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AF V Energy IV AIV 2, L.P.

Disclosed activity across 1 company

Tapewire entity
129347
SEC CIK
0001831196

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Reported relationships

Latest disclosed role at each company.

No relationships currently tracked through insider filings.

Disclosed balances

About these balances

Latest available filing per company, not a reconstructed current portfolio. Matching sequences show the last reported balance with all source rows expandable; grouping alone does not establish account ownership. Do not add unresolved positions together. Filings may omit unchanged positions, and amendments may correct only part of an older disclosure. Jointly reported shares are not necessarily this owner's personal holdings.

No balances currently tracked through insider filings.

Past disclosures · reporting ended (1)

No longer tracked through insider filings. These historical balances do not imply present ownership or a zero position.

Section 16 reporting ended · disclosed 2022-03-09. Current position is not established by this disclosure.

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common Stock, par value $0.01SEC Table I · non-derivativeIndirectSee Footnotes7,712,573 Last balance in matching sequence After 2022-03-08 transaction · row 2 Source-order balances reconcile. Account continuity and personal attribution are not independently verified.
2 source rows

Row 1 · 2022-03-07 · Sale · Disposed 225,000 · Balance 8,062,573

F1: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) Ares Management LLC, (Continued in footnote 2)

F2: (ix) Ares Management Holdings L.P. ("Ares Management Holdings"), (x) Ares Holdco LLC ("Ares Holdco"), (xi) Ares Management Corporation ("Ares Management"), (xii) Ares Voting LLC ("Ares Voting"), (xiii) Ares Management GP LLC ("Ares Management GP") and (xiv) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 7,712,573 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 393,380 shares of Common Stock, (ii) ACOF AIV 1B directly holds 1,439,557 shares of Common Stock, (iii) ACOF AIV 2 directly holds 1,466,491 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock and (vi) AF Energy Feeder, L.P. directly holds 1,713,760 shares of Common Stock.

F6: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

Row 2 · 2022-03-08 · Sale · Disposed 350,000 · Balance 7,712,573

F1: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) Ares Management LLC, (Continued in footnote 2)

F2: (ix) Ares Management Holdings L.P. ("Ares Management Holdings"), (x) Ares Holdco LLC ("Ares Holdco"), (xi) Ares Management Corporation ("Ares Management"), (xii) Ares Voting LLC ("Ares Voting"), (xiii) Ares Management GP LLC ("Ares Management GP") and (xiv) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 7,712,573 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 393,380 shares of Common Stock, (ii) ACOF AIV 1B directly holds 1,439,557 shares of Common Stock, (iii) ACOF AIV 2 directly holds 1,466,491 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock and (vi) AF Energy Feeder, L.P. directly holds 1,713,760 shares of Common Stock.

F6: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

Filing footnotes · ownership attribution and instrument terms

F1: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) Ares Management LLC, (Continued in footnote 2)

F2: (ix) Ares Management Holdings L.P. ("Ares Management Holdings"), (x) Ares Holdco LLC ("Ares Holdco"), (xi) Ares Management Corporation ("Ares Management"), (xii) Ares Voting LLC ("Ares Voting"), (xiii) Ares Management GP LLC ("Ares Management GP") and (xiv) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 7,712,573 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 393,380 shares of Common Stock, (ii) ACOF AIV 1B directly holds 1,439,557 shares of Common Stock, (iii) ACOF AIV 2 directly holds 1,466,491 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock and (vi) AF Energy Feeder, L.P. directly holds 1,713,760 shares of Common Stock.

