FINANCIAL HIGHLIGHTS

• Adjusted funds flow totaled $524.9 million during first quarter 2023, or $0.95 per share diluted, driven by a strong operating netback of $44.77 per boe.
• For the quarter ended March 31, 2023, development capital expenditures, which included drilling and development, facilities and seismic costs, totaled $314.2 million.
• Crescent Point's net debt as at March 31, 2023 totaled approximately $1.4 billion, or 0.6 times adjusted funds flow. Subsequent to the quarter, the Company closed its previously announced acquisition of Alberta Montney assets on May 10, 2023, which included a net cash payment of approximately $1.7 billion funded through its existing credit facilities. At closing of the acquisition, Crescent Point's net debt totaled approximately $3.0 billion, or 1.3 times adjusted funds flow, with approximately $850 million of unutilized credit capacity.
• As part of its risk management program, Crescent Point has hedged approximately 30 percent of its oil and liquids production for second and third quarter 2023, net of royalty interest, and approximately 10 percent in fourth quarter. The Company has also hedged a portion of its natural gas production, with hedges extending into 2024. Crescent Point will continue to layer on additional protection in the context of market conditions.
• The Company reported net income of $216.7 million, or $0.39 per share diluted, for the quarter ended March 31, 2023.

RETURN OF CAPITAL HIGHLIGHTS

• Crescent Point's total return of capital to shareholders in first quarter 2023, including the base dividend, was $103.2 million, or over 60 percent of its excess cash flow. This included the repurchase of 5.1 million shares for $48.5 million, which equated to 50 percent of Crescent Point's discretionary excess cash flow.
• Since the end of first quarter, the Company has repurchased an additional 5.4 million shares for $55.1 million for a total of 10.5 million shares year-to-date. The Company has approval to repurchase, for cancellation, up to 54.6 million shares, or 10 percent of its public float, under its normal course issuer bid ("NCIB") which expires on March 8, 2024.
• Subsequent to the quarter, Crescent Point's Board of Directors declared a quarterly cash base dividend of $0.10 per share payable on July 4, 2023, to shareholders of record on June 15, 2023.

OPERATIONAL HIGHLIGHTS

• Average production during first quarter 2023 was 139,280 boe/d, comprised of approximately 80 percent oil and liquids.
• On May 10, 2023, the Company successfully closed the previously announced strategic acquisition of oil and liquids-rich Montney assets in Alberta from Spartan Delta Corp. ("Spartan"). This acquisition was immediately accretive to the Company's adjusted funds flow and excess cash flow per share by 20 percent, further enhancing its overall return of capital profile. These Montney assets are strategically situated in the volatile oil fairway and provide over 20 years of premium drilling locations in the play with full-cycle returns that rank in the top quartile within Crescent Point's portfolio.
• In late first quarter 2023, Spartan brought on stream a single well in the Gold Creek West area of the Alberta Montney play, which achieved an average 30-day initial production ("IP30") rate of approximately 1,900 boe/d (87% light crude oil, 2% NGLs and 11% shale gas). This well is currently exceeding booked type well expectations in the area and is expected to payout in less than six months from the initial on-stream date at current commodity prices. Crescent Point plans to drill approximately 15 wells in the Alberta Montney through the remainder of 2023. The Company will seek to optimize efficiencies in the play by leveraging its expertise in multi-well pad development and knowledge transfer across its asset base.
• In the Kaybob Duvernay, Crescent Point continues its track record of operational execution, delivering strong full-cycle returns that also rank top quartile within its asset portfolio. The Company recently brought on-stream its seventh fully operated multi-well pad, which generated an average IP30 rate of over 1,000 boe/d per well (73% condensate, 8% NGLs and 19% shale gas). This pad is currently exceeding booked type well expectations in the area. Crescent Point plans to add a second rig in the Kaybob Duvernay in fourth quarter 2023 to further accelerate the development of its high-return inventory in the play.
• In late first quarter 2023, Crescent Point hosted a Kaybob Duvernay Analyst Teach-In where the Company highlighted the quality of the asset and the technical evolution of the play alongside Crescent Point's disciplined strategy and operational execution to date. Further information, including a recording of the Analyst Teach-in presentation, can be found on Crescent Point's website.
• As part of its commitment to strong environmental, social and governance ("ESG") practices, the Company expects to release its fifth annual sustainability report in mid-2023 which will include progress updates on greenhouse gas emissions, water management, asset retirement, safety performance and Indigenous engagement. Crescent Point remains on track to meet or exceed its environmental targets, including reducing its Scope 1 and 2 emissions intensity, surface freshwater use and inactive well inventory.