Exhibit 99.1 UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS On July 30, 2024, Crescent Energy Company, a Delaware corporation ("Crescent"), consummated the merger contemplated by the Agreement and Plan of Merger (the "Merger Agreement"), dated May 15, 2024, between Crescent, SilverBow Resources, Inc., a Delaware corporation ("SilverBow"), Artemis Acquisition Holdings Inc., a Delaware corporation and a direct wholly owned subsidiary of Crescent, Artemis Merger Sub Inc., a Delaware corporation ...

Core Viewpoint - Crescent Energy's stock performance has shown resilience, with a recent increase of 2.73% despite broader market declines, indicating potential investor confidence in the company [1] Company Performance - Crescent Energy is expected to report an EPS of $0.23, reflecting a 25.81% decrease year-over-year, while revenue is anticipated to reach $877.96 million, a 34.39% increase from the previous year [2] - For the full year, earnings are projected at $1.67 per share, down 6.18% from the previous year, with revenue expected to be $3.65 billion, up 24.67% [3] Analyst Estimates - Recent changes in analyst estimates for Crescent Energy are crucial, as they often indicate shifts in near-term business trends, with positive revisions suggesting confidence in performance [3][4] - The Zacks Consensus EPS estimate has increased by 2.07% over the last 30 days, although Crescent Energy currently holds a Zacks Rank of 4 (Sell) [5] Valuation Metrics - Crescent Energy's Forward P/E ratio stands at 5.71, significantly lower than the industry average of 19.9, indicating a potential undervaluation [6] - The Alternative Energy - Other industry, part of the Oils-Energy sector, has a Zacks Industry Rank of 169, placing it in the bottom 32% of over 250 industries [6]

Financial Data and Key Metrics Changes - The company reported free cash flow generation of over $240 million for the quarter, translating to an annualized free cash flow yield of approximately 45% [7][21] - Adjusted EBITDA for the quarter was approximately $530 million, with levered free cash flow of about $242 million [18] - Capital expenditures were $208 million, which was notably better than forecasted due to improved drilling and completion costs [18] Business Line Data and Key Metrics Changes - The company achieved record production of 258,000 barrels of oil equivalent per day [11] - The Eagle Ford development saw a 10% savings in drilling, completions, and facilities costs compared to 2024 [11] Market Data and Key Metrics Changes - Approximately 60% of the company's 2025 oil and natural gas production is hedged at a significant premium to current market pricing [12] - The company maintains a net leverage of 1.5 times, within its publicly stated range of one to 1.5 times [19] Company Strategy and Development Direction - The company emphasizes flexibility in capital allocation, focusing on maximizing free cash flow and returns based on commodity price movements [9][22] - The strategy includes maintaining a low decline and less capital-intensive business model, which allows for durable free cash flow generation [10][22] - The company has closed approximately $90 million in accretive asset sales in 2025 to streamline its portfolio [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to outperform during periods of volatility, highlighting a consistent strategy over the past decade [9][22] - The current market environment is viewed as an opportunity for the company to capitalize on potential acquisitions and enhance its portfolio [14][66] Other Important Information - The company announced a dividend of $0.12 per share and has repurchased approximately $30 million worth of stock year-to-date [20] - The transition to a single class of common shares has simplified the corporate structure, increasing investor accessibility [20][70] Q&A Session Summary Question: Current commodity price environment and capital allocation - Management indicated that capital allocation is focused on returns, with flexibility to adjust based on market conditions [24][26] Question: Expectations for oil volumes and CapEx - Oil production is expected to increase quarter over quarter, with Q2 anticipated to be the highest capital quarter for the year [30] Question: Status of the joint venture - The joint venture has no ongoing capital commitments, allowing for maximum flexibility [35] Question: Role of hedges in decision-making - Hedges are viewed as a separate asset, protecting the balance sheet but not influencing drilling decisions [41][42] Question: Allocating free cash flow between buybacks and debt reduction - The balance sheet and fixed dividend remain top priorities, with buybacks considered opportunistically [43] Question: Market conditions and M&A opportunities - The company is always in the market looking for value and can act quickly on opportunities [50][66] Question: Operating costs and LOE impacts - Operating costs are expected to be highest in Q1 due to winter weather, aligning with expectations [74] Question: Ridgemar acquisition oil mix - The Ridgemar assets are expected to contribute to an increase in oil cut over the year [78] Question: Benefits of eliminating the Up C structure - The simplification of the corporate structure is seen as a value add, streamlining reporting and enhancing investor accessibility [82][70]

