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• CCS services • Proximity to major fiber networks • Possible CO2 pipeline connectivity Kern County CCS Opportunity 7 Up to ~1.1GW of power capacity Up to ~3.0MMTPA of CO2 emissions Power-to-CCS Expansion ▪ CTV and CPX plan to jointly evaluate and develop CCS solutions for Capital Power’s La Paloma combined cycle gas- generation facility in Kern County ▪ MOU1 includes joint evaluation of potential data center sites, infrastructure, permitting and integration opportunities TSE: CPX ~$8B Market Cap2 ~$13B Enterprise Value2 Growth oriented power producer with ~12 GW of power generation at 32 facilities across North America3 See slide 20 for “Assumptions, Estimates and Endnotes”. “[CCS] is an option to support achieving California’s decarbonization goals while continuing to leverage legacy power generation resources such as natural gas combined cycle (NGCC) combustion turbines. “ California Energy Commission Staff Report, Dec 2024 • Natural gas pipeline connectivity • Power interconnect • Water availability and supply Hull Street Energy 585MW CRC 550MWCRC/NRG 240MW Capital Power 1,062MW CTV I A1/A2 CTV I 26R CarbonFrontier CTV Reservoirs in Proximity to ~2.4GW of Baseload Power4 <100 miles to Los Angeles Bakersfield X

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Opportunity Customers Clean Premium Utilities Existing Data Centers, Industrials New Data Centers, Industrials CA’s Power Needs Are Rising See slide 20 for “Assumptions, Estimates and Endnotes”. 1 FTM Utility Sale FTM Sale 2 BTM Industry Sale3 $0 $100 $200 $300 $400 $500 $600 2021 2023 2025 2025 2027 2029 2031 Non-Datacenter Traditional Cloud Training Inference Inference Spend Taking a Leading Role Global AI Capex Spending1 ($B) 0 20 40 60 80 100 120 140 2026 2028 2030 2032 2034 2035 2039 2040 2045 Accelerating Need for Clean, Reliable Power in CA Incremental Grid Capacity (GW) Expected to Rise by 20452 ▪ AI spend shifting to inference: California is well positioned with large presence of high-value, tech intensive industries (biotech, media/entertainment, automotive, robotics and etc.) and major population hubs ▪ Est. incremental grid capacity growth through 10 GW of PG&E data center interconnects5 and CPUC’s Rule 30 / Reliable and Clean Power Procurement Plan (RCPPP) ▪ Rising in-state power demand and regulatory improvements: expand Power-to-CCS opportunities Evaluating Expanding Alternatives California, the 4th largest global economy3, with ~40mm residents4 could see incremental grid capacity double by 2035 Current Market Dynamics 8 AI inference prioritizes low latency, high availability, and efficient, scalable infrastructure in proximity to dense population centers

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Gaining Scale and Cash Flow Despite Lower Commodity Prices 2023 2024 2025E 9 2023 2024 2025E Net Cash from Operating Activities before Net Changes in Operating Assets and Liabilities * ($MM) Est. Brent: $68.87 Est. NYMEX: $3.38 Brent: $79.84 NYMEX: $2.27 Brent: $82.22 NYMEX: $2.74 Gross Production (MBoe/d) ✓ Premier Capital Structure ✓ Superior Risk Management ✓ Focus on Cost Control ✓ Disciplined Capital Allocation ✓ Strategic M&A ~$454MM1 In Shareholder Returns YTD25 See slide 20 for “Assumptions, Estimates and Endnotes”.

