Crescent Energy Company · NYSE:CRGY

Crescent Energy — Q3 2023 Earnings Presentation

38 slides from Crescent Energy's earnings presentation, Nov 7, 2023

1. Slide 1: Q3'23 Results Conference Call

   Q3’23 Results Conference Call November 2023

2. Slide 2: Disclaimer

   Disclaimer The information in this presentation relates to Crescent Energy Company (the “Company” 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 (the “Securities Act”), and Se

3. Slide 3: A Differentiated U.S. Energy Company

   A Differentiated U.S. Energy Company Disciplined Growth Strategy that Combines an Investor Mindset and Deep Operational Expertise CRGY at a Glance Cash Flow $5.0 Bn Proved Developed PV-10(1) $6.4 Bn Total Proved PV-10(1) • Substantial Cash Flow Rockies ~40% of ‘23E Production 146 - 151 Mboe/d ‘23E P

4. Slide 4: Record Quarterly Performance

   Record Quarterly Performance ✓ Strong Operational • Efficiencies driving lower costs & higher Execution production ✓ Closed Accretive Acquisitions • Completed $850 MM of Eagle Ford transactions ✓ Successful Integration • Completed integration ahead of schedule; Immediately realized D&C savings of 20

5. Slide 5: Executing On Our Consistent Strategy

   Executing On Our Consistent Strategy Substantial Large, Low Decline Cash Flow Generation Base Production $290 MM Adj. EBITDAX(1) 157 Mboe/d Production $160 MM Levered FCF(1) 46% Oil / 62% Liquids Attractive Balance Sheet Return of Capital Strength $0.12/sh Quarterly Cash Dividend(2) 1.4x Net LTM Lev

6. Slide 6: Strong Operational Execution: Doing More with Less

   Strong Operational Execution: Doing More with Less Higher Full Year Production and Cash Flow for Less Capital Spend (Mboe/d) 2023 Production Outlook ✓ Production Outperformance: 146 - 151 Solid Eagle Ford and Uinta well 130 - 138 performance Initial WEGF Operational Current Realizing Operational ✓ G

7. Slide 7: Efficiencies Offsetting Inflation and Enhancing Margins

   Efficiencies Offsetting Inflation and Enhancing Margins Improved Drilling and Completion Efficiencies Reducing Well Costs and Increasing Returns Drilling ~1,750’ Speed +10% ~1,575’ (ft/day) 2022 Current Completion ~80,000 Speed +10% ~72,000 (fluid bbl/day) 2022 Current ~$1,000 Well Costs ~$875 - $95

8. Slide 8: Closed on Accretive Western Eagle Ford Acquisitions

   Closed on Accretive Western Eagle Ford Acquisitions Proven Ability to Scale and Capture Operational Upside at Attractive Value Eagle Ford Footprint ✓ Closed Acquisitions July 3 & October 2 ✓ Acquired Assets at Discount to PD PV-10 CRGY Central (Op) CRGY Western (Op) ✓ CRGY (Non-Op) Doubled Low-Risk

9. Slide 9: Successful Integration of Western Eagle Ford Assets

   Successful Integration of Western Eagle Ford Assets Immediate Operational Improvements on Acquired Assets CRGY D&C Execution(1) ✓ (Acquired Asset Savings) ($MM per well) Completed Integration Ahead of Schedule ✓ Immediate D&C Savings: 20% Reduction in Well Costs Additional Synergy ✓ Capture Opportun

10. Slide 10: High-Quality Inventory with Strong Recent Performance

    High-Quality Inventory with Strong Recent Performance Western Eagle Ford Inventory Compares Favorably vs. Basin Average ✓ Asset Well Performance(1) (EUR Boe / ft) Recoveries In-Line with In-Basin Average Oil EUR / ft Total EUR / ft • Higher oil weighting driving higher margins 75 ✓ Attractive Return

11. Slide 11: Updated Well Design Driving Uinta Outperformance

    Updated Well Design Driving Uinta Outperformance ✓ Optimized Well Design & Top-Tier Oil Resource With Operational Performance Solid Performance to Date • 25% higher oil recoveries vs. prior operator ✓ Improved Well Design = Greater Recoveries Drilled Ft / Day Completed Ft / Day Proppant (Lbs / Ft) •

12. Slide 12: Sustainability Leadership Driving Progress: 27% Reduction in Scope 1 GHG Emissions

    Sustainability Leadership Driving Progress: 27% Reduction in Absolute Scope 1 GHG Emissions Our Sustainability DIVERSITY & Focus Areas CLIMATE ENVIRONMENT SAFETY COMMUNITY INCLUSION ✓ Transparent Reporting to Support Long-Term Goals • Published 2022 Sustainability Report • Awarded OGMP 2.0 Gold Stan