Financial Data and Key Metrics Changes - Crescent Energy reported a free cash flow generation of approximately $242 million for Q1 2025, resulting in an annualized free cash flow yield of about 45% [5][19] - Adjusted EBITDA for the quarter was approximately $530 million, with capital expenditures of $208 million, which was notably better than forecasted [15][16] - The company exited the quarter with a net leverage of 1.5 times and approximately $1.4 billion in liquidity [17] Business Line Data and Key Metrics Changes - Crescent achieved record production of 258,000 barrels of oil equivalent per day, exceeding Wall Street expectations [8] - The company brought online 36 gross operated wells in the Eagle Ford and four in the Uinta, all generating strong initial results [16] Market Data and Key Metrics Changes - Crescent has approximately 60% of its 2025 oil and natural gas production hedged at a significant premium to current market pricing, providing stability amid market volatility [9] Company Strategy and Development Direction - The company emphasizes flexibility in capital allocation, focusing on cash flow, risk management, and returns, particularly in a dynamic macro environment [5][10] - Crescent's strategy is built to succeed through commodity cycles, with a focus on generating durable free cash flow and maintaining a lower decline and less capital-intensive business model [6][20] - The company has closed approximately $90 million in accretive asset sales in 2025, streamlining its portfolio and enhancing long-term success [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to outperform during periods of volatility, highlighting the importance of a disciplined capital allocation strategy [10][20] - The current market environment is viewed as an opportunity for growth through M&A, with the company prepared to capitalize on transformative opportunities [11][19] Other Important Information - Crescent announced a dividend of $0.12 per share and has repurchased approximately $30 million worth of stock year-to-date, equating to an attractive 10% annualized yield [18] - The company transitioned to a single class of common shares, simplifying its corporate structure and increasing investor accessibility [18][64] Q&A Session Summary Question: Current commodity price environment and capital allocation - Management indicated that capital allocation is focused on returns, with flexibility to move between oil and gas investments based on market conditions [22][24] Question: Expectations for oil volumes and CapEx - Oil production is expected to increase quarter over quarter, with Q2 anticipated to be the highest capital quarter for the year [28][29] Question: Status of the joint venture - The joint venture is designed for maximum flexibility, with no ongoing capital commitments required [31] Question: Role of hedges in decision-making - Hedges are viewed as a separate asset, protecting the balance sheet but not influencing drilling decisions [36][37] Question: Allocating free cash flow between buybacks and debt reduction - The balance sheet and fixed dividend remain top priorities, with free cash flow allocation being opportunistic and returns-driven [38][39] Question: Market conditions and M&A opportunities - Management noted that while the market may slow down during volatility, they remain active and disciplined in pursuing opportunities [42][44] Question: Operating costs and LOE impacts - Operating costs typically rise in Q1 due to winter weather, but are expected to align with guidance moving forward [66] Question: Benefits of eliminating the Up C structure - The simplification of the corporate structure has streamlined reporting and improved investor accessibility [73][74]

Group 1 - The article focuses on analyzing oil and gas companies, particularly Crescent Energy, to identify undervalued opportunities in the sector [1] - Cash flow is emphasized as a significant priority for management in the oil and gas industry, which is characterized as a cyclical boom-bust market [2] - The analysis includes a breakdown of balance sheets, competitive positions, and development prospects of companies in the oil and gas space [1] Group 2 - The author has a beneficial long position in Crescent Energy shares, indicating a personal investment interest in the company [3] - The article is not intended as investment advice, and investors are encouraged to conduct their own research [4] - Seeking Alpha clarifies that past performance does not guarantee future results and that the views expressed may not reflect the platform's overall stance [5]

