Crescent Energy : First Quarter 2026 Earnings Release and Conference Call

Published: 2026-05-04 17:08:30 ET CRGY

Published on 05/04/2026 at 05:08 pm EDT

May 2026

Building Long-Term Value Through Consistent Execution

Strong Execution Driving Outperformance

Volume acceleration and opportunistic refinancing increased FCF

Permian Integration Ahead of Plan

Synergies exceeding expectations - 120% of original target captured

Free Cash Flow Demonstrating Value Proposition

Strong FCF supports debt reduction and shareholder returns

C R E S C E N T E N E R G Y 3

Well Positioned for Continued Execution and Long-Term Value Creation

High-Quality, Scaled Assets

Positions across the Eagle Ford, Permian and Uinta

Deep inventory with flexibility across oil and gas

Disciplined Capital Allocator

Cash-on-cash investment returns

Consistent focus on maximizing free cash flow

Proven Execution Model

Track record of buying assets and making them better

Integration expertise driving outsized synergy capture

CRGY Footprint

Minerals

Uinta

Permian Eagle Ford

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

PV-10 is a non-GAAP financial measure. For a reconciliation to the comparable GAAP measure, see Appendix.

CRGY Key Metrics

Q1'26 Net Production (Mboe/d): ~341 (~64% Liquids) PD / Total Proved PV-10 ($ BN)(1)(2): $7.5 / $8.6 Current Quarterly Dividend(3): $0.12 / sh (~4% Yield)

Based on YE'25 reserves. YE'25 SEC pricing calculated using the simple average of the first-of-the-month commodity prices for 2025, adjusted for location and quality differentials, with consideration of known contractual price changes. The average benchmark prices per unit, before location and quality differential adjustments, used to calculate the related reserve category

Substantial Cash Flow Generation

$690 MM Adj. EBITDAX(1)

$192 MM Levered FCF(1)

Scaled & Stable Base Production

341 Mboe/d / 140 Mbo/d

41% Oil / 64% Liquids

Attractive Return of Capital

$0.12/sh Fixed Quarterly Dividend(2) 4% Fixed Dividend Yield(3)

Balance Sheet Strength

~$2.0 BN of Liquidity(4)

~6 Year WA Maturity

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

Non-GAAP financial measure. For a reconciliation to the comparable GAAP measure, see Appendix.

Any payment of future dividends is subject to Board approval and other factors.

Dividend yield based on CRGY share price of $11.81 as of 4/17/26.

Liquidity based on 3/31/26 CEF RBL Elected Commitment of $2.0 BN less amount drawn less outstanding letters of credit plus cash outstanding as of 3/31/26.

Volume Acceleration

Faster cycle times and base production outperformance

~100 producing days ahead of Permian plan(1)

~4% outperformance vs. guidance

Volume Acceleration and Opportunistic Refinancing Increased FCF

Opportunistic Refinancing

650 bps interest savings on $500 MM

Extended WA maturity to 6 years

7.67%

~50 bps total

reduction

7.13%

CRGY

Current

CRGY Weighted Average Interest Expense(3)

Results

2026

Guidance(2)

Outperformance

Total Production (Mboe/d)

~341

~328

~134

~4%

Oil

Production ~140

(Mbo/d)

Accelerating Oil Production into Elevated Commodity Backdrop

Increasing Free Cash Flow and Extending Maturity Profile

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

~100 producing days ahead on the wedge as of 3/31/26. Relative to the prior operator's plan.

Represents the midpoint of annual guidance. 6

Synergies Exceeding Expectations - 120% of Original Target Captured

Stabilization

Completed

Optimization

In Progress

Transformation

Upcoming

Implement Crescent's Operating Model

Capture Synergies & Improve Performance

Generate Outsized Returns & Value

Integrated people and

systems

Right-sized capital intensity and workover activity

Active Rig Count

2025

Average

2026

YTD(1)

Rebidding services

Driving operational efficiencies

Optimizing operational planning

Optimizing field infrastructure

Maximize returns and free cash flow

Scale initial footprint through accretive M&A

Capitalize on significant undeveloped resource

Implement holistic marketing across the broader portfolio

Strong FCF Supports Debt Reduction and Shareholder Returns

Substantial FCF Generation

(Annual CRGY LFCF(1) - $ MM)

~$1,000

$856

$630

$484

$277

$310

2021A

2022A

2023A

2024A

2025A

2026E

FCF Provides Flexibility To:

✓

Sustain a Strong, Fixed Dividend (4% Yield(5))

✓

Accelerate Deleveraging

✓

Repurchase Shares(6)

2026E FCF Yield(2)

CRGY(3)

25%+

Peer Median(4)

14%

✓

$3.2 BN+ of 5-Yr Cumulative Free Cash Flow

Fund Accretive M&A

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

Based on consensus estimates as of 4/17/26. Levered Free Cash Flow is a non-GAAP measure. For a reconciliation to the comparable GAAP measure, see Appendix.

