Crescent Energy A Differentiated U.S. Energy Company April 2025
A Differentiated U.S. Energy Company Combining Strong Operating and Investing Expertise to Drive Sustainable Value Creation CRGY at a Glance Scaled & Balanced Portfolio 7.0 BN Proved Developed PV-10(1) 8.9 BN Total Proved PV-10(1)…
Premier Eagle Ford Position Top Three Eagle Ford Operator Alongside EOG and ConocoPhillips Leading Eagle Ford Position Eagle Ford Oil Production(1) (Gross Operated - Mbbl/d) 250 More than tripled net acres, production and…
Transformed Equity Positioning Since Public Listing Reducing Complexity with Recent Transition to Single Class of Common Stock and Elimination of the Up-C Structure Operating Scale Trading Liquidity Corporate Credit Profile EBITDA…
Scaled and Balanced Asset Portfolio Unique Combination of Stable, Low Decline Production and Deep Inventory Scaled Advantaged Significant Production Base Decline Rate Inventory (Net Production - Mboe/d) (Base Annual Decline - %)…
Gulf Coast Gas Assets Uniquely Positioned to Capitalize on Growing Demand from Data Centers and LNG Exports Currently Produce 1 BCF per day of Gross Gas in Texas Advantaged Market Access Premium South Texas Gas Low nitrogen…
Advantaged Stability & Durable Free Cash Flow Generation Profitable, Low Decline Base Business with Lower Capital Intensity than Peers 25% 38% % NTM Decline Rate % FCF Yield Peers Replace 30% More CRGY FCF Yield is 100%…
2025 Plan Highlights Flexible Capital Allocation and Free Cash Flow Generation Capacity Flexibility: Largely HBP assets with ability to invest across oil or gas focused inventory to maximize returns across commodity cycles…
Capital Allocation Priorities Putting Investors First 1A 1.0x long-term leverage target Priority Financial Strength Up to 1.5x for accretive acquisitions 1B Returning Capital Priority Fixed Dividend: 0.12 per share per…
Doing What Weve Said Wed Do for the Last Decade Current Past Decade (Average)(2) Commodity Prices(1) Commodity Prices 67.03 / 4.13 62.56 / 3.15 Capital Allocation Priorities Leverage(3) Leverage Balance Sheet 1.4x 1.2x 1A…
BB Balance Sheet Reflects Financial Strength Targeting Investment Grade Balance Sheet Metrics Through Cycles Commitment to Balance Sheet Strength Maintain Ample Liquidity: Current liquidity is 3x our Current Leverage Total…
Decade-Plus History of Returning Cash to Shareholders Providing Shareholders with Consistent and Attractive Fixed Dividend Return of Capital Framework: Fixed Dividend Yield Comparison(2) 13 Consecutive 8.2% 1 years Fixed…
Successful Track Record of Accretive Acquisitions More Than Doubled in Scale Since Public Listing Through Consistent Execution Focused in Regions Where We Currently Operate Eagle Ford & Rockies Proven Acquisition Strategy(1)…
Returns-Driven Investing Framework Seeking to Compound Capital Over Time at Attractive Rates of Return Cash-on-Cash 2.0x Unlevered MOIC (Multiple of invested capital) Investment Returns(1) Short Payback Period (M&A…
Transformative Eagle Ford Growth Through M&A More Than Doubled Eagle Ford Footprint Through 5 Transactions Since YE23 CRGY Eagle Ford Footprint Transforming CRGY Position in a Premier Basin Frio Atascosa Weighted Average…
Strong Eagle Ford Momentum: Positive Rate of Change Generating More with Less Increasing Returns with Capital Efficiencies and Positive Well Productivity Trajectory CRGY Capital Efficiency CRGY Well Performance (Drilling, Completions…
Sector-Leading Alignment on Long-Term Value Creation Crescents Board and Management are Strongly Aligned with Shareholders Stock-Based Compensation vs. Peers(1) Management Incentives 100% Based on Total Shareholder Returns Peer…
Must-Own Mid-Cap Positioned for Sustained Value Creation Crescent Provides Differentiated Growth and Value Low decline production and attractive High Quality Assets with Substantial & Durable Cash Flow Generation inventory…
Appendix CRESCENT ENERGY
2025 Outlook: Flexible Capital Allocation and Significant Free Cash Flow Generation Guidance Capital Expenditures (70 / Bbl WTI and 3.00 / MMbtu Henry Hub) By Type By Commodity Full Year 2025 Other (4) 5% Total Production…
Consistent & Transparent Sustainability Progress Our Sustainability Focus Areas SAFETY ENVIRONMENT CLIMATE COMMUNITY WORKFORCE Transparent Reporting to Support Long-Term Goals Published 2023 Sustainability Report Awarded OGMP…
Eagle Ford Asset Detail: Premier Position with Attractive Commodity Diversification Asset Detail Operated Central Southern Western Non-Op Net Acres 240k 100k 165k 33k Live Oak, Atascosa, Webb, La Salle, Dimmit, Webb, Zavala,…
Uinta Asset Detail: HBP Asset Base with Substantial Stacked Resource Opportunity Asset Detail Inventory Upside Current CRGY inventory estimates DAGGETT Uinta only include a portion of substantial resource opportunity Uinta Peer…
Conventional Asset Base: Cash Flow Stability with CO2 / CCUS-Related Upside Low Decline EOR Production Crescent Rockies Footprint Provides Stable Cash Flow Stream Crescent CO2 Pipelines CO2 Pipelines Owned by Others Further EOR…
Crescent Energy Reserves Summary 58% Liquids and 77% Proved Developed YE 2024 Proved Reserves Summary Reserve Category Oil (MMbbl) Gas (Bcf) NGL (MMbbl) Total (MMboe) PV-10 (MM)(1)(2) Proved Developed 230 2,011 130 695 7,026…
Increasing Float & Trading Liquidity Transformed the Equity Positioning of the Business Since Going Public CRGY Ownership Private Investors Increased Public 1% Liberty Mutual 14% Liberty 14% Ownership to 15% +35% Mutual…
Crescents Organizational Structure Simplified corporate structure by eliminating the Companys Public Stockholders umbrella partnership-C corporation (Up-C) structure, Class A effective as of April 4, 2025 Common Stock 100%…
Active Hedge Strategy Provides Cash Flow Durability Protecting the Downside and Retaining Attractive Upside Exposure with Mix of Swaps and Collars in 2025; 60% Hedged on Both Oil and Gas 2025E Hedge Gain / (Loss) ( in MM, Except…
Hedge Position: Gas Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2026 FY 2027(1) NYMEX Henry Hub (MMBtu, /MMBtu) Swaps Total Volumes 14,580,000 14,742,000 17,204,000 15,374,000 91,020,000 18,250,000 Total Daily Volumes 162,000 162,000 187,000…
Adjusted EBITDAX & Levered Free Cash Flow Adjusted EBITDAX & Levered Free Cash Flow Crescent defines Adjusted EBITDAX as net income (loss) before interest expense, loss from extinguishment of debt, income tax expense (benefit),…
Adjusted EBITDAX & Levered Free Cash Flow (Contd) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (in thousands) (in thousands) Net income (loss) (169,945) 140,008 (137,683) 321,991 Adjustments to…
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)…
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