CEO Francisco Leon was paid $12,076,766 in fiscal year 2025: executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
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Each company listed discloses CRC in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CRC in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Francisco Leon | $930,769 | $356,250 | $9,070,699 | $0 | $1,459,200 | $4,681 | $255,167 | $12,076,766 |
| President and Chief Executive Officer | ||||||||
| Clio Crespy | 598,442 | 184,500 | 5,384,183 | 0 | 755,712 | 0 | 294,803 | 7,217,640 |
| Executive Vice President and Chief Financial Officer | ||||||||
| Michael Preston | 665,385 | 202,500 | 4,461,102 | 0 | 829,440 | 10,017 | 158,163 | 6,326,607 |
| Executive Vice President, Chief Strategy Officer and General Counsel | ||||||||
| Omar Hayat | 565,384 | 172,500 | 3,882,514 | 0 | 706,560 | 2,342 | 152,782 | 5,482,082 |
| Executive Vice President and Chief Operating Officer | ||||||||
| Chris Gould | 615,000 | 159,900 | 3,274,227 | 0 | 755,712 | 1,034 | 161,121 | 4,966,994 |
| Executive Vice President and Chief Sustainability Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Francisco Leon | $12,076,766 | $7,985,931 | $10,185,668 | +4,090,835 |
| Clio Crespy | 7,217,640 | — | — | — |
| Michael Preston | 6,326,607 | 4,816,902 | 5,757,269 | +1,509,705 |
| Omar Hayat | 5,482,082 | — | — | — |
| Chris Gould | 4,966,994 | 4,699,703 | 5,493,290 | +267,291 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Francisco Leon | RSU | 51,804 | — | $2,316,157 |
| Omar Hayat | PSU | 173 | — | 7,735 |
| Clio Crespy | RSU | 20,638 | — | 922,725 |
| Chris Gould | PSU | 13,186 | — | 589,546 |
| Francisco Leon | PSU | 27,320 | — | 1,221,477 |
| Omar Hayat | PSU | 7,312 | — | 326,920 |
| Chris Gould | RSU | 7,147 | — | 319,542 |
| Francisco Leon | RSU | 25,801 | — | 1,153,563 |
| Francisco Leon | RSU | 84,710 | — | 3,787,384 |
| Michael Preston | RSU | 47,649 | — | 2,130,387 |
| Clio Crespy | RSU | 42,355 | — | 1,893,692 |
| Omar Hayat | RSU | 42,355 | — | 1,893,692 |
| Chris Gould | RSU | 26,472 | — | 1,183,563 |
| Clio Crespy | RSU | 26,383 | — | 1,179,584 |
| Michael Preston | RSU | 22,651 | — | 1,012,726 |
| Chris Gould | RSU | 20,638 | — | 922,725 |
| Omar Hayat | RSU | 19,295 | — | 862,679 |
| Francisco Leon | RSU | 14,807 | — | 662,021 |
| Michael Preston | PSU | 13,599 | — | 608,011 |
| Michael Preston | RSU | 12,648 | — | 565,492 |
| Chris Gould | RSU | 12,445 | — | 556,416 |
| Omar Hayat | RSU | 10,624 | — | 474,999 |
| Michael Preston | RSU | 7,370 | — | 329,513 |
| Omar Hayat | RSU | 3,963 | — | 177,186 |
| Omar Hayat | PSU | 1,744 | — | 77,974 |
| Omar Hayat | RSU | 945 | — | 42,251 |
The purpose of the executive compensation program is to attract, retain, motivate, and reward high-performing executives to maximize returns to stockholders. The program is designed to align executive and stockholder interests by providing a high percentage of pay based on performance, with a significant portion of compensation directly linked to the Company's performance through performance-based annual and long-term incentive awards.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Lyons Benenson & Company Inc. |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-04-30 | 68,885,474 | 12,331,300 | 219,359 | 84.82% | Passed |
| 2025 | 2025-05-02 | 83,816,614 | 309,387 | 152,305 | 99.63% | Passed |
| 2024 | 2024-05-03 | 59,337,433 | 2,919,166 | 181,387 | 95.31% | Passed |
| 2023 | 2023-04-28 | 62,001,685 | 254,522 | 6,980 | 99.59% | Passed |