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Guidance & Capital Structure 10

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11 OIL 4Q25E 1Q26E 2Q26E 3Q26E 4Q26E 2027E 2028E SOLD CALLS Brent Barrels per Day 29,000 35,000 35,000 35,000 35,000 - - Weighted-Average Price $87.13 $83.86 $83.86 $83.86 $83.86 $- $- SWAPS Brent Barrels per Day 43,376 36,444 29,399 28,369 27,703 39,382 1,697 Weighted-Average Price $69.86 $68.98 $68.03 $67.51 $66.99 $64.80 $65.00 PURCHASED PUTS1 Brent Barrels per Day 29,000 35,000 35,000 35,000 35,000 - - Weighted-Average Price $61.72 $61.14 $61.14 $61.14 $61.14 $- $- NATURAL GAS 4Q25E 1Q26E 2Q26E 3Q26E 4Q26E 2027E 2028E SWAPS SoCal Border MMBtu per Day 22,408 30,350 13,250 10,750 9,908 - - Weighted-Average Price $3.53 $5.18 $4.82 $4.83 $4.84 $- $- NWPL Rockies2 MMBtu per Day 51,750 51,750 51,750 51,750 51,750 38,546 1,576 Weighted-Average Price $4.22 $4.67 $3.64 $3.63 $4.22 $4.08 $3.95 EST. HEDGE CONTRACT SETTLEMENTS3 4Q25E 1Q26E 2Q26E 3Q26E 4Q26E 2027E 2028E Combined Hedge Portfolio ($MM) $9 $4 $(4) $- $- $(7) $- CRC’s hedging strategy is designed to meet our business objectives should market prices decline and participate in upside should market prices increase STRATEGY ~70% of remaining 2025E net oil production hedged with an average Brent floor price of ~$67 per barrel EXECUTION ~70% of remaining 2025E internal fuel consumption hedged at an average natural gas price of ~$4 per MMBtu OPERATIONS See slide 20 for “Assumptions, Estimates and Endnotes”. Hedge Portfolio (as of September 30, 2025)

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CRC Guidance 4Q25E Consolidated Oil and Natural Gas Carbon Management Net Production (MBoe/d) ~78% Oil 131 – 135 Margin from Purchased Commodities*, 1 ($MM) $14 – $18 Electricity Margin*, 2 ($MM) $27 – $33 Operating Costs ($MM) $300 – $320 $300 – $320 G&A ($MM) $78 – $86 $8 – $12 $2 – $4 Adjusted G&A* ($MM) $72 – $80 $8– $12 $2 – $4 Depreciation, Depletion and Amortization ($MM) $128 – $132 $111 – $115 Other Operating Expenses Net of Other Revenue *, 3 ($MM) $15 – $20 $12 – $16 Transportation Expense ($MM) $20 – $26 $9 – $13 Taxes Other Than on Income ($MM) $60 – $65 $48 – $52 Interest and Debt Expense, Net ($MM) $30 – $35 Capital ($MM) $105 – $125 $85 – $105 $15 – $20 Adj. EBITDAX* ($MM) $220 – $260 $284 - $309 ($19) – ($15) Other Assumptions 4Q25E Brent ($/Bbl) $65.50 NYMEX ($/mcf) $3.35 Oil – % of Brent 94% – 100% NGL – % of Brent 60% – 70% Natural Gas – % of NYMEX 100% – 105% Deferred Income Taxes (130%) – (120%) Effective Tax Rate 27% 2026 Outlook 12 Preliminary 4Q25 Net Production Range of 131 – 135 MBoe/d $280-$330MM Maintaining 2025E capital guidance range 4 Rigs $280 - $300MM D&C and Workover Capital* Focused on Disciplined Capital Investments 8% - 13% Targeting Shallower Corporate PDP Decline ~$1,235MM Maintaining 2025E Adj. EBITDAX* midpoint guidance of Resilient reservoirs expected to show shallower corporate PDP declines Previous range of 10-15% Targeting ~2% entry-to-exit gross production decline ~2/3 of 2026E oil production hedged at a floor price of $64/Bbl4 4Q25E Guidance (as of November 5, 2025) See slide 21 for “Assumptions, Estimates and Endnotes”. Deploying additional capital to upgrade facilities and increase integration between Belridge and Elk Hills resulting in enhanced NGL recovery of ~1MBo/d in 2H26E