Forward-looking, non-GAAP measure that cannot be quantitatively reconciled without unreasonable efforts on the Company.

Based on CRGY share price of $11.81 as of 4/17/26.

Based on consensus estimates as of 4/17/26. Peers include CHRD, CRC, MGY, MTDR, NOG, OVV, PR and SM.

Assumes $0.12 per share quarterly CRGY dividend. Dividend yield based on CRGY share price of $11.81 as of 4/17/26.

~$336 MM of buyback authorization remaining as of 3/31/26.

Premier Position with Commodity Flexibility & Significant Growth Opportunity

Operational Outperformance Driving Increased Free Cash Flow

Eagle Ford Acreage

Q1 Operational Results(1)

CRGY

CRGY Royalties

✓

Capital Efficiencies Driving Increased Returns

Continuing to realize additional completions-related efficiencies

✓

Active Ground Game

Net Production

Mboe/d

170

% Oil

38%

Capital Spend - $ MM

$220

D&C Activity

(Gross / Net)

Spuds

29 / 22

TILs

26 / 21

Increasing lateral lengths and working interest of '26 program

Capital Efficiencies Increasing Returns & Free Cash Flow

Demonstrating the CRGY Playbook for Asset Optimization

Increasing Simulfrac Utilization

(% of gross wells)

Since 2023

~75% ~85%

~60%

~20%

2023 Program 2024 Program 2025 Program 2026 YTD

Completion Efficiency Gains

(lateral ft/day)

Since 2023

~2,200 ~2,400

~1,700

~1,900

2023 Program 2024 Program 2025 Program 2026 YTD

Pumping Efficiency Gains

(fluid bbl/day)

Since 2023

~110,000 ~112,000

~95,000

~82,000

2023 Program 2024 Program 2025 Program 2026 YTD

Scaled Position with Significant Synergy and Growth Opportunity

Permian Acreage

Q1 Operational Results(1)

CRGY

Strong Execution Driving Impressive Early Results

✓

Right-Sizing Activity

Reduced operated rigs to 2

✓

Optimized workover program

Synergies Ahead of Plan

✓

$120 MM captured to date; exceeding original target

Improving Performance

Net Production

Mboe/d

133

% Oil

43%

Capital Spend - $ MM

$114

D&C Activity

(Gross / Net)

Spuds

4 / 3

TILs

11 / 9

Early execution driving higher production and improved DC&F costs

Clear path to further operational upside

Capturing Synergies & Improving Performance

Realized Operational Improvements Driving Cost and Efficiency Gains

Operational Planning

Rebidding Services

Operational Efficiencies

Infrastructure Optimization

Executing more disciplined development

Increasing pad sizes

Executing acreage trades

Renegotiating key service contracts

Implementing dynamic gas blending for completions

Accelerating D&C cycle times

Expanding simulfrac usage

Optimizing time between completion and first production

Redesigning facilities

Optimizing artificial lift

Shifting focus from volume to returns

~100k

Lateral Feet Added to '26 Plan

~$25/ft

Savings

~100

Producing Days Ahead of '26 Plan(1)

~$300k

Savings per Well

HBP Asset Base with Substantial Stacked Resource Opportunity

Uinta Acreage

Q1 Operational Results

CRGY

Implementing Crescent's Operational Playbook; Driving Increased Efficiencies

✓

Strong Base Production

Workover optimization driving increased oil production

✓

Capital Efficiencies Improving Well Costs

~20% DC&F savings YoY; transitioning to simulfrac completions

✓

Net Production

Mboe/d

% Oil

53%

Capital Spend - $ MM

$32

D&C Activity

(Gross / Net)

Spuds

5 / 4

TILs

- / -

Continuing to Delineate Significant Resource Base

Uteland Butte development plus prudent delineation

Reducing Capital Costs Through Significant Efficiencies

Strong Operational Execution Driving Step-Change in Uinta Performance

Drilling

Efficiencies

~10%

~1,500

~1,350

Historical

Activity(1)

2026

YTD

Drilled Feet per Day

Completion

Efficiencies

~30%

~2,200

~1,650

Historical

Activity(1)

2026

YTD

Completed Lateral Feet per Day

Capital

Savings

~$950

~20%

~$800

Historical

Activity(1)

2026

YTD

DC&F Dollars per Foot

Operational Execution Improving Cycle Times

Simulfrac Implementation Driving Completion Efficiencies

Meaningfully Improving DC&F Costs

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

(1) Historical activity represents the average for data from 2022-2025. 2026 YTD data as of 3/31/26. 14

