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Exhibit 99.1
NEWS RELEASE                                     

California Resources Corporation Announces
Fourth Quarter 2019 and Full Year Results

LOS ANGELES, February 26, 2020 - 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 of
$67 million, or $1.36 per diluted share, for the fourth quarter of 2019. Adjusted net income1 for the fourth quarter of 2019 was $36 million, or $0.73 per diluted share. For the full year of 2019, CRC reported a net loss attributable to common stock of $28 million, or $0.57 per diluted share. Adjusted net income1 for the full year of 2019 was $70 million, or $1.40 per diluted share. Operational and financial highlights for the fourth quarter and full year of 2019 were as follows:

Quarterly Highlights

Reported adjusted EBITDAX1 of $308 million; adjusted EBITDAX margin1 of 45%; net cash provided by operating activities of $136 million; free cash flow1 of $74 million after internally funded capital
Implemented a more efficient organizational design, resulting in anticipated ongoing annual cost savings of approximately $50 million with slightly more than 50% in general and administrative (G&A) expenses and the remainder in production costs
Delivered average net production of 123,000 barrels of oil equivalent (BOE) per day including 76,000 barrels per day of oil
Gross-operated field production, which includes production attributable to our JV partners, was 141,000 BOE per day, of which 91,000 barrels per day was oil
Invested $146 million of total capital, including $62 million of internally funded capital
Drilled 104 wells in total, including 95 wells in the San Joaquin basin and 9 wells in the Los Angeles basin
Repurchased $23 million face value of Second Lien Notes for $7 million

Full Year Highlights

Reduced net debt to below $5.0 billion, with a net debt/adjusted EBITDAX1 ratio of 4.3
Reported adjusted EBITDAX1 of $1,142 million and an adjusted EBITDAX margin1 of 41%
Delivered free cash flow after internally funded capital1 of $269 million and net cash provided by operating activities of $676 million
Produced an average of 128,000 BOE per day on a net basis including 80,000 barrels per day of oil
Drilled 294 wells, including 126 wells with internally funded capital

Page 1

The following information was filed by California Resources Corp (CRC) on Wednesday, February 26, 2020 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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