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$974 $1801 $122 $900 $400 $1,1505 $0 $500 $1,000 $1,500 $2,000 9/30/25 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Revolver Availability Available Cash & Cash Equivalents Unsecured Senior Notes Revolver Availability at Maturity MATURITY PROFILE 9/30/25 NET DEBT* SNAPSHOT ▪ Issued $400MM in 7.000% 2034 Senior Notes at par ▪ Redeemed remaining $122MM of 2026 Senior Notes ▪ Borrowing base reaffirmed at $1.5B ▪ Elected commitments raised by $300MM to $1.45B ($MM) Revolving Credit Facility (RCF) $ - 7.125% 2026 Senior Notes 122 8.250% 2029 Senior Notes 900 Face Value of Debt $ 1,022 Less Available Cash & Cash Equivalents1 (180) Net Debt* $ 842 ($MM) RCF Borrowing Base $1,500 3Q25 Free Cash Flow* $188 3Q25 Net Debt* / LTM Adj. EBITDAX*, 2 0.6x LTM Adj. EBITDAX* / LTM Interest Expense*, 3 12.4x MULTIPLES DEMONSTRATE FLEXIBILITY October 2025 Credit Updates $1,154 Liquidity*, 4 ($MM) Redeemed Oct ‘25 Issued Oct ‘25 See slide 21 for “Assumptions, Estimates and Endnotes”. 13 Strong Balance Sheet, Ample Liquidity and Financial Flexibility

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Appendix 14

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15 15See slide 21 for “Assumptions, Estimates and Endnotes”. ▪ ~150 non-profits supported | ~500 employee volunteers | 1,900+ hours at community events ▪ Received 23 National Safety Council Awards ▪ Donated $5.7MM to local California communities through CRC’s community giving programs 1 ▪ Launched the Urban Coast Fund in partnership with California State University, Long Beach to support student- and faculty-led projects addressing marine biodiversity, water quality and ecosystem resilience ▪ Alignment with the four pillars of the Task Force on Climate -related Financial Disclosures (TCFD) ▪ Board is 20% gender diverse and 30% composed of members from underrepresented communities2 ▪ 25% of the 2024 executive compensation scorecard metrics relating to Company performance tied to ESG-related carbon management, environmental stewardship, and worker safety ▪ Received CA’s first-ever EPA Class VI permits for underground CO 2 injection and storage ▪ Combined methane intensity of <0.05 MT methane/MBoe under CARB reporting requirements ▪ Achieved a well production carbon intensity of 11.35 g/MJ (9% below CARB 2023 statewide average) ▪ Partnership with Los Angeles Rams through “Football Without the Footprint” initiative to reduce or offset GHG emissions ENVIRONMENT GOVERNANCE SOCIAL Sustainability and Social Responsibility Are Core Priorities of Legacy Methane Emissions from 2020 to 2024 -27% Reduction of Scope 1 & 2 Emissions from 2020 to 2024 Recycled or Reclaimed ~75% | 4.7B of Produced Water Treated Reclaimed Water -32% Reduction 2024 Sustainability Report Highlights

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Well Positioned to Decarbonize California’s Largest Industries 16 Industrial Electricity (In State) Transportation Industrial Electricity (In State) Electricity (Imports) Agriculture Commercial Residential ▪ CTV reservoirs are in proximity to the state’s highest emitting industries ▪ Resource inventory and infrastructure in place to supply energy today ▪ Ability to provide power services with: o Accelerated time-to-market o Access to natural gas and interconnection o Proximity to fiber network ▪ Developing carbon free power solutions in San Joaquin Valley California GHG Emissions by Sector2 Northern California Central California CTV II CTV III CTV V CTV IV CTV VI CTV I 26R CTV I A1/A2 Carbon Frontier Sacramento Stockton San Francisco Bakersfield Northern California1 Central California See slide 21 for “Assumptions, Estimates and Endnotes”.