Minerals Quarterly Highlights:

High-Margin Cash Flow with Upside

Substantial Free Cash Flow with Exposure to Cost-Free Organic Growth

Production by Basin

Other

~10%

Appalachia

~13%

~12

MBoe/d(1)

~18% Eagle Ford

~60%

✓

Strong, Stable Cash Flow

~$200 MM of FY EBITDA(1) at current strip

✓

No capital required to generate production

EBITDA by Operator

Other

~17%

COP

~31%

DVN

~11%

~$200

MM(1)

CRGY

~11%

~13%

CVX

~17%

Attractive Growth Profile

~20% production CAGR since 2020

✓

~45% EBITDA CAGR since 2020

Q1 Operational Results

Embedded Upside

World-class inventory

Net Production(2)

Mboe/d

% Oil

37%

TIL Activity(3)

Gross

108

Net - 100% NRI

0.98

Concentrated under top-tier operators

Clear path to additional value

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

Note: Based on current strip. Numbers may not sum due to rounding.

Run-rate amounts shown, assumes ownership of the acquired assets for FY 2026.

Q1'26 net production only includes a partial contribution for the recent EGF bolt-ons.

Commitment to Balance Sheet Strength

✓

Targeting Investment Grade Balance Sheet Metrics Through Cycles

Reducing Absolute Leverage

~1.0x long-term target

Total Liquidity(1)

~$2.0 BN

Driven by FCF and disciplined capital allocation

✓

Strong Liquidity & Flexibility

~$2.0 BN of liquidity

✓

WA Maturity

~6 years

No near-term maturities

Lower Cost of Capital

Recent refinancing reduced interest expense

✓

WA Interest Expense(2) Current / Previous

7.13% / 7.67%

Additional opportunity to improve cost of capital

Clear Path to Investment Grade

Scale, free cash flow and deleveraging support upgrade potential

C R E S C E N T E N E R G Y (1) Liquidity based on 3/31/26 CEF RBL Elected Commitment of $2.0 BN less amount drawn less outstanding letters of credit plus cash outstanding as of 3/31/26.

Combining Operating and Investing Expertise to Deliver Outsized Value

High-Quality Assets with Strong Free Cash Flow

Scaled positions in the Eagle Ford, Permian & Uinta

~$1 BN of 2026E free cash flow(1) (25%+ yield(2))

Disciplined Capital Allocation

Focused on cash-on-cash returns

Clear priorities: balance sheet, dividend and opportunistic buybacks

Significant Upside Ahead

Synergy & operational uplift potential

Growing, high-margin minerals business

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

Based on consensus estimates as of 4/17/26. Levered Free Cash Flow is a non-GAAP measure. For a reconciliation to the comparable GAAP measure, see Appendix.

Forward-looking, non-GAAP measure that cannot be quantitatively reconciled without unreasonable efforts on the Company. Based on CRGY share price of $11.81 as of 4/17/26.

Consistent & Transparent Sustainability Progress

Our Sustainability Focus Areas

WORKFORCE

COMMUNITY

CLIMATE

ENVIRONMENT

SAFETY

Transparent Reporting to Support Long-Term Goals

Achieved the OGMP 2.0 Gold Standard Reporting

designation, validating our enhanced methane monitoring & measurement efforts and forward-looking emissions reduction strategy

Monitoring and Reducing Emissions

Active leak detection and repair program,

including routine flyovers, continuous monitoring and measurement

Emission reduction projects aligned with our acquisition strategy

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

Counties

Live Oak, Atascosa, McMullen, La Salle, DeWitt, Lavaca, Frio

Webb, La Salle, McMullen, Live Oak

Dimmit, Webb, Maverick, La Salle

Zavala, Frio, Atascosa,

Avg.

WI / NRI

~84% / ~65%

~86% / ~65%

~61% / ~45%

~22% / ~18%

% Oil

~75%

~0%

~45%

~61%

Gross Locations(1)

Low-Risk

~420

~120

~250

~40

Total

~505

~200

~405

~90

DC&F

$ / ft(2)

~$775

~$850

~$725

~$800

'26 Avg.

Lateral

~13,500'

~11,500'

~11,000'

Takeaway

Premium Gulf Coast pricing (MEH)

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

Note: Map and current ownership by operator based on Enverus operator shapefiles. Acreage shown excludes pro forma impact of announced transactions until such transactions have closed. Location counts as of year end 2025.

(1) Low-risk locations include highest-confidence, line-of-sight development. Total represents 3P locations.

Disclaimer

Crescent Energy Co. published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 21:00 UTC.