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Possible new CRC shares

CRCDilution

Known so far: no new shares from the prospectus covers read · shelf not limited by the baby-shelf rule · not yet read: warrants, converts, ATM.

Shelf room

  • Room today not capped by the baby-shelf rule ($3.8B float, Jun 30, 2025)
How this is worked out

Shelf room on the S-3ASR of Aug 6, 2024: not limited by the baby-shelf rule, because the $3.8B public float stated as of Jun 30, 2025 is $75M or more. Sources: S-3ASR Aug 6, 2024, effective Aug 6, 2024 · public float, as of Jun 30, 2025.

What could become new California Resources (CRC) shares: options and RSUs, each with the 10-Q, 10-K, S-3 or 424B filing it comes from.

CRC dilution ladder

Every source of new shares on record, from the filings that created it.

88.3M outstanding; up to 90.2M fully diluted, +2%

  1. Outstandingas of Sep 30, 2026 (10-Q filed Nov 3) · share count on the cover page
    88.3M
  2. Options and RSUs1.9M RSUs10-Q Nov 3, 2026 · securities left out of diluted EPS
    +1.9M

Not stated in the filings we read: an ATM program, warrants, convertible notes.

Counts, sizes and prices as stated in each filing; the fully diluted count is arithmetic on them. Dollars become shares only at a price a filing states. Not advice.

Shares outstanding

88.3M

Jan 2025 to Sep 2026: from 90.8M to 88.3M.

From the share count on the cover of each 10-Q and 10-K, dated as each cover states.