California Resources assessing ruling, expects to continue to execute plans

In a regulatory filing, California Resources Corporation provided the following update regarding the previously disclosed Kern County Environmental Impact Report litigation: “On March 7, 2024, a California appellate court delivered an opinion finding certain deficiencies in the Kern County EIR and enjoining reliance on the Kern County EIR in connection with the issuance of oil and natural gas permit approvals until such deficiencies are remedied. As we assess next steps and potential timelines, we expect to continue to execute the capital and drilling programs described in our fourth quarter 2023 earnings release and our recently filed Annual Report on Form 10-K. As previously disclosed, if we are not able to obtain new well permits in 2024, we plan to run a one rig program with a $200M to $240M total capital program in 2024 and would expect a 5% to 7% entry to exit production decline rate, without taking into account our pending Aera merger.”