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Filing Details

Accession Number:: 0001104659-21-078382
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2021-06-08 19:29:10
Reporting Period:: 2021-06-04

Accepted Time:: 2021-06-08 19:29:10
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1609253	California Resources Corp	CRC	Investment Advice (6282)	DE

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1176948	Ares Management Corp	2000 Avenue Of The Stars 12Th Floor Los Angeles CA 90067	No	No	Yes	No
1259313	Ares Management Llc	2000 Avenue Of The Stars 12Th Floor Los Angeles CA 90067	No	No	Yes	No
1536937	L.p. Holdings Management Ares	2000 Avenue Of The Stars 12Th Floor Los Angeles CA 90067	No	No	Yes	No
1620263	Ares Partners Holdco Llc	2000 Avenue Of The Stars 12Th Floor Los Angeles CA 90067	No	No	Yes	No
1620264	Ares Management Gp Llc	2000 Avenue Of The Stars 12Th Floor Los Angeles CA 90067	No	No	Yes	No
1669983	Ares Holdco Llc	2000 Avenue Of The Stars 12Th Floor Los Angeles CA 90067	No	No	Yes	No
1683967	Assf Operating Manager Iv, L.p.	2000 Avenue Of The Stars 12Th Floor Los Angeles CA 90067	No	No	Yes	No
1684171	Acof Investment Management Llc	2000 Avenue Of The Stars 12Th Floor Los Angeles CA 90067	No	No	Yes	No
1761656	Ares Voting Llc	2000 Avenue Of The Stars 12Th Floor Los Angeles CA 90067	No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock, Par Value $0.01	Disposition	2021-06-04	13,000	$29.90	16,446,587	No	4	S	Indirect	See Footnotes
Common Stock, Par Value $0.01	Acquisiton	2021-06-04	138,000	$30.21	16,584,587	No	4	P	Indirect	See Footnotes

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	See Footnotes
No	4	P	Indirect	See Footnotes

Footnotes

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)
("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.
The amount of profit potentially recoverable by the Issuer from the reported transactions has been remitted to the Issuer.
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)
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.
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.
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.