Core Insights - Crescent Energy reported revenue of $950.17 million for the quarter ended March 2025, reflecting a 44.5% increase year-over-year [1] - The company's EPS was $0.56, up from $0.46 in the same quarter last year, with an EPS surprise of +19.15% compared to the consensus estimate of $0.47 [1] Financial Performance - Revenue exceeded the Zacks Consensus Estimate of $937.06 million, resulting in a surprise of +1.40% [1] - Average daily net sales volumes totaled 258 million barrels of oil equivalent, slightly below the analyst estimate of 259.04 million [4] - Natural gas sales volumes averaged 655 million cubic feet, slightly above the estimate of 652.47 million cubic feet [4] - Oil sales volumes averaged 102 million barrels, close to the estimate of 102.48 million barrels [4] - Natural gas liquids sales volumes averaged 47 million barrels, exceeding the estimate of 44.3 million barrels [4] Pricing Metrics - Average sales price per barrel for natural gas liquids was $25.43, above the estimate of $24.29 [4] - Average sales price per thousand cubic feet for natural gas was $3.18, compared to the estimate of $3.13 [4] - Average sales price per barrel for oil and condensate was $67.64, slightly above the estimate of $67.61 [4] - Average realized prices per barrel for natural gas liquids after derivative settlements were $25.13, exceeding the estimate of $24.25 [4] Revenue Breakdown - Revenues from natural gas reached $187.44 million, significantly above the estimate of $173.27 million, representing a year-over-year increase of +134.5% [4] - Revenues from oil were $619.66 million, slightly below the estimate of $637.78 million, with a year-over-year increase of +30.8% [4] - Revenues from natural gas liquids were $107.58 million, surpassing the estimate of $97.50 million [4] - Revenues from midstream and other operations totaled $35.50 million, above the estimate of $31.05 million [4] Stock Performance - Crescent Energy shares returned +10.2% over the past month, outperforming the Zacks S&P 500 composite's +0.4% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance in the near term [3]

Core Viewpoint - Crescent Energy (CRGY) reported quarterly earnings of $0.56 per share, exceeding the Zacks Consensus Estimate of $0.47 per share, and showing an increase from $0.46 per share a year ago, representing an earnings surprise of 19.15% [1][2] Financial Performance - The company posted revenues of $950.17 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.40%, and up from $657.47 million year-over-year [2] - Over the last four quarters, Crescent Energy has exceeded consensus EPS estimates four times and topped consensus revenue estimates two times [2] Stock Performance and Outlook - Crescent Energy shares have declined approximately 41% since the beginning of the year, compared to a decline of 3.3% for the S&P 500 [3] - The company's earnings outlook is uncertain, with current consensus EPS estimates at $0.26 for the upcoming quarter and $1.66 for the current fiscal year, with revenues expected to be $898.17 million and $3.7 billion respectively [7] Industry Context - The Alternative Energy - Other industry, to which Crescent Energy belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Crescent Energy's stock performance [5]

Financial Performance - Crescent Energy's Q1 2025 Adjusted EBITDAX was approximately $530 million[11] - The company generated approximately $242 million in Levered Free Cash Flow during Q1 2025[11] - The company repurchased approximately $30 million of shares YTD at an average price of $826 per share[10] - The company has ~$14 billion in liquidity as of March 31, 2025[11] Operational Highlights - Q1 2025 net production averaged approximately 258 Mboe/d, with approximately 40% oil and approximately 58% liquids[11] - Eagle Ford net production was approximately 165 Mboe/d with approximately 40% oil in Q1 2025[32] - Uinta net production was approximately 23 Mboe/d with approximately 63% oil in Q1 2025[39] Capital Allocation and Returns - The company offers an approximately 6% fixed dividend yield and an approximately 7% yield inclusive of buybacks[10] - The company closed approximately $90 million of non-core divestitures YTD[10, 42] 2025 Outlook - The company anticipates 2025 capital expenditures between $925 million and $1025 million[61] - The company expects total production to be between 251 and 261 Mboe/d in 2025, adjusted for divestitures[61]

