Exhibit 99.1
For immediate release
California Resources Corporation Announces
Second Quarter 2018 Results

LOS ANGELES, August 2, 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 $82 million, or $1.70 per diluted share, for the second quarter of 2018. Adjusted net loss
1 for the second quarter of 2018 was $14 million, or $0.29 per diluted share.

Quarterly Highlights Include:
Generated core adjusted EBITDAX1 of $337 million excluding the impact of $68 million of cash hedging losses and $24 million of stock-based compensation expenses
Reported adjusted EBITDAX1 of $245 million including these items, and an adjusted EBITDAX margin1 of 38%
Produced 134,000 BOE per day, above the midpoint of the guidance range
Internally funded capital investments of $170 million
Drilled 48 wells with internally funded capital and 35 wells with joint venture (JV) capital
Implemented $15 million of annualized synergies from the acquired Elk Hills interests, well ahead of anticipated pace

2018 Outlook:
Increased 2018 capital budget to a range of $650 million to $700 million (including approximately $100 million or more of JV funding), subject to further adjustments based on commodity prices in the second half of the year and other developments
Incremental capital directed to drilling, workover and facilities projects in the San Joaquin, Los Angeles and Ventura basins
Third quarter 2018 production guidance of 134,000 to 138,000 BOE per day
Third quarter 2018 production forecast reflects CRC's return to a growth profile

Todd A. Stevens, CRC's President and Chief Executive Officer, said, "CRC is building sustained momentum as our experienced and pressure tested teams continue to drive strong operational execution and as we take advantage of the breadth and diversity of our California portfolio. Our teams are driving improved efficiencies in the field and we expect to deliver value-oriented production growth through the second half of 2018. This is showcased by our ability to capture near-term synergies from the consolidation of CRC's flagship Elk Hills interests quicker than expected, in addition to solid production results we are witnessing from our drilling activity. Looking ahead, we are keenly monitoring crude oil fundamentals and commodity markets to flex our capital plans and enhance our 2019 cash flow performance. We expect our mid-cycle capital investment

Page 1

The following information was filed by California Resources Corp (CRC) on Thursday, August 2, 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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