| 2022 | 2022-05-04 | 63,395,528 | 4,615,526 | 7,246 | 93.21% | Passed |
| 2021 | 2021-05-12 | 45,126,809 | 20,671,054 | 1,042 | 68.58% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-04-30 | 84.82%a |
| 2025 | 2025-05-02 | 99.63%b |
| 2024 | 2024-05-03 | 95.31%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Voting standard not stated in the filing.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Tiffany (TJ) Thom CepakIndependent · Board Chair · Finance | $216,000 | $335,361 | — | — | $75,005 | $626,366 |
| Mark A. (Mac) McFarlandIndependent · Carbon TerraVault (Chair) | 151,500 | 206,382 | — | — | 96,140 | 454,022 |
| William B. RobyIndependent · Audit · Compensation · Governance · Sustainability (Chair) | 194,000 | 206,382 | — | — | 51,274 | 451,656 |
| James N. ChapmanIndependent · Compensation (Chair) · Finance (Chair) | 191,500 | 206,382 | — | — | 51,274 | 449,156 |
| Andrew B. BremnerIndependent · Compensation · Finance · Sustainability | 181,500 | 206,382 | — | — | 0 | 387,882 |
| Christian S. KendallIndependent · Audit · Governance (Chair) | 176,500 | 206,382 | — | — | 0 | 382,882 |
| Alejandra (Ale) VeltmannIndependent · Audit (Chair) · Governance | 167,000 | 206,382 | — | — | 0 | 373,382 |
| James R. JacksonIndependent · Sustainability | 141,000 | 206,382 | — | — | 0 | 347,382 |
| Bobby SaadatiIndependent · Not standing for re-election · Departed during FY | 70,500 | 206,382 | — | — | 0 | 276,882 |
| Francisco J. LeonEmployee director | — | — | — | — | — | 0 |
| Annual cash retainer | $125,000 |
|---|---|
| Annual equity retainer | $200,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 31,000 / 22,000 / 22,000 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $1,489,500 |
| Equity awards (grant-date value) | $1,986,417 |
| All other compensation | $273,693 |
| Total cost of the board | $3,749,610 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies California Resources names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including California Resources.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | EQT Corporation | 2025 | Toby Rice | $1 | $13,552,232 | $0 | $2,535,000 | $16,087,233 |
| 2 | Diamondback Energy, Inc. | 2025 | Kaes Van t Hof | 1,109,500 | 11,101,462 | 0 | 2,676,350 | 14,931,423 |
| 3 | Coterra Energy Inc. | 2024 | Thomas Jorden | 1,198,558 | 10,628,850 | 0 | 2,500,000 | 14,748,960 |
| 4 | Ovintiv Inc. | 2025 | Brendan McCracken | 1,185,000 | 9,900,005 | 0 | 2,136,750 | 13,693,140 |
| 5 | APA Corporation | 2025 | John Christmann IV | 1,300,000 | 6,018,436 | 1,897,996 | 3,454,360 | 13,202,517 |
| 6 | Marathon Oil Corporation | 2023 | Lee Tillman | 1,200,000 | 8,668,144 | — | 1,980,000 | 12,830,222 |
| 7 | California Resources | 2025 | Francisco Leon | 930,769 | 9,070,699 | 0 | 1,459,200 | 12,076,766 |
| 8 | Permian Resources Corporation | 2025 | James Walter | 0 | 11,432,842 | 0 | 0 | 11,432,842 |
| 9 | Matador Resources Company | 2025 | Joseph Foran | 1,800,000 | 4,222,400 | 0 | 3,726,000 | 9,775,611 |
| 10 | Chord Energy Corporation | 2025 | Daniel Brown | 850,000 | 6,362,910 | 0 | 1,275,000 | 8,567,235 |
| 11 | Range Resources Corporation | 2025 | Dennis Degner | 932,500 | 6,143,877 | 0 | 1,128,000 | 8,375,421 |
| 12 | Murphy Oil Corporation | 2025 | Eric Hambly | 950,000 | 4,917,315 | 0 | 1,324,063 | 7,651,445 |
| 13 | Antero Resources Corporation | 2025 | Michael Kennedy | 655,470 | 4,325,734 | 0 | 1,678,307 | 6,687,656 |
| — | Southwestern Energy Company | — | — | — | — | — | — | not in coverage universe |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| California Resources | not disclosed | PSU 60 · RSU 40 | not disclosed | Lyons Benenson & Company Inc. |
