FAQS FOR CURRENT CRC SHAREHOLDERS

How can I obtain company information?

Available information about California Resources Corporation can be found on the following pages:

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Can I buy stock directly from the company?

CRC stock cannot be purchased directly from the company at this time. To purchase stock, please contact a brokerage firm.

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What is a transfer agent? Who is the transfer agent for CRC?

A transfer agent is a professional agency employed by a corporation to handle transfers of stock, conversion of securities, mailings to stockholders, payments of dividends, stock subscriptions and maintaining the stock record books of the corporation. American Stock Transfer and Trust Company, LLC, is the transfer agent for CRC.

American Stock Transfer and Trust Company, LLC
Shareholder Services
6201 15th Avenue
Brooklyn, NY 11219
Tel: (866) 659-2647 (U.S. toll free)
Tel: (718) 921-8124 (from outside the U.S.)
TTY: (866) 703-9077 (U.S. toll free)
TTY: (718) 921-8386 (from outside the U.S.)
Website: www.amstock.com(Opens in new window)
Email: crc@amstock.com

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How can I find out about my CRC stock and can I access information online?

To find out more about your holdings, please contact either your broker or our transfer agent, American Stock Transfer and Trust Company, LLC, at:

(866) 659-2647 (U.S. toll free)
(718) 921-8124 (from outside the U.S.)
TTY: (866) 703-9077 (U.S. toll free)
TTY: (718) 921-8386 (from outside the U.S.)

If you are a registered stockholder (i.e. you hold your shares in your name, not through a broker), you can access your account with American Stock Transfer and Trust Company, LLC, by clicking here (please have your 10-digit account number available). Non-U.S. stockholders or stockholders without a U.S. issued Taxpayer Identification Number, will need to request a PIN number to be mailed to the address on file with American Stock Transfer in order to gain access to their account.

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How can I get more information about the performance of CRC’s stock?

To get more information about CRC stock performance, refer to the stock information section.

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Does CRC pay a dividend?

CRC does not currently pay a dividend. The payment of future cash dividends, if any, will be at the discretion of our Board of Directors and will depend upon, among other things, our financial condition, results of operations, capital requirements and development expenditures, future business prospects and any restrictions imposed by future debt instruments.

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What do "record date" and "ex-dividend" mean with respect to the dividend?

The record date is the date by which a stockholder must officially own shares in order to be entitled to receive the next dividend. Dividends are paid to stockholders of record as of a specified date. After the record date, the stock is said to be ex-dividend. Ex-dividend is the interval between the announcement and the payment of a dividend. An investor who buys shares during that interval is not entitled to the dividend.

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ADDITIONAL INFORMATION

Additional information on CRC Stock held between the time period of December, 2014 to October 27, 2020 (CUSIP 13057Q206)

What happened to my shares?

As stated in the Company’s press release issued on Oct 27th, 2020, according to the restructuring plan approved by the United States Bankruptcy Court for the Southern District of Texas, CRC’s previous shares of common stock (ticker symbol “CRCQQ”; CUSIP 13057Q206) have been cancelled and are entitled to no recoveries. The Company issued new common stock that began trading on the NYSE (ticker symbol “CRC”; CUSIP 13057Q305) on October 28th, 2020.

When was the information disclosed?

