Crescent Energy to Acquire Eagle Ford Assets from Devon Energy Presentation

Top 10 Independent with a World-Class Eagle Ford Position

Cres cent Energy to Acquire Eagle Ford Assets from Devon Energy

October 2026

~1 MM Gross Eagle Ford Acres

2nd Largest Eagle Ford Operator

(Gross Operated Oil Production - MBo/d)(2)

300

200

100

SQ

PF

0

1 2 3 4 5

Eagle Ford

6 7

~68 Mboe/d(3)

(~55-60% Oil)

Oil-Weighted Production

~$2.3 BN

(PD PV-10)

Subs tantial Exis ting Production Value

>660 / >600

(Gross / Net 10k's)

High Return Inventory

~$50 MM

(Royalties EBITDA)(4)

Meaningfully Scales Cres cent Royalties

~3x | <$2 MM

(EV / EBITDA(5) I $ / Net 10k(6))

Attractive Valuation

C R E S C E N T E N E R G Y

1. Net purchase price is defined as headline purchase price less estimated purchase price adjustments, including, among other things, allocations of certain revenues and expenses based on a July 1, 2026 effective date.

2. Based on trailing 3-month average production for months with complete data (May-July) from Enverus. Peers include BP, COP, DVN, EOG, Flywheel, Ineos, MGY, MUR, Verdun and SM.

3. Represents July 2026 net production from internal forecast.

   3

4. Represents run-rate EBITDA. Non-GAAP measure that differs from similarly titled measures used in our and our peers' public disclos ures.

5. Based on Q2'26 annualized EBITDA for the acquired assets. Non-GAAP measure that differs from s imilarly titled measures used in our and our peers' public disclosures.

6. Value per net location based on net purchase price, less PD PV-10, less value of acquired royalties, divided by net locations (normalized to 10,000 ft).

   Compelling Strategic and Financial Rationale

   Asset Quality + Strategic Fit = Value Creation Potential

   ✓

   Solidifies World-Class Eagle Ford Position

   • Differentiated strategic fit; assets directly offs et CRGY operations enhance Crescent's basin-leading position

   • Adds oil-weighted production and s ignificant Tier 1 inventory that immediately competes for capital

     ✓

     Compelling Returns & Accretion

   • Strong investment returns, in-line with Crescent's consistent

     underwriting criteria

   • Meaningful accretion across all key metrics, including CFFO, FCF and NAV

     ✓

     Accelerates Operational Value Creation

   • Drives notable uplift in capital efficiency; reduces reinvestment rate

   • Applies Crescent's proven "buy assets and make them better"

     operating playbook; ~$140 MM per year of opportunity identified

     ✓

     Transforms Market-Leading Royalty Platform

   • Devon -owned minerals enhance Crescent Royalties through greater scale, operatorship and development visibility

   • Significant overlap with existing royalties footprint

   • Well-positioned versus public peers

C R E S C E N T E N E R G Y 4

CRGY Eagle Ford Growth

Leading Eagle Ford Position(1)

2022 Crescent Footprint

2023 Acquisitions

2024 Acquisitions

2025 Acquisitions 2026 YTD Acquisitions

C R E S C E N T E N E R G Y

Note: Pro forma for the acquisition of Devon's Eagle Ford assets.

5

1. Includes Cres cent Royalties acquisitions and acreage.

2. Data per Enverus.

   Institutional Knowledge & Insight Drive Conviction
   
   Exis ting Minerals Owners hip, Offs et Operations and Long-Dated Knowledge Provide Differentiated Ins ight into the As s et
   • Longstanding Minerals Position
   • Offs et Operating Experience
   • Deep Technical Knowledge

     Acquisition Area

     Gonzales

     DeWitt

     Karnes

Acquired Assets CRGY Minerals Units CRGY Operated Units

Significant Crescent Activity in the Acquisition Area

2011

2017

2024

2024

Jan. 2026

C R E S C E N T E N E R G Y

Note: Metrics based on internal management estimates.

7

(1) Non-GAAP measure. See "Levered Free Cash Flow" in Disclaimer on page 2 for additional information.

