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) 9.6 Bn Total Proved PV-10(1) Cash Flow Rockies 45%…
2022 Recap: Executing Our Consistent Strategy Substantial Large, Low Decline Cash Flow Generation Base Production 1,217 MM Adj. EBITDAX(1) 138 Mboe/d Production 484 MM Levered FCF(1) 58% Liquids Attractive Premier Return of…
2022 Recap: Executing Our Consistent Strategy (Contd) Scaling the Strong year-over-year growth in production, cash flow and reserves Business 9.6 BN of SEC PV-10(1) value 1 BN of M&A transactions executed in the last 18 months…
2023 Outlook: Committed to Long Term Value Creation Maintenance Program; Capex Down YoY (at the Midpoint) 2023 Guidance 2023 Capital Expenditures (70 / Bbl WTI and 3.50 / MMbtu Henry Hub) Other (4) Non-Op D&C 5% Capital Full Year…
Consistent Strategy Execution Over Last Decade Current Past Decade (Average)(1) Commodity Prices Commodity Prices 80.16 / 3.52 58.37 / 3.27 Leverage Leverage Strong Balance 1.0x 1.2x 1 Sheet (Long Term Target 1.0x) Decline…
Capital Allocation Priorities Priority 1A Financial Strength 1.0x Net LTM Leverage(1) Priority 1B Returning Capital to Shareholders 10% of Adjusted EBITDAX(2) Returns-Driven Investing: A B Priority 2 Target 2.0x…
Balance Sheet: Financial Strength and Flexibility Targeting Investment Grade Capitalization (12/31/22) Balance Sheet Metrics ( in MM, unless noted) Actual Pro Forma (MM) 12/31/2022 400 MM HY Large, low decline resource base with…
No Near-Term Debt Maturities Maturity Profile (MM) 2,000 Borrowing Base 1,300 Elected Commitments 700 400 168 2023 2024 2025 2026 2027 2028 7.25% Senior Notes RBL Borrowings 9.25% Senior Notes CRESCENT ENERGY Note: As…
Cash Returns to Shareholders: Leading Track Record Dividend Yield Comparison(5) Return of Capital Strategy 14.2% Distributes 10% of Adj. EBITDAX(1) Consecutive 12.2% Adj. EBITDAX-based(1) strategy 10 years reduces variability vs.…
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…
Growth Through Accretive Acquisitions Opportunistic & Value- Consistent Strategy Since 2011(1) Oriented Acquisition Crescent Acquisitions Strategy 6 Target cash-generative Average of 4 assets in proven U.S. transactions per 4…
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
YE22 Proved Reserves Up 8% YoY 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) NYMEX(1)(3) Proved Developed 160…
2023 Eagle Ford Development Plan Asset Detail 1 operated rig focused on Lower Eagle Ford Operated Eagle Non-Op Eagle Ford Ford Net Acres 82,000 40,000 Atascosa and Dimmit, Webb Counties Frio and La Salle % HBP 80% 80%…
2023 Uinta Development Plan Asset Detail 1 operated rig focused on Uteland Butte and Wasatch Operated Uinta Net Acres 145,000 Counties Duchesne and Uintah % HBP 85% Operated Rigs 1 Inventory(1) 135 gross / 110 net…
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…
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 Up-C Public Company (PubCo)…
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 2/27/23) KKR & Co. KKR & Co. 16% 16%…
Hedge Position: Gas Q1'23 Q2'23 Q3'23 Q4'23 FY 2023 FY 2024 NYMEX Henry Hub (MMBtu, /MMBtu) Swaps Total Volumes 17,738,556 15,913,870 14,690,735 13,904,668 62,247,829 9,604,100 Total Daily Volumes 197,095 174,878 159,682 151,138…
Per Unit Performance Year ended For the three months ended December 31, 2022 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 Average daily net sales volumes: Oil (MBbls/d) 60 63 69 64 44 Natural gas (MMcf/d) 352…
Adjusted EBITDAX & Levered Free Cash Flow Adjusted EBITDAX & Levered Free Cash Flow We define Adjusted EBITDAX as net income (loss) before interest expense, realized (gain) loss on interest rate derivatives, inco me tax expense,…
Adjusted EBITDAX & Levered Free Cash Flow (Contd) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 (in thousands) Net income (loss) 49,360 168,945 480,600 (432,227) Adjustments to reconcile to Adjusted…
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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