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~60 ~30 California’s Premier Carbon Management Provider 17 ▪ Received Kern County Board of Supervisors’ approval of the conditional use permits for the CTV I CCS project ▪ Received CA’s first EPA Class VI permits for CTV I – 26R; Approved California’s first CCS project at Elk Hills Cryogenic Gas Plant ▪ Anticipating the receipt of Class VI draft permits for additional reservoirs in 20251 Annual Regional CO2 Emissions (MMTPA) Target Addressable Market by Region3 Vault / Reservoir Targeted Final EPA Class VI Permit Decision1 Est. Annual Injection Rate1 (MMTPA) Permit Volumes1 (MMT)EPA Class VI Permit 20 Years 40 Years CTV I 26R Permit Received ~1.52 ~1.9 ~1.0 ~38 CTV I A1-A2 2026 ~0.8 ~0.4 ~0.2 ~8 Carbon Frontier 2026 ~3.3 ~1.6 ~0.8 ~32 CTV VI 2027 ~3.4 ~5.1 ~2.5 ~102 Coles Levee TBD TBD TBD TBD TBD Central California ~9.0 ~9.0 ~4.5 ~180 CTV II 2026 ~1.0 ~1.2 ~0.6 ~23 CTV III 2026 ~2.5 ~3.6 ~1.8 ~71 CTV IV 2026 ~1.4 ~1.7 ~0.9 ~34 CTV V 2026 ~0.7 ~0.8 ~0.4 ~17 Northern California ~5.6 ~7.3 ~3.7 ~145 Total - Combined ~14.6 ~16.3 ~8.2 ~325 See slide 21 for “Assumptions, Estimates and Endnotes”.

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Strong Commodity Price Realizations 18 13.8% 8.0% 9.4% 6.0% 3.9% Note: 5 largest contributors to domestic GDP. Source: BEA, preliminary data for 2Q25; EIA ▪ Crude: 3Q25 Brent crude was lower Y/Y, but higher Q/Q as Chinese buying and geopolitical tensions – specifically related to Russia and Ukraine – provided support to the market even as OPEC+/non-OPEC+ production increased. California realizations remained solid ▪ Natural Gas: For 3Q25, North American natural gas prices labored under increased Y/Y production and relatively static demand. California natural gas prices were meaningfully higher both Q/Q and Y/Y despite ample storage inventories due to pipeline maintenance into the state ▪ NGLs: Realizations for 3Q25 were slightly lower than 2Q25 due to seasoniality. California continues to carry a meaningful premium to the broader North American NGL marketplace. We expect demand for propane to pick up going into the winter season $73.00 $72.01 $66.73 $67.04 4Q24 1Q25 2Q25 3Q25 $3.65 $4.12 $2.79 $3.47 4Q24 1Q25 2Q25 3Q25 CALIFORNIA IS AN OIL ISLAND AND THE LARGEST U.S. GDP CONTRIBUTOR (amounts shown as % of U.S. domestic GDP) Oil w/ Hedges ($/BBL) NGLs ($/BBL) Natural Gas ($/MCF) Average Benchmark Prices1 $73.97 $74.92 $66.76 $68.13 $73.97 $74.92 $66.76 $68.13 $2.79 $3.65 $3.44 $3.07 % of Benchmark1 98% 98% 97% 97% 71% 73% 64% 60% 131% 113% 81% 113% Hedge Settlements $0.18 ($1.56) $1.66 $0.72 - - - - - - - - Average Realized Prices2 $73.00 $72.01 $66.73 $67.04 $52.62 $54.64 $42.41 $41.04 $3.65 $4.12 $2.79 $3.47 $52.62 $54.64 $42.41 $41.04 4Q24 1Q25 2Q25 3Q25 CRC’s commodity realizations are above domestic averages See slide 21 for “Assumptions, Estimates and Endnotes”.

