Crescent Energy Company · NYSE:CRGY
Crescent Energy — Q1 2025 Earnings Presentation
28 slides from Crescent Energy's earnings presentation, May 6, 2025
Slide 1: Q1'25 Earnings Presentation
Q1’25 Earnings Presentation May 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: Q1'25 Recap: Delivering On All Strategic Priorities
Q1’25 Recap: Delivering On All Strategic Priorities Robust Financial Performance • All metrics in-line or exceeding expectations • Substantial FCF generation (~45% annualized yield) Solid Operational Execution • Continued Eagle Ford efficiency gains • Flexible capital allocation across commoditi
Slide 4: CRGY Performance: Strong Q1 Results
CRGY Performance: Strong Q1 Results Substantial Large, Low Decline Cash Flow Generation Base Production ~$530 MM Adj. EBITDAX(1) ~258 Mboe/d ~$242 MM Levered FCF(1) ~40% Oil / ~58% Liquids Attractive Balance Sheet Return of Capital Strength $0.12/sh Fixed Quarterly Dividend(2) 1.5x Net LTM Leverage(
Slide 5: Doing What We've Said We'd Do for the Last Decade
Doing What We’ve Said We’d Do for the Last Decade CRGY Strategy and Portfolio Built to Perform Through Cycles Current Past Decade (Average)(2) Commodity Prices(1) Commodity Prices $62.80 / $2.93 $62.61 / $3.16 Capital Allocation Priorities Leverage(3) Leverage 1.5x ~1.2x Balance Sheet #1A Strength (
Slide 6: Advantaged Stability & Free Cash Flow Generation
Advantaged Stability & Free Cash Flow Generation Profitable, Low Decline Base Business with Lower Capital Intensity than Peers ~25% ~33% % NTM Decline Rate % FCF Yield(2) Peers(1) Replace ~30% More CRGY FCF Yield(2) is ~90% Production Each Year Higher Than Peers(1) First Year PDP Decline vs. Peers(1
Slide 7: 2025: Capital Flexibility Driving Durable Free Cash Flow
2025: Capital Flexibility Driving Durable Free Cash Flow Dynamic and Returns-Driven 2025 Operating Plan Flexible Capital Allocation • High-quality assets largely 2025E Hedged FCF Generation(1) ($ in MM) ~$1,000 held by production • Unique optionality across both oil and natural gas >$700 >$600 • C
Slide 8: Eagle Ford Quarterly Highlights
Eagle Ford Quarterly Highlights: Premier Position with Attractive Commodity Diversification Scaled Footprint with Significant Incremental Growth Opportunity Eagle Ford Acreage Increasing Year-Over-Year Well Productivity Continued D&C Cost Improvement Capitalizing on Current Commodity Environme
Slide 9: Capital Efficiencies Increasing Free Cash Flow
Capital Efficiencies Increasing Free Cash Flow Operational Execution Driving Continued Savings in Development Costs ~2,100 Drilling +40% ~1,500 Speed (drilled ft/day) Faster than Peers(1) CRGY CRGY Eagle Ford EF Peer… Peer Average ~100,000 ~85,000 Completion Speed +18% (fluid bbl/day) Faster than Pe
Slide 10: Uinta Quarterly Highlights
Uinta Quarterly Highlights: HBP Asset Base with Substantial Stacked Resource Opportunity Prudent Delineation of Significant Resource and High Value Long-Term Development Opportunity Uinta Acreage Development Program to Date Generating Attractive Returns (~2.0x MOIC)(1) ~100% Sales to In-Basin Re
Slide 11: Successful Track Record of Accretive Acquisitions
Successful Track Record of Accretive Acquisitions Profitably Scaled >2x Since Public Listing Consistent Underwriting Criteria • Cash-on-cash returns, equity accretion and strong balance Proven Acquisition Strategy(1) (Crescent Acquisitions) 6 sheet Driving Incremental Returns with 4 Improved Per
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 1.5x 1.0x / 1.5x ~
Slide 13: Decade-Plus History of Returning Cash to Shareholders
