Exhibit 99.1
For immediate release

California Resources Corporation Announces
Fourth Quarter 2016 and Year End Results,
2016 Reserves and 2017 Capital Plan

LOS ANGELES, February 16, 2017 – California Resources Corporation (NYSE:CRC), an independent California-based oil and gas exploration and production company, today reported a net loss of $77 million or $1.83 per diluted share for the fourth quarter of 2016. For the full year of 2016 net income was $279 million or $6.76 per diluted share, compared with a net loss of $3.6 billion or $92.79 per diluted share for the same period of 2015. Additionally, CRC announced 2016 reserves of 568 million barrels of oil equivalent (BOE) and 2017 capital investment plans of $300 million.
Adjusted EBITDAX1 for the fourth quarter and the full year of 2016 was $168 million and $616 million, respectively, compared with $226 million and $906 million for the fourth quarter and the full year of 2015. CRC had annual operating cash flow of $130 million in 2016 and capital investments of $75 million. This financial discipline allowed CRC to generate $49 million of free cash flow after working capital1.

Highlights Include:
Received sixth bank amendment removing capital investment limitations and allowing additional joint ventures, among other changes
Initial 2017 capital investment plan of $300 million
2016 capital investment of $75 million with only $31 million of drilling and workover capital
Quarterly production of 135,000 BOE per day
A 2.2% sequential decline
A 10% year-over-year decline, excluding PSC effects
Annual production of 140,000 BOE per day
Annual production costs down 16% from prior year
Annual operating cash flow of $130 million
2016 Annual free cash flow2 after working capital of $49 million
2016 Organic reserve replacement ratio of 71% with minimal drilling and workover capital
2016 Adjusted Organic F&D costs of $3.42 per BOE3 excluding price adjustments

1,2 For explanations of how we calculate and use Adjusted Net Loss (non-GAAP) and Adjusted EBITDAX (non-GAAP) and reconciliations of net income / (loss) (GAAP) and net cash provided by operating activities (GAAP) to Adjusted EBITDAX and free cash flow after working capital (non-GAAP), please see Attachments 2 and 3.
3 See calculation of F&D on attachment 4.

Page 1

The following information was filed by California Resources Corp (CRC) on Thursday, February 16, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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