Crescent Energy Company · NYSE:CRGY
Crescent Energy — Q4 2025 Earnings Presentation
34 slides from Crescent Energy's earnings presentation, Feb 26, 2026
Slide 1: Q4'25 Earnings Presentation
Q4’25 Earnings Presentation February 2026
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: 2025 Recap: A Transformational Year
2025 Recap: A Transformational Year Enhancing the Crescent Value Proposition Through Consistent Execution Strong Base Business Momentum Exceeded guidance across all key metrics and generated significant FCF (~31% yield)(1); bringing significant momentum to our 2026 plan Portfolio Transformation
Slide 4: More Scale, More Focus and More Opportunity
More Scale, More Focus and More Opportunity Well Positioned for Continued Execution and Long-Term Value Creation CRGY Footprint More Scale Top 10 liquids-weighted U.S. independent Uinta Minerals More Focus High-quality positions in the Eagle Ford, Permian & Uinta plus world-class minerals platfo
Slide 5: CRGY Q4 Results: Another Quarter of Outperformance
CRGY Q4 Results: Another Quarter of Outperformance Substantial Scaled & Stable Cash Flow Generation Base Production $536 MM Adj. EBITDAX(1) 268 Mboe/d / 106 Mbo/d $239 MM Levered FCF(1) 39% Oil / 58% Liquids Attractive Balance Sheet Return of Capital Strength $0.12/sh Fixed Quarterly Dividend(2) 1.5
Slide 6: Demonstrating the CRGY Value Proposition
Demonstrating the CRGY Value Proposition Combining Operational and Investing Expertise to Drive Outsized Results Exceeded 2025 Expectations Accretively Upgraded the To Drive Additional FCF Quality & Scale of Our Portfolio 254 - 264 260 Capital: ~$4 BN $900 MM+ 5.0x+ Initial 2025 Operational 2025 Gui
Slide 7: 2026 Plan: Consistent Execution Of Our Proven Strategy
2026 Plan: Consistent Execution Of Our Proven Strategy Capitalizing on Our Uniquely Flexible Portfolio to Drive Outsized FCF & Returns Flexibility: Largely HBP assets with ability to invest across oil or gas focused inventory to maximize returns across commodity cycles Free Cash Flow: Significan
Slide 8: Track Record of Maximizing Free Cash Flow Through Cycles
Track Record of Maximizing Free Cash Flow Through Cycles Aim to Best Allocate Cash Flow to Deliver Industry-Leading Shareholder Returns and Pursue Disciplined, Value Accretive Growth Substantial FCF Generation Provides Flexibility To: (Annual CRGY LFCF(1) - $ MM) $856 Sustain a Strong, Fixed Divid
Slide 9: Eagle Ford Asset Detail
Eagle Ford Asset Detail: Premier Position with Commodity Flexibility & Significant Growth Opportunity Operational Outperformance Driving Increased Free Cash Flow Eagle Ford Acreage(1) Capital Efficiencies Driving Increased Returns • ~15% DC&F YoY savings Marketing Optimization Increasing Oil Rea
Slide 10: Capital Efficiencies Increasing Returns & Free Cash Flow
Capital Efficiencies Increasing Returns & Free Cash Flow Operational Execution Driving Continued Savings in DC&F Costs Pumping ~110,000 ~95,000 ~30% ~82,500 Efficiency Gains Since 2023 (fluid bbl/day) 2023 Program 2024 Program 2025 Program ~2,250 Completion ~1,900 ~35% ~1,650 Efficiency Gains Since
Slide 11: Permian Quarterly Highlights
Permian Quarterly Highlights: Scaled Position with Significant Synergy and Growth Opportunity Implementing Crescent’s Operational Playbook: Buying Assets and Making Them Better Permian Acreage Strong Start on Integration; Accelerating Synergy Capture • Captured $40 MM+ of synergies to-date • Syner
Slide 12: Seamless Permian Integration: Increasing Synergy Target
Seamless Permian Integration: Increasing Synergy Target 100% Increase in Synergy Target Meaningfully Enhances Expected Returns CRGY Integration Expertise Incremental Synergies Related to: ~$190 23% Operational Efficiencies Increasing pad size, implementing simulfrac, optimizing artificial lift, +1
Slide 13: Uinta Quarterly Highlights
Uinta Quarterly Highlights: HBP Asset Base with Substantial Stacked Resource Opportunity Activity Focused on Core Uteland Butte and Prudent Upside Delineation Uinta Acreage Strong Base Production Performance • Operations and artificial lift optimization driving increased productivity Capital Eff
Slide 14: Introducing Crescent Royalties: A Differentiated Minerals Platform
Introducing Crescent Royalties: A Differentiated Minerals Platform Multi-Basin Consolidator of Best-in-Class Resource Royalties Portfolio Breakdown World-Class Assets: Under world-class operators with consistent development activity Appalachia ~13% Production by Basin Other ~10% Revenue by Commodi
Slide 15: Scaling Crescent Royalties with Complementary EF Bolt-Ons
Scaling Crescent Royalties with Complementary EF Bolt-Ons Value-Accretive Expansion of Our Scaled Royalties Business Compelling Cash Returns Acquired Acreage Footprint Immediately accretive to FCF; aligned with our disciplined underwriting criteria Attractive Asset Profile Strong near-term FCF f
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 Current Leverage Total Leverage(1) Target / Max Liquidity(2) Balance Sheet Flexibility: 1.5x 1.0x / 1.5x ~$2.0 BN No near-term maturities; ~$2 BN of l
