Who executed the California Resources share sale reported in this Form 4?

The sale was executed by CPP Investment Board Private Holdings (6), Inc., which holds the shares of record. It is a wholly owned subsidiary within the Canada Pension Plan Investment Board group, so the institutional investor is the underlying reporting person.

Canada Pension Plan unit trims 3.5M California Resources (NYSE: CRC) shares

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

California Resources Corp insider filing shows an entity associated with the Canada Pension Plan Investment Board completed an open-market sale of 3,500,000 shares of common stock at $61.10 per share on March 12, 2026.

After this transaction, the filing reports that entities affiliated with the Canada Pension Plan Investment Board continue to indirectly hold 7,006,895 shares of California Resources common stock through CPP Investment Board Private Holdings (6), Inc.

Insights

Large institutional holder trims California Resources position but retains sizable stake.

The filing shows CPP Investment Board Private Holdings (6), Inc., part of the Canada Pension Plan Investment Board structure, sold 3,500,000 California Resources common shares at $61.10 per share in an open-market transaction on March 12, 2026.

Despite the sale, affiliated entities still indirectly hold 7,006,895 shares. This indicates a substantial remaining exposure rather than a full exit. The transaction involves only common stock, with no derivative positions reported, suggesting a straightforward reduction in the equity stake.

Insider Trade Summary

Net Seller: 3,500,000 shares

Net Sell 1 txn

Insider CANADA PENSION PLAN INVESTMENT BOARD

Role 10% Owner

Sold 3,500,000 shs ($213.85M)

Type	Security	Shares	Price	Value
Sale	Common Stock	3,500,000	$61.10	$213.85M

Holdings After Transaction: Common Stock — 7,006,895 shares (Indirect, See footnote)

Footnotes (1)

F1. The securities reported herein are held of record by CPP Investment Board Private Holdings (6), Inc. ("CPPIB-PH(6)"). CPPIB-PH(6) is the wholly owned subsidiary of CPP Investment Board Private Holdings (5), which is the wholly owned subsidiary of Canada Pension Plan Investment Board. As such, each of the foregoing entities may be deemed to share beneficial ownership of the securities held of record by CPPIB-PH(6).

FAQ

What insider transaction did Canada Pension Plan Investment Board report for CRC?

The filing reports an affiliated entity sold 3,500,000 California Resources common shares in an open-market transaction at $61.10 per share. The shares are held through CPP Investment Board Private Holdings (6), Inc., within the Canada Pension Plan Investment Board structure.

At what price were the California Resources (CRC) shares sold in this Form 4?

The shares were sold at $61.10 per share. The transaction involved 3,500,000 shares of California Resources common stock in an open-market sale reported by an entity affiliated with the Canada Pension Plan Investment Board.

How many CRC shares does the CPP Investment Board affiliate hold after the sale?

After the sale, affiliated entities are reported to indirectly hold 7,006,895 California Resources common shares. These shares are held of record by CPP Investment Board Private Holdings (6), Inc., within the broader Canada Pension Plan Investment Board ownership structure.

Was the CRC insider transaction a purchase or a sale of shares?

The transaction was a sale of shares. An entity affiliated with the Canada Pension Plan Investment Board disposed of 3,500,000 California Resources common shares in an open-market transaction, while continuing to hold a significant indirect position afterward.

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Accepted by SEC EDGAR 03/16/2026 - 05:25 PM

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^*

CANADA PENSION PLAN INVESTMENT BOARD

(Last)

(First)

(Middle)

ONE QUEEN STREET EAST, SUITE 2500

(Street)

TORONTO

M5C 2W5

(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	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/12/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	03/12/2026		S		3,500,000	D	$61.1	7,006,895	I	See footnote⁽¹⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The securities reported herein are held of record by CPP Investment Board Private Holdings (6), Inc. ("CPPIB-PH(6)"). CPPIB-PH(6) is the wholly owned subsidiary of CPP Investment Board Private Holdings (5), which is the wholly owned subsidiary of Canada Pension Plan Investment Board. As such, each of the foregoing entities may be deemed to share beneficial ownership of the securities held of record by CPPIB-PH(6).

	Canada Pension Plan Investment Board By: /s/ Pierre Abinakle, Managing Director, Head of Compliance	03/16/2026
	CPP Investment Board Private Holdings (5), Inc., /s/ Brian Savage, Secretary	03/16/2026
	CPP Investment Board Private Holdings (6), Inc., /s/ Brian Savage, Secretary	03/16/2026
	** 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.

Source: View Original Filing on SEC EDGAR