Crescent Energy Company · NYSE:CRGY

Crescent Energy — Q2 2026 Earnings Presentation

35 slides from Crescent Energy's earnings presentation, August 2026

  1. Slide 1: Q2’26 Earnings Presentation

    Q2’26 Earnings Presentation August 2026

  2. Slide 2: Disclaimer

    Disclaimer The information in this presentation relates to Crescent Energy Company (the “Company,” “Crescent,” “we,” “us,” “our” or “CRG Y”) 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 amende

  3. Slide 3: Q2’26 Recap: Delivering on Our Strategic Priorities

    Q2’26 Recap: Delivering on Our Strategic Priorities Operational Momentum Continues to Enhance Long-Term Value Consistent Execution Across the Portfolio #1 Outperformance on all key metrics; enhancing 2026 guidance Building Momentum in the Permian #2 Improving asset performance and driving structural

  4. Slide 4: A Differentiated Energy Company

    A Differentiated Energy Company Well Positioned for Continued Execution and Long-Term Value Creation CRGY Footprint High-Quality, Scaled Assets • Leading positions across the Eagle Ford, Permian and Uinta • 12+ years of high-quality, low- Uinta breakeven inventory Minerals Disciplined Capital Alloca

  5. Slide 5: CRGY Q2 Results: Record Quarter of Outperformance

    CRGY Q2 Results: Record Quarter of Outperformance Substantial Scaled & Stable Cash Flow Generation Base Production $798 MM Adj. EBITDAX(1) 335 Mboe/d / 140 Mbo/d $418 MM Levered FCF(1) 42% Oil / 64% Liquids Attractive Balance Sheet Return of Capital Strength $0.12/sh Fixed Quarterly Dividend(2) ~$2.

  6. Slide 6: #1: Consistent Execution Across the Portfolio

    #1: Consistent Execution Across the Portfolio Q2 Outperformance Demonstrates Repeatable Value Proposition • Q2 volumes ahead of previously issued FY’26 plan, led by oil production strength • Adj. Opex(1) ~9% below the 2026 guidance midpoint Q2 2026 Outperformance Results Guidance Midpoint(2) Total P

  7. Slide 7: #1: Enhancing Guidance on Stronger Operational Performance

    #1: Enhancing Guidance on Stronger Operational Performance Higher Volumes and Structural Cost Improvements Drive Additional FCF • Raising total and oil production guidance on unchanged development capital following stronger-than-expected first-half performance • Structural operating improvements are

  8. Slide 8: #2: Building Momentum in the Permian

    #2: Building Momentum in the Permian Same Assets. Better Performance. Lower Costs. More Free Cash Flow. At Q2 Update Announcement Long-Term $250 - $300 MM Potential Synergy Target $90 - 100 MM ~3x $190 MM captured to date Prior Operator Well Costs Further Upside Baseline ~20 - 25% Prior Operator Ope

  9. Slide 9: #3: Strong FCF Demonstrates the Value Proposition

    #3: Strong FCF Demonstrates the Value Proposition Record Quarterly Free Cash Flow Reinforces Crescent’s Financial Flexibility Substantial FCF Generation FCF Provides Flexibility To: (Annual CRGY LFCF(1) - $ MM) $856 ~$1,000 ✓ Sustain a Strong, Fixed Dividend (4% Yield(5)) ✓ $630 $484 Accelerate Dele

  10. Slide 10: Eagle Ford Quarterly Highlights

    Eagle Ford Quarterly Highlights: Premier Position with Commodity Flexibility & Significant Growth Opportunity Peer Leading Operations Driving Strong Returns and Consistent FCF ✓ Optimizing Base Production • Workover and artificial lift Eagle Ford Acreage optimization driving increased production ✓ D

  11. Slide 11: Eagle Ford Quarterly Highlights: Capital Efficiencies

    Eagle Ford Quarterly Highlights: Capital Efficiencies Increasing Returns & Free Cash Flow Best-in-Class Execution Demonstrates the CRGY Playbook ~90% Increasing ~75% >4x ~60% Simulfrac Utilization Since 2023 ~20% (% of gross wells) 2023 Program 2024 Program 2025 Program 2026 YTD ~2,400 Completion ~1

