California Resources Corporation Releases 2022 Sustainability Update Detailing Progress on Sustainability Initiatives and ESG Performance

California Resources Corporation (NYSE: CRC) today announced the publication of its 2022 Sustainability Update. The Update details the progress CRC made last year as it continues to work toward meeting a high standard for environmental, social and governance (ESG) performance and its 2045 Full-Scope Net Zero Goal.

“At CRC, we are dedicated to becoming an even more sustainable energy company while prioritizing health, safety, and the environment in all we do,” said Francisco Leon, CRC President and Chief Executive Officer. “We are proud to share our accomplishments in 2022 as we continued to expand our sustainability leadership by providing some of the lowest carbon intensity production in the US, impactful community engagement activities, and key carbon management opportunities, such as our Carbon TerraVault (CTV) carbon capture and storage (CCS) projects.”

“2022 was an important year in CRC’s sustainability journey,” said Chris Gould, CRC Executive Vice President and Chief Sustainability Officer. “We announced updated and expanded ESG goals that support California’s ambitious climate goals, a first-of-its-kind joint venture with Brookfield Renewable focused on CCS development opportunities, and a Carbon Dioxide Management Agreement (CDMA) for CTV’s first permanent carbon storage project. These achievements will help advance the energy transition in California, strengthen the communities where we live and work, and build a more sustainable future.”

Building off its 2021 Sustainability Report and 2022 Leadership Level Ranking of A- by CDP, CRC's 2022 Sustainability Update references Sustainability Accounting Standards Board (SASB), Global Reporting Initiative (GRI) and International Petroleum Industry Environmental Conservation Association (IPIECA) standards.

Highlights and achievements from CRC’s 2022 Sustainability Update include:

• Announced updated and expanded ESG goals on methane emissions, freshwater usage, community giving and diversity in leadership, and linked ESG performance to executive pay.
• Progressed toward meeting our 2045 Full-Scope Net Zero Goal for Scope 1, 2, and 3 emissions.
• Entered into a joint venture with Brookfield Renewable to focus on CCS development opportunities.
• Announced our first CDMA outlining the material economics and terms of a blue hydrogen plant at CRC’s proposed Net Zero Industrial Park located at Elk Hills in Kern County, California. The CDMA provides a path for the parties to reach final definitive documents and final investment decision.
• Assembled a consortium of more than 40 diverse organizations across industry, technology, academia, national labs, community, government, to lay the groundwork for the California Direct Air Capture (DAC) Hub, the first full-scale DAC plus storage (DAC+S) network of regional DAC+S hubs in the state.
• Supported our communities through charitable and community sponsorships across the state, including a pledge of $2.5 million to fund several Kern County initiatives with Kern Community College District and California State University, Bakersfield, to help advance the energy transition and create opportunities for local students.
• Received awards and recognition from the National Safety Council, CDP, Newsweek, and the Wildlife Habitat Council.

For more information about CRC’s sustainability efforts and to download the 2022 Sustainability Update, please visit crc.com/esg.