Crescent Energy Company · NYSE:CRGY

Crescent Energy — Investor Presentation (January 2026)

28 slides from Crescent Energy's investor presentation, January 2026

  1. Slide 1: Crescent Energy: A Differentiated Energy Company

    Crescent Energy A Differentiated Energy Company January 2026

  2. 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

  3. Slide 3: A Differentiated Energy Company

    A Differentiated Energy Company Free Cash Flow-Focused E&P Compounding Shareholder Value Through Disciplined Growth and Consistent Capital Returns Scaled & Balanced Portfolio Uinta Uinta • Scaled positions across three premier basins Net Acres: 145k Q3 Production(1): ~25 Mboe/d Minerals Uinta • Lowe

  4. Slide 4: Best-in-Class Capital Allocator

    Best-in-Class Capital Allocator Combine Investing and Operating Expertise to Drive Differentiated Growth and Value, with a Consistent Focus on Returns Across All Invested Capital For Every Dollar We Buy Assets and Invest, We Aim to Make Them Better Earn at Least 2.0x   Integration Expertise Compou

  5. Slide 5: Top Liquids-Weighted U.S. Independent

    Top 10 Liquids-Weighted U.S. Independent Disciplined and Accretive Growth: ~3x Increase in Net Production Since December 2021 Public Listing Top 10 Liquids-Weighted Independents (2026E Net Production - Mboe/d) MGY NOG CRC MUR SM MTDR CHRD CIVI PR APA OVV CTRA DVN FANG EOG OXY COP Scale Improves Both

  6. Slide 6: Advantaged Portfolio Focused on Maximizing Free Cash Flow Through Cycles

    Advantaged Portfolio Focused on Maximizing Free Cash Flow Through Cycles Long-Life, Balanced Portfolio Combining Significant Cash Flow from Stable Production and 10+ Years of High-Quality Inventory Lower Capital Reinvestment Significant Intensity Flexibility Duration (2025E Reinvestment (2025E Capit

  7. Slide 7: Gas Assets Well Positioned for Increasing LNG and Data Center Demand

    Gas Assets Well Positioned for Increasing LNG and Data Center Demand Gas Position Provides Capital Allocation Flexibility and Demand-Driven Upside Advantaged Market Access  One of the Largest Gulf Coast Gas Producers • ~1 Bcf/d of gross gas production  Connectivity to Key Demand Centers • Located

  8. Slide 8: High-Quality Minerals Position Adds Value Upside

    High-Quality Minerals Position Adds Value Upside High-Margin Free Cash Flow and Cost-Free Organic Growth  World Class Assets • Under blue-chip operators with a demonstrated history Minerals Cash Flow(1) Other ~30% Eagle Ford of development activity ~40%  Scaled High-Quality Platform • Large and es

  9. Slide 9: Maximizing Free Cash Flow Through Cycles

    Maximizing Free Cash Flow Through Cycles Aim to Best Allocate Cash Flow to Deliver Industry-Leading Total Shareholder Returns and Pursue Disciplined, Value-Accretive Growth Substantial FCF Generation Provides Flexibility To: (Annual CRGY LFCF(1) - $ MM) $630 ~$800  Pay a Strong, Stable Fixed Divide

  10. Slide 10: Investor-First Capital Allocation Framework

    Investor-First Capital Allocation Framework #1A 1.0x Long-Term Leverage Target Priority Financial Strength Up to 1.5x for Accretive Acquisitions #1B Industry-Leading Priority Fixed Dividend: $0.12 per Share per Quarter(1) Return of Capital #2 A B C Returns-Driven Investing: Organic Accretive Share P

  11. Slide 11: Investment Grade Quality Balance Sheet

    Investment Grade Quality Balance Sheet Resilient and Flexible Balance Sheet Through Commodity Cycles Commitment to Balance Sheet Strength Current Leverage Total  Balance Sheet Flexibility: Leverage(1) Target / Max Liquidity(2) No near-term maturities; 1.5x 1.0x / 1.5x ~$2 BN ~$2 BN of liquidity Moo

  12. Slide 12: Aim to Deliver Industry-Leading Total Shareholder Returns

    Aim to Deliver Industry-Leading Total Shareholder Returns Decade-Plus History of Returning Cash to Shareholders 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 5.5% 5.6% #2