  12. Slide 12: Permian Quarterly Highlights

    Permian Quarterly Highlights: Scaled Position with Significant Synergy and Growth Opportunity Early Results Demonstrate Meaningful Progress with Significant Upside Remaining ✓ Synergy Outperformance • $190 MM captured to date; Permian Acreage increased target by ~45% ✓ Structural Cost Improvements •

  13. Slide 13: Permian Quarterly Highlights: Synergies Exceeding Expectations

    Permian Quarterly Highlights: Synergies Exceeding Expectations Updated Synergy Range ~3x Higher Than Initial Target Incremental Synergies Driven By: Synergy Target ✓ Operational Optimization • Workovers, field ~$190 MM $250 - $300 MM captured to date $190 MM execution and D&C efficiencies ✓ Infrastr

  14. Slide 14: Permian Quarterly Highlights: Structurally Lower Operating Costs

    Permian Quarterly Highlights: Same Assets, Structurally Lower Operating Costs Improving Performance Demonstrates the Repeatability of the CRGY Operating Model Drivers of Improved Performance: LOE + Workover Optimization ✓ ($ MM) Field Optimization >10% lower LOE + workover vs. 2025 $111 • Staffing,

  15. Slide 15: Permian Quarterly Highlights: Well Cost Trajectory

    Permian Quarterly Highlights: Positive Well Cost Trajectory is Improving Permian Positioning Improving Well Costs to Enhance Free Cash Flow and Reduce Breakevens Delaware Well Costs(1) ($/ft) ~20% Savings $723 $813 $815 $850 $862 $863 $879 $929 $972 $996 $1,050 (~$200/ft) vs. Prior Operator PR EOG F

  16. Slide 16: Uinta Quarterly Highlights

    Uinta Quarterly Highlights: HBP Asset Base with Substantial Stacked Resource Opportunity Best-in-Class Operational Execution Driving Increased Efficiencies ✓ Improving Base Production • Optimized workover and Uinta Acreage artificial lift programs ✓ Driving Down Well Costs; Improving Breakevens • ~2

  17. Slide 17: Uinta Quarterly Highlights: Lower Costs and Improved Returns

    Uinta Quarterly Highlights: Best-in-Class Execution Driving Lower Costs and Improved Returns Step-Change in Drilling, Completion and Capital Efficiency Drilling Efficiencies Simulfrac Utilization (drilled ft/day) (% of gross TILs) ~1,600 100% ~1,300 0% 2025 2026 2025 2026 Program YTD Program YTD Com

  18. Slide 18: Minerals Quarterly Highlights

    Minerals Quarterly Highlights: High-Margin Cash Flow with Upside Substantial Free Cash Flow with Exposure to Cost-Free Organic Growth ✓ Production by Basin Other Strong, Stable Cash Flow ~10% Appalachia ~13% • ~$200 MM of FY EBITDA(1) at current strip ~13 Mboe/d(1) DJ Eagle Ford • No capital require

  19. Slide 19: Strengthening Balance Sheet & Lowering Cost of Capital

    Strengthening Balance Sheet & Lowering Cost of Capital Scale, Free Cash Flow and Deleveraging Support Upgrade Potential ✓ Reducing Absolute Leverage • Redeemed remaining $259 MM of 2029 Commitment to Balance Sheet Strength notes at par in July 2026 Total Liquidity(1) • Strong FCF supports continued

  20. Slide 20: Why CRGY: Execution, Free Cash Flow and Upside

    Why CRGY: Execution, Free Cash Flow and Upside Repeatable Operating and Investing Model Driving Outsized Value Creation ✓ High-Quality Assets and Strong Free Cash Flow • Scaled positions in the Eagle Ford, Permian & Uinta • ~$1 BN of 2026E free cash flow(1) (25%+ yield(2)) ✓ Disciplined Capital Allo

  21. Slide 21: Appendix

    ©) Crescent Energy Appendix

  22. Slide 22: 2026 Outlook: Higher Production and Lower Cash Costs

    2026 Outlook: Higher Production and Lower Cash Costs Production Guidance Increased and Cost Guidance Improved with Development Capital Unchanged Enhanced 2026 Outlook Full Year 2026 Guidance February 2026 August 2026 Change in Midpoint Total Production (Mboe/d) 320 – 335 327 – 335 +1% % Oil (%) 40%