Financial Performance - Total revenues for the three months ended March 31, 2025, reached $950.2 million, a 45% increase from $657.5 million in the same period of 2024 [177]. - Oil revenue increased by $145.8 million (31%) due to a 43% rise in sales volumes, primarily driven by the SilverBow Merger and Ridgemar Acquisition [177]. - Natural gas revenue surged by $107.5 million (134%), attributed to a 63% increase in sales volumes and a 46% rise in realized prices [178]. - NGL revenue rose by $40.6 million (61%), driven by a 68% increase in sales volumes [179]. - Total sales volume increased by 8,129 MBoe, reaching 23,217 MBoe for the three months ended March 31, 2025, compared to 15,088 MBoe in 2024 [171]. - Adjusted EBITDAX increased by $216.1 million, or 69%, to $529.5 million, driven by additional production from acquisitions [192][194]. - Levered Free Cash Flow increased by $175.5 million, or 265%, to $241.6 million, primarily due to increased Adjusted EBITDAX [194]. - Net cash provided by operating activities increased by $153.3 million, or 83%, to $337.1 million [193]. Expenses and Costs - Operating expenses rose by $99.3 million (33%) to $403.5 million, influenced by increased production from acquisitions [181]. - Depreciation, depletion, and amortization expenses increased by $106.0 million (60%) due to higher production levels [182]. - Lease and asset operating expense increased by $30.0 million, or 18%, to $8.27 per Boe, driven by higher production from the SilverBow Merger and Ridgemar Acquisition [184]. - Gathering, transportation, and marketing expense rose by $35.7 million, or 51%, to $4.53 per Boe, primarily due to the SilverBow Merger and Ridgemar Acquisition [184]. - Production and other taxes increased by $27.9 million, or 86%, to $2.60 per Boe, driven by higher oil and gas revenues [184]. - General and administrative expense increased by $14.1 million, or 33%, totaling $56.77 million, with recurring G&A rising by 115% [185][186]. - Interest expense rose by $30.5 million, or 71%, to $73.2 million, primarily due to higher average debt balances from acquisitions [187]. Acquisitions and Mergers - The company acquired Ridgemar (Eagle Ford) LLC for $812.5 million in cash and issued 5.5 million shares of Class A Common Stock, with potential contingent earn-out consideration of up to $170.0 million [154]. - The company completed the SilverBow Merger, issuing 51.6 million shares of Class A Common Stock and paying $382.4 million in cash to former SilverBow shareholders [155]. - The company acquired additional interests in oil and gas properties in Webb County, Texas for approximately $21.2 million in January 2025 [156]. - Cash used for the acquisition of oil and natural gas properties in Q1 2025 was $864.7 million, significantly higher than $19.5 million in Q1 2024, primarily due to the Ridgemar Acquisition [223]. Impairments and Adjustments - For the three months ended March 31, 2025, the company recorded an impairment expense of $45.6 million related to oil and natural gas properties [147]. - Impairment expense of $45.6 million was recorded for the three months ended March 31, 2025, related to assets held for sale [183]. - The company recorded a decrease of $34.1 million in redeemable noncontrolling interests as a result of the March 2025 Class A Redemption [152]. Capital Expenditures and Funding - The company expects to fund its 2025 capital program through cash flow from operations, with flexibility to defer expenditures based on market conditions [164]. - Total expenditures on acquisition and development of oil and natural gas properties for the three months ended March 31, 2025, amounted to $1.15 billion, compared to $156.3 million in the same period of 2024 [223]. - The company’s capital program for 2025 is expected to be funded through cash flow from operations, with capital expenditures being regularly reviewed and adjusted based on various factors [222]. Debt and Financing - Long-term debt increased to $3,596,870 thousand as of March 31, 2025, compared to $3,049,255 thousand as of December 31, 2024 [199]. - The company issued $750 