Exhibit 99.1
For immediate release

California Resources Corporation Announces
First Quarter 2018 Results

LOS ANGELES, May 3, 2018 - California Resources Corporation (NYSE:CRC), an independent California-based oil and gas exploration and production company, today reported a net loss attributable to common stock (CRC net loss) of $2 million, or $0.05 per diluted share, for the first quarter of 2018. Adjusted net income
1 for the first quarter of 2018 was $8 million, or $0.18 per diluted share.
Adjusted EBITDAX1 for the first quarter of 2018 was $250 million and cash provided by operating activities was $200 million. Capital investments were $139 million.

Quarterly Highlights Include:
Produced 123,000 BOE per day, above the midpoint of the guidance range
Invested capital of $139 million
Drilled 44 wells with internally funded capital and 30 wells with joint venture (JV) capital
Generated adjusted EBITDAX1 of $250 million, reflecting an adjusted EBITDAX margin1 of 41%

2018 Outlook:
Increased 2018 capital budget to a range of $550 million to $600 million, with approximately $100 to $150 million funded by JV partners BSP and Macquarie
Incremental capital directed to drilling, workover and facilities projects in the San Joaquin, Los Angeles and Ventura basins
Second quarter of 2018 production guidance of 131,000 to 136,000 BOE per day, reflecting a 2,000 BOE per day negative impact due to production sharing contracts (PSC) effects utilizing first quarter of 2018 price levels
Second quarter of 2018 production forecast is flat with first quarter of 2018 production levels, adjusted for the PSC effect and excluding the Elk Hills acquisition production
Production from Elk Hills acquired interests for second quarter of 2018 projected at approximately 11,600 BOE per day, reflecting transition mechanics.
In the third quarter of 2018, the Company expects approximately 12,000 BOE per day contribution from acquired Elk Hills interests

Todd A. Stevens, CRC's President and Chief Executive Officer, said, "With our midstream joint venture and recent transaction to consolidate our interest in our flagship Elk Hills field, CRC is off to a strong start in 2018. Supported by increasing cash flow and a clear runway to execute, we are well-positioned for a mid-cycle commodity price environment. As our first quarter results and second quarter guidance show, we have confidence that we have arrested the decline in our

Page 1

The following information was filed by California Resources Corp (CRC) on Thursday, May 3, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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