F6: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

Transaction history

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Purchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”

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Transaction dateCompanyActivity / securityShares / unitsReported priceReported valueDetails
June 21, 2021 Filed Jun 23, 2021 16:48 UTC California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 180,000 $33.07 $5,952,600.00
Disclosure

SEC source: 0001104659-21-084661 · tm2120107-5_4seq1.xml · nonDerivative · entry 1

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 14,471,592

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2

F2 · shares: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 14,471,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 685,452 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,508,408 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,555,317 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 62,175 shares of Common Stock, (vii) SSF AIV 1B directly holds 55,434 shares of Common Stock, (viii) SSF AIV 2 directly holds 90,239 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2

F2 · balance_after: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 14,471,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 685,452 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,508,408 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,555,317 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 62,175 shares of Common Stock, (vii) SSF AIV 1B directly holds 55,434 shares of Common Stock, (viii) SSF AIV 2 directly holds 90,239 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2

F2 · ownership.nature: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 14,471,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 685,452 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,508,408 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,555,317 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 62,175 shares of Common Stock, (vii) SSF AIV 1B directly holds 55,434 shares of Common Stock, (viii) SSF AIV 2 directly holds 90,239 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

Read SEC document
June 18, 2021 Filed Jun 22, 2021 16:02 UTC California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 200,000 $32.43 $6,486,000.00
Disclosure

SEC source: 0001104659-21-084074 · tm2120107-3_4seq1.xml · nonDerivative · entry 1

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 14,651,592

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · shares: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 14,651,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 692,234 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,533,224 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,580,598 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 99,006 shares of Common Stock, (vii) SSF AIV 1B directly holds 88,269 shares of Common Stock, (viii) SSF AIV 2 directly holds 143,694 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · balance_after: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 14,651,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 692,234 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,533,224 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,580,598 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 99,006 shares of Common Stock, (vii) SSF AIV 1B directly holds 88,269 shares of Common Stock, (viii) SSF AIV 2 directly holds 143,694 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · ownership.nature: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 14,651,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 692,234 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,533,224 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,580,598 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 99,006 shares of Common Stock, (vii) SSF AIV 1B directly holds 88,269 shares of Common Stock, (viii) SSF AIV 2 directly holds 143,694 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

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June 17, 2021 Filed Jun 21, 2021 16:01 UTC California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 150,000 $31.34 $4,701,000.00
Disclosure

SEC source: 0001104659-21-083457 · tm2120107-1_4seq1.xml · nonDerivative · entry 2

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 14,851,592

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · shares: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 14,851,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 699,769 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,560,797 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,608,687 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 139,929 shares of Common Stock, (vii) SSF AIV 1B directly holds 124,754 shares of Common Stock, (viii) SSF AIV 2 directly holds 203,089 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · balance_after: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 14,851,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 699,769 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,560,797 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,608,687 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 139,929 shares of Common Stock, (vii) SSF AIV 1B directly holds 124,754 shares of Common Stock, (viii) SSF AIV 2 directly holds 203,089 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · ownership.nature: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 14,851,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 699,769 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,560,797 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,608,687 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 139,929 shares of Common Stock, (vii) SSF AIV 1B directly holds 124,754 shares of Common Stock, (viii) SSF AIV 2 directly holds 203,089 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

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June 16, 2021 Filed Jun 21, 2021 16:01 UTC California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 175,000 $32.79 $5,738,250.00
Disclosure

SEC source: 0001104659-21-083457 · tm2120107-1_4seq1.xml · nonDerivative · entry 1

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 15,001,592

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · shares: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 14,851,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 699,769 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,560,797 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,608,687 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 139,929 shares of Common Stock, (vii) SSF AIV 1B directly holds 124,754 shares of Common Stock, (viii) SSF AIV 2 directly holds 203,089 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · balance_after: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 14,851,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 699,769 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,560,797 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,608,687 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 139,929 shares of Common Stock, (vii) SSF AIV 1B directly holds 124,754 shares of Common Stock, (viii) SSF AIV 2 directly holds 203,089 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · ownership.nature: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 14,851,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 699,769 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,560,797 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,608,687 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 139,929 shares of Common Stock, (vii) SSF AIV 1B directly holds 124,754 shares of Common Stock, (viii) SSF AIV 2 directly holds 203,089 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

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June 15, 2021 Filed Jun 17, 2021 16:04 UTC California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 275,000 $32.71 $8,995,250.00
Disclosure

SEC source: 0001104659-21-082589 · tm2118096-26_4seq1.xml · nonDerivative · entry 1

