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Exhibit 99.1
NEWS RELEASE                                     

California Resources Corporation Announces
First Quarter 2019 Results

LOS ANGELES, May 2, 2019 - 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
$67 million, or $1.38 per diluted share, for the first quarter of 2019. Adjusted net income1 for the first quarter of 2019 was $31 million, or $0.63 per diluted share. Operational and financial highlights for the first quarter of 2019 are as follows:

Highlights
Reported adjusted EBITDAX1 of $301 million; an adjusted EBITDAX margin1 of 38%; an adjusted EBITDAX per BOE1 of $25.13, which was the highest since 2015; net cash provided by operating activities of $158 million
First quarter 2019 average daily production of 133,000 barrels of oil equivalent (BOE) per day, an 8% increase over the prior year period; oil production increased 9% over the prior year period
Invested $138 million of total capital, including internally funded capital of $104 million
Drilled 42 wells with internally funded capital and 18 wells with JV capital
Sold a 50% working interest and transferred operatorship in portions of a field for consideration in excess of $200 million, consisting of approximately $168 million in cash and a carried 200-well development program, for a valuation of $88,000 per flowing barrel including the carry

Todd Stevens, CRC's President and Chief Executive Officer, said, "CRC began 2019 with a solid first quarter that highlighted our value-driven, dynamic capital allocation. We generated strong cash flow, benefiting from the high quality, low risk and long life of CRC's resource base, as well as our ability to quickly adapt operating and capital plans to capture value across various price environments. To further accelerate value, we recently sold an interest in our shallow production in the Lost Hills field, which garnered more than $200 million consisting of $168 million in cash, in addition to a 100% carry on a 200-well development program worth at least $35 million. The sale represents a 'win-win' that provides cash to fund our ongoing balance sheet strengthening efforts, while retaining a significant upside in the future development by the new operator. We will continue to seek strategic opportunities through the drill bit and through accretive transactions using our diverse portfolio that unlock shareholder value and strengthen our balance sheet."


Page 1

The following information was filed by California Resources Corp (CRC) on Thursday, May 2, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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