Sec Form 4 Filing - McFarland Mark Allen @ California Resources Corp - 2023-04-28

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person McFarland Mark Allen 2. Issuer Name and Ticker or Trading Symbol California Resources Corp [ CRC] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 1 WORLD TRADE CENTER, SUITE 1500 3. Date of Earliest Transaction (MM/DD/YY) 04/28/2023 (Street) LONG BEACH, CA90831 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 04/28/2023 A( 1 ) 5,029 A $ 0 315,028 ( 2 ) D Common Stock 04/28/2023 D( 3 ) 85,253 D $ 0 229,775 D Common Stock 04/28/2023 M 324,954 A 554,729 D Common Stock 04/28/2023 F( 5 ) 14,471 D $ 40.5 540,258 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Performance Stock Units ( 4 ) 04/28/2023 M 324,954 ( 4 ) ( 4 ) Common Stock 324,954 ( 4 ) 0 D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other McFarland Mark Allen 1 WORLD TRADE CENTER, SUITE 1500 LONG BEACH, CA90831 X Signatures /s/ Ulrik Damborg, Attorney-in-Fact for Mark Allen McFarland 05/02/2023 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Represents a grant of restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of Common Stock. These RSUs will vest on April 28, 2024 and, subject to certain exceptions, will be settled in shares of Common Stock on the date that is six months and one day following the Reporting Person's separation from service. ( 2 )Includes 250 shares acquired under the California Resources Corporation Employee Stock Purchase Plan on March 31, 2023. ( 3 )Represents the forfeiture of RSUs due to the Reporting Persons's voluntary termination on April 28, 2023. ( 4 )Represents vesting of performance share units ("PSUs") originally granted on March 22, 2021, which vested in connection with the Reporting Person's voluntary termination on April 28, 2023. Pursuant to the terms of the PSU award, settlement will occur within 45 days following the end of the initial three-year performance period. ( 5 )Represents shares cancelled for payment of taxes on units vested due to the Reporting Person's voluntary termination on April 28, 2023.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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