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 15,176,592

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · shares: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 15,176,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 712,013 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,605,604 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,654,332 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 206,428 shares of Common Stock, (vii) SSF AIV 1B directly holds 184,042 shares of Common Stock, (viii) SSF AIV 2 directly holds 299,606 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · balance_after: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 15,176,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 712,013 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,605,604 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,654,332 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 206,428 shares of Common Stock, (vii) SSF AIV 1B directly holds 184,042 shares of Common Stock, (viii) SSF AIV 2 directly holds 299,606 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · ownership.nature: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 15,176,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 712,013 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,605,604 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,654,332 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 206,428 shares of Common Stock, (vii) SSF AIV 1B directly holds 184,042 shares of Common Stock, (viii) SSF AIV 2 directly holds 299,606 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

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June 14, 2021 Filed Jun 16, 2021 16:01 UTC California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 200,000 $33.26 $6,652,000.00
Disclosure

SEC source: 0001104659-21-081987 · tm2118096-24_4seq1.xml · nonDerivative · entry 1

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 15,451,592

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · shares: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 15,451,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 722,374 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,643,517 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,692,955 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 262,697 shares of Common Stock, (vii) SSF AIV 1B directly holds 234,208 shares of Common Stock, (viii) SSF AIV 2 directly holds 381,274 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · balance_after: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 15,451,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 722,374 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,643,517 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,692,955 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 262,697 shares of Common Stock, (vii) SSF AIV 1B directly holds 234,208 shares of Common Stock, (viii) SSF AIV 2 directly holds 381,274 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · ownership.nature: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 15,451,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 722,374 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,643,517 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,692,955 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 262,697 shares of Common Stock, (vii) SSF AIV 1B directly holds 234,208 shares of Common Stock, (viii) SSF AIV 2 directly holds 381,274 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

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June 11, 2021 Filed Jun 15, 2021 16:01 UTC California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 230,000 $33.08 $7,608,400.00
Disclosure

SEC source: 0001104659-21-081457 · tm2118096-21_4seq1.xml · nonDerivative · entry 1

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 15,651,592

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · shares: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 15,651,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 729,909 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,671,090 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,721,044 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 303,620 shares of Common Stock, (vii) SSF AIV 1B directly holds 270,693 shares of Common Stock, (viii) SSF AIV 2 directly holds 440,669 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · balance_after: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 15,651,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 729,909 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,671,090 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,721,044 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 303,620 shares of Common Stock, (vii) SSF AIV 1B directly holds 270,693 shares of Common Stock, (viii) SSF AIV 2 directly holds 440,669 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · ownership.nature: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 15,651,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 729,909 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,671,090 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,721,044 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 303,620 shares of Common Stock, (vii) SSF AIV 1B directly holds 270,693 shares of Common Stock, (viii) SSF AIV 2 directly holds 440,669 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

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June 10, 2021 Filed Jun 14, 2021 16:01 UTC California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 250,000 $32.58 $8,145,000.00
Disclosure

SEC source: 0001104659-21-080750 · tm2118096-19_4seq1.xml · nonDerivative · entry 1

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 15,881,592

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2

F2 · shares: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 15,881,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 738,575 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,702,799 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,753,347 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 350,681 shares of Common Stock, (vii) SSF AIV 1B directly holds 312,650 shares of Common Stock, (viii) SSF AIV 2 directly holds 508,973 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2

F2 · balance_after: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 15,881,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 738,575 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,702,799 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,753,347 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 350,681 shares of Common Stock, (vii) SSF AIV 1B directly holds 312,650 shares of Common Stock, (viii) SSF AIV 2 directly holds 508,973 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2

F2 · ownership.nature: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: The amount of profit potentially recoverable by the Issuer from the reported transactions, if any, has been remitted to the Issuer.

