Crescent Energy Company · NYSE:CRGY
Crescent Energy — Q1 2026 Earnings Presentation
32 slides from Crescent Energy's earnings presentation, May 2026
Slide 1: Q1'26 Earnings Presentation
Q1’26 Earnings Presentation May 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: Q1'26 Recap: Delivering on Our Strategic Priorities
Q1’26 Recap: Delivering on Our Strategic Priorities Building Long-Term Value Through Consistent Execution Strong Execution Driving Outperformance #1 Volume acceleration and opportunistic refinancing increased FCF #2 Synergies exceeding expectations – 120% of original target captured Permian Integrat
Slide 4: A Differentiated Energy Company
A Differentiated Energy Company Well Positioned for Continued Execution and Long-Term Value Creation CRGY Footprint High-Quality, Scaled Assets • Positions across the Eagle Ford, Permian and Uinta • Deep inventory with flexibility across oil Uinta and gas Minerals Disciplined Capital Allocator • Cas
Slide 5: CRGY Q1 Results: Another Quarter of Outperformance
CRGY Q1 Results: Another Quarter of Outperformance Substantial Scaled & Stable Cash Flow Generation Base Production $690 MM Adj. EBITDAX(1) 341 Mboe/d / 140 Mbo/d $192 MM Levered FCF(1) 41% Oil / 64% Liquids Attractive Balance Sheet Return of Capital Strength $0.12/sh Fixed Quarterly Dividend(2) ~$2
Slide 6: #1: Strong Execution Driving Outperformance
#1: Strong Execution Driving Outperformance Volume Acceleration and Opportunistic Refinancing Increased FCF Volume Acceleration Opportunistic Refinancing Faster cycle times and base production 650 bps interest savings on $500 MM outperformance Extended WA maturity to 6 years ~100 producing d
Slide 7: #2: Permian Integration Ahead of Plan
#2: Permian Integration Ahead of Plan Synergies Exceeding Expectations – 120% of Original Target Captured 1 Stabilization Completed 2 Optimization In Progress 3 Transformation Upcoming Implement Crescent’s Capture Synergies & Generate Outsized Operating Model Improve Performance Returns & Value In
Slide 8: #3: Free Cash Flow Demonstrating Value Proposition
#3: Free Cash Flow Demonstrating Value Proposition Strong FCF Supports Debt Reduction and Shareholder Returns Substantial FCF Generation FCF Provides Flexibility To: (Annual CRGY LFCF(1) - $ MM) $856 ~$1,000 Sustain a Strong, Fixed Dividend (4% Yield(5)) $630 $484 Accelerate Deleveraging $310 $2
Slide 9: Eagle Ford Quarterly Highlights
Eagle Ford Quarterly Highlights: Premier Position with Commodity Flexibility & Significant Growth Opportunity Operational Outperformance Driving Increased Free Cash Flow Eagle Ford Acreage Capital Efficiencies Driving Increased Returns • Continuing to realize additional completions- related effici
Slide 10: Eagle Ford Quarterly Highlights: Increasing Simulfrac
Eagle Ford Quarterly Highlights: Capital Efficiencies Increasing Returns & Free Cash Flow Demonstrating the CRGY Playbook for Asset Optimization Increasing ~75% ~85% >4x ~60% Simulfrac Utilization Since 2023 ~20% (% of gross wells) 2023 Program 2024 Program 2025 Program 2026 YTD Completion ~2,200 ~2
Slide 11: Permian Quarterly Highlights
Permian Quarterly Highlights: Scaled Position with Significant Synergy and Growth Opportunity Strong Execution Driving Impressive Early Results Permian Acreage Right-Sizing Activity • Reduced operated rigs to 2 • Optimized workover program Synergies Ahead of Plan • $120 MM captured to date; exce
Slide 12: Permian Quarterly Highlights: Capturing Synergies & Improving Performance
Permian Quarterly Highlights: Capturing Synergies & Improving Performance Realized Operational Improvements Driving Cost and Efficiency Gains Operational Rebidding Operational Infrastructure Planning Services Efficiencies Optimization • Executing more • Renegotiating • Accelerating D&C • Redesigning
Slide 13: Uinta Quarterly Highlights
Uinta Quarterly Highlights: HBP Asset Base with Substantial Stacked Resource Opportunity Implementing Crescent’s Operational Playbook; Driving Increased Efficiencies Uinta Acreage Strong Base Production • Workover optimization driving increased oil production Capital Efficiencies Improving Well