Slide 17: Decade-Plus History of Returning Cash to Shareholders
Decade-Plus History of Returning Cash to Shareholders Free Cash Flow Supports an “All of the Above” Capital Return Framework Return of Capital Framework: Fixed Dividend Yield Comparison(1) 14 Consecutive #1 Fixed Dividend: years Priority 6.5% • $0.12 / share per quarter of dividend payments(2) 5.0%
Slide 18: Why CRGY: Free Cash Flow Driven Value Creation
Why CRGY: Free Cash Flow Driven Value Creation Free Cash Flow-Focused E&P with Disciplined Growth and Multiple Levers to Compound Shareholder Value Free Cash Flow First • Built to maximize FCF through cycles • $856 MM of 2025 FCF (~31% yield)(1) Differentiated Scale & Assets • Top 10 liquids-wei
Slide 19: Appendix
Appendix CRESCENT ENERGY
Slide 20: 2026 Outlook: Flexible Capital Allocation and Maximizing Free Cash Flow
2026 Outlook: Flexible Capital Allocation and Maximizing Free Cash Flow Guidance Development Capital Full Year 2026 Expenditures By Commodity Total Production (Mboe/d) 320 – 335 % Oil (%) 40% – 42% Dry Gas 10 - 20% % Gas (%) 36% – 39% Mixed Oil-Weighted(5) Commodity 50 - 60% Realized Prices (Oil % o
Slide 21: Eagle Ford Asset Detail
Eagle Ford Asset Detail: Premier Position with Commodity Flexibility & Significant Growth Opportunity Asset Detail Operated Central Southern Western Non-Op Net Acres ~240k ~100k ~165k ~25k Live Oak, Atascosa, Webb, La Salle, Dimmit, Webb, Zavala, Frio, Counties McMullen, La McMullen, Live Maverick,
Slide 22: Permian Asset Detail
Permian Asset Detail: Scaled Position with Significant Synergy and Growth Opportunity Asset Detail Delaware Midland Net Acres ~82k ~192k Glasscock, Midland, Ward, Reeves, Howard, Reagan, Counties Winkler, Pecos Upton, Crane, Borden, Sterling Avg. ~70% / ~55% ~85% / ~65% WI / NRI % Oil ~65% ~50% Gros
Slide 23: Uinta Asset Detail
Uinta Asset Detail: HBP Asset Base with Substantial Stacked Resource Opportunity Asset Detail Inventory Upside Current CRGY inventory estimates only include a portion of Uinta substantial resource opportunity Uinta Peer CRGY Net Acres ~140k Formations Activity Garden Gulch ✓ Upper Douglas Creek ✓ Du
Slide 24: Minerals Asset Detail
Minerals Asset Detail: Scaled Footprint Under World-Class Operators with Consistent Development Activity CRGY Minerals and Royalties Acreage Eagle Ford Rockies Appalachia OH TX CO PA CRGY Royalties O&G Basin Key Basin Asset Detail Eagle Ford Rockies Appalachia Other Net Royalty Acres(1) ~46k ~13k ~3
Slide 25: Crescent Energy Reserves Summary
Crescent Energy Reserves Summary ~61% Liquids and ~80% Proved Developed YE 2025 Proved Reserves Summary PV-10 ($MM) Reserve Category Oil (MMbbl) Gas (Bcf) NGL (MMbbl) Total (MMboe) SEC(1)(2) Proved Developed 276 1,819 197 776 $7,517 Proved Undeveloped 84 459 39 199 1,116 Total Proved Reserves 360 2,
Slide 26: Active Hedge Strategy Provides Cash Flow Durability
Active Hedge Strategy Provides Cash Flow Durability Protecting the Downside and Retaining Attractive Upside Exposure with Mix of Swaps and Collars 2026E Hedge Gain / (Loss) ($ in MM, Except Commodity Prices) Oil Price ~$55 ~$60 ~$65 ~$70 ~$75 Gas Price ~$3.00 ~$3.50 ~$4.00 ~$4.50 ~$5.00 ~$270 ~$260
Slide 27: Hedge Position: Liquids
Hedge Position: Liquids Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2027 NYMEX WTI (Bbls, $/Bbl) Swaps Total Daily Volumes 71,150 68,900 55,600 55,097 13,040 WA Swap Price $65.41 $64.59 $64.57 $64.54 $60.93 Collars Total Daily Volumes 23,000 23,000 12,500 11,500 3,967 WA Long Put Price $60.17 $60.17 $60.32 $
Slide 28: Hedge Position: Gas
Hedge Position: Gas Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2027 NYMEX Henry Hub (MMBtu, $/MMBtu) Swaps Total Daily Volumes 252,556 250,000 250,000 245,000 20,000 WA Swap Price $4.27 $3.84 $3.92 $4.11 $4.21 Collars Total Daily Volumes 166,889 120,000 110,000 110,000 -- WA Long Put Price $3.15 $3.07 $3.04
Slide 29: Per Unit Performance
Per Unit Performance Year ended For the three months ended December 31, 2025 December 31, 2025 December 31, 2024 September 30, 2025 Average daily net sales volumes: Oil (Mbbls/d) 104 106 103 98 Natural gas (MMcf/d) 649 668 631 671 NGLs (Mbbls/d) 48 51 45 45 Total (Mboe/d) 260 268 253 255 Average rea
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
Slide 31: 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, 2025 2024 2025 2024 (in thousands) (in thousands) Net income (loss) $ 9,021 $ (169,945) $ 167,166 $ (137,683) Adjustments to reconcile to Adjusted EBITDAX: Interest expense 77,403 69,378 298,43
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
Slide 33: 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 non- cash equity-based compensation and transaction and nonrecurring expenses, and including cash distributions initiated by Manager Compensation. We
Slide 34: Stay Connected.
Stay Connected. IR@crescentenergyco.com 600 Travis Street Suite 7200 Houston, Texas 77002 (713) 332-7001 www.crescentenergyco.com
Crescent Energy Company — Q4 2025 Earnings Presentation on 6ix