F4 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 15,881,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 738,575 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,702,799 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,753,347 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 350,681 shares of Common Stock, (vii) SSF AIV 1B directly holds 312,650 shares of Common Stock, (viii) SSF AIV 2 directly holds 508,973 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

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June 09, 2021 Filed Jun 11, 2021 16:21 UTC California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 202,995 $32.88 $6,674,475.60
Disclosure

SEC source: 0001104659-21-080150 · tm2118096-15_4seq1.xml · nonDerivative · entry 1

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 16,131,592

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · shares: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: The amount of profit potentially recoverable by the Issuer from the reported transactions has been remitted to the Issuer.

F4 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,131,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 747,994 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,737,266 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,788,459 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 401,834 shares of Common Stock, (vii) SSF AIV 1B directly holds 358,256 shares of Common Stock, (viii) SSF AIV 2 directly holds 583,216 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · balance_after: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: The amount of profit potentially recoverable by the Issuer from the reported transactions has been remitted to the Issuer.

F4 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,131,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 747,994 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,737,266 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,788,459 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 401,834 shares of Common Stock, (vii) SSF AIV 1B directly holds 358,256 shares of Common Stock, (viii) SSF AIV 2 directly holds 583,216 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · ownership.nature: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: The amount of profit potentially recoverable by the Issuer from the reported transactions has been remitted to the Issuer.

F4 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,131,592 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 747,994 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,737,266 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,788,459 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 401,834 shares of Common Stock, (vii) SSF AIV 1B directly holds 358,256 shares of Common Stock, (viii) SSF AIV 2 directly holds 583,216 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

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June 08, 2021 Filed Jun 10, 2021 16:01 UTC California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 150,000 $32.54 $4,881,000.00
Disclosure

SEC source: 0001104659-21-079397 · tm2118096-13_4seq1.xml · nonDerivative · entry 1

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 16,334,587

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · shares: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: The amount of profit potentially recoverable by the Issuer from the reported transactions has been remitted to the Issuer.

F4 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,334,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 755,642 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,765,252 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,816,969 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 443,369 shares of Common Stock, (vii) SSF AIV 1B directly holds 395,286 shares of Common Stock, (viii) SSF AIV 2 directly holds 643,502 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · balance_after: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: The amount of profit potentially recoverable by the Issuer from the reported transactions has been remitted to the Issuer.

F4 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,334,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 755,642 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,765,252 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,816,969 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 443,369 shares of Common Stock, (vii) SSF AIV 1B directly holds 395,286 shares of Common Stock, (viii) SSF AIV 2 directly holds 643,502 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · ownership.nature: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: The amount of profit potentially recoverable by the Issuer from the reported transactions has been remitted to the Issuer.

F4 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,334,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 755,642 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,765,252 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,816,969 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 443,369 shares of Common Stock, (vii) SSF AIV 1B directly holds 395,286 shares of Common Stock, (viii) SSF AIV 2 directly holds 643,502 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

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June 07, 2021 Filed Jun 9, 2021 19:12 UTC California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 100,000 $32.95 $3,295,000.00
Disclosure

SEC source: 0001104659-21-078958 · tm2118096-10_4seq1.xml · nonDerivative · entry 1

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 16,484,587

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · shares: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: The amount of profit potentially recoverable by the Issuer from the reported transactions has been remitted to the Issuer.

F4 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,484,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 761,293 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,785,932 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,838,036 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 474,061 shares of Common Stock, (vii) SSF AIV 1B directly holds 422,650 shares of Common Stock, (viii) SSF AIV 2 directly holds 668,048 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock. These holdings reflect 2,759 shares previously incorrectly reported as beneficially owned by ACOF AIV 2 that were actually beneficially owned by ACOF AIV 1A.

F7 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · balance_after: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: The amount of profit potentially recoverable by the Issuer from the reported transactions has been remitted to the Issuer.

F4 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,484,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 761,293 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,785,932 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,838,036 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 474,061 shares of Common Stock, (vii) SSF AIV 1B directly holds 422,650 shares of Common Stock, (viii) SSF AIV 2 directly holds 668,048 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock. These holdings reflect 2,759 shares previously incorrectly reported as beneficially owned by ACOF AIV 2 that were actually beneficially owned by ACOF AIV 1A.

