California Resources (NYSE: CRC) officer uses shares to cover taxes

Rhea-AI Filing Summary

California Resources Corp executive Michael L. Preston, EVP, Chief Strategy Officer and General Counsel, reported a tax-related share disposition. On February 22, 2026, 3,481 shares of common stock were surrendered to satisfy tax withholding on vested restricted stock units, leaving him with 113,246 shares held directly.

SEC Form 4

FORM 4

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
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Preston Michael L.

(Last) (First) (Middle)

1 WORLD TRADE CENTER, SUITE 1500

(Street)

LONG BEACH CA 90831

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
California Resources Corp [ CRC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chf Strategy Officer & GC

3. Date of Earliest Transaction (Month/Day/Year)
02/22/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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	02/22/2026		F(1)		3,481	D	$59.22	113,246	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 (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	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 (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (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: 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

Explanation of Responses:

1. Represents restricted stock units ("RSUs") surrendered to satisfy tax withholding for RSUs that vested on February 22, 2026.

Remarks:

	/s/ Ulrik Damborg, Attorney-in-Fact for Michael L. Preston	02/24/2026
	** Signature of Reporting Person	Date
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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did CRC executive Michael L. Preston report?

Michael L. Preston reported surrendering 3,481 California Resources Corp shares. The shares were used to satisfy tax withholding tied to restricted stock units that vested, rather than an open market sale, and were reported as a tax-withholding disposition of common stock.

Was the CRC Form 4 transaction an open market sale of shares?

No, the Form 4 shows a tax-withholding disposition, not an open market sale. Restricted stock units that vested on February 22, 2026 triggered tax obligations, and 3,481 shares were surrendered to cover those taxes instead of being sold directly into the market.

How many CRC shares did Michael L. Preston hold after this transaction?

After the tax-withholding disposition, Michael L. Preston directly held 113,246 California Resources Corp common shares. This figure reflects his ownership following the surrender of 3,481 shares to satisfy withholding obligations related to restricted stock units that vested on February 22, 2026.

What was the reported price per CRC share in the tax-withholding disposition?

The Form 4 lists a price of $59.22 per California Resources Corp share for the 3,481 shares surrendered. This value reflects the share price used to calculate the number of shares needed to cover the tax withholding on the vested restricted stock units.

What does transaction code F mean in the CRC Form 4 filing?

Transaction code F indicates shares were used to pay an exercise price or tax liability. In this case, 3,481 California Resources Corp shares were surrendered to satisfy tax withholding for restricted stock units that vested on February 22, 2026, rather than representing a discretionary sale.

What role does Michael L. Preston hold at California Resources Corp (CRC)?

Michael L. Preston serves as Executive Vice President, Chief Strategy Officer and General Counsel at California Resources Corp. His Form 4 filing reflects personal equity compensation activity, specifically the tax-related surrender of shares tied to vesting restricted stock units in February 2026.