  13. Slide 13: Returns-Driven Investing Framework

    Returns-Driven Investing Framework Seek to Compound Capital at Attractive Rates of Return Over the Long-Term Cash-on-Cash  >2.0x Unlevered MOIC (Multiple of invested capital) Investment Return Targets(1)  Short Payback Period (M&A target <5 years and half-cycle D&C target <3 years) Corporate  Str

  14. Slide 14: Successful Track Record of Returns-Driven Growth

    Successful Track Record of Returns-Driven Growth Profitably Scaled Production and Free Cash Flow ~3x Since Public Listing Proven Acquisition Strategy(1)  Consistent Underwriting Criteria • Cash-on-cash returns, (Crescent Acquisitions) 6 equity accretion and strong PF balance 4 4 sheet 3 3 Increment

  15. Slide 15: Integration Expertise and Demonstrated Synergy Capture

    Integration Expertise and Demonstrated Synergy Capture Strong Operational Track Record of Buying Assets and Making Them Better Synergy Capture Consistent Operational Execution (5-Year PV-10 as % of Acquired TEV) (CRGY DC&F - $/ft | CRGY EGF Well Productivity(1) - Bo/ft) ‘22 & ‘23 TiLs 6% $950 (25%)

  16. Slide 16: Why CRGY: Free Cash Flow Driven Value Creation

    Why CRGY: Free Cash Flow Driven Value Creation Free Cash Flow-Focused E&P with Disciplined Growth and Multiple Levers to Compound Shareholder Value  Free Cash Flow First • Built to maximize FCF through cycles • ~$800 MM of annualized 2025E FCF(1)  Differentiated Scale & Assets • Top 10 liquids-wei

  17. Slide 17: Appendix

    Appendix CRESCENT ENERGY

  18. Slide 18: 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

  19. Slide 19: 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,

  20. Slide 20: Permian Asset Detail

    Permian Asset Detail: Scaled Position with Significant Synergy and Growth Opportunity Asset Detail Delaware Midland Net Acres ~82k ~192k Glasscock, Midland, Howard, Ward, Reeves, Counties Reagan, Upton, Winkler, Pecos Crane, Borden, Sterling Avg. ~70% / ~55% ~80% / ~60% WI / NRI % Oil ~58% ~40% Gros

  21. Slide 21: 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 ~145k Formations Activity Garden Gulch ✓ Upper Douglas Creek ✓ Du

  22. Slide 22: 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 2026E Hedge Gain / (Loss) ($ in MM, Except Commodity Prices) Oil Price ~$55 ~$60 ~$65 ~$70 ~$75 Gas Price ~$3.00 ~$3.50 ~$4.00 ~$4.50 ~$5.00 ~$260 ~$220

  23. Slide 23: Hedge Position: Liquids

    Hedge Position: Liquids Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2027 NYMEX WTI (Bbls, $/Bbl) Swaps Total Daily Volumes 68,350 66,100 52,800 52,297 9,000 WA Swap Price $65.67 $64.83 $64.87 $64.83 $61.07 Collars Total Daily Volumes 23,000 23,000 10,500 9,500 -- WA Long Put Price $60.17 $60.17 $60.38 $60.00

  24. Slide 24: Hedge Position: Gas

    Hedge Position: Gas Q1 2026 Q2 2026 Q3 2026 Q4 2026 FY 2027 NYMEX Henry Hub (MMBtu, $/MMBtu) Swaps Total Daily Volumes 252,556 250,000 250,000 245,000 20,000 WA Swap Price $4.27 $3.84 $3.92 $4.11 $4.21 Collars Total Daily Volumes 166,889 120,000 110,000 110,000 -- WA Long Put Price $3.15 $3.07 $3.04

  25. Slide 25: 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

  26. Slide 26: Adjusted EBITDAX & Levered Free Cash Flow (Cont'd)

    Adjusted EBITDAX & Levered Free Cash Flow (Cont’d) Three Months Ended September 30, 2025 September 30, 2024 (in thousands) Net income (loss) $ (10,269) $ (5,579) Adjustments to reconcile to Adjusted EBITDAX: Interest expense 72,629 61,840 Loss from extinguishment of debt 29,248 36,513 Income tax exp

  27. Slide 27: 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

  28. 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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