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Term Definition JV Joint Venture KMTPA Thousand Metric Tons Per Annum LCFS Low Carbon Fuel Standard LTM Last Twelve Months MMT Million Metric Tons MMTPA Million Metric Tons Per Annum MOU Memorandum of Understanding MRV Monitoring, Reporting and Verification Plan MT Metric Tons MTPA Metric Tons Per Annum NG Natural Gas NGL Natural Gas Liquid NRI Net Revenue Interest OCF Operating Cash Flow PDP Proved Developed Producing PDNP Proved Developed Non-Producing PPA Power Purchase Agreement PUD Proved Undeveloped RA Resource Adequacy ROFL Right of First Look RSG Responsibly Sourced Gas R/P Reserves to Production Ratio RTC Round-the-Clock SEC United States Securities and Exchange Commission SFDR Sustainable Finance Disclosure Regulation SMOG Standardized Measure of Discounted Future Net Cash Flows SRP Share Repurchase Program SJV San Joaquin Valley TBA To Be Announced Tcf Trillion Cubic Feet WI Working Interest Glossary 19 Term Definition Bcf Billion Cubic Feet BMT Billion Metric Tons BTM Behind-the-Meter CARB California Air Resources Board CCS Carbon Capture and Storage CDMA Carbon Dioxide Management Agreement CEQA California Environmental Quality Act CGP Cryogenic Gas Plant CI Carbon Intensity CMB Carbon Management Business CO2 Carbon Dioxide CTV Carbon TerraVault (a subsidiary of CRC) CUP Conditional Use Permit DAC Direct Air Capture D&C Drilling and Completions E&P Exploration and Production EBITDAX Earnings Before Interest, Taxes, Depreciation, Amortization and Exploration EHPP Elk Hills Power Plant EIR Environmental Impact Report EOR Enhanced Oil Recovery EPA Environmental Protection Agency ESG Environmental, Social and Governance FCF Free Cash Flow FEED Front End Engineering and Design FID Final Investment Decision FTM Front-of-the-Meter g/MJ Grams of CO2 Equivalent per Megajoule of Energy Produced G&A General and Administrative GHG Greenhouse Gas IRR Internal Rate of Return

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Assumptions, Estimates and Endnotes 20 Slide 3: (1) Source: US Energy Information Administration. California crude oil production as of October 31, 2025. (2) Source: California Geologic Energy Management Division WellSTAR Data Dashboard. (3) Source: California Energy Commission. Data represents annual oil supply to California refineries in 2024. (4) Reserves estimated as of December 31, 2024 using SEC Prices of $80.42 per barrel for oil and $2.13 per MMbtu for natural gas. (5) Calculated using annualized 4Q24 net production. Slide 4: (1) All CRC’s future quarterly dividends and share repurchases are subject to commodity prices, debt agreement covenants and Board of Directors approval. Excludes excise taxes and commissions paid on share repurchases. (2) As of September 30, 2025. (3) MOUs and CDMAs are non-binding agreements. The projects and transactions described in an MOU or CDMA are subject to certain conditions precedent, typically including the negotiation of definitive documents, a final investment decision by the parties and receipt of EPA Class VI permits and other regulatory approvals. Slide 5: (1) CMB expenses are included in other operating expenses, net in our condensed consolidated statement of operations. Slide 6: (1) All CRC’s future quarterly dividends and share repurchases are subject to commodity prices, debt agreement covenants and Board of Directors approval. Excludes excise taxes and commissions paid on share repurchases. (2) Source: Capital One Securities shareholder return estimates as of October 14, 2025. Pricing from FactSet as of October 31, 2025. Peers include AR, APA, BRY, CHRD, CIVI, CNX, CRK, COP, CTRA, DVN, FANG, EOG, EQT, EXE, GRNT, GPOR, INR, MGY, MTDR, MUR, NOG, OXY, OVV, PR, RRC, SM, TALO, TXO and VTLE. Slide 7: (1) MOUs and CDMAs are non-binding agreements. The projects and transactions described in an MOU or CDMA are subject to certain conditions precedent, typically including the negotiation of definitive documents, a final investment decision by the parties and receipt of EPA Class VI permits and other regulatory approvals. (2) Source: FactSet as of October 31, 2025. (3) Source: Capital Power Corporation. (4) Source: Company reports. Slide 8: (1) Source: Bloomberg Intelligence, “AI is a game changer for power demand” October 7, 2025. (2) Source: California Public Utilities Commission, “2025-2026 Transmission Planning Process (TPP) Proposed Decision” January 10, 2025. (3) Source: California Department of Finance. (4) Source: International Monetary Fund and US Bureau of Economic Analysis. (5) Source: PG&E Corporation (NYSE: PCG), 2025 Second Quarter Earnings Presentation, July 31, 2025. Slide 9: (1) All CRC’s future quarterly dividends and share repurchases are subject to commodity prices, debt agreement covenants and Board of Directors approval. Excludes excise taxes and commissions paid on share repurchases. Slide 11: (1) Purchased and sold puts with the same strike price have been netted together. (2) NPWL volumes require transportation to where the gas is consumed. These costs are reflected in our 2025E transportation guidance. See slide 12 from CRC’s 2Q25 earnings presentation for 2025E guidance issued August 5, 2025. (3) Represents estimated net cash settlement payments inclusive of premiums for derivative contracts and forward commodity prices as of June 30, 2025.

