Crescent Energy Company · NYSE:CRGY
Crescent Energy — Q4 2024 Earnings Presentation
30 slides from Crescent Energy's earnings presentation, Feb 27, 2025
Slide 1: FY 2024 Earnings Presentation
FY 2024 Earnings Presentation February 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: 2024 Recap: Delivering On All Strategic Priorities
2024 Recap: Delivering On All Strategic Priorities ✓ Robust Financial Performance • Consistent “beat and raise” • Met or exceeded guidance across key metrics ✓ Solid Operational • Improved D&C costs and increased well productivity Execution • Seamless integration; increased synergy expectations ✓ Ac
Slide 4: CRGY Performance: Strong Q4 Results Substantial Cash Flow Generation
CRGY Performance: Strong Q4 Results Substantial Large, Low Decline Cash Flow Generation Base Production $535 MM Adj. EBITDAX(1) 255 Mboe/d $259 MM Levered FCF(1) 38% Oil / 56% Liquids Attractive Balance Sheet Return of Capital Strength $0.12/sh Fixed Quarterly Dividend(2) ~1.4x Net LTM Leverage(1)(4
Slide 5: 2024 Financial Performance Exceeds Expectations
2024 Financial Performance Exceeds Expectations Significant Growth and Free Cash Flow Generation in Transformational Year (Mboe/d) 2024 Production ($ MM) 2024 Capex ~200 ~$743 155 - 160 $550 - $625 2H’24 Guidance: 232 – 241 Mboe/d 2H’24 Guidance: $460 – 510 MM 2H’24 Actuals: 237 Mboe/d ✓ 2H’24 Actua
Slide 6: 2025 Plan Highlights Flexible Capital Allocation and Significant Free Cash Flow Generation
2025 Plan Highlights Flexible Capital Allocation and Significant Free Cash Flow Generation ✓ Flexibility: Largely HBP assets with ability to invest across oil or gas focused inventory to maximize returns across commodity cycles ✓ Free Cash Flow: Significant FCF generation to support the base dividen
Slide 7: Eagle Ford Quarterly Highlights
Eagle Ford Quarterly Highlights: Premier Position with Attractive Commodity Diversification Scaled Footprint with Significant Incremental Growth Opportunity Eagle Ford Acreage(1) ✓ Increasing Year-Over-Year Well Productivity ✓ Continued D&C Cost Improvement and Margin Expansion CRGY h CRGY Minerals
Slide 8: Strong Eagle Ford Momentum: Positive Rate of Change
Strong Eagle Ford Momentum: Positive Rate of Change Generating More with Less – Increasing Returns with Capital Efficiencies and Positive Well Productivity Trajectory CRGY Capital Efficiency CRGY Well Performance (Drilling, Completions and Facilities - $/ft) (Avg Cum. Prod/ft)(1) ‘22 & ‘23 Program A
Slide 9: Applying Operational Best Practices to Lower D&C Costs
Applying Operational Best Practices to Lower D&C Costs Completed First Advanced Trajectory Wells on Legacy CRGY Assets ✓ Recent WEF U-Turn Wells(2) 12 Advanced Trajectory(1) Wells, Including 7 Full U-Turns on the Crescent Footprint • ~$2 MM in savings per well vs. traditional development ✓ Frac’ing
Slide 10: Capitalizing on Premier South Texas Gas Optionality
Capitalizing on Premier South Texas Gas Optionality Allocating a Portion of 2025 Capital to Eagle Ford Dry Gas Development Advantaged Market Access(1) ✓ Advantaged Market Access Henry Hub with Increasing Demand from LNG & Data Center Expansion ✓ Established Infrastructure with Ample Takeaway Capacit
Slide 11: Uinta Quarterly Highlights
Uinta Quarterly Highlights: HBP Asset Base with Substantial Stacked Resource Opportunity Acquired Asset in Q1’22 for Production Value; Driving Incremental Returns Through Attractive Development Uinta Acreage(1) ✓ Development Program Generating Attractive Returns ✓ Prudently Delineating Substantial S
Slide 12: Impressive Early Time Results from Eastern Uinta JV
Impressive Early Time Results from Eastern Uinta JV Executing on Prudent Delineation of Substantial Stacked Resource Opportunity Eastern Uinta Joint Venture Strong Eastern Performance (Upper Cube Results - Cum. Bo/ft) CRGY Uteland Butte 2023-2024 Avg. Drilled Locations 1 2 3 4 5 6 7 8 9 10 11 12 13
Slide 13: Successful Track Record of Accretive Acquisitions
Successful Track Record of Accretive Acquisitions More Than Doubled in Scale Since Public Listing Through Consistent Execution ✓ Focused in Regions Where We Currently Operate • Eagle Ford & Rockies Proven Acquisition Strategy(1) (Crescent Acquisitions) 6 ✓ Consistent Underwriting Criteria • Cash-on-
