California Resources Corporation Announces Pricing of $550 Million Senior Unsecured Notes Offering

California Resources Corporation (CRC) announced the pricing of a private offering of $550 million in aggregate principal amount of 7.250% senior unsecured notes due 2035, to be sold at par. The notes will be guaranteed by certain of the Company's subsidiaries. The offering is expected to close on June 26, 2026. The net proceeds, estimated at approximately $541 million after expenses, are intended to fund the redemption of all outstanding $550 million of its 8.250% senior notes due 2029. This redemption is contingent upon the completion of the new notes offering. The offering of the new notes is not contingent on the redemption. The notes have not been registered under the Securities Act and will be offered to qualified institutional buyers and non-U.S. persons in accordance with applicable regulations.