Exhibit 99.1
NEWS RELEASE                                     

California Resources Corporation Announces
Third Quarter 2019 Results

LOS ANGELES, October 31, 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
$94 million, or $1.89 per diluted share, for the third quarter of 2019. Adjusted net income1 was $17 million, or $0.35 per diluted share. Operational and financial highlights for the third quarter of 2019 were as follows:

Third Quarter Highlights

Reported adjusted EBITDAX1 of $278 million; adjusted EBITDAX margin1 of 41%; net cash provided by operating activities of $268 million; free cash flow1 of $151 million after taking into account CRC's internally funded capital.
Implemented a more efficient organizational design, resulting in anticipated ongoing annual cost savings of approximately $50 million starting in the fourth quarter of 2019
Delivered average production of 128,000 barrels of oil equivalent (BOE) per day including 79,000 barrels per day of oil
Invested $188 million of total capital, including $117 million of internally funded capital
Drilled 82 wells in the San Joaquin basin, 8 wells in the Los Angeles basin and 1 exploratory well in the Ventura basin, including JV wells
Repurchased $153 million face value of Second Lien Notes for $90 million
Secured a credit agreement amendment to provide future flexibility in connection with potential royalty transactions

Todd Stevens, CRC's President and Chief Executive Officer, said, "CRC's start to the second half of the year highlights our continued focus on controlling what we can control by maintaining capital discipline, opportunistically repurchasing debt to strengthen our balance sheet, improving our credit position, reducing costs and enhancing margins. Our previously announced JV partnership with Alpine ramped up quickly, having drilled 52 wells through the end of the third quarter, with the majority of the wells being accretive to production beginning in the fourth quarter. We were also excited to receive a grant from the Department of Energy for a FEED study to advance CO2 capture and sequestration at Elk Hills, which could potentially add well over 150 MMBOE of EOR reserves, reduce our greenhouse gas emissions and in turn lower costs."
Mr. Stevens continued, "Additionally, we are pleased we were able to repurchase over $150 million face value of our Second Lien Notes at a significant discount as well as secure our ninth credit amendment during the quarter. We remain committed to pursuing additional transactions

Page 1

The following information was filed by California Resources Corp (CRC) on Monday, November 4, 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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