Slides
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November 2026 Q3’26 Earnings Presentation
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CRESCENT ENERGY Disclaimer 2 The information in this presentation relates to Crescent Energy Company (the “Company,” “Crescent,” “we,” “us,” “our” or “CRG Y”) 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, and Section 21E of the Securities Ex change Act of 1934, as amended. All statements, other than statements of historical fact, included in this presentation, including statements regarding business, strategy, financial position, prospects, plans, objectives, forecasts and projections of the Company, are forward- looking statements. The words such as “estimate,” “budget,” “projection,” “would,” “project,” “predict,” “believe,” “expect,” “potential,” “should,” “could,” “may,” “plan,” “will,” “guidance,” “outlook,” “goal,” “future,” “assume,” “focus,” “work,” “commitment,” “approach,” “continue” and similar expressions are intended to identify forward- looking statements; however, forward-looking statements are not limited to statements that contain these words. The forward-looking statements contained herein are based on management’s current expectations and beliefs concerning future events and their potential effect on the Company and involve known and unknown risks, uncertainties and assumptions, which may cause actual results to differ materially from results expressed or implied by t he forward-looking statements. These risks include, among other things, our ability to integrate operations or realize any anticipated operational or corpor ate synergies and other benefits of our acquisitions, including the acquisition of Vital Energy, Inc. (the “Permian Acquisition”) and, if completed, our pending acquisition of the Eagle Ford assets (the “Devon EGF Acquisition”) from Devon Energy Corporation; the risk that the Permian Acquisition and, if completed, the Devon EGF Acquisition may not be accretive, and may be dilutive, to Crescent’s earnings per share, whi ch may negatively affect the market price of Crescent common stock; our ability to identify and select opportunities for additional acquisitions, dispositions and other strategic transactions; federal and state regulations and laws, including those relating to taxes (including the One Big Beautiful Bill Act and the Inflation Reduction Act of 2022), tariffs and international trade, safety and the protection of the environment and the impact thereof on us; general economic conditions, including the impact of inflation, elevated interest rates and associated changes in monetary policy; the impact of central bank policy actions, including any c hanges in interest rates, any changes in its policy priorities, and disruptions in the banking industry and capital markets; political and economic conditions and events in the U.S. and in foreign oil, natural gas a nd natural gas liquids (“NGL”) producing countries, including embargoes, political and regulatory changes implemented by the Trump Administration, continued hostilities in the Middle East, including the Israel -Hamas conflict and the conflict with Iran, and other sustained military campaigns, the armed conflict in Ukraine and its potential interrelationship with the conflict with Iran and associated economic sanctions on R ussia, conditions and developments in South America and in China and acts of terrorism or sabotage; our ability to predict and manage the effects of actions of Organization of Petroleum Exporting Countr ies and its allies and agreements to set and maintain production levels, including compliance with, changes to or departures from such arrangements, the effects of which may be exacerbated by the continued hosti lities in the Middle East, including with Iran, and developments in Venezuela and other major oil-producing countries; and the severity and duration of public health crises and any resultant impact on gover nmental actions, commodity prices, supply and demand considerations, and storage capacity. The Company believes that all such expectations and beliefs are reasonable, but such expectations and beliefs may prov e inaccurate. Many of these risks, uncertainties and assumptions are beyond the Company’s ability to control or predict. Because of these risks, uncertainties and assumptions, readers are cautioned not to, and should not, place undue reliance on these forward-looking statements. The Company does not give any assurance (1) that it will achieve its expectations or (2) as to any business strategies, earnings or revenue trends or future financial results. The forward-looking statements contained herein speak only as of the date of this presentation. Although the Company may from time to time voluntarily update its prior f orward-looking statements, it disclaims any commitment to correct, revise or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. All subsequent written and oral forward- looking statements concerning the Company or other matters and attributable thereto or to any person acting on its behalf are expressly qualified in their enti rety by the cautionary statements above. For further discussions of risks and uncertainties, you should refer to the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”) that are av ailable on the SEC’s website at http://www.sec.gov, including the “Risk Factors” section of the Company’s most recent Annual Report on Form 10- K and any subsequently filed Quarterly Reports on Form 10- Q. This presentation provides disclosure of the Company’s proved reserves. Reserve engineering is a process of estimating undergrou nd accumulations of oil and natural gas that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reservoir engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions w ould change the schedule of any further production and development drilling. Unless otherwise indicated, reserve and PV-10 estimates shown herein are based on reserves reports as of December 31, 2025, prepared by the Company’s independent reserve engineer in accordance with applicable rules and guidelines of the SEC. SEC pricing was 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. This presentation includes certain financial measures that are not calculated in accordance with U.S. generally accepted account ing principles (“GAAP”). These measures include ( i) EBITDA, (ii) Adjusted EBITDAX, (iii) Free Cash Flow (“FCF”), (iv) Levered Free Cash Flow (“LFCF”), (v) Adjusted Recurring Cash G&A, (vi) Adjusted O perating Expense Excluding Production & Other Taxes (“Adj. Opex”), (vii) Net Leverage and (viii) PV-10. See the Appendix of this presentation for definitions and discussion of the Company’s non- GAAP metrics and reconciliations to the most comparable GAAP metrics. These non- GAAP financial measures are not measures of financial performance prepared or presented in accordance with GAAP and may exclude it ems that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation, and users of any such information should not place undue reliance thereon. The Company cannot reconcile forward-looking non-GAAP financial measures without unreasonable efforts. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. This presentation contains information obtained from third parties, including ratings from credit ratings agencies such as St andard & Poor’s Financial Services LLC (S&P), Moody’s Investors Service, Inc. (Moody’s) and Fitch Ratings, Inc. (Fitch). Reproduction and distribution of third- party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING , BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES OR LOSSES (INCLUDING LOST INCOME OR PRO FITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes and should not be relied on as investment advice. This presentation has been prepared by us and includes market data and other statistical information from sources we believe to be reliable, including independent industry publications, governmental publications or other published independent sources. Some data is also based on our good faith estimates, which are derived from our review o f internal sources as well as the independent sources described above. Although we believe these sources are reliable, we have not independently verified the information and cannot guarantee its accuracy and completeness. We own or have rights to various trademarks, service marks and trade names that we use in connection with the operation of our businesses. This presentation also contains trademarks, servi ce marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties’ trademarks, service marks, trade names or products in this presentation is not i ntended to, and does not imply, a relationship with us or an endorsement or sponsorship by us. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, their rights or the right of the applicable lic ensor to these trademarks, service marks and trade names.
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CRESCENT ENERGY 3 Why Crescent: A Differentiated Investment Opportunity Built a High-Quality Portfolio with a Proven Track Record • Investing and operating execution has transformed Crescent since public listing • High-quality, long-life assets anchored by a world-class Eagle Ford position • 15+ years of economic inventory, including ~6 years below $50/Bbl oil #1 Driving Free Cash Flow Through Market-Leading Execution • Strong Q3 results continue Crescent’s multi-year outperformance on cost reduction, margin improvement and free cash flow generation • Permian synergy outperformance, improving breakevens and expanding economic inventory demonstrate the repeatability of Crescent’s operating model #2 Significant Embedded Upside • Continued operational improvements, Devon Eagle Ford synergies, Crescent Royalties and rapid deleveraging provide multiple pathways to compound value creation across our existing portfolio #3 Crescent’s Consistent Execution Continues to Deliver Strong Returns and Free Cash Flow
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CRESCENT ENERGY Why Crescent: Compelling Investment Highlights A Top 10 Independent with Differentiated Upside Opportunity 4 (1) Pro forma for the Devon EGF Acquisition. Represents Q3’26 actual production for Crescent plus run- rate production on the acquired Devon assets. (2) Pro forma for the Devon EGF Acquisition. Levered Free Cash Flow is a non-GAAP measure. For a reconciliation to the comparable GAAP measure, see Appendix. (3) Represents run-rate EBITDA. Non-GAAP measure that differs from similarly titled measures used in our and our peers’ public disclosures. (4) Leverage target reflects total consolidated Crescent, pro forma for the announced Devon EGF Acquisition. ~400 Mboe/d Scaled Production Pro Forma Devon EGF Acquisition(1) 15+ Years Deep Inventory ~6 Years Below $50 Breakeven $7.5 BN+ Substantial FCF 5-Year Cum. LFCF at $70/Bbl(2) $300 MM+ Proven Value Creation Permian Synergy Target vs. Original $90-100 MM Target ~$250 MM Crescent Royalties Pro Forma Annualized EBITDA(3) ~1.0x Rapid Deleveraging YE’28 Leverage Target(4) Proven Track Record of Value Creation Across Our Existing Portfolio
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CRESCENT ENERGY Q3 Results: Strong Performance from Consistent Execution 5 (1) Non-GAAP financial measure. For a reconciliation to the comparable GAAP measure, see Appendix. (2) Any payment of future dividends is subject to Board approval and other factors. (3) Dividend yield based on CRGY share price of $13.69 as of 10/27/26. (4) Current liquidity based on 9/30/26 CEF RBL Elected Commitment of $2.0 BN less amount drawn less outstanding letters of credit plus cash outstandi ng as of 9/30/26. (5) As of 9/30/26. Total consolidated leverage shown. Crescent defines Net Leverage as the ratio of consolidated net debt to cons olidated Adjusted EBITDAX (non-GAAP) as defined and calculated under its credit facilities. Substantial Cash Flow Generation 328 Mboe/d / 134 Mbo/d 41% Oil / 63% Liquids $786 MM Adj. EBITDAX(1) $367 MM Levered FCF(1) Scaled & Stable Base Production Balance Sheet Strength Attractive Return of Capital $0.12/sh Fixed Quarterly Dividend(2) 4% Fixed Dividend Yield(3) ~$2.0 BN of Liquidity(4) ~1.5x Net Leverage(1)(5) Crescent’s Repeatable Model Drives Impressive Q3 Financial & Operating Results
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CRESCENT ENERGY Q3 Results: Higher Production, Lower Capital, More FCF Strong Capital Execution and Operating Performance Driving 23% Free Cash Flow Outperformance vs. Wall Street Estimates 6 Wall Street Estimates(1) Q3 Results Outperformance Total Production (Mboe/d) ~325 ~328 +1% Capex ($ MM) ~$357 ~$326 (9%) Levered FCF (2) ($ MM) ~$297 ~$367 +23% (1) Based on average of consensus estimates as of 10/27/26. (2) Levered Free Cash Flow is a non-GAAP measure. For a reconciliation to the comparable GAAP measure, see Appendix.