13. Slide 13: "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: Target > $500 MM Current Leverage(1) 1.4x Leverage Target / Max 1.0x / 1.5x Total Liquidity(2) >$1.1 BN Moody’s(4) ✓ Fitch(4

14. Slide 14: Cash Returns to Shareholders: Leading Track Record

    Cash Returns to Shareholders: Leading Track Record Return of Capital Strategy Dividend Yield Comparison(5) Distributes 10% of Adj. EBITDAX(1) at Guidance Pricing Consecutive • Adj. EBITDAX-based(1) strategy 10 years 9.2% reduces variability vs. FCF- of dividend payments(6) based alternatives 6.0% •

15. Slide 15: Peer Leading Decline Rate and Capital Efficiency

    Peer Leading Decline Rate and Capital Efficiency… Low Decline Production = Greater Capital Efficiency 20% 2-3 Rigs % NTM Decline Rate Maintenance Activity Peers Replace ~50% More Peers Spend ~$250 MM/Year More Production Each Year in Capex for Same Production(1) First Year PDP Decline(2) ‘24E Capex

16. Slide 16: Leads to Compelling Valuation On Cash Flow Metrics

    …Leads to Compelling Valuation On Cash Flow Metrics Crescent Is Expected to Generate Significant Levered Free Cash Flow >$2 BN 23% ’24E – ’28E Cum. Levered FCF % FCF Yield Cumulative LFCF Greater Than CRGY FCF Yield is ~50%+ Current Market Capitalization Higher Than Peers ‘24E – ’28E Cum. LFCF Outlo

17. Slide 17: Appendix

    ©) Crescent Energy Appendix

18. Slide 18: Re-Affirming FY'23 Guidance

    Re-Affirming FY’23 Guidance Full Year Capital Guide Remains Unchanged Despite Incremental Activity (4 TILs + 1 Spud) Being Pulled Forward Into 2023 2023 Outlook Initial 2023 Updated 2023 Guidance Guidance Incl. Acquisitions (March 2023) (September 2023) Guidance Pricing (Oil / Natural Gas) $70 / $3.

19. Slide 19: Consistent Strategy Execution Over Last Decade

    Consistent Strategy Execution Over Last Decade Current Past Decade (Average)(1) Commodity Prices Commodity Prices $81.02 / $3.58 $64.26 / $3.35 Leverage(2) Leverage Strong Balance 1.4x 1.2x 1 Sheet (Long Term Target ≤1.0x) Decline Rate Decline Rate ~20% <25% Low Decline 2 (Target <25% Reinvestment R

20. Slide 20: Capital Allocation Priorities

    Capital Allocation Priorities Priority #1A Financial Strength Target max 1.5x leverage in an acquisition scenario Target 1.0x long-term leverage(1) Priority #1B Returning Capital to Shareholders Base Dividend: 10% of EBITDA $0.12 per share A B Returns-Driven Investing: Priority #2 Target >2.0x MOIC(

21. Slide 21: Returns Driven M&A Drives Equity Value

    Returns Driven M&A Drives Equity Value True Investors Pursuing an Opportunistic and Value-Oriented Acquisition Strategy Targeting Cash Generative Assets in Proven U.S. Onshore Basins Consistent Acquisition Strategy(1) Consistent Approach to Crescent Acquisitions 6 Acquisition Underwriting Western 4

22. Slide 22: Capital Markets Advancement Drives Incremental Upside

    Capital Markets Advancement Drives Incremental Upside Consistent Focus on Improving Capital Markets Access and Trading Liquidity Leading to Increased Shareholder Demand Crescent Energy Ownership Detail ✓ Increased public Public Shareholders KKR Private Investors float to ~49% of shares outstanding 1

23. Slide 23: Significant Proven Inventory and Resource Potential

    Significant Proven Inventory and Resource Potential Deep, High Quality Inventory that Generates Compelling Returns Through Cycle Gross Operated Locations ~15 Year Unrisked Inventory 8 - 10 Year Low Risk Inventory >1,200 (at Maintenance Activity) Other Other 625 EagleFord Eagle Ford Uinta Uinta 60 -

24. Slide 24: Balanced Exposure Across Basins and Commodities

    Balanced Exposure Across Basins and Commodities Asset Base Provides Attractive, Long-Term Commodity Price Exposure Thoughtful Portfolio Construction Balanced Exposure(1) • Portfolio provides stable, low decline • Core operating areas in Texas and the production and cash flow with deep Rockies invent

25. Slide 25: Eagle Ford Asset Overview: Large Acreage Position Across Oil / Condensate Window

    Eagle Ford Asset Overview: Large Acreage Position Across Oil / Condensate Window Asset Detail Operated Central Western Non-Op Net Acres ~82,000 ~124,000 ~33,000 Atascosa and Dimmit, Webb Zavala, Frio, Counties Frio and La Salle Atascosa, Webb % HBP ~80% ~80% ~85% Current 1-2 0-1 Rigs 200 gross / 250