F7 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · ownership.nature: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: The amount of profit potentially recoverable by the Issuer from the reported transactions has been remitted to the Issuer.

F4 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,484,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 761,293 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,785,932 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,838,036 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 474,061 shares of Common Stock, (vii) SSF AIV 1B directly holds 422,650 shares of Common Stock, (viii) SSF AIV 2 directly holds 668,048 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock. These holdings reflect 2,759 shares previously incorrectly reported as beneficially owned by ACOF AIV 2 that were actually beneficially owned by ACOF AIV 1A.

F7 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

Read SEC document
June 07, 2021 Filed Jun 23, 2021 18:33 UTC Amendment California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 100,000 $32.97 $3,297,000.00
Disclosure

SEC source: 0001104659-21-084725 · tm2120107-7_4aseq1.xml · nonDerivative · entry 1

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 16,484,587

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2

F2 · shares: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,484,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 761,293 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,785,932 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,838,036 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 474,061 shares of Common Stock, (vii) SSF AIV 1B directly holds 422,650 shares of Common Stock, (viii) SSF AIV 2 directly holds 668,048 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock. These holdings reflect 2,759 shares previously incorrectly reported as beneficially owned by ACOF AIV 2 that were actually beneficially owned by ACOF AIV 1A.

F6 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F7 · price: The price in Column 4 reported in this Form 4 corrects a two cents error in the original Form 4 (filed on June 9, 2021). On June 8, 2021, the Reporting Persons disgorged to the Issuer the full amount of profit potentially recoverable by the Issuer with respect to the reported transaction using the correct price of $32.97.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2

F2 · balance_after: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,484,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 761,293 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,785,932 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,838,036 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 474,061 shares of Common Stock, (vii) SSF AIV 1B directly holds 422,650 shares of Common Stock, (viii) SSF AIV 2 directly holds 668,048 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock. These holdings reflect 2,759 shares previously incorrectly reported as beneficially owned by ACOF AIV 2 that were actually beneficially owned by ACOF AIV 1A.

F6 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2

F2 · ownership.nature: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,484,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 761,293 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,785,932 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,838,036 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 474,061 shares of Common Stock, (vii) SSF AIV 1B directly holds 422,650 shares of Common Stock, (viii) SSF AIV 2 directly holds 668,048 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock. These holdings reflect 2,759 shares previously incorrectly reported as beneficially owned by ACOF AIV 2 that were actually beneficially owned by ACOF AIV 1A.

F6 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

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June 04, 2021 Filed Jun 8, 2021 19:28 UTC California Resources Corp CRC · Entity 3937 PurchaseCommon Stock, par value $0.01 138,000 $30.21 $4,168,980.00
Disclosure

SEC source: 0001104659-21-078381 · tm2118096-8_4seq1.xml · nonDerivative · entry 2

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 16,584,587

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. (Continued in footnote 2)

F2 · shares: ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: The amount of profit potentially recoverable by the Issuer from the reported transactions has been remitted to the Issuer.

F4 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the soleholder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,584,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 762,303 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,799,717 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,854,841 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 494,523 shares of Common Stock, (vii) SSF AIV 1B directly holds 440,888 shares of Common Stock, (viii) SSF AIV 2 directly holds 717,748 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. (Continued in footnote 2)

F2 · balance_after: ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: The amount of profit potentially recoverable by the Issuer from the reported transactions has been remitted to the Issuer.

F4 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the soleholder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,584,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 762,303 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,799,717 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,854,841 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 494,523 shares of Common Stock, (vii) SSF AIV 1B directly holds 440,888 shares of Common Stock, (viii) SSF AIV 2 directly holds 717,748 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. (Continued in footnote 2)

F2 · ownership.nature: ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: The amount of profit potentially recoverable by the Issuer from the reported transactions has been remitted to the Issuer.