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Assumptions, Estimates and Endnotes 21 Slide 12: (1) Margin from purchased commodities is calculated as the difference between revenue from marketing of purchased commodities and costs related to marketing of purchased commodities, and excludes costs of transportation. (2) Electricity margin is calculated as the difference between electricity sales and electricity generation expenses. (3) Other operating expenses net of other revenue is calculated as the difference between other revenue and other operating expenses, net and includes exploration expense and CMB expenses. CMB expenses includes lease cost for sequestration easements, advocacy, and other startup related costs. (4) Subject to commodity prices and market factors. Slide 13: (1) Available cash and cash equivalents excludes $16MM of restricted cash. (2) Net leverage is calculated as 3Q25 net debt of $842MM (excludes restricted cash of $16MM) divided by LTM adjusted EBITDAX of $1,306MM. (3) Interest coverage is calculated as LTM adjusted EBITDAX of $1,306MM and LTM interest expense of $105MM. (4) Liquidity on September 30, 2025 is calculated as $180MM of cash and cash equivalents (excluding $16MM of restricted cash) plus $1,150MM of borrowing capacity on CRC’s Revolving Credit Facility less $176MM in outstanding letters of credit. (5) Undrawn Revolving Credit Facility as of September 30, 2025, excluding outstanding letters of credit. Slide 15: (1) Contributions for the full 2024 calendar year also include donations made by Aera, which merged with CRC in July 2024. (2) Information is from CRC’s 2024 Sustainability Report. Following recent Board changes in 2025, the current Board 22% gender diverse and 33% composed of members from underrepresented communities. Slide 16: (1) CTV VI is located in Central California but is shown in the Northern California due to map scale. (2) Source: California Air Resources Board, "Current California GHG Emission Inventory Data 2000–2022," 2024. Slide 17: (1) Source: EPA, www.epa.gov/uic/class-vi-wells-permitted-epa. “Permit Volumes” refers to carbon storage shown in EPA Class VI permits that CTV has received or submitted. The actual volumes that CTV may ultimately store may differ from the permit volumes as additional technical and commercial data is acquired and evaluated. Injection rates are average rates based on estimated maximum permit volumes over the assumed life of project. Actual volumes and the injection period may vary over time. (2) 26R injection volumes as per the draft EPA permit is ~38MMT. Assuming the maximum expected injection rate of 1.46MMTPA, the reservoir would reach permitted volumes in 26 years. Each CTV reservoir will have a unique set of operating, injection and life span parameters that will vary and will be reflected on the submitted permit. (3) Source: CARB 2020. Slide 18: (1) Benchmark prices are based on Brent for oil and NGLs, and NYMEX average daily price for natural gas. (2) Average realized prices include hedges on oil and natural gas.