26. Slide 26: Uinta Asset Overview: Proven Oil Resource with Multi-Year Development Inventory

    Uinta Asset Overview: Proven Oil Resource with Multi-Year Development Inventory Asset Detail Operated Uinta Net Acres ~145,000 Counties Duchesne and Uintah % HBP ~85% Current 1 Operated Rigs Inventory(1) 135 gross / 110 net MOIC(2) >2.0x % Oil ~65% Avg. WI / NRI ~85% / ~70% CRGY (Op) Altamont Energy

27. Slide 27: Conventional Asset Base Provides Cash Flow Stability with CO2 / CCUS Upside

    Conventional Asset Base Provides Cash Flow Stability with CO2 / CCUS-Related Upside • Low decline EOR production base Crescent Rockies Footprint provides stable cash flow stream that Crescent CO2 Pipelines supports broader Crescent business CO2 Pipelines Owned by Others Crescent EOR Field • Potentia

28. Slide 28: Minerals Footprint Provides High Margin Cash Flow

    Minerals Footprint Provides High Margin Cash Flow Appalachia DJ Basin Eagle Ford Asset Highlights Key Metrics ✓ High Margin Asset Generating Meaningful Free Cash Flow Statistic ✓ Organic Growth With No Capital Costs or Operating Expenses Net Royalty Acres(1) ~72,000 ✓ 2022 Net Production(2) (Mboe/d)

29. Slide 29: Crescent Energy Reserves Summary

    Crescent Energy Reserves Summary 58% Liquids and 80% Proved Developed YE 2022 Proved Reserves Summary PV-10 ($MM) PV-10 ($MM) Reserve Category Oil (MMbbl) Gas (Bcf) NGL (MMbbl) Total (MMboe) SEC(1)(2) NYMEX(1)(3) Proved Developed 197 1,659 109 582 $9,085 $4,984 Proved Undeveloped 96 170 22 146 2,853

30. Slide 30: Our "Up-C" Organizational Structure

    Our “Up-C” Organizational Structure • Up-C Investors and Crescent Energy Company (“PubCo”) hold units Up-C (“OpCo Units”) in an operating Investors Public Stockholders company (“OpCo”) that is treated as (Legacy Investors) a partnership for U.S. federal income Class B Class A tax purposes (no tax re

31. Slide 31: Hedge Position: Oil

    Hedge Position: Oil Q4'23 FY 2024 FY 2025(1) NYMEX WTI (Bbls, $/Bbl) Swaps Total Volumes 3,862,863 12,021,460 -- Total Daily Volumes 41,988 32,846 -- WA Swap Price $66.26 $67.58 -- Collars Total Volumes 720,500 3,588,000 1,460,000 Total Daily Volumes 7,832 9,803 4,000 WA Long Put Price $55.64 $64.62

32. Slide 32: Hedge Position: Gas

    Hedge Position: Gas Q4'23 FY 2024 FY 2025 NYMEX Henry Hub (MMBtu, $/MMBtu) Swaps Total Volumes 23,104,668 41,080,100 Total Daily Volumes 251,138 112,241 WA Swap Price $2.97 $3.69 Collars Total Volumes -- 18,300,000 29,565,000 Total Daily Volumes -- 50,000 81,000 WA Long Put Price -- $3.38 $3.00 WA S

33. Slide 33: Per Unit Performance

    Per Unit Performance For the three months ended September 30, 2023 September 30, 2022 June 30, 2023 Average daily net sales volumes: Oil (Mbbls/d) 72 69 64 Natural gas (MMcf/d) 359 367 335 NGLs (Mbbls/d) 25 20 19 Total (Mboe/d) 157 150 139 Average realized prices, before effects of derivative settle

34. Slide 34: 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, realized (gain) loss on interest rate derivatives, income tax expense (benefit), depreciation, depletion and amortization, exploration e

35. Slide 35: Adjusted EBITDAX & Levered Free Cash Flow (Cont'd)

    Adjusted EBITDAX & Levered Free Cash Flow (Cont’d) For the three months ended September 30, 2023 September 30, 2022 (in thousands) Net income (loss) $ (131,102) $ 555,349 Adjustments to reconcile to Adjusted EBITDAX: Interest expense 42,200 27,057 Income tax expense (benefit) (20,639) 38,455 Depreci

36. Slide 36: 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

37. Slide 37: 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 Manager Compensation RNCI Distributions. Management belie

38. Slide 38: Stay Connected.

    Stay Connected. Emily Newport IR@crescentenergyco.com 600 Travis Street Suite 7200 Houston, Texas 77002 + 1 (713) 332-7001 www.crescentenergyco.com

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