F4 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the soleholder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,584,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 762,303 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,799,717 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,854,841 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 494,523 shares of Common Stock, (vii) SSF AIV 1B directly holds 440,888 shares of Common Stock, (viii) SSF AIV 2 directly holds 717,748 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

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June 04, 2021 Filed Jun 8, 2021 19:28 UTC California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 13,000 $29.90 $388,700.00
Disclosure

SEC source: 0001104659-21-078381 · tm2118096-8_4seq1.xml · nonDerivative · entry 1

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 16,446,587

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. (Continued in footnote 2)

F2 · shares: ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: The amount of profit potentially recoverable by the Issuer from the reported transactions has been remitted to the Issuer.

F4 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the soleholder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,584,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 762,303 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,799,717 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,854,841 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 494,523 shares of Common Stock, (vii) SSF AIV 1B directly holds 440,888 shares of Common Stock, (viii) SSF AIV 2 directly holds 717,748 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. (Continued in footnote 2)

F2 · balance_after: ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: The amount of profit potentially recoverable by the Issuer from the reported transactions has been remitted to the Issuer.

F4 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the soleholder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,584,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 762,303 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,799,717 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,854,841 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 494,523 shares of Common Stock, (vii) SSF AIV 1B directly holds 440,888 shares of Common Stock, (viii) SSF AIV 2 directly holds 717,748 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. (Continued in footnote 2)

F2 · ownership.nature: ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: The amount of profit potentially recoverable by the Issuer from the reported transactions has been remitted to the Issuer.

F4 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the soleholder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 5)

F5 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F6 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,584,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 762,303 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,799,717 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,854,841 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 494,523 shares of Common Stock, (vii) SSF AIV 1B directly holds 440,888 shares of Common Stock, (viii) SSF AIV 2 directly holds 717,748 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F7 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

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June 03, 2021 Filed Jun 7, 2021 16:02 UTC California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 226,261 $29.57 $6,690,537.77
Disclosure

SEC source: 0001104659-21-077634 · tm2118096-7_4seq1.xml · nonDerivative · entry 1

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 16,459,587

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · shares: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("AresManagement"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("AresPartners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filedin duplicate.

F3 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,459,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 757,593 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,782,479 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,837,287 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 468,943 shares of Common Stock, (vii) SSF AIV 1B directly holds 418,089 shares of Common Stock, (viii) SSF AIV 2 directly holds 680,629 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F6 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · balance_after: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("AresManagement"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("AresPartners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filedin duplicate.

F3 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,459,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 757,593 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,782,479 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,837,287 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 468,943 shares of Common Stock, (vii) SSF AIV 1B directly holds 418,089 shares of Common Stock, (viii) SSF AIV 2 directly holds 680,629 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F6 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · ownership.nature: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("AresManagement"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("AresPartners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filedin duplicate.

F3 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,459,587 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 757,593 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,782,479 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,837,287 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 468,943 shares of Common Stock, (vii) SSF AIV 1B directly holds 418,089 shares of Common Stock, (viii) SSF AIV 2 directly holds 680,629 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F6 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

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June 02, 2021 Filed Jun 3, 2021 16:06 UTC California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 100,000 $30.05 $3,005,000.00
Disclosure

SEC source: 0001104659-21-076368 · tm2118096-5_4seq1.xml · nonDerivative · entry 2

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 16,685,848

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · shares: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,685,848 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 766,204 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,813,673 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,868,979 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 515,238 shares of Common Stock, (vii) SSF AIV 1B directly holds 459,360 shares of Common Stock, (viii) SSF AIV 2 directly holds 747,827 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F6 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · balance_after: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,685,848 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 766,204 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,813,673 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,868,979 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 515,238 shares of Common Stock, (vii) SSF AIV 1B directly holds 459,360 shares of Common Stock, (viii) SSF AIV 2 directly holds 747,827 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F6 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · ownership.nature: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,685,848 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 766,204 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,813,673 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,868,979 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 515,238 shares of Common Stock, (vii) SSF AIV 1B directly holds 459,360 shares of Common Stock, (viii) SSF AIV 2 directly holds 747,827 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F6 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

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June 01, 2021 Filed Jun 3, 2021 16:06 UTC California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 300,000 $30.02 $9,006,000.00
Disclosure

