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Exhibit 99.1
NEWS RELEASE                                     

California Resources Corporation Announces Fourth Quarter 2020 and Full Year Results

Santa Clarita, March 11, 2021 - California Resources Corporation (NYSE: CRC), an independent California-based oil and natural gas exploration and production company, today reported fourth quarter and full year 2020 results. Operational and financial highlights were as follows:

2020 Fourth Quarter and Full Year Highlights

For the full year of 2020, CRC reported net income of $1,871 million and an adjusted net loss attributable to common stock1 of $257 million, excluding unusual and infrequent items primarily related to CRC’s bankruptcy proceedings and asset impairments
For the full year of 2020, reported net cash provided by operating activities of $106 million while generating free cash flow1 of $172 million, excluding $113 million of one time bankruptcy related fees
For the full year of 2020, reported adjusted EBITDAX1 of $489 million with an adjusted EBITDAX margin1 of 28%
For the fourth quarter of 2020, produced an average of 103,000 net barrels of oil equivalent (BOE) per day, including 63,000 barrels per day of oil and an average of 111,000 net BOE per day, including 69,000 barrels per day of oil for the full year 2020
Exited 2020 with an average daily net production of 102,000 BOE per day, including 63,000 barrels per day of oil
Decreased operating costs, on a per BOE basis, by 19% to $15.45 in 2020 from $19.16 in 2019
Published third annual Sustainability Report showcasing positive progress on CRC's 2030 Sustainability Goals and secured a top score at CDP’s Leadership Level
Completed a financial restructuring and emerged from Chapter 11 bankruptcy with a simplified balance sheet and ample liquidity

Other Highlights

In January 2021, CRC further simplified its balance sheet by completing an offering of $600 million of 7.125% senior unsecured notes due 2026. The net proceeds of $590 million were used to repay in full CRC's Second Lien Term Loan and senior secured notes issued by its subsidiary Elk Hills Power, LLC. The remaining proceeds were used to pay down a portion of CRC's Revolving Credit Facility
Consistent with the Company’s new strategic direction and low-cost operator focus, CRC has implemented a number of personnel-related cost reduction initiatives to further optimize its organizational structure. Excluding one-time severance charges, these personnel related changes are expected to reduce the compensation expense component of CRC’s 2021
Page 1

The following information was filed by California Resources Corp (CRC) on Thursday, March 11, 2021 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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