The information in this presentation relates to Crescent Energy Company (the "Company" 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 (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this presentation, including statements regarding business, strategy, financial position, p ...

FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from to Commission file number 001-41132 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Class A Common Stock, par value $0.0001 CRGY New York Stock Exchange Indicate by check mark whether the Registrant (1) has filed all ...

Financial Performance - The company reported net production of approximately 140,000 barrels of oil equivalent per day and $50 million of levered free cash flow for Q2 2023, exceeding expectations [5][21] - EBITDA for the quarter was $225 million, reflecting higher production and an increase in oil cut to 46% from 43% in the previous quarter [21][31] - The company raised its full-year production outlook to 146,000 barrels of oil equivalent per day at the midpoint, while capital expenditures decreased by 10% to $600 million at the midpoint [21][22] Operational Updates - The company achieved a 10% reduction in drilling and completion costs per foot compared to 2022 levels, contributing to improved capital efficiencies [21] - Strong well performance and cost reductions were noted, particularly in the Eagle Ford region, where cycle times improved by as much as 20% [6][21] - The company is well-positioned to benefit from a softening service market, which may lead to further cost efficiencies [22] Strategic Developments - The acquisition of Western Eagle Ford assets was completed, enhancing the company's scale and operational position [7][20] - The company executed a Class A share conversion, increasing public float from 29% to 45%, aimed at improving market awareness and research coverage [9][40] - Following the acquisition and share conversion, the company received a ratings upgrade from S&P and was added to the BB high-yield index, positively impacting liquidity and future capital costs [10][41] Market and Competitive Landscape - The company remains focused on value-accretive opportunities in the upstream A&D market, particularly in Texas and the Rockies [23] - The company views the recent acquisition as an attractive way to add cash flow and reinvestment opportunities, especially in light of steep production declines in some Permian transactions [24] Management Commentary - Management expressed confidence in navigating current energy market dynamics and highlighted the importance of maintaining a strong balance sheet while pursuing growth [4][8] - The company aims to achieve investment-grade status by increasing scale in a financially prudent manner [27] - Management noted that the integration process of the new acquisition is still early, but they expect to maintain a 2- to 3-rig maintenance program across key regions in 2024 [37] Other Important Information - The company announced a second-quarter cash dividend of $0.12 per share, representing a 4% annualized yield, which compares favorably to peers [43] - The company maintains a net leverage ratio below 1.5x and approximately $800 million of liquidity, with a long-term target of 1.0x net debt to EBITDA [11][42] Q&A Session Summary Question: Well productivity and operational differences - Management noted that the increase in oil cut from 43% to 46% was driven by the development program in both basins [31] Question: Corporate structure simplification - Management indicated ongoing efforts to simplify the corporate structure as the company scales, with further consolidation expected [35][36] Question: 2024 production and CapEx outlook - Management expects a capital program of $600 million to $700 million for 2024, with production anticipated to be around 150,000 barrels per day [37]

Acquisition and Investments - The company agreed to acquire operatorship and incremental working interests in its existing Western Eagle Ford assets for approximately $600 million, with 10% paid as a deposit at announcement[99]. - The company recorded a distribution of $6.8 million from its equity method investment, Exaro Energy III, LLC, primarily due to the sale of operations in the Jonah Field[101]. - Cash used in the acquisition of oil and natural gas properties was $14,996 for the six months ended June 30, 2023, significantly lower than $627,390 in 2022[218]. Revenue and Sales Performance - Total revenues for the three months ended June 30, 2023, decreased by $416.1 million, or 46%, to $492.3 million compared to $908.4 million in the same period of 2022[137]. - Oil revenue decreased by $209.3 million, or 35%, while natural gas revenue decreased by $155.1 million, or 75%, and NGL revenue decreased by $50.0 million, or 60%[137]. - Total revenues for the six months ended June 30, 2023, were $1,082,476,000, a decrease of $424,868,000, or 28%, from $1,507,344,000 in the same period of 2022[194]. Commodity Prices and Market Conditions - The company experienced significant commodity price volatility due to geopolitical events, with WTI prices reaching a low of $66.61 in March 2023[123]. - Average realized prices for oil fell to $67.68 per Bbl, down 35% from $104.23 per Bbl in 2022; natural gas prices dropped to $1.71 per Mcf, a 73% decrease from $6.40 per Mcf[137]. - Pricing for oil, natural gas, and NGLs has been volatile, and this volatility is expected to continue in the future[254]. Expenses and Financial Performance - General and administrative expenses increased by $21.5 million, or 109%, for the three months ended June 30, 2023, driven by higher equity-based compensation[140]. - Total expenses for the six months ended June 30, 2023, increased by $123.2 million, or 17%, compared to the same period in 2022[172]. - Adjusted EBITDAX decreased significantly, leading to a Levered Free Cash Flow decrease of $68.1 million, or 60%, in Q2 2023 compared to Q2 2022[168]. Cash Flow and Debt Management - Net cash provided by operating activities for the six months ended June 30, 2023, was $423,556,000, compared to $398,454,000 for the same period in 2022, reflecting an increase of 6%[183]. - As of June 30, 2023, cash and cash equivalents totaled $2,253,000, while long-term debt increased to $1,331,555,000 from $1,247,558,000 at the end of 2022[182]. - The company has $250.0 million of variable rate debt outstanding, with a potential interest expense impact of approximately $1.3 million for a 1% increase or decrease in the average interest rate[259]. Tax and Regulatory Impacts - The Inflation Reduction Act of 2022 may adversely affect the company's operations by increasing operating costs due to a methane emissions charge expected to be collected in 2025[98]. - The company is evaluating the impact of a new corporate alternative minimum tax of 15% on adjusted financial statement income exceeding $1.0 billion over a three-year period[98]. - The effective tax rate for the six months ended June 30, 2023, was 7.5%, compared to a benefit of 3.1% in the same period of 2022[202]. Risk Management and Sustainability - The company joined the Oil & Gas Methane Partnership 2.0 Initiative to enhance reporting of methane emissions as part of its sustainability efforts[130]. - The company regularly enters into commodity derivative contracts to mitigate near-term price volatility and maintain stable cash flows[255]. - The company’s hedging program aims to preserve capital and protect margins through commodity cycles[255].