Decade-Plus History of Returning Cash to Shareholders Capitalizing on Share Price Dislocation with ~$30 MM of Repurchases YTD Return of Capital Framework: Fixed Dividend Yield Comparison(2) 13 Consecutive #1 Fixed Dividend: years Priority 7.1% 6.8% • $0.12 / share per quarter of dividend payments(3)
Slide 14: Transforming Crescent's Equity Positioning
Transforming Crescent’s Equity Positioning Up-C Elimination Represents Another Major Step in Crescent’s Evolution • Simplified structure and financial reporting • Single class of common stock with full conversion of Class B shares Public Ownership Trading Liquidity (% of Shares Outstanding) (Avg Dai
Slide 15: Appendix
Appendix CRESCENT ENERGY
Slide 16: 2025 Outlook: Flexible Capital Allocation and Significant Free Cash Flow Generation
2025 Outlook: Flexible Capital Allocation and Significant Free Cash Flow Generation 2025 Guidance Capital Expenditures Full Year 2025 By Commodity Total Production (Mboe/d) – Prior 254 – 264 Dry Gas 10% - 20% Total Production (Mboe/d) – Divestiture Adjusted 251 – 261 (5) Oil-Weighted % Oil (%) 41% –
Slide 17: Closed Complementary Central Eagle Ford Bolt-On
Closed Complementary Central Eagle Ford Bolt-On Ridgemar Acquisition Adds High Margin Production and Significant Inventory In Core Area at Attractive Value; Closed 1/31 CRGY Central Eagle Ford Position Enhancing Eagle Ford Scale Atascosa Frio • >15% increase in EF acreage and production McMullen
Slide 18: 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 19: Uinta Asset Detail
Uinta Asset Detail: HBP Asset Base with Substantial Stacked Resource Opportunity Asset Detail Inventory Upside Current CRGY inventory estimates DAGGETT only include a portion of Uinta substantial resource opportunity Uinta Peer CRGY Net Acres ~145k Formations Activity Garden Gulch ✓ Upper Douglas Cr
Slide 20: 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 21: Hedge Position: Liquids
Hedge Position: Liquids Q2 2025 Q3 2025(1) Q4 2025(1) FY 2026(2)(3) FY 2027(4) NYMEX WTI (Bbls, $/Bbl) Swaps Total Volumes 3,903,900 3,946,800 3,854,800 7,038,550 3,650,000 Total Daily Volumes 42,900 42,900 41,900 19,284 10,000 WA Swap Price $70.48 $70.43 $70.30 $71.67 $75.00 Collars Total Volumes 1
Slide 22: Hedge Position: Gas
Hedge Position: Gas Q2 2025 Q3 2025 Q4 2025 FY 2026 FY 2027(1) NYMEX Henry Hub (MMBtu, $/MMBtu) Swaps Total Volumes 14,742,000 17,204,000 18,744,000 98,320,000 18,250,000 Total Daily Volumes 162,000 187,000 203,739 269,370 50,000 WA Swap Price $3.70 $3.83 $4.16 $4.05 $4.19 Collars Total Volumes 19,5
Slide 23: Per Unit Performance
Per Unit Performance For the three months ended March 31, 2025 March 31, 2024 December 31, 2024 Average daily net sales volumes: Oil (Mbbls/d) 102 70 98 Natural gas (MMcf/d) 655 403 671 NGLs (Mbbls/d) 47 28 45 Total (Mboe/d) 258 166 255 Average realized prices, before effects of derivative settlemen
Slide 24: 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 25: Adjusted EBITDAX & Levered Free Cash Flow (Cont'd)
Adjusted EBITDAX & Levered Free Cash Flow (Cont’d) Three Months Ended March 31, 2025 March 31, 2024 (in thousands) Net income (loss) $ 5,911 $ (32,364) Adjustments to reconcile to Adjusted EBITDAX: Interest expense 73,182 42,686 Loss from extinguishment of debt — 22,582 Income tax expense (benefit)
Slide 26: 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 27: 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 28: 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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