Crescent Energy Company · NYSE:CRGY
Crescent Energy — Q2 2025 Earnings Presentation
29 slides from Crescent Energy's earnings presentation, Aug 5, 2025
Slide 1: Q2'25 Earnings Presentation
Q2’25 Earnings Presentation August 2025
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
Slide 3: Q2'25 Recap: Delivering On All Strategic Priorities
Q2’25 Recap: Delivering On All Strategic Priorities ✓ Robust Financial Performance • All metrics exceeding expectations • Enhancing guidance, increasing free cash flow ✓ Solid Operational Execution • Continuing capital efficiency gains • Delivering on flexible capital program ✓ Value Creation Throug
Slide 4: CRGY Q2 Performance: All Metrics Exceeding Expectations
CRGY Q2 Performance: All Metrics Exceeding Expectations Substantial Large, Low Decline Cash Flow Generation Base Production ~$514 MM Adj. EBITDAX(1) ~263 Mboe/d / ~108 Mbo/d ~$171 MM Levered FCF(1) ~41% Oil / ~59% Liquids Attractive Balance Sheet Return of Capital Strength $0.12/sh Fixed Quarterly D
Slide 5: Enhancing 2025 Outlook, Increasing Free Cash Flow
Enhancing 2025 Outlook, Increasing Free Cash Flow Capital Efficiencies and Updated Tax Outlook Increasing Free Cash Flow Updated FY’25 Outlook Prior Current 2025 Outlook Outlook Update (vs. Midpoint) Total Production 251 - 261 251 - 261 (Mboe/d / % Oil) 41 - 40% 41 - 40% Capital Expenditures $925 -
Slide 6: Demonstrated Value Creation Through Market Volatility
Demonstrated Value Creation Through Market Volatility CRGY Strategy Designed to Outperform Through Cycles Returns-Driven Opportunistic Capital Markets Investing Hedging Progress >4.0x ~7 Yrs ~3.0x $70 ~6 Yrs ~5 Yrs ~2.7x Execution Window $65 Current Acq. Divest. WTI ($ / Bbl) CRGY Multiple (1) Multi
Slide 7: Consistent Free Cash Flow Generation
Consistent Free Cash Flow Generation Compelling Valuation vs. Peers on Cash Flow Metrics Despite Advantaged Decline Rate + Capital Efficiency and Consistent Hedge Strategy Consistent FCF Generation(1) 2025E Hedged FCF Yield(1) (Annual Levered Free Cash Flow - $MM) $825 ~35% $630 $484 ~15% $310 $277
Slide 8: Eagle Ford Quarterly Highlights
Eagle Ford Quarterly Highlights: Premier Position with Attractive Commodity Diversification Scaled Footprint with Significant Incremental Growth Opportunity Eagle Ford Acreage ✓ Strong Operations Driving D&C Cost Efficiency • Drilling and completions efficiency gains of ~15% and ~33%, respectively,
Slide 9: Capital Efficiencies Increasing Free Cash Flow
Capital Efficiencies Increasing Free Cash Flow Operational Execution Driving Continued Savings in D&C Costs ~2,200 Drilling ~2,000 Efficiency ~15% ~1,900 Gains Since 2023 (drilled ft/day) 2023 Program 2024 Program Q2'25 Completion ~95,000 ~110,000 ~82,500 Efficiency ~33% Gains Since 2023 (fluid bbl/
Slide 10: Uinta Quarterly Highlights
Uinta Quarterly Highlights: HBP Asset Base with Substantial Stacked Resource Opportunity Prudent Delineation of Significant Resource and High Value Long-Term Development Opportunity Uinta Acreage ✓ Strong Operations Driving D&C Cost Efficiency • ~15% DC&F savings(1) since 2024 ✓ Development Program
Slide 11: Driving Increased Capital Efficiencies in Utah
Driving Increased Capital Efficiencies in Utah Generating More with Less – Increasing Returns with Capital Efficiencies and Positive Well Productivity Trajectory Uinta DC&F CRGY Well Performance ($/ft) (Avg Cum. Prod/ft) ~$1,000 CRGY Uteland Butte Avg. ~$875 0 1 2 3 4 5 6 7 8 9 10 11 12 Producing Mo
Slide 12: 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 Proven Acquisition Strategy(1) (Crescent Acquisitions) 6 accretion and strong balance sheet Minerals Acquisition Closed July 31st ✓ 4 Driving
Slide 13: Accretively Growing Our Minerals Footprint
Accretively Growing Our Minerals Footprint Closed Acquisition of Minerals and Royalty Assets for ~$72 MM Minerals Cash Flow (1) ✓ Exceeds Return Targets: Other ~25% >2.0x MOIC and accretive to Eagle Ford ~40% key metrics Enhances Existing Portfolio: ✓ Acquisition complements existing minerals primar
