Form 4: California Resources Corp Executive Reports Changes in Beneficial Ownership

Jay A. Bys, EVP & Chief Commercial Officer of California Resources Corp, reports transactions involving common stock and restricted stock units to satisfy tax obligations and grants.

Summary

• Jay A. Bys, the EVP & Chief Commercial Officer of California Resources Corp, filed a Form 4 detailing changes in beneficial ownership.
• On February 22, 2025, 2,541 shares of common stock were disposed of to cover tax withholding for vested restricted stock units (RSUs) at a price of $47.35.
• On February 23, 2025, 33,264 performance stock units (PSUs) were acquired at $0, related to a grant from February 23, 2023, where performance criteria were met.
• Also on February 23, 2025, 21,305 shares were disposed of to cover tax withholding for vested RSUs and PSUs at a price of $47.35.
• On February 25, 2025, 18,859 RSUs were granted, each representing a contingent right to receive one share of common stock, vesting in three equal annual installments starting February 25, 2026.
• Following these transactions, Bys directly owns 142,163 shares of common stock.

Sentiment

Score: 6

Explanation: The sentiment is neutral as the filing primarily reflects routine transactions related to executive compensation and tax obligations. The vesting of PSUs suggests positive performance, but the overall impact is limited.

Positives

• The vesting of PSUs indicates that performance criteria were met, which could be seen as a positive sign for the company's performance.
• The grant of additional RSUs to the executive suggests continued alignment of interests between management and shareholders.

Future Outlook

The newly granted RSUs will vest in three equal annual installments on each of February 25, 2026, 2027 and 2028.

Industry Context

Executive compensation and stock ownership are standard disclosures for publicly traded companies, providing transparency into management's alignment with shareholder interests.

Stakeholder Impact

• The transactions have a minor impact on shareholders as they relate to executive compensation and do not significantly alter the company's financial position.

Key Dates