Crescent Energy Company · NYSE:CRGY
Crescent Energy — Merger or Acquisition (October 2026)
15 slides from Crescent Energy's merger presentation, Oct 8, 2026
Slide 1: Top 10 Independent with a World-Class Eagle Ford Position
Top 10 Independent with a World-Class Eagle Ford Position Crescent Energy to Acquire Eagle Ford Assets from Devon Energy October 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: Solidifying Crescent's World-Class Eagle Ford Position
Solidifying Crescent’s World-Class Eagle Ford Position Rare Opportunity to Add Scale and Tier 1 Inventory in a Core Crescent Basin ~$3.85 BN net purchase price(1); expected closing in Q4’26 or early 2027 (7/1/2026 effective date) ~1 MM Gross Eagle Ford Acres 2nd Largest Eagle Ford Operator (Gross Op
Slide 4: Compelling Strategic and Financial Rationale
Compelling Strategic and Financial Rationale Asset Quality + Strategic Fit = Value Creation Potential Solidifies World- • Differentiated strategic fit; assets directly offset CRGY Class Eagle Ford Position operations enhance Crescent’s basin-leading position • Adds oil-weighted production and sign
Slide 5: A Proven Eagle Ford Consolidator
A Proven Eagle Ford Consolidator A Proven Track Record of Acquiring, Integrating and Improving Eagle Ford Assets Leading Eagle Ford Position(1) CRGY Eagle Ford Growth Pro June ‘23 Growth Forma Net Acres (000’s) ~138 ~625 ~4.5x Net Production (MBoe/d) ~30 ~235 ~8.0x % Operated ~65% ~95% ~1.5x Net Ope
Slide 6: Institutional Knowledge & Insight Drive Conviction
Institutional Knowledge & Insight Drive Conviction Existing Minerals Ownership, Offset Operations and Long-Dated Knowledge Provide Differentiated Insight into the Asset Acquisition Area Longstanding Minerals Position Gonzales Offset Operating Experience Wilson DeWitt Deep Technical Knowledge K
Slide 7: Accelerating Crescent's Operational Value Creation
Accelerating Crescent’s Operational Value Creation Higher Quality Inventory, Improved Capital Efficiency, Increased Margins and Enhanced Free Cash Flow Higher Quality Lower Capital Greater FCF Inventory Intensity Capacity (Total Gross Locations by Breakeven) (Maintenance Reinvestment Rate) (5 Year C
Slide 8: Adding Significant Tier 1 Eagle Ford Inventory
Adding Significant Tier 1 Eagle Ford Inventory Premium Karnes Trough Resource that Immediately Competes for Capital Cumulative Oil Production Premium Eagle Ford Resource (MBbl - 10k Normalized) • Karnes Trough economics 350 +45% compete with the best of the Lower 48 300 • Strong productivity and l
Slide 9: Buying Assets and Making Them Better: A Repeatable Operating Playbook
Buying Assets and Making Them Better: A Repeatable Operating Playbook Track Record of Creating Value Through Operating, Development and Commercial Improvements; Significant Opportunity Across Acquired Assets D&C LOE Marketing Opportunity Opportunity Opportunity Longer Laterals, Field Optimization, D
Slide 10: Development Optimization Driving Material Savings
Development Optimization Driving Material Savings Executing on Crescent’s Proven Optimization Playbook to Increase Capital Efficiency & Returns • Crescent planning for significantly longer lateral development across the acquired assets, supporting a step change improvement in development costs An Ex
Slide 11: Strengthening Crescent's Market-Leading Royalties Position
Strengthening Crescent's Market-Leading Royalties Position Existing Minerals Ownership Overlaps Meaningfully with the Acquired Assets, Significantly Increasing Scale and Operatorship of Crescent Royalties Contributes Enhances Public Peer Attractive Scale Development Visibility Benchmarking (EBITDA -
Slide 12: Maintaining Balance Sheet Discipline
Maintaining Balance Sheet Discipline Balanced Financing, Greater Scale and Strong FCF Generation Support Debt Reduction and Continued Progress Toward Investment Grade Balanced Financing Structure • Intend to fund the transaction with cash on hand and a balanced mix of debt and equity, Commitment t
Slide 13: Focused Portfolio of Scaled Positions Across Premier Basins
Focused Portfolio of Scaled Positions Across Premier Basins Strengthens Crescent’s World-Class Eagle Ford Position While Preserving Capital Allocation Flexibility Across the Permian and Uinta Asset Portfolio Scaled, High-Quality Asset Positions • Leading positions across Eagle Ford, Permian and Ui
Slide 14: Further Scaling Crescent as a Top 10 Oil-Weighted Independent
Further Scaling Crescent as a Top 10 Oil-Weighted Independent Adding Oil-Weighted Production While Strengthening Crescent’s Eagle Ford Positioning Pro Forma Production (2026E Consensus)(1) Total Production (Mboe/d) Oil Production (Mbo/d) 2,304 Acquired Production Mix: Oil Gas ~55-60% ~15-25% 1,624 1
Slide 15: 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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