Crescent Energy Company · NYSE:CRGY
Crescent Energy — Q3 2025 Earnings Presentation
28 slides from Crescent Energy's earnings presentation, Nov 4, 2025
Slide 1: Q3'25 Earnings Presentation
Q3’25 Earnings Presentation November 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: Q3'25 Recap: Delivering On All Strategic Priorities
Q3’25 Recap: Delivering On All Strategic Priorities ✓ Robust Financial Performance • All metrics in-line or exceeding expectations • Enhancing guidance, increasing free cash flow ✓ Solid Operational Execution • Strong well performance and capital efficiency gains • Delivering on flexible capital pro
Slide 4: CRGY Q3 Performance: All Metrics Exceeding Expectations
CRGY Q3 Performance: All Metrics Exceeding Expectations Substantial Scaled & Stable Cash Flow Generation Base Production $487 MM Adj. EBITDAX(1) 253 Mboe/d / 103 Mbo/d $204 MM Levered FCF(1) 41% Oil / 58% Liquids Attractive Balance Sheet Return of Capital Strength $0.12/sh Fixed Quarterly Dividend(2
Slide 5: More Scale, More Focus and More Opportunity
More Scale, More Focus and More Opportunity Permian Entry at Value Plus Accretive Non-Core Divestitures Position Crescent for Continued Execution and Sustainable Value Creation Pro Forma Footprint More Scale ✓ Top 10 U.S. independent with high-quality positions across the Eagle Ford, Permian and Uin
Slide 6: $800 MM+ in Non-Core Divestitures Signed YTD
$800 MM+ in Non-Core Divestitures Signed YTD More Focused with Higher Margins, Lower Breakeven, Extended Inventory Life and a Stronger Balance Sheet 65% 56% Increasing Margins (EBITDA Margin(1)) ~15% SQ CRGY (2) PF CRGY (3) $12.86 Improving $11.50 Breakevens (Adj. Opex / Boe(1)) ~10% (2) (3) SQ CRGY
Slide 7: Enhancing 2025 Outlook, Increasing Free Cash Flow
Enhancing 2025 Outlook, Increasing Free Cash Flow Improvement in Capital Guide on Flat Production Drives Additional FCF Updated 2025 Outlook Original Q1 Q2 Q3 % Uplift Outlook Guidance Guidance Guidance (vs. Original Guide) Capital Expenditures $925 – $1,025 $925 – $1,025 $910 – $990 $910 – $970 ($
Slide 8: Disciplined Growth with Substantial Free Cash Flow
Disciplined Growth with Substantial Free Cash Flow Consistent Focus on Capital Discipline and Free Cash Flow Generation Consistent FCF Generation(1) (Annual Levered Free Cash Flow – $ MM) $822 $630 $484 $310 $277 2021 2022 2023 2024 Q3'25 YTD Annualized Disciplined Growth with Consistent (2) FCF Gen
Slide 9: Well-Positioned to Navigate Market Volatility
Well-Positioned to Navigate Market Volatility Successfully Executing Our Consistent Strategy Through Cycles Returns-Driven Investing Extending Maturities Well-Hedged Portfolio (Avg EV / EBITDA)(1) (Wtd. Average Debt Maturity)(3)(4) (2026 Oil Hedge Position)(4)(5) 5.0x+ ~7 Yrs 50%+ ~5 Yrs ~2.8x ~2.6x
Slide 10: Eagle Ford Quarterly Highlights
Eagle Ford Quarterly Highlights: Premier Position with Significant Incremental Growth Opportunity Delivering Operational Outperformance Across Multiple Phase Windows Eagle Ford Acreage ✓ Strong Well Productivity and Capital Efficiency • Recent capital program outperforming 2022 & 2023 wells by ~20%
Slide 11: Strong Eagle Ford Momentum: Positive Rate of Change
Strong Eagle Ford Momentum: Positive Rate of Change Generating More with Less – Increasing Returns with Capital Efficiencies and Positive Well Productivity Trajectory CRGY Capital Efficiency CRGY Well Performance (Drilling, Completions and Facilities – $/ft) (Avg Cum. Prod/ft)(1) ‘22 & ‘23 TiL Avg.
