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

LOS ANGELES, November 1, 2018 - California Resources Corporation (NYSE:CRC), an independent California-based oil and gas exploration and production company, today reported net income attributable to common stock (CRC net income) of
$66 million, or $1.32 per diluted share, for the third quarter of 2018. Adjusted net income1 for the third quarter of 2018 was $41 million, or $0.81 per diluted share.

Quarterly Highlights Include:
Generated core adjusted EBITDAX1 of $400 million, which excludes the impact of $79 million of cash settlement payments on commodity hedge contracts and $13 million of cash-settled stock-based compensation expense
Reported adjusted EBITDAX1 of $308 million, 26% higher than the prior quarter, and an adjusted EBITDAX margin1 of 38%
Produced 136,000 BOE per day, which reflects an increase of 6% over the prior year period and the midpoint of the previous guidance range
Invested $196 million of total capital of which internally funded capital was $158 million
Drilled 59 wells with internally funded capital and 36 wells with joint venture (JV) capital
Realized $34 million of annualized synergies after the Elk Hills acquisition, exceeding the initial $20 million target well ahead of anticipated pace
Increased 2018 capital budget to a range of $720 to $750 million, including approximately $100 million of JV funding, to sustain the increased level of activity through the fourth quarter
Issued fourth quarter of 2018 production guidance of 136,000 to 139,000 BOE per day reflecting continued production growth

Todd A. Stevens, CRC's President and Chief Executive Officer, said, "CRC‘s value-driven strategy continued to deliver strong results for the third quarter of 2018, showcasing operational excellence, strong Brent-based realizations, effective capital deployment and portfolio de-risking with the execution of two joint ventures. This resulted in the highest level of quarterly adjusted EBITDAX since 2014 and demonstrated our ability to deliver positive free cash flow before working capital on a year-to-date basis. We remain dedicated to capturing the full value of our conventional resources and driving production growth from our diverse portfolio of assets, while strengthening our financial position and furthering debt reduction efforts. Looking ahead, we are focused on a strong finish to 2018 and carrying that momentum into 2019."

Page 1

The following information was filed by California Resources Corp (CRC) on Thursday, November 1, 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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