Delivering On Strategic Priorities Strong Financial Performance Continued outperformance vs expectations Increasing standalone CRGY FY24 guidance Operational Execution Best-in-class D&C execution Strong well performance…
Standalone CRGY Performance: Strong Q2 Results Substantial Large, Low Decline Cash Flow Generation Base Production 320 MM Adj. EBITDAX(1) 165 Mboe/d 147 MM Levered FCF(1) 44% Oil / 62% Liquids Attractive Balance Sheet Return…
Increasing 2024 Outlook for Standalone CRGY Production Outperformance and Strong Capital Execution 2024 Production Guidance(1) (Mboe/d) Continued Production 162 162.5 160 Outperformance 160.0 157 Sustained productivity 149…
Best in Class Eagle Ford D&C Performance Simultaneous Operations Increasing Efficiencies and Improving Costs Drilled Measured Depth per Day(1) Drilling 25% More (Eagle Ford 2022+ Wells: ft) 2,000 Footage per Day than Peer Avg:…
Continued Gains in Eagle Ford Capital Efficiency Incremental Cost Reductions Alongside Strong Well Productivity Eagle Ford Development Costs (Drilling, Completions & Facilities - /ft) Meaningful Capital 1,000 Efficiency Gains…
Successful Track Record of Accretive Acquisitions Significant Growth through Returns-Driven M&A Scaling the Business and Enhancing the Portfolio Tripled in scale since Crescent Acquisitions Consistent Acquisition Strategy(1)…
Closed Transformative Acquisition of SilverBow Resources Combination Creates Leading Growth Through Acquisition Company with Premier Eagle Ford Position Leading Eagle Ford Position Achieves Consistent Guadalupe Underwriting…
Significant Synergy Capture and Value Creation Opportunities Acquisition Closed Ahead of Schedule with Successful Integration To-Date 35 MM in annual synergies captured at closing through an improved cost of capital resulting in…
SilverBow Q2 Performance In-Line or Exceeding Expectations Strong Q2 Performance with Higher than Expected Free Cash Flow Q2 Analyst Q2 SilverBow Consensus Actuals Production 93 93 In-Line (MBoe/d) Capital Expenditures 155…
Synergies Generating Incremental Value in the Western Eagle Ford 60 MM Captured Within Twelve Months Post-Closing Relative to 850 MM Original Purchase Price Western Eagle Ford Synergy Capture (Savings Realized To-Date - MM) 60…
BB Balance Sheet Reflects Financial Strength Targeting Investment Grade Balance Sheet Metrics Through Cycles Commitment to Balance Sheet Strength Maintain Ample Liquidity: (7/31/24 Statistics Pro Forma for SilverBow Closing)…
Decade-Plus History of Returning Cash to Shareholders Providing Shareholders with Consistent and Peer-Leading Fixed Dividend Return of Capital Framework: Fixed Dividend Yield Comparison(2) Consecutive 12 years 4.0% 4.0%…
Pro Forma Business Generates Significant Free Cash Flow Combination of Low-Decline Production with Deep Inventory of High-Return Locations Supports Significant Free Cash Flow Generation 3.5 BN 24% 5-Year Cum. Levered FCF(1) % FCF…
Pro Forma 2H 2024 Outlook Guidance (70 / Bbl WTI and 3.00 / MMbtu Henry Hub) Improved Standalone Guidance Updated Standalone CRGY Guidance Pro Forma 2H 2024 Guidance Initial SBOW PF CRGY Increased FY24 FY 2024 FY 2024…
Appendix CRESCENT ENERGY
Increasing Float & Trading Liquidity Transformed the Equity Positioning of the Business Since Going Public CRGY Ownership Pro Forma Increased Public Private Investors SBOW Closing Float to 71% of 17% KKR 22% Shares…
Reducing Our Emissions Impact Our Sustainability Focus Areas CLIMATE ENVIRONMENT SAFETY COMMUNITY WORKFORCE Transparent Reporting to Support Long-Term Goals Awarded OGMP 2.0 Gold Standard pathway rating in 2023 for the second…
Capital Allocation Priorities Priority 1A Financial Strength Target up to 1.5x leverage in an acquisition scenario Target 1.0x long-term leverage Priority 1B Returning Capital to Shareholders Fixed Dividend: 0.12 per share…
Eagle Ford Asset Overview: Premier Position with Attractive Commodity Diversification Asset Detail Operated Central Southern Western Non-Op Net Acres 160k 100k 165k 33k Live Oak, Atascosa, Webb, La Salle, Dimmit, Webb,…
Uinta Asset Overview: Proven Oil Resource with Multi-Year Development Inventory Asset Detail Uinta Net Acres 145k Counties Duchesne and Uintah Avg. WI / NRI 85% / 70% % Oil 65% Current 1 Rigs Gross Locations(1)…
Current Hedge Position: Liquids Pro Forma for SilverBow Acquisition Q324 Q424 FY 2025(1) FY 2026 NYMEX WTI (Bbls, /Bbl) Swaps Total Volumes 3,603,100 3,280,730 4,069,000 1,746,050 Total Daily Volumes 39,164 35,660 11,148 4,784 WA…
Current Hedge Position: Gas Pro Forma for SilverBow Acquisition Q324 Q424 FY 2025 FY 2026 NYMEX Henry Hub (MMBtu, /MMBtu) Swaps Total Volumes 26,423,800 26,420,370 55,205,000 41,745,000 Total Daily Volumes 287,215 287,178 151,247…
Per Unit Performance For the three months ended June 30, 2024 June 30, 2023 March 31, 2024 Average daily net sales volumes: Oil (Mbbls/d) 73 64 70 Natural gas (MMcf/d) 372 335 403 NGLs (Mbbls/d) 30 19 28 Total (Mboe/d) 165 139…
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) For the three months ended June 30, 2024 June 30, 2023 (in thousands) Net income (loss) 70,205 57,474 Adjustments to reconcile to Adjusted EBITDAX: Interest expense 42,359…
Adjusted EBITDAX & Levered Free Cash Flow (SBOW) For the three months ended June 30, 2024 (in thousands) Net income (loss) 8,493 Adjustments to reconcile to Adjusted EBITDAX: Interest expense 33,727 Income tax expense…
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…
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