Crescent Energy: A Differentiated U.S. Energy Company Well-Capitalized Energy Company with an Investor Mindset and Commitment to Sustainable Value Creation Substantial Cash Flow Disciplined Investment and Focused on Returning…
Proven Strategy of Execution Attractive Risk-Adjusted Returns and Predictable Cash Flow Through Cycles Strategy combines investor mindset with operational expertise Capital discipline and a focus on free cash generation…
Crescent Business Model: Sustainable Through Cycles We Have Maintained Consistent Financial Discipline Over the Past Decade (/Bbl) (/MMBtu) Post 2014 Today (1) (2) Industry Average Crescent Energy Crescent Energy Net LTM Leverage…
Our First 9 Months as a Public Company Strong Execution Advances Top Priorities Creating shareholder value through quarterly dividend and accretive M&A Sustainable Executed 3 transactions since the CRGY / Contango merger Value…
Disciplined Approach to Generating Free Cash Flow Predictable Free Cash Flow, Supported by Financial Discipline and Growth Through Returns-Driven Investing 10% of Targeting 1.0x Leverage Focused on Value Creation Adj.…
Scaled, Low-Decline Assets Drive Sustainable FCF First Year PDP Decline vs. Peers(1) 42% 37% 36% 35% 35% Cash Flow Stability 34% 32% Through: 27% 23% 22% 22% Low-decline PDP base 19% 16% Flexible,…
Proven Consolidator Delivering Accretive Deals with Upside Uniquely Positioned to Capitalize on Market Opportunities Focused on Accretive Crescent Consistent Strategy Actively Pursuing Acquisition Strategy Since 2011 Acquisitions…
Reliable Dividend Fixed within a Framework Adj. EBITDAX-Based Dividend Framework Designed to Deliver Reliable Return of Capital to Our Shareholders(1) 2022 Quarterly Dividend ( / Share) Dividend Framework Distributes 10% of Adjusted…
Commitment to Financial Strength and Flexibility Low Leverage Strategy with 1.0x Long-Term Target Capitalization Table as of 9/30 Targeting Investment Grade Balance ( in MM, unless noted) Sheet Metrics 9/30/2022 Cash & Cash…
Prioritizing Debt Repayment and Maturities Total Debt Outstanding & Net LTM Leverage(1) (MM) Focused on Absolute Debt 1.3x Repayment 1.2x 1.0x Long-term leverage target Paid down 256 MM of 1,641 1,529 1,385 RBL debt since 3/31…
Operated Eagle Ford Development Eagle Ford Asset Map Eagle Ford Update Running 1 operated rig on the asset today Represents 40% of 2022 capital program Estimated FY 2022 Activity 28 - 30 gross wells spud (27 - 29 net) 23 - 25…
Operated Uinta Development Uinta Asset Map Uinta Update Running 1 operated rig on the asset today Represents 40% of total 2022 capital program Estimated Full Year 2022 Activity 33 - 36 gross wells spud (32 - 34 net) 37 -…
Crescents Publicly Stated ESG Targets Crescent Energys Mission is to Invest in Energy Assets and Deliver Better Returns, Operations and Stewardship Listen and respond Aspire to be a Manage and to community and Develop a diverse…
Meaningful ESG Progress Since Going Public Published ESG reports in December 2021 and September 2022 (2020 and 2021); aligned with SASB and TCFD frameworks Transparency & Established an ESG Advisory Council for third-party expertise…
Reducing Our Emissions Impact Reduce absolute Scope 1 Maintain methane Joined the leading GHG Emissions emissions at current emissions intensity standard for reporting methane emissions Reduction operations by Targets 50% by…
Appendix CRESCENT ENERGY
Successful First Follow-On Offering: In-Line with Stated Capital Markets Objectives First Marketed Upstream Offering of the Year Transaction Overview: On September 13, 2022, Crescent completed a 100% secondary public offering of 5.75…
KKR & Co. and John Goff Retained Existing Stakes Well Managed, Pro-Rata Sell Down of Legacy Private Investors CRGY Ownership (as of 7/31) CRGY Ownership (Current) KKR & Co. KKR & Co. 16% 16% John Goff John Goff 6% 6% 169.5 MM…
Flexible & Returns-Driven Organic Growth Potential Balanced Portfolio of Attractive, Low-Risk Reinvestment Opportunities in Key Proven Basins Across The Lower 48 Extensive low-risk capital opportunity Attractive & competitive…
Our Up-C Organizational Structure The Diagram Below Depicts Our Organizational Structure Immediately Following the Closing of the Merger with Contango Oil & Gas Company Up-C Investors and Crescent Energy Company (PubCo) hold units…
Crescent Energy Reserves Summary Year-End Proved Reserves of 598 MMBoe at SEC Pricing Comprised of 55% Liquids and 83% Proved Developed PV-10 (MM) PV-10 (MM) Reserve Category Oil (MMBbl) Gas (Bcf) NGL (MMBbl) Total (MMBoe) SEC(1)(2)…
Reaffirms Full Year 2022 Production, Capex, Adj. EBITDAX and LFCF Guidance Full Year 2022 Guidance Remains Consistent(1), Adjusted for Asset Divestitures FY 2022 Guidance Assumptions 2022 Guidance Based on 100 / Bbl WTI and (100 /…
G&A Costs In-Line with Peers Crescent Energy Has Access to KKRs Global Platform and Maintains Attractive G&A Metrics Relative to Peers Pursuant to a management agreement, an affiliate of KKR provides Crescent with its executive…
Summary Hedge Position as of 9/30/22 60% Hedged in 2022 at the Midpoint of the Production Guidance Range WTI Oil Brent Oil Natural Gas NGLs Swaps: Hedged Weighted Hedged Weighted Hedged Weighted Hedged Weighted Volume Average Price…
Adjusted EBITDAX & Levered Free Cash Flow Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (in thousands) Net income (loss) 555,349 (162,043) 431,240 (601,172) Adjustments to reconcile to Adjusted…
Unhedged Adjusted EBITDAX Unhedged Adjusted EBITDAX Crescent defines Unhedged Adjusted EBITDAX as Adjusted EBITDAX plus realized (gain) loss on commodity derivatives. Management believes Unhedged Adjusted EBITDAX is a useful…
Net LTM Leverage & PV-10 Reconciliation Net LTM Leverage Crescent defines Net LTM Leverage as the ratio of consolidated total debt to consolidated Adjusted EBITDAX as calculated under the credit agreement (the Credit Agreement)…
Adjusted Recurring Cash G&A Adjusted Recurring Cash G&A Crescent defines Adjusted Recurring Cash G&A as General and Administrative Expense, excluding non-cash equity-based compensation and transaction and nonrecurring expenses, and…
Stay Connected. Emily Newport IRcrescentenergyco.com 600 Travis Street Suite 7200 Houston, Texas 77002 + 1 (713) 332-7001 www.crescentenergyco.com
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