Francisco Leon, President and Chief Executive OfficerLooking ahead in 2023 and beyond, I am excited to be a part of the next chapter of California Resources Corporation (CRC) in my new role as President and Chief Executive Officer. I have been in the energy industry for more than 20 years and with CRC since its inception in 2014, having most recently served as the company’s Chief Financial Officer. I am honored to now have the opportunity to lead CRC as we continue to advance the energy transition and meet California’s ambitious climate goals.

As CEO, my business goals are to enhance CRC’s long-term value, deliver strong shareholder returns and maximize cash flow per share of the business. I am also committed to maintaining our company’s high operational and safety standards that we have achieved and been recognized for over the years. In our efforts to mitigate climate change, we are also laser focused on investing in and growing our carbon management business to help California achieve carbon neutrality by 2045 while benefiting the environment, working families and all parts of our society.

To help California achieve these goals, we are leading the way in pursuing several decarbonization initiatives across the state, such as Carbon TerraVault (CTV) and the California Direct Air Capture (DAC) Hub. CTV is engaged in developing carbon capture and storage (CCS) projects that safely capture, transport and inject carbon dioxide (CO2) from industrial sources into depleted underground reservoirs for permanent storage. CTV has also assembled a consortium of more than 40 diverse organizations to create the California DAC Hub – the state’s first full-scale Direct Air Capture + Storage (DAC+S) network of regional hubs that will capture and permanently store atmospheric CO2 using low carbon emission energy. We plan to continue expanding our decarbonization initiatives throughout the state in close collaboration with our diverse community stakeholders and business partners to provide transformational economic benefits to our surrounding communities.

Today the company is in great financial health, attributable in large part to the women and men of CRC working hard every day to build a different kind of energy company that is providing some of the lowest carbon intensity oil and natural gas in the US and helping California achieve its ambitious climate goals. The energy transition is ushering in an exciting new era for the industry. Innovations in industrial technologies are gearing us toward a more sustainable, reliable and affordable energy supply. Additionally, the energy industry provides excellent career opportunities for people from different backgrounds. I am proud of CRC's sizable multicultural workforce, with nearly 40% diverse employees working throughout all of CRC’s areas of operation.

I am very excited about the future of CRC and look forward to working with my exceptional CRC colleagues, regulatory and government agencies, and our esteemed business and community partners to continue to make a positive impact in the communities where we all live and work. Speaking on behalf of CRC, we are grateful for the continued support of our stakeholders as we serve Californians by responsibly producing ample, safe and reliable energy, actively promoting the conservation of water, habitat and energy as a responsible steward of our natural resources, and investing in low carbon initiatives that position CRC to lead the energy transition in California and beyond.



Francisco J. Leon
President and Chief Executive Officer
California Resources Corporation