A Differentiated U.S. Energy Company Acquisition Strategy that Combines an Investor Mindset and Deep Operational Expertise CRGY at a Glance 8.3 Bn Proved Developed PV-10(1) Cash Flow Rockies 11.1 Bn Total Proved PV-10(1)…
Executing On Our Consistent Strategy Beat Q223 Estimates Outperformed on all key financial metrics Raised FY23 Guidance Increased FY23 production & cash flow Strong Operational Execution Operational efficiencies…
Executing On Our Consistent Strategy (Contd) Substantial Large, Low Decline Cash Flow Generation Base Production 225 MM Adj. EBITDAX(1) 139 Mboe/d Production 46 MM Levered FCF(1) 46% oil / 60% liquids Attractive Premier…
Raising Guidance to Reflect Strong Operations Strong Operational Results Drive Higher Full Year Production Guidance and Improved Capital Efficiency Updated 2023 Outlook Initial(1) Updated Full Year FY 2023 FY 2023 Change Total…
Operational Execution Resulting in Significant Cost Savings Continued Execution on Efficiencies Offsetting D&C Efficiencies Inflation and Enhancing Margins Improved cycle times; 20% reduction in drilling days Optimized…
Closed on Accretive Western Eagle Ford Acquisition Eagle Ford Footprint Closed acquisition on July 3 Seamlessly integrating acquisition into existing capital program CRGY Central (Op) CRGY Western (Op) CRGY (Non-Op)…
Significant Capital Markets Progress Priority 1 Increase Float & Liquidity Increased public float from 25% to 45% in the last 18 months Priority 2 Increase Research Coverage Added 7 publishing analysts with path to…
Class B Share Conversion Increases Public Float to 45% Crescent Energy % Ownership Increased public float to Public Shareholders KKR Private Investors 45% of shares outstanding, a 57% 100% increase(1) 39% 75% 60% 55%…
Balance Sheet: Financial Strength and Flexibility Recently Achieved Two BB- Unsecured Notes Ratings; Added to BB HY Index Targeting Investment Grade Capitalization as of 6/30/23 Balance Sheet Metrics ( in MM, unless noted) (MM)…
Cash Returns to Shareholders: Leading Track Record Dividend Yield Comparison(5) Return of Capital Strategy Distributes 10% of Adj. EBITDAX(1) at Guidance Pricing Consecutive Adj. EBITDAX-based(1) strategy 10 years 9.2% of…
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
Strong Well Performance and Capital Efficiencies Lead to Enhanced Full Year Guidance Updated 2023 Guidance Initial Western Eagle Ford Updated 2023 Guidance Acquisition (2H23) 2023 Guidance Budget Pricing (Oil / Natural Gas) 70 /…
Consistent Strategy Execution Over Last Decade Current Past Decade (Average)(1) Commodity Prices Commodity Prices 81.37 / 2.56 64.67 / 3.37 Leverage(2) Leverage Strong Balance 1.1x 1.2x 1 Sheet (Long Term Target 1.0x) Decline…
Capital Allocation Priorities Priority 1A Financial Strength Target 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…
Track Record of Growth Through Accretive Acquisitions Consistent Strategy Since 2011(1) Crescent Opportunistic & Value- Acquisitions 6 Oriented Acquisition Strategy Disciplined, opportunistic acquisition history Target…
Scaled, Low Decline Assets Drive Sustainable FCF First Year PDP Decline vs. Peers(1) Cash Flow Stability 40% Through: 35% 35% 34% 34% 31% 30% 30% Low decline PDP base, Peer Average: 29% 24% which drives low…
Significant 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 Other…
Eagle Ford Asset Overview: Large Acreage Position Across Oil / Condensate Window Asset Detail Operated Central Western Non-Op Net Acres 82,000 105,000 33,000 Atascosa and Dimmit, Webb Zavala, Frio, Counties Frio and La Salle…
Uinta Asset Overview: Proven Oil Resource with Multi-Year Development Inventory Asset Detail Operated Uinta Net Acres 145,000 Counties Duchesne and Uintah % HBP 85% Current 1 Operated Rigs Inventory(1) 135 gross / 110…
Conventional Asset Base Provides Cash Flow Stability with CO2 / CCUS-Related Upside Crescent Rockies Footprint Low decline EOR production base provides stable cash flow stream that Crescent CO2 Pipelines CO2 Pipelines Owned by…
Minerals Footprint Provides High Margin Cash Flow Appalachia DJ Basin Eagle Ford Asset Highlights Key Metrics High margin asset generating meaningful free cash flow Statistic Organic growth with no capital costs or…
Benefits From Our Low-Risk, Sustainable Asset Base Low Decline Asset Base Balanced Exposure(1) Commodity Region Decline…
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 Q3'23 Q4'23 2H 2023 FY 2024 NYMEX Henry Hub (MMBtu, /MMBtu) Swaps Total Volumes 14,690,735 13,904,668 28,595,403 9,604,100 Total Daily Volumes 159,682 151,138 155,410 26,241 WA Swap Price 2.90 2.92 2.91 4.14…
Per Unit Performance For the three months ended June 30, 2023 June 30, 2022 March 31, 2023 Average daily net sales volumes: Oil (MBbls/d) 64 64 59 Natural gas (MMcf/d) 335 356 351 NGLs (MBbls/d) 19 20 19 Total (MBoe/d) 139 142…
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 June 30, 2023 June 30, 2022 (in thousands) Net income (loss) 57,474 281,898 Adjustments to reconcile to Adjusted EBITDAX: Interest expense 31,128…
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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