<SEC-DOCUMENT>0001609253-23-000066.txt : 20230620
<SEC-HEADER>0001609253-23-000066.hdr.sgml : 20230620
<ACCEPTANCE-DATETIME>20230620173313
ACCESSION NUMBER:		0001609253-23-000066
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20230619
FILED AS OF DATE:		20230620
DATE AS OF CHANGE:		20230620

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Hayat Omar
		CENTRAL INDEX KEY:			0001981013

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36478
		FILM NUMBER:		231026595

	MAIL ADDRESS:	
		STREET 1:		1 WORLD TRADE CENTER, SUITE 1500
		CITY:			LONG BEACH
		STATE:			CA
		ZIP:			90831

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			California Resources Corp
		CENTRAL INDEX KEY:			0001609253
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				465670947
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1 WORLD TRADE CENTER
		STREET 2:		SUITE 1500
		CITY:			LONG BEACH
		STATE:			CA
		ZIP:			90831
		BUSINESS PHONE:		8888484754

	MAIL ADDRESS:	
		STREET 1:		1 WORLD TRADE CENTER
		STREET 2:		SUITE 1500
		CITY:			LONG BEACH
		STATE:			CA
		ZIP:			90831
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>wk-form3_1687296783.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2023-06-19</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001609253</issuerCik>
        <issuerName>California Resources Corp</issuerName>
        <issuerTradingSymbol>CRC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001981013</rptOwnerCik>
            <rptOwnerName>Hayat Omar</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1 WORLD TRADE CENTER, SUITE 1500</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>LONG BEACH</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>90831</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>EVP - Operations</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>11984</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2835</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1890</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>281</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>187</value>
                    <footnoteId id="F5"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Performance Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F6"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F6"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>12595</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Represents a grant of restricted stock units (&quot;RSUs&quot;). Each RSU represents a contingent right to receive one share of Common Stock. 6,947 RSUs have already vested; the remainder will vest on January 25, 2024.</footnote>
        <footnote id="F2">Represents a grant of restricted stock units (&quot;RSUs&quot;). Each RSU represents a contingent right to receive one share of Common Stock. These RSUs will vest in three equal installments on each of February 23, 2024, 2025 and 2026.</footnote>
        <footnote id="F3">Represents a grant of restricted stock units (&quot;RSUs&quot;). Each RSU represents a contingent right to receive one share of Common Stock. These RSUs will vest in two equal installments on each of February 23, 2024 and 2025.</footnote>
        <footnote id="F4">Represents a grant of restricted stock units (&quot;RSUs&quot;). Each RSU represents a contingent right to receive one share of Common Stock. These RSUs will vest in three equal installments on each of June 8, 2024, 2025 and 2026.</footnote>
        <footnote id="F5">Represents a grant of restricted stock units (&quot;RSUs&quot;). Each RSU represents a contingent right to receive one share of Common Stock. These RSUs will vest in two equal installments on each of June 8, 2024 and 2025.</footnote>
        <footnote id="F6">Represents the target number of performance stock units (&quot;PSUs&quot;)  granted on January 25, 2021. Each PSU represents a contingent right to receive one share of Common Stock. The actual number of PSUs that vest and become earned is based on the volume-weighted average price of a share of Common Stock as determined over any 60 consecutive trading days during the three-year performance period, and, subject to certain exceptions, will be settled in shares of Common Stock within 45 days following the end of the three-year performance period.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Ulrik Damborg, Attorney-in-Fact for Omar Hayat</signatureName>
        <signatureDate>2023-06-20</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>hayatpoa.htm
<DESCRIPTION>EX-24
<TEXT>
<html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2023 Workiva -->
<title>Document</title></head><body><div id="i2b93688711784c3b8179d1dce4c9b217_38"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:0.65pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%;text-decoration:underline">POWER OF ATTORNEY</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Know all by those present, that the undersigned hereby constitutes and appoints each of Michael L. Preston, Ulrik Damborg and Jody L. Johnson, signing singly, the undersigned's true and lawful attorney-in-fact to&#58;</font></div><div style="margin-top:12pt;padding-left:72pt;padding-right:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;padding-left:26.84pt">Execute for and on behalf of the undersigned, in the undersigned's capacity as an officer and&#47;or director of California Resources Corporation (the &#34;Company&#34;), Forms 3, 4 and 5 (including any amendments, corrections, supplements or other changes thereto) in accordance with Section 16(a) of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;) and the rules thereunder and Form 144 (including any amendments, corrections, supplements or other changes thereto) in accordance with Rule 144 under the Securities Act of 1933 (the &#8220;Securities Act&#8221;)&#59;</font></div><div style="margin-top:12pt;padding-left:72pt;padding-right:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;padding-left:26.84pt">Do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Form 3, 4 and 5 and Form 144 (including any amendments, corrections, supplements or other changes thereto) and timely file such form with the United States Securities and Exchange Commission and any stock exchange or similar authority&#59; and</font></div><div style="margin-top:12pt;padding-left:72pt;padding-right:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">3.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;padding-left:26.84pt">Execute for and on behalf of the undersigned a Form ID (including amendments thereto), or any other documents prescribed by the Securities and Exchange Commission, that may be necessary to obtain or regenerate codes and passwords enabling the undersigned to make electronic filings with the Securities and Exchange Commission of reports required by Section 16(a) of the Exchange Act or any rule or regulation of the Securities and Exchange Commission.</font></div><div style="margin-top:12pt;padding-left:72pt;padding-right:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">4.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;padding-left:26.84pt">Take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact's discretion.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming that each such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted. </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%">The undersigned acknowledges that the foregoing attorneys-in-fact, and their substitutes, in serving in such capacity at the request of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply with Section 16 of the Exchange Act or Section 5 of the Securities Act.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">The undersigned agrees that each attorney-in-fact may rely entirely on information furnished orally or in writing by or at the direction of the undersigned to such attorney-in-fact. The undersigned also agrees to indemnify and hold harmless the Company and each attorney-in-fact against any losses, claims, damages or liabilities (or actions in these respects) that arise out of or are based upon any untrue statements or omissions of necessary facts in the information provided by or at the direction of the undersigned, or upon the lack of timeliness in the delivery of information by or at the direction of the undersigned, to an attorney-in-fact for purposes of executing, acknowledging, delivering or filing a Form ID, Form 3, Form 4, Form 5 or Form 144 </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">(including amendments thereto) and agrees to reimburse the Company and each attorney-in-fact on demand for any legal or other expenses reasonably incurred in connection with investigating or defending against any such loss, claim, damage, liability or action.</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4 and 5 or Form 144 with respect to the undersigned's holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorneys-in-fact</font></div><div style="margin-top:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:100%">IN WITNESS WHEREOF</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">, the undersigned has caused this Power of Attorney to be executed as of this 6th day of June, 2023.</font></div><div style="margin-top:36pt;padding-left:216pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline">&#47;s&#47; Omar Hayat&#160;&#160;&#160;&#160;</font></div><div style="padding-left:216pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Omar Hayat</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">2</font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