Cumulative Oil Production

(MBbl - 10k Normalized)

350

+45%

300

250

200

150

100

50

Acquired Asset Avg - 2023+

Acquired Asset Avg - 2026 YTD

Permian Basin Avg - 2023+ Eagle Ford Basin Avg - 2023+

0

0

6

12

18

Months

24

30

36

✓

Premium Eagle Ford Resource

operating performance

C R E S C E N T E N E R G Y

Source: Enverus and IHS. 8

Operating Playbook

D&C

Opportunity

LOE

Opportunity

Marketing Opportunity

C R E S C E N T E N E R G Y 9

• Crescent planning for s ignificantly longer lateral development across the acquired

  assets, supporting a step change improvement in development costs

  An Example of Crescent's Proven Optimization Playbook

  (Average Lateral Length - ft)(1)

  15,180

  7,323

  9,126

  8,722

  11,116

  7,800

  9,978

  8,638

  10,784

  11,606

  10

  ~6,500

  ~11,500

  Prior Operator		Prior Operator		Prior Operator		Prior Operator		Prior Operator	Prior Operator
  Acquisition #1		Acquisition #2		Acquisition #3		Acquisition #4		Acquisition #5	DVN Acquisition
  +25%		+27%		+28%		+25%		+31%	+75%

  C R E S C E N T E N E R G Y

  1. For past acquisitions, average lateral lengths based on 36 months prior to Cres cent acquisition closing vs. Cres cent average lateral lengths s ince closing. For the Devon acquisition, average lateral lengths based on 36 months prior to acquisition announcement vs. Cres cent underwritten inventory average.

  Strengthening Crescent's Market-Leading Royalties Position Exis ting Minerals Owners hip Overlaps Meaningfully with the Acquired Ass ets ,

  Significantly Increas ing Scale and Operators hip of Cres cent Royalties

  Contributes

  Attractive Scale

  (EBITDA - $ MM)(1)

  ~$250

  ~$200

  Status

  Quo

  Pro

  Forma

  Enhances

  Development Visibility

  (High-Confidence Net Locations)

  >45

  ~35

  Other ~25%

  Other ~35%

  COP ~35%

  DVN ~20%

  COP ~45%

  CRGY

  ~40%

  Status Quo

  Pro Forma

  Public Peer

  Benchmarking

  (EBITDA - $ MM)(2)

  % Operated(3):

  -% -% ~40% -% -% ~45%

  ~$2,210

  ~$330

  ~$360

  ~$250

  ~$160

  ~$95

  WHK DMLP

  BSM KRP VNOM

  Royalties

  
  
  

  >25%

  Increase in

  Cash Flow

  Increase in

  >25% High-Confidence

  Inventory

C R E S C E N T E N E R G Y

1. Status quo EBITDA based on Q2'26 annualized EBITDA. Pro forma includes run-rate EBITDA from acquisition.

   11

2. Peers represent next-twelve-months of EBITDA per CapIQ as of October 2026. DMLP utilizes Q2'26 LTM actual EBITDA per CapIQ given lack of available consensus estimates. Cres cent Energy based on Q2'26 annualized EBITDA plus run-rate EBITDA from acquisition.

3. VNOM % operated illus tratively shows publicly disclosed FANG % operated of VNOM total Permian oil production.

Commitment to Balance Sheet Strength

✓

Balanced Financing Structure

continued ratings progression

C R E S C E N T E N E R G Y

1. Liquidity based on CEF RBL Elected Commitment of $2.0 BN less amount drawn less outstanding letters of credit plus cash outstanding.

   12

2. See "Credit Ratings" in Dis claimer on page 2 for additional information on credit ratings.

Asset Portfolio

Uinta

Permian

Eagle Ford

Inventory(2) Sub-$50: ~1,000

Total: >3,000

Production(1)

~400 Mboe/d

~65-70% liquids

✓

Scaled, High-Quality Asset

Positions

• Leading positions across Eagle Ford, Permian and Uinta

  ✓

• #2 Eagle Ford oil producer

  Durable FCF Generation

  ✓

• Diversified portfolio of scaled assets supports durable FCF through cycles

  Capital Allocation Flexibility

• ~6 years of <$50 BE inventory and ~10 years of <$60 BE inventory

• Ability to allocate capital to the highest-returning opportunities

C R E S C E N T E N E R G Y

1. Current production shown as 2026E consensus estimates as of 9/18/26.

   13

2. Inventory based on internal management estimates.

Pro Forma Production

(2026E Consensus)(1)

Total Production (Mboe/d) Oil Production (Mbo/d)

2,304

Acquired Production Mix:

Oil

~55-60%

Eagle Ford

Gas

~15-25%

NGLs

~20-25%

~400 414 422 432

638

1,007

1,407

1,440

1,624

120

149 152 175

221

279

MGY NOG CRC MUR MTDR CHRD PR SM APA OVV FANG EOG OXY DVN COP

C R E S C E N T E N E R G Y

1. Current production shown as 2026E consensus estimates as of 9/18/26. 14

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Suite 7200

Houston, Texas 77002

(713) 332-7001

https://www.crescentenergyco.com