Crescent Energy A Differentiated U.S. Energy Company May 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) More than tripled net acres, production and 250…
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 - %)…
Advantaged Stability & Free Cash Flow Generation Profitable, Low Decline Base Business with Lower Capital Intensity than Peers 25% 27% % NTM Decline Rate % FCF Yield(2) Peers(1) Replace 30% More CRGY FCF Yield(2) is 100%…
2025: Capital Flexibility Driving Durable Free Cash Flow Dynamic and Returns-Driven 2025 Operating Plan Flexible Capital Allocation High-quality assets largely 2025E Hedged FCF Generation(1) ( in MM) 1,000 held by…
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 CRGY Strategy and Portfolio Built to Perform Through Cycles Current Past Decade (Average)(2) Commodity Prices(1) Commodity Prices 63.69 / 3.65 62.62 / 3.16 Capital Allocation…
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 Capitalizing on Share Price Dislocation with 30 MM of Repurchases YTD Return of Capital Framework: Fixed Dividend Yield Comparison(2) 13 Consecutive 1 Fixed Dividend: years…
Successful Track Record of Accretive Acquisitions Profitably Scaled 2x Since Public Listing Consistent Underwriting Criteria Cash-on-cash returns, equity accretion and strong balance Proven Acquisition Strategy(1) (Crescent…
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…
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…
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 2025 Guidance Capital Expenditures Full Year 2025 By Commodity Total Production (Mboe/d) Prior 254 264 Dry Gas 10% - 20% 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 only include a portion of Uinta substantial resource opportunity Uinta Peer CRGY…
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…
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 Q2 2025 Q3 2025 Q4 2025 FY 2026 FY 2027(1) NYMEX Henry Hub (MMBtu, /MMBtu) Swaps Total Volumes 14,742,000 17,204,000 18,744,000 98,320,000 18,250,000 Total Daily Volumes 162,000 187,000 203,739 269,370…
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 March 31, 2025 March 31, 2024 (in thousands) Net income (loss) 5,911 (32,364) Adjustments to reconcile to Adjusted EBITDAX: Interest expense 73,182 42,686 Loss…
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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