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    Leo P. Mariani

    Managing Director and Senior Research Analyst at ROTH MKM

    Leo P. Mariani is a Managing Director and Senior Research Analyst at ROTH MKM, specializing in equity research for the energy sector with a focus on oil and gas exploration and production companies such as ConocoPhillips and Apache. He is recognized for a strong performance record, with recent TipRanks metrics showing a 71.8% success rate and a 66.2% average return on his calls, and was previously ranked #2 globally by TipRanks and #2 in the energy sector by the Wall Street Journal's Best on the Street. Mariani began his equity research career over two decades ago and has held key positions at RBC Capital Markets, Key Banc Capital Markets, Jefferies, NatAlliance Securities, PaineWebber, and UBS, joining MKM Partners in June 2022 before its acquisition by ROTH. He holds the CFA charter, is a Brown University honors graduate with a double major in Business Economics and Organizational Behavior and Management, and maintains FINRA securities licenses.

    Leo P. Mariani's questions to California Resources (CRC) leadership

    Leo P. Mariani's questions to California Resources (CRC) leadership • Q1 2025

    Question

    Leo P. Mariani of ROTH MKM asked for an explanation for the Q2 production guidance, which implies a decline steeper than the company's typical rate. He also requested a specific update on the status and timeline of the Kern County Environmental Impact Report (EIR) for oil and gas permitting.

    Answer

    President and CEO Francisco Leon clarified the Q2 BOE decline is a strategic decision to optimize cash flow, not an indicator of asset performance. By altering power plant operations, CRC reduces low-value gas sales to lower overall OpEx. On permitting, he noted the Kern County EIR process is ongoing, but CRC is pursuing multiple successful avenues for permits and has a constructive dialogue with regulators.

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