SEC source: 0001104659-21-076368 · tm2118096-5_4seq1.xml · nonDerivative · entry 1

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 16,785,848

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · shares: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,685,848 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 766,204 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,813,673 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,868,979 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 515,238 shares of Common Stock, (vii) SSF AIV 1B directly holds 459,360 shares of Common Stock, (viii) SSF AIV 2 directly holds 747,827 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F6 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · balance_after: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,685,848 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 766,204 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,813,673 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,868,979 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 515,238 shares of Common Stock, (vii) SSF AIV 1B directly holds 459,360 shares of Common Stock, (viii) SSF AIV 2 directly holds 747,827 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F6 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (Continued in footnote 2)

F2 · ownership.nature: (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 16,685,848 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 766,204 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,813,673 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,868,979 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 515,238 shares of Common Stock, (vii) SSF AIV 1B directly holds 459,360 shares of Common Stock, (viii) SSF AIV 2 directly holds 747,827 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F6 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

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May 28, 2021 Filed Jun 1, 2021 21:10 UTC California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 39,000 $30.34 $1,183,260.00
Disclosure

SEC source: 0001104659-21-075288 · tm2118096-3_4seq1.xml · nonDerivative · entry 2

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 17,085,848

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (Continued in footnote 2)

F2 · shares: (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 17,085,848 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 781,221 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,868,820 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,925,210 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 597,083 shares of Common Stock, (vii) SSF AIV 1B directly holds 532,328 shares of Common Stock, (viii) SSF AIV 2 directly holds 866,619 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F6 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (Continued in footnote 2)

F2 · balance_after: (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 17,085,848 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 781,221 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,868,820 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,925,210 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 597,083 shares of Common Stock, (vii) SSF AIV 1B directly holds 532,328 shares of Common Stock, (viii) SSF AIV 2 directly holds 866,619 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F6 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (Continued in footnote 2)

F2 · ownership.nature: (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 17,085,848 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 781,221 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,868,820 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,925,210 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 597,083 shares of Common Stock, (vii) SSF AIV 1B directly holds 532,328 shares of Common Stock, (viii) SSF AIV 2 directly holds 866,619 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F6 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

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May 27, 2021 Filed Jun 1, 2021 21:10 UTC California Resources Corp CRC · Entity 3937 SaleCommon Stock, par value $0.01 200,000 $30.00 $6,000,000.00
Disclosure

SEC source: 0001104659-21-075288 · tm2118096-3_4seq1.xml · nonDerivative · entry 1

ARES MANAGEMENT LLC · CIK 0001259313 · 10% owner

AF V Energy IV AIV 1A, L.P. · CIK 0001831167 · 10% owner

AF V Energy IV AIV 1B, L.P. · CIK 0001831195 · 10% owner

AF V Energy IV AIV 2, L.P. · CIK 0001831196 · 10% owner

AEOF ECR AIV A-B, L.P. · CIK 0001831200 · 10% owner

AEOF ECR AIV C, L.P. · CIK 0001831202 · 10% owner

AF Energy Feeder, L.P. · CIK 0001831203 · 10% owner

SSF IV Energy I AIV 1A, L.P. · CIK 0001831197 · 10% owner

SSF IV Energy I AIV 1B, L.P. · CIK 0001831198 · 10% owner

SSF IV Energy I AIV 2, L.P. · CIK 0001831199 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · See Footnotes

Disclosed balance after: 17,124,848

F1 · shares: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (Continued in footnote 2)

F2 · shares: (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · shares: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · shares: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · shares: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 17,085,848 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 781,221 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,868,820 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,925,210 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 597,083 shares of Common Stock, (vii) SSF AIV 1B directly holds 532,328 shares of Common Stock, (viii) SSF AIV 2 directly holds 866,619 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F6 · shares: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · balance_after: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (Continued in footnote 2)

F2 · balance_after: (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · balance_after: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · balance_after: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · balance_after: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 17,085,848 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 781,221 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,868,820 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,925,210 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 597,083 shares of Common Stock, (vii) SSF AIV 1B directly holds 532,328 shares of Common Stock, (viii) SSF AIV 2 directly holds 866,619 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F6 · balance_after: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

