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Filing Details

Accession Number:: 0001104659-22-002251
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2022-01-07 16:05:30
Reporting Period:: 2022-01-05

Accepted Time:: 2022-01-07 16:05:30
SEC Url:: Form 4 Filing

Issuer

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

Insiders

Cik	Name	Reported Address	Director	Officer	Large Shareholder	Other
1259313	Ares Management Llc	2000 Avenue Of The Stars 12Th Floor Los Angeles CA 90067	No	No	Yes	No
1831167	Af V Energy Iv Aiv 1A, L.p.	2000 Avenue Of The Stars, 12Th Floor Los Angeles CA 90067	No	No	Yes	No
1831195	Af V Energy Iv Aiv 1B, L.p.	2000 Avenue Of The Stars, 12Th Floor Los Angeles CA 90067	No	No	Yes	No
1831196	Af V Energy Iv Aiv 2, L.p.	2000 Avenue Of The Stars, 12Th Floor Los Angeles CA 90067	No	No	Yes	No
1831200	Aeof Ecr Aiv A-B, L.p.	2000 Avenue Of The Stars, 12Th Floor Los Angeles CA 90067	No	No	Yes	No
1831202	Aeof Ecr Aiv C, L.p.	2000 Avenue Of The Stars, 12Th Floor Los Angeles CA 90067	No	No	Yes	No
1831203	Af Energy Feeder, L.p.	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	2022-01-05	100,000	$43.80	10,380,308	No	4	S	Indirect	See Footnotes
Common Stock, Par Value $0.01	Disposition	2022-01-06	150,000	$43.66	10,230,308	No	4	S	Indirect	See Footnotes

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	See Footnotes
No	4	S	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) Ares Management LLC, (Continued in footnote 2)
(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.
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)
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.
The Reporting Persons collectively beneficially own, or may be deemed to beneficially own, in the aggregate 10,230,308 shares of Common Stock by reason of the direct or indirect beneficial ownership of such shares as follows: (i) ACOF AIV 1A directly holds 590,938 shares of Common Stock, (ii) ACOF AIV 1B directly holds 2,162,532 shares of Common Stock, (iii) ACOF AIV 2 directly holds 2,202,978 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 2,574,475 shares of Common Stock.
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.