Slide 14: 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
Slide 15: Driving Shareholder Value Through Seamless Integration
Driving Shareholder Value Through Seamless Integration SilverBow Acquisition Continuing to Outperform Expectations; Achieved Increased Synergy Range Ahead of Schedule, with Further Value Expected • Expect ~$15 - 20 MM of annual Ridgemar synergies (Annual - $ MM) Initial Q3’24 Captured Current Synerg
Slide 16: "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 ~1.4x 1.0x / 1.5x
Slide 17: Decade-Plus History of Returning Cash to Shareholders
Decade-Plus History of Returning Cash to Shareholders Providing Shareholders with Consistent and Attractive Fixed Dividend Return of Capital Framework: Fixed Dividend Yield Comparison(2) 4.6% Consecutive 4.5% 4.6% 13 years 4.2% Priority Fixed Dividend: #1 • $0.12 / share per quarter of dividend paym
Slide 18: Appendix
©) Crescent Energy Appendix
Slide 19: 2025 Outlook: Flexible Capital Allocation and Significant Free Cash Flow Generation
2025 Outlook: Flexible Capital Allocation and Significant Free Cash Flow Generation Guidance Capital Expenditures ($70 / Bbl WTI and $3.00 / MMbtu Henry Hub) By Type By Commodity Full Year 2025 Other (4) ~5% Total Production (Mboe/d) 254 – 264 Dry Gas 10% - 20% % Oil (%) 41% – 40% Oil-Weighted (5) 4
Slide 20: Eagle Ford Asset Detail
Eagle Ford Asset Detail: Premier Position with Attractive Commodity Diversification Asset Detail Operated Central Southern Western Non-Op Net Acres ~240k ~100k ~165k ~33k Live Oak, Atascosa, Webb, La Salle, Dimmit, Webb, Zavala, Frio, Counties McMullen, La McMullen, Live Maverick, La Salle Atascosa,
Slide 21: Uinta Asset Detail
Uinta Asset Detail: HBP Asset Base with Substantial Stacked Resource Opportunity Asset Detail Inventory Upside Current CRGY inventory estimates DAGGETT Uinta only include a portion of substantial resource opportunity Uinta Peer CRGY Net Acres ~145k Formations Activity Garden Gulch ✓ Counties Duchesn
Slide 22: Crescent Energy Reserves Summary
Crescent Energy Reserves Summary ~65% Liquids and ~73% Proved Developed YE 2024 Proved Reserves Summary PV-10 ($MM) Reserve Category Oil (MMbbl) Gas (Bcf) NGL (MMbbl) Total (MMboe) SEC(1)(2) Proved Developed 232 1,384 117 579 $6,016 Proved Undeveloped 126 278 41 214 1,984 Total Proved Reserves 358 1
Slide 23: Hedge Position: Liquids
Hedge Position: Liquids Q1 2025 Q2 2025 Q3 2025(1) Q4 2025(1) FY 2026(2) FY 2027(3) NYMEX WTI (Bbls, $/Bbl) Swaps Total Volumes 3,799,000 3,903,900 3,946,800 3,854,800 7,038,550 3,650,000 Total Daily Volumes 42,211 42,900 42,900 41,900 19,284 10,000 WA Swap Price $70.45 $70.48 $70.43 $70.30 $71.67 $
Slide 24: Hedge Position: Gas
Hedge Position: Gas Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2026 FY 2027(1) NYMEX Henry Hub (MMBtu, $/MMBtu) Swaps Total Volumes 14,580,000 14,742,000 17,204,000 13,994,000 85,545,000 18,250,000 Total Daily Volumes 162,000 162,000 187,000 152,109 234,370 50,000 WA Swap Price $4.21 $3.70 $3.83 $4.13 $4.03
Slide 25: Per Unit Performance
Per Unit Performance Year ended For the three months ended December 31, 2024 December 31, 2024 December 31, 2023 September 30, 2024 Average daily net sales volumes: Oil (Mbbls/d) 82 98 71 86 Natural gas (MMcf/d) 501 671 386 554 NGLs (Mbbls/d) 36 45 30 40 Total (Mboe/d) 201 255 165 219 Average realiz
Slide 26: 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 27: Adjusted EBITDAX & Levered Free Cash Flow (Cont'd)
Adjusted EBITDAX & Levered Free Cash Flow (Cont’d) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (in thousands) (in thousands) Net income (loss) ($169,945) $140,008 ($137,683) $321,991 Adjustments to reconcile to Adjusted EBITDAX: Interest expense 69,378 43,159 216,263
Slide 28: 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 29: 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 30: 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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