California Resources (NYSE: CRC) EVP reports stock awards, tax surrender

Rhea-AI Filing Summary

California Resources Corp executive Michael L. Preston reported mixed equity transactions. On February 23, 2026, he acquired 13,599 performance stock units after performance criteria were certified. The same day, he disposed of 11,314 shares by surrendering RSUs and PSUs to cover tax withholding, leaving 115,531 common shares held directly.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Preston Michael L.

Role EVP, Chf Strategy Officer & GC

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	13,599	$0.00	--
Tax Withholding	Common Stock	11,314	$58.15	$658K

Holdings After Transaction: Common Stock — 126,845 shares (Direct)

Footnotes (1)

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

Form 4 Insider Transactions: What Each Field Means →

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)
02/23/2026

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)		13,599	A	$0	126,845	D
Common Stock	02/23/2026		F(2)		11,314	D	$58.15	115,531	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 Michael L. Preston	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.

FAQ

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

Michael L. Preston reported an equity award and a related tax share surrender. He acquired 13,599 performance stock units and disposed of 11,314 shares surrendered to satisfy tax withholding for vested RSUs and PSUs, both effective February 23, 2026, in California Resources Corp common stock.

Were Michael L. Preston’s CRC transactions open-market buys or sells?

The reported activity was not open-market trading. Preston received 13,599 performance stock units as an equity award and surrendered 11,314 shares to cover tax withholding on vested RSUs and PSUs, according to the Form 4 footnotes, rather than buying or selling on the market.

How many CRC shares does Michael L. Preston hold after these transactions?

After these transactions, Preston directly holds 115,531 shares of California Resources Corp common stock. This figure reflects the net position after receiving 13,599 performance stock units and surrendering 11,314 restricted and performance stock units for tax withholding on February 23, 2026.

What do the granted CRC performance stock units to Preston represent?

The 13,599 performance stock units represent an equity award originally granted February 23, 2023. Their performance criteria were certified on February 23, 2026, triggering the acquisition of common stock. Such PSUs generally vest based on predefined performance goals set by the company’s compensation program.

Why were 11,314 CRC shares surrendered by Michael L. Preston?

The 11,314 California Resources Corp shares were surrendered to satisfy tax withholding obligations. The Form 4 notes these shares came from restricted stock units and performance stock units that vested on February 23, 2026, and were used to pay associated tax liabilities rather than being sold on the open market.