Crescent Energy Company · NYSE:CRGY

Crescent Energy — Investor Presentation (May 2025)

33 slides from Crescent Energy's investor presentation, May 2025

  1. Slide 1: Crescent Energy: A Differentiated U.S. Energy Company

    Crescent Energy A Differentiated U.S. Energy Company May 2025

  2. Slide 2: Disclaimer

    Disclaimer The information in this presentation relates to Crescent Energy Company (the “Company,” “Crescent,” “we,” “us,” “our” or “CRGY”) and contains information that includes or is based upon “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended

  3. Slide 3: A Differentiated U.S. Energy Company

    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 ~258 Mboe/d Q1’25 Production • Low

  4. Slide 4: Premier Eagle Ford Position

    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 inventory over the last 2 years 200 #3 Gross Oil Producer 150 100 50 - 1 2 3 1

  5. Slide 5: Transformed Equity Positioning Since Public Listing

    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 Production (Mboe/d) ADTV Public Ownership Credit Ratings Leverage (2)

  6. Slide 6: Scaled and Balanced Asset Portfolio

    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 - %) (Inventory Life - Years) ~258 ~32% >2,000 NGL ~18% >15 Year ~25% Total

  7. Slide 7: Advantaged Stability & Free Cash Flow Generation

    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% Production Each Year Higher Than Peers(1) First Year PDP Decline vs. Peers(

  8. Slide 8: 2025: Capital Flexibility Driving Durable Free Cash Flow

    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 production • Unique optionality across both oil and natural gas >$700 >$600 • C

  9. Slide 9: Capital Allocation Priorities – Putting Investors First

    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 quarter(1) to Shareholders #2 Returns-Driven Investing: A Development B Accr

  10. Slide 10: Doing What We've Said We'd Do for the Last Decade

    Doing What We’ve Said We’d 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 Priorities Leverage(3) Leverage 1.5x ~1.2x Balance Sheet #1A Strength (

  11. Slide 11: "BB" Balance Sheet Reflects Financial Strength

    “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 Leverage(1) Target / Max Liquidity(2) >$500 MM target 1.5x 1.0x / 1.5x ~

  12. Slide 12: Decade-Plus History of Returning Cash to Shareholders

    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 Priority 6.3% • $0.12 / share per quarter of dividend payments(3) 5.7%

  13. Slide 13: Successful Track Record of Accretive Acquisitions

    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 Acquisitions) 6 sheet  Driving Incremental Returns with 4 Improved Per

  14. Slide 14: Returns-Driven Investing Framework

    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 target <5 years and half-cycle D&C target <3 years) Corporate  Strong Equity Ac

  15. Slide 15: Transformative Eagle Ford Growth Through M&A

    Transformative Eagle Ford Growth Through M&A More Than Doubled Eagle Ford Footprint Through 5 Transactions Since YE’23 CRGY Eagle Ford Footprint  Transforming CRGY Position in a Premier Basin Frio Atascosa  Weighted Average Entry Valuation of <3.0x EBITDA La Salle McMullen  Compounding Synergies

  16. Slide 16: Gulf Coast Gas Assets Positioned for Data Center and LNG Demand

    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 content (vs. Permian) preferred for LNG export  Established Infrastruc

  17. Slide 17: Sector-Leading Alignment on Long-Term Value Creation

    Sector-Leading Alignment on Long-Term Value Creation Crescent’s Board and Management are Strongly Aligned with Shareholders Stock-Based Compensation vs. Peers(1)  Management Incentives ~100% Based on Total Shareholder Returns Peer Median: ~39% 97% • Peers receive time-based 47% 54% 39% 40% 41% 43%

  18. Slide 18: "Must-Own" Mid-Cap Positioned for Sustained Value Creation

    “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 flexibility across oil and gas • Significant FCF generation with active

  19. Slide 19: Appendix

    Appendix CRESCENT ENERGY

  20. Slide 20: 2025 Outlook: Flexible Capital Allocation and Significant Free Cash Flow Generation

    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 (Mboe/d) – Divestiture Adjusted 251 – 261 (5) Oil-Weighted % Oil (%) 41% –

  21. Slide 21: Consistent & Transparent Sustainability Progress

    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 2.0 Gold Standard Pathway in 2024 for the third consecutive year  M

  22. Slide 22: Eagle Ford Asset Detail

    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, Frio, Counties McMullen, La McMullen, Live Maverick, La Salle Atascosa,

  23. Slide 23: Uinta Asset Detail

    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 Net Acres ~145k Formations Activity Garden Gulch ✓ DUCHESNE UINTAH Upper Do

  24. Slide 24: Conventional Asset Base

    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 Potential Across Existing Asset Footprint Crescent EOR Field Crescen

  25. Slide 25: Complementary Minerals Portfolio

    Complementary Minerals Portfolio Existing Footprint Provides Substantial Free Cash Flow, Exposure to Cost- Free Organic Growth and Significant Undeveloped Upside Focused Portfolio: Minerals Cash Flow(1)  Complements operated assets across Texas and the Rockies Other ~20% Eagle Ford ~40% Organic Gro

  26. Slide 26: Crescent Energy Reserves Summary

    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 Proved Undeveloped 126 279 41 213 1,830 Total Proved Reserves 356 2,290

  27. Slide 27: Active Hedge Strategy Provides Cash Flow Durability

    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 Commodity Prices) Oil Price ~$55 ~$60 ~$65 ~$70 ~$75 Gas Price ~$3.00

  28. Slide 28: Hedge Position: Liquids

    Hedge Position: Liquids Q2 2025 Q3 2025(1) Q4 2025(1) FY 2026(2)(3) FY 2027(4) NYMEX WTI (Bbls, $/Bbl) Swaps Total Volumes 3,903,900 3,946,800 3,854,800 7,038,550 3,650,000 Total Daily Volumes 42,900 42,900 41,900 19,284 10,000 WA Swap Price $70.48 $70.43 $70.30 $71.67 $75.00 Collars Total Volumes 1

  29. Slide 29: Hedge Position: Gas

    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 50,000 WA Swap Price $3.70 $3.83 $4.16 $4.05 $4.19 Collars Total Volumes 19,5

  30. Slide 30: Adjusted EBITDAX & Levered Free Cash Flow

    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), depreciation, depletion and amortization, exploration expense, non-cash

  31. Slide 31: Adjusted EBITDAX & Levered Free Cash Flow (Cont'd)

    Adjusted EBITDAX & Levered Free Cash Flow (Cont’d) 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 from extinguishment of debt — 22,582 Income tax expense (benefit)

  32. Slide 32: Net LTM Leverage & PV-10 Reconciliation

    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") governing Crescent’s Revolving Credit Facility. Management believes Ne

  33. Slide 33: Stay Connected.

    Stay Connected. IR@crescentenergyco.com 600 Travis Street Suite 7200 Houston, Texas 77002 (713) 332-7001 www.crescentenergyco.com

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