Slide 12: 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 ✓ Strong Well Productivity and Capital Efficiency • 2025 turn-in-lines outperforming 2022 - 2024 wells b
Slide 13: Successful Track Record of Accretive Acquisitions
Successful Track Record of Accretive Acquisitions Profitably Scaled Production and Free Cash Flow ~3x Since Public Listing ✓ Proven Acquisition Strategy(1) Consistent Underwriting Criteria (Crescent Acquisitions) • Cash-on-cash returns, equity accretion and maintaining a 6 strong balance sheet ✓ 4 4
Slide 14: "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 Current Leverage Total Enhanced Credit Facility: Leverage(1) Target / Max Liquidity(2) ✓ Upsized RBL with improved 1.4x 1.0x / 1.5x ~$2.0 BN terms and e
Slide 15: Decade-Plus History of Returning Cash to Shareholders
Decade-Plus History of Returning Cash to Shareholders Providing Shareholders with Consistent and Attractive Fixed Dividend Return of Capital Framework: Fixed Dividend Yield Comparison(2) 7.5% Consecutive 13 Priority Fixed Dividend: #1 years 6.9% • $0.12 / share per quarter of dividend payments(3) 5.
Slide 16: Crescent Provides A Unique Investment Opportunity
Crescent Provides A Unique Investment Opportunity CRGY Provides Differentiated Growth and Value for Investors ✓ Top 10 U.S. independent following the closing of the Vital Energy acquisition, with scaled asset positions across three premier basins ✓ Disciplined investing and operating execution drivi
Slide 17: Appendix
©) Crescent Energy Appendix
Slide 18: Eagle Ford Asset Detail
Eagle Ford Asset Detail: Premier Position with Significant Incremental Growth Opportunity Asset Detail Significant Growth Opportunity Remaining Operated (% of Total EF Net Acres Owned By Operator Type)(4) Public Public Central Southern Western Non-Op Private >$5 BN Mkt Cap <$5 BN Mkt Cap Net Acres ~
Slide 19: Uinta Asset Detail
Uinta Asset Detail: HBP Asset Base with Substantial Stacked Resource Opportunity Asset Detail Inventory Upside Current CRGY inventory estimates only include a portion of Uinta substantial resource opportunity Uinta Peer CRGY Formations Activity Net Acres ~145k Garden Gulch ✓ Upper Douglas Creek ✓ Du
Slide 20: Active Hedge Strategy Provides Cash Flow Durability
Active Hedge Strategy Provides Cash Flow Durability Protecting the Downside and Retaining Attractive Upside Exposure with Mix of Swaps and Collars; ~60% Hedged on Both Oil and Gas in 2025 Hedge Gain / (Loss) ($ in MM, Except Commodity Prices) Oil Price ~$55 ~$60 ~$65 ~$70 ~$75 Gas Price ~$3.00 ~$3.5
Slide 21: Hedge Position: Liquids
Hedge Position: Liquids Q4 2025 FY 2026(2) FY 2027(2) NYMEX WTI (Bbls, $/Bbl) Swaps Total Daily Volumes 107,700 59,823 9,000 WA Swap Price $68.52 $65.07 $61.07 Collars Total Daily Volumes 16,000 16,446 -- WA Long Put Price $62.03 $60.18 -- WA Short Call Price $78.24 $70.82 -- Short Puts Total Daily
Slide 22: Hedge Position: Gas
Hedge Position: Gas Q4 2025 FY 2026(2) FY 2027(2) NYMEX Henry Hub (MMBtu, $/MMBtu) Swaps Total Daily Volumes 203,739 269,370 -- WA Swap Price $4.16 $4.05 -- Collars Total Daily Volumes 227,522 126,521 -- WA Long Put Price $3.17 $3.08 -- WA Short Call Price $5.69 $4.79 -- Extendible Swaps(1) Total Da
Slide 23: Per Unit Performance
Per Unit Performance For the three months ended September 30, 2025 September 30, 2024 June 30, 2025 Average daily net sales volumes: Oil (Mbbls/d) 103 86 108 Natural gas (MMcf/d) 631 554 644 NGLs (Mbbls/d) 45 40 48 Total (Mboe/d) 253 219 263 Average realized prices, before effects of derivative sett
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 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
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
Crescent Energy Company — Q3 2025 Earnings Presentation on 6ix