The original Restructuring Support Agreement (RSA) that was filed with the SEC as a form 8-K on July 16, 2020 disclosed the following:
“Under the terms of the Plan contemplated by the RSA, (i) holders of claims on account of the RBL Facility will be paid in full; (ii) the 2017 Term Loan Claims will be bifurcated into a stipulated secured claim and a stipulated deficiency claim, where holders of the stipulated secured claim will receive 91% of the common stock in the Reorganized CRC (subject to dilution) and 91% of the subscription rights offered under the equity rights offering; (iii) holders of stipulated deficiency claims on account of the 2017 Term Loan Claims will be combined with the holders of the 2016 Term Loan Claims, the Second Lien Notes Claims and claims on account of the Debtors Unsecured Notes into a single “Deficiency/Unsecured Debt Claims” class which will receive 9% of the common stock in the Reorganized CRC (subject to dilution) and 9% of the subscription rights offered under the equity rights offering (excluding those subscription rights reserved to the parties backstopping the equity rights offering); (iv) (x) if the class of Deficiency/Unsecured Debt Claims votes to accept the Plan, then the Debtors will continue to pay or dispute all other general unsecured claims in the ordinary course of business and (y) if the class of Deficiency/Unsecured Debt Claims votes to reject the Plan, the holders of all general unsecured claims (including the Deficiency/Unsecured Debt Claims) will receive 9% of the common stock in the Reorganized CRC (subject to dilution) and 9% of the subscription rights offered under the equity rights offering (excluding those subscription rights reserved to the parties backstopping the equity rights offering); and (v) existing equity interests in CRC will receive no recoveries. Additionally, the Debtors have, pursuant to the RSA, entered into a settlement and assumption agreement with the Ares Entities, as discussed below.”
“Treatment of Existing Equity Interests: Existing equity interests in CRC will be cancelled, released, and extinguished, and will be of no further force or effect.”

During the restructuring process, the most current version of the Restructuring Plan was available at https://dm.epiq11.com/case/californiaresources/documents in the folder labeled Disclosure Statement and Plan. The most recent version can be found in Exhibit A of Docket No. 626 dated October 13, 2020.

How do I obtain more information?

Additional information can be accessed by emailing CRC_IR@crc.com or by calling 888-848-4754. The Company has also posted FAQs, Court filings and other information at https://dm.epiq11.com/CaliforniaResources.

California Resources Corporation's Guidelines for Cost Basis Calculations

 

California Resources Reverse Stock Split

Effective May 31, 2016, California Resources Corporation (CRC) completed a reverse stock split. Every 10 shares issued and outstanding were automatically combined into one share of common stock. Trading on a post-split basis commences on June 1, 2016. Stockholders who hold their stock directly with our transfer agent, American Stock Transfer, and would otherwise receive fractional shares as a result of the reverse stock split will receive cash instead of such fractional share interests.

Our Compensation Committee approved proportionate adjustments to the number of shares, exercise price, grant price or purchase price relating to any award under our Long-Term Incentive Plan for CRC, using the same reverse split ratio.

More information on tax treatment of the Reverse Stock Split and IRS Form 8937 may be found below.

2016 IRS Form 8937 for Reverse Stock Split

California Resources Spin-Off

Effective November 30, 2014, Occidental Petroleum (OXY) completed a spin-off of the stock of California Resources Corporation (CRC), into an independent, publicly traded corporation. The spin-off was effectuated by way of a pro rata distribution of just over 80 percent of CRC’s outstanding common stock to holders of OXY common stock as of the November 17, 2014 record date. Each OXY stockholder received 0.4 shares of CRC common stock for each share of OXY common stock held by such stockholder on the record date. More information on the spin the 2014 cost basis calculation and IRS form 8937 may be found below.

The final share distribution in the spin-off of California Resources from our former-parent occurred on March 24, 2016 when Occidental Petroleum (OXY) distributed 71,500,000 shares to OXY stockholders of record as of February 29, 2016. Occidental estimated that stockholders would receive 0.094 shares of CRC for each share of OXY held on the record date. More information on the spin and special dividend fact sheet and tax basis may be found below.

OXY Information 2016 Statement Special Dividend

2016 Guidelines for Cost Basis

2014 Guidelines for Cost Basis

2016 IRS Form 8937

2014 IRS Form 8937

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Investor Contact

Scott Espenshade

Senior Vice President,
Investor Relations

(818) 661-6010
Email Investor Relations

Media Contact

Margita Thompson

Senior Vice President,
Public Affairs & Community Outreach

(818) 661-6005
Email Communications

Transfer Agent

American Stock Transfer and Trust Company, LLC

Shareholder Services

6201 15th Avenue
Brooklyn, NY 11219
(866) 659-2647
crc@amstock.com
www.amstock.com

Oil and Gas Royalty Interest Owners

California Resources Corporation

Attn: Land Administration
900 Old River Road
Bakersfield, CA 93311
(855) 272-5519
Owner Relations Help Desk
www.crcroyalty.com

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