LONG BEACH, Calif., March 11, 2026 (GLOBE NEWSWIRE) -- California Resources Corporation (NYSE:CRC) (the "Company") announced today that, subject to market and other conditions, it intends to offer and sell to eligible purchasers $250 million in aggregate principal amount of its 7.000% senior unsecured notes due 2034 (the "Notes"). The Notes are being offered as additional notes under the indenture dated as of October 8, 2025, as may be supplemented from time to time (the "Indenture"), pursuant to which the Company previously issued $400 million aggregate principal amount of 7.000% Senior Notes (the "Existing Notes"). The Notes will have substantially identical terms, other than the issue date and issue price, as the Existing Notes, and the Notes and the Existing Notes will be treated as a single series of securities under the Indenture and will vote together as a single class. Except with respect to Notes offered pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), the Notes will have the same CUSIP and ISIN numbers as, and will be fungible with, the Existing Notes immediately upon issuance.

The Company intends to use the net proceeds from this offering, together with cash on hand and/or borrowings under its revolving credit facility, to fund the redemption of $250 million in aggregate principal amount of its 8.250% senior unsecured notes due 2029 (the "2029 Notes") at a redemption price of 100% thereof, plus the Applicable ...