| Antero Resources Corporation | 157.2% | PSU 50 · RSU 50 | Yes — Absolute TSR | CBIZ Compensation Consulting |
| APA Corporation | 189.8% | PSU 60 · Options 20 · RSU 20 | Yes — Relative TSR | Pearl Meyer & Partners, LLC |
| Chord Energy Corporation | not disclosed | not disclosed | not disclosed | Meridian Compensation Partners, LLC |
| Coterra Energy Inc. | 174% | PSU 50 · RSU 50 | Yes — Relative TSR | Zayla Partners |
| Diamondback Energy, Inc. | 161% | PSU 60 · RSU 40 | Yes — Total Stockholder Return (relative to TSR performance peer group) | Meridian |
| EQT Corporation | 169% | PSU 60 · RSU 40 | No | Meridian Compensation Partners, LLC |
| Marathon Oil Corporation | not disclosed | RSU 40 · FCF PSU 30 · TSR PSU 30 | not disclosed | Meridian Compensation Partners LLC |
| Matador Resources Company | not disclosed | not disclosed | not disclosed | Meridian Compensation Partners, LLC |
| Murphy Oil Corporation | not disclosed | not disclosed | not disclosed | Meridian Compensation Partners LLC |
| Ovintiv Inc. | 140% | RSU 50 · PSU 50 | Yes — Relative TSR | FW Cook |
| Permian Resources Corporation | 150% | PSU 100 | Yes — Relative TSR | Meridian Compensation Partners, LLC |
| Range Resources Corporation | not disclosed | not disclosed | not disclosed | not disclosed |
| Southwestern Energy Company | not disclosed | not disclosed | not disclosed | not disclosed |
Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Francisco Leon | DEF 14A | 2026-03-18 | 0001193125-26-114093 | Section “Summary Compensation Table” · page 46. As printed: 12,076,766. Filing ↗ |
| 2 | Section 01, Clio Crespy | DEF 14A | 2026-03-18 | 0001193125-26-114093 | Section “Summary Compensation Table” · page 46. As printed: 7,217,640. Filing ↗ |
| 3 | Section 01, Michael Preston | DEF 14A | 2026-03-18 | 0001193125-26-114093 | Section “Summary Compensation Table” · page 46. As printed: 6,326,607. Filing ↗ |
| 4 | Section 01, Omar Hayat | DEF 14A | 2026-03-18 | 0001193125-26-114093 | Section “Summary Compensation Table” · page 46. As printed: 5,482,082. Filing ↗ |
| 5 | Section 01, Chris Gould | DEF 14A | 2026-03-18 | 0001193125-26-114093 | Section “Summary Compensation Table” · page 46. As printed: 4,966,994. Filing ↗ |
| 6 | Section 08, Tiffany (TJ) Thom Cepak | DEF 14A | 2026-03-18 | 0001193125-26-114093 | Section “Director Compensation”. As printed: 626,366. Filing ↗machine: span 2859335–2859561 |
| 7 | Section 08, Mark A. (Mac) McFarland | DEF 14A | 2026-03-18 | 0001193125-26-114093 | Section “Director Compensation”. As printed: 454,022. Filing ↗machine: span 2893676–2893902 |
| 8 | Section 08, William B. Roby | DEF 14A | 2026-03-18 | 0001193125-26-114093 | Section “Director Compensation”. As printed: 451,656. Filing ↗machine: span 2902257–2902483 |
| 9 | Section 08, James N. Chapman | DEF 14A | 2026-03-18 | 0001193125-26-114093 | Section “Director Compensation”. As printed: 449,156. Filing ↗machine: span 2867917–2868143 |
| 10 | Section 08, Andrew B. Bremner | DEF 14A | 2026-03-18 | 0001193125-26-114093 | Section “Director Compensation”. As printed: 387,882. Filing ↗machine: span 2850746–2850972 |
| 11 | Section 08, Christian S. Kendall | DEF 14A | 2026-03-18 | 0001193125-26-114093 | Section “Director Compensation”. As printed: 382,882. Filing ↗machine: span 2885087–2885313 |
| 12 | Section 08, Alejandra (Ale) Veltmann | DEF 14A | 2026-03-18 | 0001193125-26-114093 | Section “Director Compensation”. As printed: 373,382. Filing ↗machine: span 2919431–2919657 |
