A Differentiated U.S. Energy Company Acquire + Exploit Strategy that Combines an Investor Mindset and Deep Operational Expertise CRGY at a Glance 7.1 Bn Proved Developed PV-10(1) Cash Flow Rockies 9.6 Bn Total Proved PV-10(1)…
Q1 23 Recap: Executing On Our Consistent Strategy Substantial Large, Low Decline Cash Flow Generation Base Production 232 MM Adj. EBITDAX(1) 137 Mboe/d Production 928 MM Annualized Adj. EBITDAX(1)(2) 57% liquids Attractive…
Q123 Recap: Executing On Our Consistent Strategy (Contd) Produced 137 MBoe/d (57% liquids) Strong Q1 Generated 232 MM of Adjusted EBITDAX(1) 2023 Performance Operated one rig in the Eagle Ford and one rig in the Uinta; brought online…
Consistent Strategy Execution Over Last Decade Current Past Decade (Average)(1) Commodity Prices Commodity Prices 79.31 / 2.32 59.58 / 3.28 Leverage Leverage Strong Balance 1.0x 1.2x 1 Sheet (Long Term Target 1.0x) Decline…
Opportunistic Acquisition with Significant Upside Western Eagle Ford Acquisition Highlights Consistent Strategy Since 2011(1) Crescent Attractive purchase price, Acquisitions 6 immediately accretive to financial metrics…
Acquired High-Quality Inventory with Strong Recent Performance The Lower Eagle Ford Across the Acquired Assets is Some of the Highest Quality in the Basin, Driven by Exceptional Thickness and Pressure Asset Well Performance Over Time…
Expands Crescents Proven Inventory and Resource Potential High Quality, Deep Inventory (Gross Operated Locations) 15 Year Unrisked Inventory 8 - 10 Year 1,200 Low Risk Inventory (at Maintenance Activity) 625 Other Eagle…
Efficiencies Offsetting Inflation, Enhancing Margins EGF: Lateral Length vs. Peers (ft)(1) Eagle Ford 12,000 2022-23 Program Average 10,000 Longer laterals increase 8,000 margins and improve well 6,000 productivity 4,000…
Capital Allocation Priorities Priority 1A Financial Strength Max 1.5x leverage in an acquisition scenario Target 1.0x long-term leverage(1) Priority 1B Returning Capital to Shareholders Base Dividend: 10% of EBITDA 0.12…
Balance Sheet: Financial Strength and Flexibility Targeting Investment Grade Capitalization as of 3/31/23 Balance Sheet Metrics ( in MM, unless noted) (MM) 3/31/2023 Cash & Cash Equivalents 3 Large, low decline resource base with…
No Near-Term Debt Maturities Maturity Profile (MM) 1,300 Elected Commitments 700 400 164 2023 2024 2025 2026 2027 2028 7.25% Senior Notes RBL Borrowings 9.25% Senior Notes CRESCENT ENERGY Note: As of 3/31/23. Does…
Cash Returns to Shareholders: Leading Track Record Dividend Yield Comparison(5) Return of Capital Strategy Distributes 10% of Adj. EBITDAX(1) 12.4% at Guidance Pricing Consecutive 10 years Adj. EBITDAX-based(1) strategy of…
Scaled, Low Decline Assets Drive Sustainable FCF First Year PDP Decline vs. Peers(1) Cash Flow Stability 44% Through: 40% Mesquite transaction improves Crescents decline rate to 21% 34% 34% 34% 32% 32% 31% Low…
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
Acquisition Enhances Eagle Ford Scale and Operational Control Crescent is a Long-Standing Operator in the Eagle Ford with a Proven Ability to Scale and Capture Operational Upside Eagle Ford Key Metrics Gains Operatorship and Adds…
Pro Forma Eagle Ford Asset Overview Asset Detail Operated Central Western Non-Op (Palo Verde) (Mesquite) Net Acres 82,000 105,000 33,000 Atascosa and Dimmit, Webb Zavala, Frio, Counties Frio and La Salle Atascosa, Webb %…
Uinta Asset Overview Asset Detail Operated Uinta Net Acres 145,000 Counties Duchesne and Uintah % HBP 85% Current 1 Operated Rigs Inventory(1) 135 gross / 110 net MOIC(2) 2.0x % Oil 65% Avg. WI / NRI 85% / 70%…
Benefits From Our Low-Risk, Sustainable Asset Base Low Decline Asset Base Diversification(1) Commodity Region Other Decline rate: 10% 10% Stable production and cash flow Gas Oil 42% 45% Texas 45% Rockies Late Cycle 45%…
YE22 Proved Reserves (Excludes Western Eagle Ford Bolt-On) 56% Liquids and 80% Proved Developed YE22 Proved Reserves Summary PV-10 (MM) PV-10 (MM) Reserve Category Oil (MMBbl) Gas (Bcf) NGL (MMBbl) Total (MMBoe) SEC(1)(2)…
Minerals Portfolio Provides Upside High margin and free cash DJ Basin (13K NRAs) Minerals Overview Marcellus flow generation with no (27K NRAs) ongoing capital requirement 72,000 NRAs in high quality basins(1) Exposure to…
Strong Equity Support from Large Existing Shareholders KKR and John Goff are stated long-term holders of the stock 22% Combined Ownership CRGY Ownership CRGY Ownership (as of 7/31/22) (as of 3/31/23) KKR & Co. KKR & Co. 16% 16%…
Our Up-C Organizational Structure Up-C Investors and Crescent Energy Company (PubCo) hold units Up-C (OpCo Units) in an operating Investors Public Stockholders company (OpCo) that is treated as (Legacy Investors) a partnership…
Hedge Position: Gas Q2'23 Q3'23 Q4'23 Q2-Q4 2023 FY 2024 NYMEX Henry Hub (MMBtu, /MMBtu) Swaps Total Volumes 15,913,870 14,690,735 13,904,668 44,509,273 9,604,100 Total Daily Volumes 174,878 159,682 151,138 161,852 26,241 WA Swap…
Per Unit Performance For the three months ended March 31, 2023 March 31, 2022 December 31, 2022 Average daily net sales volumes: Oil (MBbls/d) 59 44 63 Natural gas (MMcf/d) 351 333 352 NGLs (MBbls/d) 19 20 18 Total (MBoe/d) 137…
Adjusted EBITDAX & Levered Free Cash Flow Adjusted EBITDAX & Levered Free Cash Flow Crescent defines Adjusted EBITDAX as net income (loss) before interest expense, realized (gain) loss on interest rate derivatives, income tax expense…
Adjusted EBITDAX & Levered Free Cash Flow (Contd) For the three months ended March 31, 2023 March 31, 2022 (in thousands) Net income (loss) 255,611 (406,007) Adjustments to reconcile to Adjusted EBITDAX: Interest expense 29,320…
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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