Financial Data and Key Metrics Changes - For Q1 2023, the company produced 137 MBoe per day and generated $232 million of adjusted EBITDAX, with production slightly impacted by minor downtime due to winter weather [22] - The company realized 150% of benchmark prices for gas due to exceptionally high West Coast gas realizations, positively impacting revenue despite higher operating expenses [22] - Adjusted operating expenses averaged $16.57 per BOE for the quarter, which is above initial guidance, but overall costs were offset by higher realized prices [23] Business Line Data and Key Metrics Changes - The acquisition of Western Eagle Ford assets adds approximately 20,000 BOE per day of production, enhancing the company's operational control and scale in the Eagle Ford region [6][21] - The company invested $202 million in Q1 2023, drilling 15 and bringing online 18 gross operated wells across the US and Eagle Ford, reflecting a higher level of activity than initially expected [23] Market Data and Key Metrics Changes - The company expects the acquisition market to be active in 2023, particularly in the Eagle Ford, which remains fragmented and offers opportunities for meaningful scale [8] - The company is roughly 60% hedged for the remainder of 2023, protecting expected returns on invested capital [25] Company Strategy and Development Direction - The acquisition strategy focuses on acquiring proven assets with meaningful reinvestment opportunities at a discount to PDP value, enhancing the company's scale and operational control [28] - The company emphasizes a disciplined capital allocation strategy, prioritizing returns to shareholders while maintaining a strong balance sheet [9][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the base business performance and the ability to pursue attractive M&A opportunities due to strong cash flows and a solid balance sheet [27] - The company remains focused on value creation for investors and is optimistic about future growth opportunities in the Eagle Ford and other regions [68] Other Important Information - The company announced a cash dividend of $0.12 per share, consistent with its strategy to distribute 10% of EBITDA to shareholders [44] - The company does not expect the recent acquisition to materially change its cash tax outlook for 2023 and 2024 [45] Q&A Session Summary Question: Was the higher liquids content a driving factor in the acquisition? - The company noted that while the exposure to liquids was favorable, it was not the primary driving factor for the deal [33] Question: Will the acquisition drive more activity in the near term? - The company confirmed that it will continue current activity levels on both the acquired asset and existing operations [36] Question: What is the company's view on resource expansion? - Management indicated that resource expansion opportunities exist beyond the Lower Eagle Ford, particularly in the Austin Chalk and Upper Eagle Ford formations [37] Question: Will the dividend level remain consistent throughout the year? - The company intends to maintain the current dividend level throughout the year, with updates provided after the acquisition closes [46][47] Question: How does the company view the current market for acquisitions? - Management expressed optimism about the acquisition market, noting a full pipeline of opportunities despite recent volatility [63]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 600 Travis Street, Suite 7200 Houston, Texas 77002 (713) 337-4600 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For t ...

Crescent Energy Company (NYSE:CRGY) Q4 2022 Earnings Conference Call March 8, 2023 11:00 AM ET Company Participants Emily Newport - Senior Vice President, Finance and IR David Rockecharlie - Chief Executive Officer Brandi Kendall - Chief Financial Officer Todd Falk - Chief Accounting Officer Ben Conner - Executive Vice President Clay Rynd - Executive Vice President Conference Call Participants Neil Dingman - Truist Securities John Abbott - Bank of America Operator Greetings. And welcome to the Crescent Ener ...

• during the year ended December 31, 2022 produced 138 net MBoe/d; and • during the year ended December 31, 2022, generated $480.6 million of net income, $1,217.2 million of Adjusted EBITDAX and $484.0 million of levered free cash flow; See "—Non-GAAP financial measures" and "—Results of Operations" in "Part II., Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" for definitions of Adjusted EBITDAX and levered free cash flow and reconciliations to the nearest comp ...

Crescent Energy Company (NYSE:CRGY) Q3 2022 Results Conference Call November 10, 2022 11:00 AM ET Company Participants Brandi Kendall - Chief Financial Officer David Rockecharlie - Chief Executive Officer Todd Falk - Chief Accounting Officer Benjamin Connor - Executive Vice Presidents Conference Call Participants Neil Dingman - Truist Securities Lloyd Byrne - Jefferies Tarek Hamid - JP Morgan Brandi Kendall Good morning and thank you for joining Crescent’s third quarter 2022 earnings call. Our prepared rema ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-41132 Crescent Energy Company (Exact name of registrant as specified in its charter) Delaware 87-1133610 (State or other jur ...