Crescent Energy Company · NYSE:CRGY
Crescent Energy — Investor Presentation (April 2025)
36 slides from Crescent Energy's investor presentation, April 2025
Slide 1: A Differentiated U.S. Energy Company
Crescent Energy A Differentiated U.S. Energy Company April 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: 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 ~255 Mboe/d Current Production(2) •
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) 250 More than tripled net acres, production and inventory over the last 2 years 200 #3 Gross Oil Producer Uvalde Medina Wilson
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)
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) ~255 33% >2,000 NGL ~18% >15 Year 25% Total In
Slide 7: Gulf Coast Gas Assets Uniquely Positioned to Capitalize on Growing 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
Slide 8: Advantaged Stability & Durable Free Cash Flow Generation
Advantaged Stability & Durable Free Cash Flow Generation Profitable, Low Decline Base Business with Lower Capital Intensity than Peers ~25% ~38% % NTM Decline Rate % FCF Yield Peers Replace ~30% More CRGY FCF Yield is ~100% Production Each Year Higher Than Peers First Year PDP Decline vs. Peers 2025
Slide 9: Flexible Capital Allocation and Free Cash Flow Generation Capacity
2025 Plan Highlights Flexible Capital Allocation and Free Cash Flow Generation Capacity Flexibility: Largely HBP assets with ability to invest across oil or gas focused inventory to maximize returns across commodity cycles Durable Free Cash Flow: Significant FCF generation to support the base di
Slide 10: 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
Slide 11: Doing What We've Said We'd Do for the Last Decade
Doing What We’ve Said We’d Do for the Last Decade Current Past Decade (Average)(2) Commodity Prices(1) Commodity Prices $67.03 / $4.13 $62.56 / $3.15 Capital Allocation Priorities Leverage(3) Leverage Balance Sheet ~1.4x ~1.2x #1A Strength (Target 1.0x – 1.5x) Yield(4) Yield(4) #1B Return of Capital
Slide 12: "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 13: 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) 13 Consecutive 8.2% #1 years Fixed Dividend: Priority 7.2% of dividend payments(3) • $0.12 / share per quarter 6.
Slide 14: 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 15: 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
Slide 16: 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 17: 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 18: 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%
Slide 19: "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
Slide 20: Appendix
Appendix CRESCENT ENERGY
Slide 21: 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 22: 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
Slide 23: 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 24: 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 ✓ Duchesne & Upper
Slide 25: 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
Slide 26: 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
Slide 27: 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 $7,026 Proved Undeveloped 126 279 41 213 1,830 Total Proved Reserves 356 2,290
Slide 28: Increasing Float & Trading Liquidity
Increasing Float & Trading Liquidity Transformed the Equity Positioning of the Business Since Going Public CRGY Ownership Private Investors Increased Public 1% Liberty Mutual 14% Liberty 14% Ownership to 15% +35% Mutual KKR 100% of Shares 33% 20% +45% 10% 10% KKR Public Outstanding Shareholders +7
Slide 29: Crescent's Organizational Structure
Crescent’s Organizational Structure • Simplified corporate structure by eliminating the Company’s Public Stockholders umbrella partnership-C corporation (“Up-C”) structure, Class A effective as of April 4, 2025 Common Stock 100% Voting Interest Non-Economic • All common stockholders now Preferred St
Slide 30: Active Hedge Strategy Provides Cash Flow Durability
Active Hedge Strategy Provides Cash Flow Durability Protecting the Downside and Retaining Attractive Upside Exposure with Mix of Swaps and Collars in 2025; ~60% Hedged on Both Oil and Gas 2025E Hedge Gain / (Loss) ($ in MM, Except Commodity Prices) Oil Price ~$55 ~$60 ~$65 ~$70 ~$75 Gas Price ~$3.00
Slide 31: 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 32: 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 15,374,000 91,020,000 18,250,000 Total Daily Volumes 162,000 162,000 187,000 167,109 249,370 50,000 WA Swap Price $4.21 $3.70 $3.83 $4.19 $4.03
Slide 33: 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 34: 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 35: 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 36: Stay Connected.
Stay Connected. IR@crescentenergyco.com 600 Travis Street Suite 7200 Houston, Texas 77002 + 1 (713) 332-7001 www.crescentenergyco.com
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