Slide 14: "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 ✓ Opportunistic HY Offering: Current Leverage Total Extending maturities and Leverage(1) Target / Max Liquidity(2) reducing interest expense 1.5x 1.0x /
Slide 15: Decade-Plus History of Returning Cash to Shareholders
Decade-Plus History of Returning Cash to Shareholders Capitalizing on Share Price Dislocation with ~$35 MM of Repurchases YTD Return of Capital Framework: Fixed Dividend Yield Comparison(2) Consecutive 13 6.1% Priority Fixed Dividend: #1 • $0.12 / share per quarter of dividend payments(3) years 5.0%
Slide 16: Appendix
©) Crescent Energy Appendix
Slide 17: Updated 2025 Outlook
Updated 2025 Outlook 2025 Guidance (Updates vs. Prior Guidance Highlighted) Previous FY’25 Guidance Current FY’25 Guidance Total Production (Mboe/d) 251 – 261 251 – 261 % Oil (%) 41% – 40% 41% – 40% % Gas (%) 41% – 43% 41% – 43% Realized Prices (Oil % of WTI / Gas % of HHUB) Mid ~90% / Low – Mid ~80
Slide 18: Capitalizing on Premier South Texas Gas Optionality
Capitalizing on Premier South Texas Gas Optionality Advantaged Market Access with Increasing Demand from LNG & Data Center Expansion Advantaged Market Access(1) ✓ Premium South Texas Gas • Low nitrogen content (vs. Permian) preferred for Henry Hub LNG export Agua Dulce ✓ Established Infrastructure •
Slide 19: Eagle Ford Asset Detail
Eagle Ford Asset Detail: Premier Position with Commodity Flexibility & Significant Growth Opportunity Asset Detail Significant Growth Opportunity Remaining Operated (% of Total EF Net Acres Owned By Operator Type)(4) Public Public Central Southern Western Non-Op Private >$5BN Mkt Cap <$5BN Mkt Cap N
Slide 20: Uinta Asset Detail
Uinta Asset Detail: HBP Asset Base with Substantial Stacked Resource Opportunity Asset Detail Inventory Upside Current CRGY inventory estimates only include a portion of Uinta substantial resource opportunity Uinta Peer CRGY Formations Activity Net Acres ~145k Garden Gulch ✓ Upper Douglas Creek ✓ Du
Slide 21: Active Hedge Strategy Provides Cash Flow Durability
Active Hedge Strategy Provides Cash Flow Durability Protecting the Downside and Retaining Attractive Upside Exposure with Mix of Swaps and Collars in 2025; ~60% Hedged on Both Oil and Gas Hedge Gain / (Loss) ($ in MM, Except Commodity Prices) Oil Price ~$55 ~$60 ~$65 ~$70 ~$75 Gas Price ~$3.00 ~$3.5
Slide 22: Hedge Position: Liquids
Hedge Position: Liquids Q3 2025 Q4 2025 FY 2026 FY 2027 NYMEX WTI (Bbls, $/Bbl) Swaps Total Daily Volumes 44,900 41,900 23,367 -- WA Swap Price $69.85 $69.72 $66.72 -- Collars Total Daily Volumes 16,000 16,000 13,471 -- WA Long Put Price $62.03 $62.03 $60.22 -- WA Short Call Price $78.24 $78.24 $70.
Slide 23: Hedge Position: Gas
Hedge Position: Gas Q3 2025 Q4 2025 FY 2026 FY 2027 NYMEX Henry Hub (MMBtu, $/MMBtu) Swaps Total Daily Volumes 187,000 203,739 269,370 -- WA Swap Price $3.83 $4.16 $4.05 -- Collars Total Daily Volumes 171,000 227,522 126,521 -- WA Long Put Price $3.03 $3.17 $3.08 -- WA Short Call Price $5.91 $5.69 $
Slide 24: Per Unit Performance
Per Unit Performance For the three months ended June 30, 2025 June 30, 2024 March 31, 2025 Average daily net sales volumes: Oil (Mbbls/d) 108 73 102 Natural gas (MMcf/d) 644 372 655 NGLs (Mbbls/d) 48 30 47 Total (Mboe/d) 263 165 258 Average realized prices, before effects of derivative settlements:
Slide 25: 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
Slide 26: Adjusted EBITDAX & Levered Free Cash Flow (Cont'd)
Adjusted EBITDAX & Levered Free Cash Flow (Cont’d) Three Months Ended June 30, 2025 June 30, 2024 (in thousands) Net income (loss) $ 162,498 $ 70,205 Adjustments to reconcile to Adjusted EBITDAX: Interest expense 75,219 42,359 Loss from extinguishment of debt — — Income tax expense (benefit) 41,057
Slide 27: 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
Slide 28: 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 "
Slide 29: 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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