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Exhibit 99.1
NEWS RELEASE                                     

California Resources Corporation Announces
Fourth Quarter 2018 and Full Year Results

LOS ANGELES, February 27, 2019 - 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
$346 million, or $7.00 per diluted share, for the fourth quarter of 2018. Adjusted net income1 for the fourth quarter of 2018 was $26 million, or $0.53 per diluted share. For the full year of 2018, CRC net income was $328 million, or $6.77 per diluted share. Adjusted net income1 for the full year of 2018 was $61 million, or $1.27 per diluted share.
Adjusted EBITDAX1 for the fourth quarter of 2018 was $314 million and $1,117 million for the full year of 2018. Cash provided by operating activities was $68 million for the fourth quarter of 2018 and $461 million for the full year of 2018, or an 86% increase over the full year $248 million in 2017.

Quarterly Highlights
Produced an average of 136,000 barrels of oil equivalent (BOE) per day, an increase of 8% over the prior year period
Produced an average of 86,000 barrels of oil per day, an increase of 8% over the prior year period
Generated core adjusted EBITDAX1 of $352 million, which excludes $50 million of net settlement payments on commodity derivative contracts offset by $12 million related to cash-settled stock-based compensation
Reported adjusted EBITDAX1 of $314 million and an adjusted EBITDAX margin1 of 41%
Invested $197 million of total capital, including internally funded capital of $174 million with the remainder funded by joint venture (JV) partners
Drilled 86 wells with internally funded capital and five wells with JV capital

Full Year Highlights
Produced an average of 132,000 BOE per day, an increase of 2% over the prior year
Generated core adjusted EBITDAX1 of $1,374 million, which excludes $228 million of net settlement payments on commodity derivative contracts and $29 million related to cash-settled stock-based compensation
Reported adjusted EBITDAX1 of $1,117 million and an adjusted EBITDAX margin1 of 39%
Invested $747 million of total capital, including internally funded capital of $641 million with the remainder funded by JV partners
Drilled 237 wells with internally funded capital and 106 wells with JV capital

Page 1

The following information was filed by California Resources Corp (CRC) on Wednesday, February 27, 2019 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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