Slide 14: Uinta Quarterly Highlights: Reducing Capital Costs
Uinta Quarterly Highlights: Reducing Capital Costs Through Significant Efficiencies Strong Operational Execution Driving Step-Change in Uinta Performance Drilling Completion Capital Efficiencies Efficiencies Savings ~10% ~1,500 ~2,200 ~$950 ~30% ~20% ~1,350 ~$800 ~1,650 Historical 2026 Historical 20
Slide 15: Minerals Quarterly Highlights
Minerals Quarterly Highlights: High-Margin Cash Flow with Upside Substantial Free Cash Flow with Exposure to Cost-Free Organic Growth Production by Basin Other ~10% Strong, Stable Cash Flow Appalachia ~13% • ~$200 MM of FY EBITDA(1) at current strip ~12 MBoe/d(1) • No capital required to generate
Slide 16: "BB" Balance Sheet Reflects Financial Strength
“BB” Balance Sheet Reflects Financial Strength Targeting Investment Grade Balance Sheet Metrics Through Cycles Reducing Absolute Leverage • ~1.0x long-term target Commitment to Balance Sheet Strength • Driven by FCF and disciplined capital allocation Total Liquidity(1) Strong Liquidity & Flexibi
Slide 17: Why CRGY: Free Cash Flow, Returns and Upside
Why CRGY: Free Cash Flow, Returns and Upside Combining Operating and Investing Expertise to Deliver Outsized Value High-Quality Assets with Strong Free Cash Flow • Scaled positions in the Eagle Ford, Permian & Uinta • ~$1 BN of 2026E free cash flow(1) (25%+ yield(2)) Disciplined Capital Allocati
Slide 18: Appendix
Appendix CRESCENT ENERGY
Slide 19: Consistent & Transparent Sustainability Progress
Consistent & Transparent Sustainability Progress Our Sustainability Focus Areas SAFETY ENVIRONMENT CLIMATE COMMUNITY WORKFORCE Transparent Reporting to Support Long-Term Goals • Achieved the OGMP 2.0 Gold Standard Reporting designation, validating our enhanced methane monitoring & measurement effo
Slide 20: 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 21: 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 22: 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 23: 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 24: Hedge Position: Liquids
Hedge Position: Liquids Crescent Energy Finance Q2 2026 Q3 2026 Q4 2026 FY 2027 NYMEX WTI (Bbls, $/Bbl) Swaps Total Daily Volumes 66,100 52,800 52,300 12,250 WA Swap Price $64.83 $64.87 $64.83 $63.18 Collars Total Daily Volumes 23,000 22,500 21,500 11,000 WA Long Put Price $60.17 $60.62 $60.47 $60.9
Slide 25: Hedge Position: Gas
Hedge Position: Gas Crescent Energy Finance Q2 2026 Q3 2026 Q4 2026 FY 2027 NYMEX Henry Hub (MMBtu, $/MMBtu) Swaps Total Daily Volumes 230,000 230,000 225,000 -- WA Swap Price $3.81 $3.90 $4.10 -- Collars Total Daily Volumes 120,000 110,000 110,000 -- WA Long Put Price $3.07 $3.04 $3.04 -- WA Short
Slide 26: Per Unit Performance – Total Consolidated
Per Unit Performance – Total Consolidated For the three months ended March 31, 2026 March 31, 2025 December 31, 2025 Total Consolidated Average daily net sales volumes: Oil (MBbls/d) 140 102 106 Natural gas (MMcf/d) 743 655 668 NGLs (MBbls/d) 77 47 51 Total (MBoe/d) 341 258 268 Average realized pric
Slide 27: Per Unit Performance – Minerals and Royalties (CRF)
Per Unit Performance – Minerals and Royalties (CRF) Crescent presents certain operational results for CRF separately from the CEF operational results because we believe that it permits investors to better understand the performance of this aspect of our business. For the three months ended March 31,
Slide 28: 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 29: Adjusted EBITDAX & Levered Free Cash Flow (Cont'd)
Adjusted EBITDAX & Levered Free Cash Flow (Cont’d) Three Months Ended March 31, 2026 2025 (in thousands) Net income (loss) $ (419,176) $ 5,911 Adjustments to reconcile to Adjusted EBITDAX: Interest expense 104,574 73,182 Loss from extinguishment of debt 17,397 — Income tax expense (benefit) (82,272)
Slide 30: 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 31: 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 32: Stay Connected.
Stay Connected. IR@crescentenergyco.com 600 Travis Street Suite 7200 Houston, Texas 77002 (713) 332-7001 www.crescentenergyco.com
Crescent Energy Company — Q1 2026 Earnings Presentation on 6ix