F1 · ownership.nature: This statement is being filed jointly by (i) AF V Energy IV AIV 1A, L.P. ("ACOF AIV 1A"), (ii) AF V Energy IV AIV 1B, L.P. ("ACOF AIV 1B"), (iii) AF V Energy IV AIV 2, L.P. ("ACOF AIV 2" and, together with ACOF AIV 1A and ACOF AIV 1B, the "ACOF AIVs"), (iv) AEOF ECR AIV A-B, L.P. ("AEOF AIV A-B"), (v) AEOF ECR AIV C, L.P. ("AEOF AIV C" and, together with AEOF AIV A-B, the "AEOF AIVs"), (vi) AF Energy Feeder, L.P., (vii) ACOF Investment Management LLC ("ACOF Investment Management"), (viii) SSF IV Energy I AIV 1A, L.P. ("SSF AIV 1A"), (ix) SSF IV Energy I AIV 1B, L.P. ("SSF AIV 1B"), (x) SSF IV Energy I AIV 2, L.P. ("SSF AIV 2" and, together with SSF AIV 1A and SSF AIV 1B, the "SSF AIVs"), (xi) ASSF Operating Manager IV, L.P. ("ASSF Operating Manager IV"), (xii) Ares Management LLC, (xiii) Ares Management Holdings L.P. ("Ares Management Holdings"), (Continued in footnote 2)

F2 · ownership.nature: (xiv) Ares Holdco LLC ("Ares Holdco"), (xv) Ares Management Corporation ("Ares Management"), (xvi) Ares Voting LLC ("Ares Voting"), (xvii) Ares Management GP LLC ("Ares Management GP") and (xviii) Ares Partners Holdco LLC ("Ares Partners") (collectively, the "Reporting Persons"). Due to the electronic system's limitation of 10 Reporting Persons per joint filing, this statement is being filed in duplicate.

F3 · ownership.nature: ACOF Investment Management is the manager of each of the ACOF AIVs, the AEOF AIVs and AF Energy Feeder, L.P., and the sole member of ACOF Investment Management is Ares Management LLC. ASSF Operating Manager IV is the manager of the SSF AIVs, and the general partner of ASSF Operating Manager IV is Ares Management LLC. The sole member of Ares Management LLC is Ares Management Holdings and the general partner of Ares Management Holdings is Ares Holdco. The sole member of Ares Holdco is Ares Management. Ares Management GP is the sole holder of the Class B common stock, $0.01 par value per share, of Ares Management (the "Ares Class B Common Stock") and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock, $0.01 par value per share, of Ares Management (the "Ares Class C Common Stock"). (Continued in footnote 4)

F4 · ownership.nature: Pursuant to Ares Management's Certificate of Incorporation, the holders of the Ares Class B Common Stock and the Ares Class C Common Stock, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The sole member of both Ares Management GP and Ares Voting is Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions by the Board Members.

F5 · ownership.nature: The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 17,085,848 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 781,221 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,868,820 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,925,210 shares of Common Stock, (iv) AEOF AIV A-B directly holds 1,894,861 shares of Common Stock, (v) AEOF AIV C directly holds 804,524 shares of Common Stock, (vi) SSF AIV 1A directly holds 597,083 shares of Common Stock, (vii) SSF AIV 1B directly holds 532,328 shares of Common Stock, (viii) SSF AIV 2 directly holds 866,619 shares of Common Stock and (ix) AF Energy Feeder, L.P. directly holds 5,815,182 shares of Common Stock.

F6 · ownership.nature: Each of the Reporting Persons (other than the ACOF AIVs, the AEOF AIVs, the SSF AIVs and AF Energy Feeder, L.P with respect to the shares of Common Stock directly held by them) and the Board Members, and the other directors, officers, partners, stockholders, members and managers of the Reporting Persons, expressly disclaims beneficial ownership of the Common Stock, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.

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Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.