| 13 | Section 08, James R. Jackson | DEF 14A | 2026-03-18 | 0001193125-26-114093 | Section “Director Compensation”. As printed: 347,382. Filing ↗machine: span 2876500–2876726 |
| 14 | Section 08, Bobby Saadati | DEF 14A | 2026-03-18 | 0001193125-26-114093 | Section “Director Compensation”. As printed: 276,882. Filing ↗machine: span 2910840–2911066 |
| 15 | Section 08, Francisco J. Leon | DEF 14A | 2026-03-18 | 0001193125-26-114093 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 16 | Section 06, 2026 vote | Form 8-K | 2026-05-05 | 0001609253-26-000102 | Item 5.07 · say-on-pay result. As reported: 84.82% (votes for as printed: 68,885,474). Filing ↗ |
| 17 | Section 06, 2025 vote | Form 8-K | 2025-05-06 | 0001609253-25-000034 | Item 5.07 · say-on-pay result. As reported: 99.63% (votes for as printed: 83,816,614). Filing ↗ |
| 18 | Section 06, 2024 vote | Form 8-K | 2024-05-07 | 0001609253-24-000059 | Item 5.07 · say-on-pay result. As reported: 95.31% (votes for as printed: 59,337,433). Filing ↗ |
| 19 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 20 | Section 09b board cost (computed) | Computed | — | — | Cash 1,489,500 + equity 1,986,417 + all other 273,693 = 3,749,610, summed across the director compensation table rows.machine: formula: Σ = 3,749,610 |
| 21 | EQT Corporation, Section 10b CEO total | DEF 14A | 2026-02-26 | 0001104659-26-020027 | CEO total compensation as printed in EQT Corporation's own proxy. As printed: 16,087,233. Filing ↗machine: r1 · c48 · span 1446364–1446374 |
| 22 | Diamondback Energy, Inc., Section 10b CEO total | DEF 14A | 2026-04-09 | 0001308179-26-000242 | CEO total compensation as printed in Diamondback Energy, Inc.'s own proxy. As printed: 14,931,423. Filing ↗ |
| 23 | Coterra Energy Inc., Section 10b CEO total | DEF 14A | 2025-03-20 | 0001104659-25-026126 | CEO total compensation as printed in Coterra Energy Inc.'s own proxy. As printed: 14,748,960. Filing ↗machine: t61 · r1 · c63 · span 936374–936384 |
| 24 | Ovintiv Inc., Section 10b CEO total | DEF 14A | 2026-03-25 | 0001193125-26-124351 | CEO total compensation as printed in Ovintiv Inc.'s own proxy. As printed: 13,693,140. Filing ↗machine: r3 · c31 · span 1274573–1274583 |
| 25 | APA Corporation, Section 10b CEO total | DEF 14A | 2026-04-09 | 0001193125-26-149453 | CEO total compensation as printed in APA Corporation's own proxy. As printed: 13,202,517. Filing ↗machine: t67 · r2 · c24 · span 1213765–1213775 |
| 26 | Marathon Oil Corporation, Section 10b CEO total | DEF 14A | 2024-04-10 | 0000101778-24-000082 | CEO total compensation as printed in Marathon Oil Corporation's own proxy. As printed: 12,830,222. Filing ↗ |
| 27 | California Resources (subject), Section 10b CEO total | DEF 14A | 2026-03-18 | 0001193125-26-114093 | CEO total compensation as printed in California Resources's own proxy. As printed: 12,076,766. Filing ↗ |
| 28 | Permian Resources Corporation, Section 10b CEO total | DEF 14A | 2026-04-06 | 0001658566-26-000062 | CEO total compensation as printed in Permian Resources Corporation's own proxy. As printed: 11,432,842. Filing ↗machine: t148 · r5 · c4 · span 957173–957183 |
| 29 | Matador Resources Company, Section 10b CEO total | DEF 14A | 2026-04-29 | 0001520006-26-000013 | CEO total compensation as printed in Matador Resources Company's own proxy. As printed: 9,775,611. Filing ↗machine: r2 · c6 · span 1657541–1657551 |
| 30 | Chord Energy Corporation, Section 10b CEO total | DEF 14A | 2026-03-19 | 0001486159-26-000010 | CEO total compensation as printed in Chord Energy Corporation's own proxy. As printed: 8,567,235. Filing ↗machine: span 1305435–1305444 |
