CRC CEO receives stock award, surrenders shares for tax

California Resources Corp President and CEO Leon Francisco reported stock-based compensation activity involving company common stock.

Rhea-AI Filing Summary

California Resources Corp President and CEO Leon Francisco reported stock-based compensation activity involving company common stock. He acquired 27,320 shares at no cost through the certification of previously granted performance stock units on February 23, 2026. On the same date, he disposed of 22,729 shares at $58.15 per share to cover tax withholding obligations tied to vested restricted and performance stock units, a non–open-market transaction. Following these movements, he directly held 302,432 shares of common stock.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Leon Francisco

Role President and CEO

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	27,320	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	22,729	$58.15	$1.32M

Holdings After Transaction: Common Stock — 302,432 shares (Direct)

Footnotes (2)

1. F1. Represents performance stock units ("PSUs") granted on February 23, 2023, whose performance criteria were certified on February 23, 2026.
2. F2. Represents restricted stock units ("RSUs") and PSUs surrendered to satisfy tax withholding for RSUs and PSUs that vested on February 23, 2026.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did CRC CEO Leon Francisco report?

Leon Francisco reported two stock transactions involving California Resources Corp (CRC) common stock. He acquired 27,320 shares via certified performance stock units and surrendered 22,729 shares to satisfy tax withholding on vested restricted and performance stock units, leaving him with 302,432 directly held shares.

Did the CRC CEO buy shares on the open market in this Form 4?

No, the CRC CEO did not buy shares on the open market. He received 27,320 shares through a performance stock unit award and disposed of 22,729 shares to cover tax withholding, a compensation-related transaction rather than a discretionary market purchase or sale.

How many California Resources (CRC) shares does the CEO hold after these transactions?

After these transactions, Leon Francisco directly holds 302,432 shares of California Resources Corp common stock. This figure reflects the net result of receiving 27,320 shares from performance stock units and surrendering 22,729 shares to satisfy tax obligations on vested equity awards.

What was the purpose of the 22,729 CRC shares disposed of by the CEO?

The 22,729 CRC shares were surrendered to satisfy tax withholding obligations. These shares covered taxes due on restricted stock units and performance stock units that vested on February 23, 2026, and do not represent an open-market sale by the CEO.

What does the 27,320-share award to the CRC CEO represent?

The 27,320 shares represent performance stock units granted on February 23, 2023, whose performance criteria were certified on February 23, 2026. Upon certification, the award converted into common shares, increasing the CEO’s directly held stake in California Resources Corp.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/25/2026 - 07:12 PM EST Learn about SEC filing dates

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^*

Leon Francisco

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

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	02/23/2026		A(1)		27,320	A	$0	325,161	D
Common Stock	02/23/2026		F(2)		22,729	D	$58.15	302,432	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 performance stock units ("PSUs") granted on February 23, 2023, whose performance criteria were certified on February 23, 2026.

2. Represents restricted stock units ("RSUs") and PSUs surrendered to satisfy tax withholding for RSUs and PSUs that vested on February 23, 2026.

Remarks:

	/s/ Ulrik Damborg, Attorney-in-Fact for Francisco Leon	02/25/2026
	** 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.