A Differentiated U.S. Energy Company Disciplined Growth Strategy that Combines an Investor Mindset and Deep Operational Expertise CRGY at a Glance Cash Flow 5.0 Bn Proved Developed PV-10(1) 6.4 Bn Total Proved PV-10(1) Substantial…
Record Quarterly Performance Strong Operational Efficiencies driving lower costs & higher Execution production Closed Accretive Acquisitions Completed 850 MM of Eagle Ford transactions Successful Integration Completed…
Executing On Our Consistent Strategy Substantial Large, Low Decline Cash Flow Generation Base Production 290 MM Adj. EBITDAX(1) 157 Mboe/d Production 160 MM Levered FCF(1) 46% Oil / 62% Liquids Attractive Balance Sheet Return…
Strong Operational Execution: Doing More with Less Higher Full Year Production and Cash Flow for Less Capital Spend (Mboe/d) 2023 Production Outlook Production Outperformance: 146 - 151 Solid Eagle Ford and Uinta well 130 -…
Efficiencies Offsetting Inflation and Enhancing Margins Improved Drilling and Completion Efficiencies Reducing Well Costs and Increasing Returns Drilling 1,750 Speed +10% 1,575 (ft/day) 2022 Current Completion 80,000…
Closed on Accretive Western Eagle Ford Acquisitions Proven Ability to Scale and Capture Operational Upside at Attractive Value Eagle Ford Footprint Closed Acquisitions July 3 & October 2 Acquired Assets at Discount to PD…
Successful Integration of Western Eagle Ford Assets Immediate Operational Improvements on Acquired Assets CRGY D&C Execution(1) (Acquired Asset Savings) (MM per well) Completed Integration Ahead of Schedule Immediate D&C…
High-Quality Inventory with Strong Recent Performance Western Eagle Ford Inventory Compares Favorably vs. Basin Average Asset Well Performance(1) (EUR Boe / ft) Recoveries In-Line with In-Basin Average Oil EUR / ft Total EUR /…
Updated Well Design Driving Uinta Outperformance Optimized Well Design & Top-Tier Oil Resource With Operational Performance Solid Performance to Date 25% higher oil recoveries vs. prior operator Improved Well Design =…
Sustainability Leadership Driving Progress: 27% Reduction in Absolute Scope 1 GHG Emissions Our Sustainability DIVERSITY & Focus Areas CLIMATE ENVIRONMENT SAFETY COMMUNITY INCLUSION Transparent Reporting to Support Long-Term…
BB Balance Sheet Reflects Financial Strength Targeting Investment Grade Balance Sheet Metrics Through Cycles Commitment to Balance Sheet Strength Maintain Ample Liquidity: Target 500 MM Current Leverage(1) 1.4x Leverage…
Cash Returns to Shareholders: Leading Track Record Return of Capital Strategy Dividend Yield Comparison(5) Distributes 10% of Adj. EBITDAX(1) at Guidance Pricing Consecutive Adj. EBITDAX-based(1) strategy 10 years 9.2% reduces…
Peer Leading Decline Rate and Capital Efficiency Low Decline Production = Greater Capital Efficiency 20% 2-3 Rigs % NTM Decline Rate Maintenance Activity Peers Replace 50% More Peers Spend 250 MM/Year More Production Each Year…
Leads to Compelling Valuation On Cash Flow Metrics Crescent Is Expected to Generate Significant Levered Free Cash Flow 2 BN 23% 24E 28E Cum. Levered FCF % FCF Yield Cumulative LFCF Greater Than CRGY FCF Yield is 50%+ Current…
Appendix CRESCENT ENERGY
Re-Affirming FY23 Guidance Full Year Capital Guide Remains Unchanged Despite Incremental Activity (4 TILs + 1 Spud) Being Pulled Forward Into 2023 2023 Outlook Initial 2023 Updated 2023 Guidance Guidance Incl. Acquisitions (March…
Consistent Strategy Execution Over Last Decade Current Past Decade (Average)(1) Commodity Prices Commodity Prices 81.02 / 3.58 64.26 / 3.35 Leverage(2) Leverage Strong Balance 1.4x 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…
Returns Driven M&A Drives Equity Value True Investors Pursuing an Opportunistic and Value-Oriented Acquisition Strategy Targeting Cash Generative Assets in Proven U.S. Onshore Basins Consistent Acquisition Strategy(1) Consistent…
Capital Markets Advancement Drives Incremental Upside Consistent Focus on Improving Capital Markets Access and Trading Liquidity Leading to Increased Shareholder Demand Crescent Energy Ownership Detail Increased public Public…
Significant Proven Inventory and Resource Potential Deep, High Quality Inventory that Generates Compelling Returns Through Cycle Gross Operated Locations 15 Year Unrisked Inventory 8 - 10 Year Low Risk Inventory 1,200 (at…
Balanced Exposure Across Basins and Commodities Asset Base Provides Attractive, Long-Term Commodity Price Exposure Thoughtful Portfolio Construction Balanced Exposure(1) Portfolio provides stable, low decline Core operating areas in…
Eagle Ford Asset Overview: Large Acreage Position Across Oil / Condensate Window Asset Detail Operated Central Western Non-Op Net Acres 82,000 124,000 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 Low decline EOR production base Crescent Rockies Footprint provides stable cash flow stream that Crescent CO2 Pipelines supports broader Crescent…
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…
Crescent Energy Reserves Summary 58% Liquids and 80% Proved Developed YE 2022 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…
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: Oil Q4'23 FY 2024 FY 2025(1) NYMEX WTI (Bbls, /Bbl) Swaps Total Volumes 3,862,863 12,021,460 -- Total Daily Volumes 41,988 32,846 -- WA Swap Price 66.26 67.58 -- Collars Total Volumes 720,500 3,588,000 1,460,000…
Hedge Position: Gas Q4'23 FY 2024 FY 2025 NYMEX Henry Hub (MMBtu, /MMBtu) Swaps Total Volumes 23,104,668 41,080,100 Total Daily Volumes 251,138 112,241 WA Swap Price 2.97 3.69 Collars Total Volumes -- 18,300,000 29,565,000 Total…
Per Unit Performance For the three months ended September 30, 2023 September 30, 2022 June 30, 2023 Average daily net sales volumes: Oil (Mbbls/d) 72 69 64 Natural gas (MMcf/d) 359 367 335 NGLs (Mbbls/d) 25 20 19 Total (Mboe/d)…
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 September 30, 2023 September 30, 2022 (in thousands) Net income (loss) (131,102) 555,349 Adjustments to reconcile to Adjusted EBITDAX: Interest…
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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