million of 7.375% senior notes due 2033 in June 2024 and an additional $250 million in September 2024, raising approximately $981.8 million in total proceeds [203]. - The company issued $700 million of 7.625% senior notes due 2032 in March 2024 and an additional $400 million in December 2024, raising approximately $1,080.7 million in total proceeds [206]. - As of March 31, 2025, the elected commitment amount under the Revolving Credit Facility was approximately $2.0 billion, with $546.5 million of outstanding borrowings [215]. - The borrowing base under the Revolving Credit Facility was $2.6 billion as of March 31, 2025, with a weighted average interest rate of 6.34% on outstanding loans [216][217]. - The company expects to maintain compliance with covenants under its debt agreements based on planned capital spending and forecasted cash flows [199]. Cash Flow and Dividends - Cash and cash equivalents decreased to $6,255 thousand as of March 31, 2025, from $132,818 thousand as of December 31, 2024 [199]. - Net cash used in investing activities surged by $899.5 million, or 571%, to $(1,056,923) thousand for the three months ended March 31, 2025, primarily due to $845.1 million for acquisitions related to the Ridgemar Acquisition [201]. - Net cash provided by financing activities was $502,653 thousand for the three months ended March 31, 2025, compared to $(23,867) thousand for the same period in 2024 [202]. - The company paid a quarterly cash dividend of $0.12 per share on March 26, 2025, with an annualized dividend of $0.48 per share [225][226]. - Management will evaluate future increases in cash dividends on a quarterly basis, considering current economic conditions and financial performance [227]. Market Conditions and Economic Factors - The company experienced significant inflationary pressures, impacting operating costs and capital expenditures, with the U.S. inflation rate remaining elevated through 2024 and early 2025 [149]. - The effective tax rate increased to 30.7% in Q1 2025 from 11.5% in Q1 2024, primarily due to increased ownership of OpCo and higher state tax rates [190]. - The company plans to continue entering into derivative contracts to hedge against commodity price fluctuations [174]. - The company plans to continue economic hedging arrangements to mitigate commodity price volatility and protect margins [197]. - As of March 31, 2025, the company's derivative portfolio had an aggregate notional value of approximately $3.1 billion, with a net liability of $79.1 million for commodity derivative contracts [239]. - A hypothetical 10% increase in commodity prices would change the net commodity derivative position by approximately $214.7 million, while a 10% decrease would change it by approximately $171.5 million [240].

Core Viewpoint - Crescent Energy Company (CRGY) is expected to report first-quarter 2025 results on May 5, with earnings estimated at 47 cents per share, reflecting a 2.2% increase year-over-year, and revenues projected at $937.1 million, indicating a 42.5% rise from the previous year [1][3]. Financial Performance - CRGY has consistently beaten consensus earnings estimates in the past four quarters, with an average surprise of 82.4% [3]. - The company currently has an Earnings ESP of 0.00% and a Zacks Rank of 4 (Sell), suggesting a lower likelihood of an earnings beat this time [4]. - The average daily sales volume of oil for the March quarter is estimated at 103.36 MBbls/d, significantly higher than 70 MBbls/d in the prior-year quarter [6]. Market Context - The stock has decreased by 15.9% over the past year, outperforming the industry average decline of 27.3% [8]. - CRGY's trailing 12-month EV/EBITDA ratio is 3.02, indicating it is trading at a discount compared to the industry average of 10.63 [11]. Strategic Developments - Since the end of 2023, CRGY has completed five acquisitions totaling over $3 billion, enhancing its presence in the Eagle Ford shale play [14]. - The company's reliance on acquisitions for growth raises concerns about its organic growth capabilities, which are essential for sustainable operations [14].