| 31 | Range Resources Corporation, Section 10b CEO total | DEF 14A | 2026-03-31 | 0001193125-26-134699 | CEO total compensation as printed in Range Resources Corporation's own proxy. As printed: 8,375,421. Filing ↗machine: span 2305762–2305771 |
| 32 | Murphy Oil Corporation, Section 10b CEO total | DEF 14A | 2026-03-27 | 0001193125-26-127236 | CEO total compensation as printed in Murphy Oil Corporation's own proxy. As printed: 7,651,445. Filing ↗machine: r6 · c39 · span 786403–786412 |
| 33 | Antero Resources Corporation, Section 10b CEO total | DEF 14A | 2026-04-23 | 0001308179-26-000330 | CEO total compensation as printed in Antero Resources Corporation's own proxy. As printed: 6,687,656. Filing ↗machine: t260 · r1 · c27 · span 557200–557209 |
| 34 | Section 10a, EQT Corporation reciprocity | DEF 14A | — | 0001104659-26-020027 | EQT Corporation's most recent proxy was read; its disclosed peer group does not include California Resources. Filing ↗ |
| 35 | Section 10a, Chord Energy Corporation reciprocity | DEF 14A | — | 0001486159-26-000010 | Chord Energy Corporation's most recent proxy was read; its disclosed peer group does not include California Resources. Filing ↗ |
| 36 | Section 10a, APA Corporation reciprocity | DEF 14A | — | 0001193125-26-149453 | APA Corporation's most recent proxy was read; its disclosed peer group does not include California Resources. Filing ↗ |
| 37 | Section 10a, Permian Resources Corporation reciprocity | DEF 14A | — | 0001658566-26-000062 | Permian Resources Corporation's most recent proxy was read; its disclosed peer group does not include California Resources. Filing ↗ |
| 38 | Section 10a, Antero Resources Corporation reciprocity | DEF 14A | — | 0001308179-26-000330 | Antero Resources Corporation's most recent proxy was read; its disclosed peer group does not include California Resources. Filing ↗ |
| 39 | Section 10a, Range Resources Corporation reciprocity | DEF 14A | — | 0001193125-26-134699 | Range Resources Corporation's most recent proxy was read; its disclosed peer group does not include California Resources. Filing ↗ |
| 40 | Section 10a, Coterra Energy Inc. reciprocity | DEF 14A | — | 0001104659-25-026126 | Coterra Energy Inc.'s most recent proxy was read; its disclosed peer group does not include California Resources. Filing ↗ |
| 41 | Section 10a, Diamondback Energy, Inc. reciprocity | DEF 14A | — | 0001308179-26-000242 | Diamondback Energy, Inc.'s most recent proxy was read; its disclosed peer group does not include California Resources. Filing ↗ |
| 42 | Section 10a, Murphy Oil Corporation reciprocity | DEF 14A | — | 0001193125-26-127236 | Murphy Oil Corporation's most recent proxy was read; its disclosed peer group does not include California Resources. Filing ↗ |
| 43 | Section 10a, Marathon Oil Corporation reciprocity | DEF 14A | — | 0000101778-24-000082 | Marathon Oil Corporation's most recent proxy was read; its disclosed peer group does not include California Resources. Filing ↗ |
| 44 | Section 10a, Ovintiv Inc. reciprocity | DEF 14A | — | 0001193125-26-124351 | Ovintiv Inc.'s most recent proxy was read; its disclosed peer group does not include California Resources. Filing ↗ |
| 45 | Section 10a, Matador Resources Company reciprocity | DEF 14A | — | 0001520006-26-000013 | Matador Resources Company's most recent proxy was read; its disclosed peer group does not include California Resources. Filing ↗ |
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