Exhibit 99.1
NEWS RELEASE                                     

California Resources Corporation Announces
Second Quarter 2019 Results

LOS ANGELES, August 1, 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 of
$12 million, or $0.24 per diluted share, for the second quarter of 2019. Adjusted net loss1 was $14 million, or $0.29 per diluted share. Operational and financial highlights for the second quarter of 2019 were as follows:

Reported adjusted EBITDAX1 of $255 million; adjusted EBITDAX margin1 of 39%; net cash provided by operating activities of $114 million
Second quarter 2019 average daily production of 129,000 barrels of oil equivalent (BOE) per day, and oil production of 79,000 barrels per day
CRC invested $124 million of internally funded capital and $140 million including JV capital
Drilled 33 wells in the San Joaquin basin and 6 wells in the Los Angeles basin including JV wells
Entered into a joint venture with subsidiaries of Colony Capital, Inc. to invest up to $500 million to further develop our flagship Elk Hills field, with an initial commitment of $320 million

Todd Stevens, CRC's President and Chief Executive Officer, said, "Our portfolio of quality assets continues to attract outside capital seeking reliable returns. Our three largest development joint ventures potentially provide for over $1 billion from our partners to drill our broad project inventory. We remain disciplined in utilizing our internal VCI metric to dynamically allocate our capital to maximize value in our portfolio. Strengthening our balance sheet remains a top focus and we're continuing to target 10 to 15 percent of our discretionary cash flow towards balance sheet strengthening. We continue to pursue other transactions that will enhance these efforts. Our capital plan calls for CRC's investments to be modestly lower in the second half of the year, while JV capital will increase with our new partner's investment. This will result in a slight increase in production through the end of the year."

Second Quarter 2019 Results
For the second quarter of 2019, CRC reported net income attributable to common stock of $12 million, or $0.24 per diluted share, compared to a loss of $82 million, or $1.70 per diluted share, for the same period of 2018. Adjusted net loss1 for both the second quarter of 2019 and 2018 was $14 million, or $0.29 per diluted share. Second quarter 2019 adjusted net loss1 excluded a net gain of $20 million on debt repurchases, $4 million of non-cash derivative gains on commodity derivatives and income of $2 million, net, for unusual and infrequent items.

Page 1

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

View differences made from one quarter to another to evaluate California Resources Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by California Resources Corp.


Never Miss A New SEC Filing Again

Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.


We Highlighted This SEC Filing For You

SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.


Widen Your SEC Filing Reading Experience

Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view


Uncover Actionable Information Inside SEC Filings

SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q


Adobe PDF, Microsoft Word and Excel Downloads

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis


FREE Financial Statements

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator

Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019) Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not


Financial Stability Report

Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019) Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity


Get a Better Picture of a Company's Performance

Financial Ratios
Available Financial Ratios Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years


Log in with your credentials


Forgot your details?

Create Account