  23. Slide 23: Eagle Ford Asset Detail

    Eagle Ford Asset Detail: Premier Position with Commodity Flexibility & Significant Growth Opportunity Asset Detail Operated Central Southern Western Non-Op Net Acres ~240k ~100k ~165k ~25k Live Oak, Atascosa, Webb, La Salle, Dimmit, Webb, Zavala, Frio, Counties McMullen, La McMullen, Live Maverick,

  24. Slide 24: Permian Asset Detail

    Permian Asset Detail: Scaled Position with Significant Synergy and Growth Opportunity Asset Detail Delaware Midland Net Acres ~82k ~192k Glasscock, Midland, Ward, Reeves, Howard, Reagan, Counties Winkler, Pecos Upton, Crane, Borden, Sterling Avg. ~70% / ~55% ~85% / ~65% WI / NRI % Oil ~65% ~50% Gros

  25. Slide 25: 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 Formations Activity Net Acres ~140k Garden Gulch ✓ Upper Douglas Creek ✓ Du

  26. Slide 26: Minerals Asset Detail

    Minerals Asset Detail: Scaled Footprint Under World-Class Operators with Consistent Development Activity CRGY Minerals and Royalties Acreage Eagle Ford Rockies Appalachia OH TX CO PA CRGY Royalties O&G Basin Key Basin Asset Detail Eagle Ford Rockies Appalachia Other Net Royalty Acres(1) ~46k ~13k ~3

  27. Slide 27: Hedge Position: Liquids

    Hedge Position: Liquids Crescent Energy Finance Q3 2026 Q4 2026 FY 2027 NYMEX WTI (Bbls, $/Bbl) Swaps Total Daily Volumes 54,800 54,300 12,250 WA Swap Price $64.95 $64.91 $63.18 Collars Total Daily Volumes 22,500 21,500 11,000 WA Long Put Price $60.62 $60.47 $60.91 WA Short Call Price $73.72 $73.83

  28. Slide 28: Hedge Position: Gas

    Hedge Position: Gas Crescent Energy Finance Q3 2026 Q4 2026 FY 2027 NYMEX Henry Hub (MMBtu, $/MMBtu) Swaps Total Daily Volumes 230,000 225,000 -- WA Swap Price $3.90 $4.10 -- Collars Total Daily Volumes 110,000 110,000 -- WA Long Put Price $3.04 $3.04 -- WA Short Call Price $4.74 $4.74 -- Extendible

  29. Slide 29: Per Unit Performance – Total Consolidated

    Per Unit Performance – Total Consolidated For the three months ended June 30, 2026 June 30, 2025 March 31, 2026 Total Consolidated Average daily net sales volumes: Oil (MBbls/d) 140 108 140 Natural gas (MMcf/d) 715 644 743 NGLs (MBbls/d) 76 48 77 Total (MBoe/d) 335 263 341 Average realized prices, b

  30. Slide 30: Per Unit Performance – Minerals and Royalties (CRF)

    Per Unit Performance – Minerals and Royalties (CRF) Crescent presents certain operational results for CRF separately from the CEF operational results because we believe that it permits investors to better understand the performance of this aspect of our business. For the three months ended June 30,

  31. Slide 31: 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

  32. Slide 32: Adjusted EBITDAX & Levered Free Cash Flow (Cont’d)

    Adjusted EBITDAX & Levered Free Cash Flow (Cont’d) Three Months Ended June 30, 2026 2025 (in thousands) Net income (loss) $ 493,704 $ 162,498 Adjustments to reconcile to Adjusted EBITDAX: Interest expense 99,823 75,219 Loss from extinguishment of debt — — Income tax expense (benefit) 169,920 41,057

  33. Slide 33: Net Leverage & PV-10 Reconciliation

    Net Leverage & PV-10 Reconciliation Net Leverage Crescent defines Net Leverage as the ratio of consolidated total debt to consolidated Adjusted EBITDAX as calculated under the credit agreements (collectively, the "Credit Agreements") governing the Revolving Credit Facility and CRF Credit Facility, a

  34. Slide 34: Adjusted Recurring Cash G&A

    Adjusted Recurring Cash G&A Adjusted Recurring Cash G&A Crescent defines Adjusted Recurring Cash G&A as general and administrative expense, excluding equity- based compensation and transaction and nonrecurring expenses, and including cash distributions initiated by Manager Compensation. We include “

  35. Slide 35: Stay Connected.

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

Crescent Energy Company — Q2 2026 Earnings Presentation on 6ix