CRC updates Q4 guidance, expects $40-60MM FCF; EPA issues first CA Class VI draft permit

California Resources Corp

Q4 guidance: FCF $40-60MM, production 82-84 MBOE/d (~60% oil), capex $65-75MM.
Expects to exceed quarterly FCF guidance; production in line with prior guidance.
EPA released California's first Class VI draft permit for 26R reservoir (CTV I storage vault); 90-day public comment period started.
CTV targets: 5MMTPA injection rate by YE27 and 200MMT storage capacity by YE27.
Permitted injection capacity of 38MMT with injection rate up to ~1.5MMTPA, both above type curve.

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