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Forward-Looking / Cautionary Statements – Certain Terms 22 Additional Information and Where to Find It In connection with the transaction, California Resources Corporation (“CRC”) will file with the U.S. Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 (the “registration statement”), which will include a proxy statement of Berry Corporation (“BRY”) (“Berry”) that also constitutes a prospectus of CRC, and any other documents in connection with the transaction. The definitive proxy statement/prospectus will be sent to the holders of common stock of Berry. INVESTORS AND STOCKHOLDERS OF CRC AND BERRY ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT CRC, BERRY, THE TRANSACTION AND RELATED MATTERS. The registration statement and proxy statement/prospectus and other documents filed by CRC or Berry with the SEC, when filed, will be available free of charge at the SEC’s website at https://www.sec.gov. Alternatively, investors and stockholders may obtain free copies of documents that are filed or will be filed with the SEC by CRC, including the registration statement and the proxy statement/prospectus, on CRC’s website at https://www.crc.com/investor-relations, and may obtain free copies of documents that are filed or will be filed with the SEC by Berry, including the proxy statement/prospectus, on Berry’s website at https://ir.bry.com/reports-resources. The information included on, or accessible through, CRC’s or Berry’s website is not incorporated by reference into this communication. No Offer or Solicitation This communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to appropriate registration or qualification under the securities laws of such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Participants in Solicitation CRC and certain of its directors, executive officers and other employees, and Berry and its directors and certain of Berry’s executive officers and other employees, may be deemed to be participants in the solicitation of proxies from Berry’s stockholders in connection with the transaction. A description of participants’ direct or indirect interests, by security holdings or otherwise, will be included in the proxy statement/prospectus relating to the transaction when it is filed with the SEC. Information regarding CRC’s directors and executive officers is contained in the “Board of Directors and Corporate Governance,” “Compensation Discussion and Analysis,” “Executive Compensation Tables,” “Director Compensation,” “Stock Ownership Information,” and “Proposals Requiring Your Vote – Proposal 1: Election of Directors” sections of CRC’s definitive proxy statement for CRC’s 2025 Annual Meeting of Stockholders, filed with the SEC on March 19, 2025; under the heading “Directors, Executive Officers and Corporate Governance” in Part III, Item 10 of CRC’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 3, 2025; in Item 5.07 of CRC’s Current Report on Form 8-K filed with the SEC on May 6, 2025; in CRC’s Current Reports on Form 8-K filed with the SEC on June 23, 2025 and November 25, 2024; and under “Our Team” accessed through the “Our Business” link on CRC’s website at https://www.crc.com/our-business/our-team. Information regarding Berry’s directors and executive officers is contained in the “Proposal No. 1—Election of Directors,” “Corporate Governance,” “Executive Officers,” “Executive Compensation – Compensation Discussion and Analysis,” “Director Compensation,” “Security Ownership of Certain Beneficial Owners and Management,” and “Certain Relationships and Related Party Transactions” sections of Berry’s definitive proxy statement for its 2025 annual meeting of stockholders, filed with the SEC on April 7, 2025; under the heading “Directors, Executive Officers and Corporate Governance” in Part III, Item 10 of Berry’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 13, 2025; in Item 5.07 of Berry’s Current Report on Form 8-K filed with the SEC on May 22, 2025; in Berry’s Current Reports on Form 8-K filed with the SEC on January 22, 2025 and October 25, 2024; and under “Leadership” accessed through the “About” link on Berry’s website at https://bry.com/about/management/. Additional information regarding ownership of Berry’s securities by its directors and executive officers and of CRC’s securities by its directors and executive officers is included in such persons’ SEC filings on Forms 3, 4 or 5, which are available at https://www.sec.gov/cgi-bin/own-disp?action=getissuer&CIK=0001705873 and https://www.sec.gov/cgi-bin/own-disp?action=getissuer&CIK=0001609253, respectively. These documents and the other SEC filings described in this paragraph may be obtained free of charge as described above under the heading “Additional Information and Where to Find It.” Cautionary Note Regarding Forward-Looking Statements Information set forth in this communication, including financial estimates and statements as to the effects of the transaction, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other securities laws. All statements other than historical facts are forward-looking statements, and include statements regarding the benefits of the transaction, future financial position and operating results of CRC and Berry, business strategy, projected revenues, earnings, costs, capital expenditures and plans, objectives and intentions of management for the future. Words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy” or similar expressions are generally intended to identify forward-looking statements. Such forward-looking statements are based upon the current beliefs and expectations of the management of CRC and Berry and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, projected in, or implied by, such statements. The expectations and forecasts reflected in these forward-looking statements are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond CRC’s and Berry’s control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause CRC’s and/or Berry’s actual results to be materially different from those described in the forward-looking statements include:

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Forward-Looking / Cautionary Statements – Certain Terms (Cont.) i. transaction costs, ii. unknown liabilities, iii. the risk that any announcements relating to the transaction could have adverse effects on the market price of CRC’s common stock or Berry’s common stock, iv. the ability to successfully integrate the businesses, v. the ability to achieve projected synergies or it may take longer than expected to achieve those synergies, vi. risks related to financial community and rating agency perceptions of CRC and Berry or their respective businesses, operations, financial condition and the industry in which they operate, vii. risks related to the potential impact of general economic, political and market factors on CRC or Berry or the transaction, viii. those expressed in CRC’s other forward-looking statements including those factors discussed in Part I, Item 1A – Risk Factors in CRC’s Annual Report on Form 10-K and its other SEC filings available at www.crc.com, ix. those expressed in Berry’s other forward-looking statements including those factors discussed in Part I, Item 1A – Risk Factors in Berry’s Annual Report on Form 10-K and its other SEC filings available at https://ir.bry.com/, x. the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction, xi. the risk that stockholders of Berry may not approve the transaction, xii. the risk that any of the other closing conditions to the transaction may not be satisfied in a timely manner, including the risk that all necessary regulatory approvals may not be obtained or may be obtained subject to conditions that are not anticipated, xiii. risks related to disruption of management time from ongoing business operations due to the transaction, and xiv. effects of the announcement, pendency or completion of the transaction on the ability of CRC and Berry to retain customers and retain and hire key personnel and maintain relationships with their respective suppliers and customers. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of CRC’s registration statement on Form S-4 that will contain a proxy statement/prospectus discussed above, when it becomes available, and other documents filed by CRC or Berry from time to time with the SEC. You are cautioned not to place undue reliance on forward-looking statements contained in this communication, which speak only as of the date hereof, and each of CRC and Berry is under no obligation, and expressly disclaims any obligation to update, alter or otherwise revise any forward-looking statements, whether as a result of new information, future events or otherwise. This communication may also contain information from third-party sources. This data may involve a number of assumptions and limitations, and neither CRC nor Berry has independently verified them and do not warrant the accuracy or completeness of such third-party information. Non-GAAP Financial Measures: This presentation contains certain financial measures that are not prepared in accordance with generally accepted accounting principles (“GAAP”). These measures are identified with an “*” and include but are not limited to adjusted EBITDAX, PV-10, Leverage Ratio, Net Debt, Liquidity, Net Cash Provided by Operating Activities Before Net Changes in Operating Assets and Liabilities, Free Cash Flow Before Net Changes in Operating Assets and Liabilities and Free Cash Flow. For all historical non-GAAP financial measures please see the Earning Releases or Investor Relations pages at www.crc.com and www.bry.com for a reconciliation to the nearest GAAP equivalent and other additional information. Industry and Market Data: This presentation has been prepared by CRC and includes market data and other statistical information from sources it believes to be reliable, including independent industry publications, governmental publications or other published independent sources. Some data is also based on our good faith estimates, which are derived from CRC’s review of internal sources as well as the independent sources described above. Although CRC believes these sources are reliable, it has not independently verified the information and cannot guarantee its accuracy and completeness. CRC owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its business. This presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. CRC’s use or display of third parties’ trademarks, service marks, trade names or products in this presentation is not intended to, and does not imply, a relationship with CRC or an endorsement or sponsorship by or of CRC. 23

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Joanna Park VP, Investor Relations & Treasurer 818-661-3731 Joanna.Park@crc.com Daniel Juck Sr. Director, Investor Relations 818-661-6045 Daniel.Juck@crc.com Hailey Bonus Sr. Director, Communications 562-999-8363 Hailey.Bonus@crc.com

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