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CRESCENT ENERGY Q3 Results: Proven Playbook Delivering Value 7 Permian Synergies Exceeding Original Expectations Through Structural Cost Reductions and Operational Improvements Announcement Q2 Update Q3 Update Synergy Target $90 - 100 MM $250 - 300 MM $300 MM+ Synergy Capture NA ~$190 MM ~$295 MM Captured Value (5-Year PV-10) N/A ~$720 MM ~$1,140 MM D&C ~$95 MM / Year LOE ~$60 MM / Year Marketing ~$40 MM / Year Synergy Capture Detail Longer laterals Increased efficiency Re-bid services Field efficiency Artificial lift optimization Facilities upgrades Contract renegotiation Expanded end markets Power & water optimization Significant Value Creation Beyond Original Underwriting Reinforces the Repeatability of Crescent’s Operating Model Corporate ~$100 MM / Year Overhead savings Enhanced cost of capital Note: Numbers may not sum due to rounding.
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CRESCENT ENERGY Why Crescent: Execution Has Transformed the Business High-Quality, Long-Life Assets. Proven Operating Model Driving Substantial Free Cash Flow and Future Value Creation 8 (1) Location counts as of year end 2025. (2) Based on trailing 3-month average production for months with complete data (May-July) from Enverus. (3) Pro forma EBITDA represents Q2’26 annualized EBITDA plus run-rate EBITDA from the Devon EGF Acquisition. Non-GAAP measure that differs from similarly titled measures used in our and our peers’ public disclosures. Current Production: Net Acres: Gross Locations(1): Public Producer Ranking(2): ~29 Mboe/d ~140k 650+ #2 Uinta Current Production: Net Acres: Gross Locations(1): Public Producer Ranking(2): ~117 Mboe/d ~274k 1,000+ #14 Permian Current Production: Net Acres: Gross Locations(1): Public Producer Ranking(2): ~234 Mboe/d ~595k 1,800+ #2 Eagle Ford (Pro Forma) Current Production: EBITDA(3): % Operated: ~15 Mboe/d ~$250 MM ~40% Royalties (Pro Forma) Crescent’s High-Quality Portfolio
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CRESCENT ENERGY ~3 ~7 ~6 ~10 <$50 <$60 Market-Leading Execution: Lowering Breakevens Translating Cost Savings to Improving Breakevens Improving Returns. Expanding Economic Inventory. $1 MM Well Cost Savings ~$5-10 / Bbl Lower Oil Breakeven Lower Well Costs Improve Returns, Reduce Breakevens and Expand Economic Inventory 9 Structural Cost Improvements Eagle Ford Well Costs >25% Savings Since 2023 Permian Well Costs Uinta Well Costs 20-25% Savings vs. Prior Operator ~20% YoY Savings Expanding Economic Inventory (Inventory Life - Years)(1) <$50 / Bbl <$60 / Bbl Legacy Well Costs Current Well Costs Legacy Well Costs Current Well Costs (1) Inventory life reflects estimated years of economic maintenance-level drilling inventory at specified oil price breakevens . Structural well cost reductions improve returns and expand economic inventory at $50/Bbl and $60/Bbl oil prices.
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CRESCENT ENERGY CAGR(1) LOE / Boe(2) EBITDA Margin FCF / Share CRGY ~(6%) ~8% ~18% Peer Avg(3) ~2% ~0% ~(1%) CRGY CAGR Rank #1 #1 #1 Market-Leading Execution (CRGY Operating Metrics) Repeatable Operational Improvements Drive Free Cash Flow Growth and Demonstrate the Value of the Crescent Model Market-Leading Execution: Increasing Free Cash Flow (1) Percentages shown represent CAGR since Q1’22. CAGR calculated from Q1'22 to Q3'26 for CRGY Current and Q1'22 to Q2'26 for peers, based on latest available public filings. (2) Represents lease and asset operating expense, including workovers. (3) Peers include APA, CHRD, DVN, EOG, FANG, MGY, MTDR, MUR, NOG, OXY, OVV, PR and SM. 10 46% 64% Old CRGY New CRGY $0.53 $1.11 Old CRGY New CRGY $11.23 $8.64 Old CRGY New CRGYCRGY Q1’22 CRGY Current CRGY Q1’22 CRGY Current CRGY Q1’22 CRGY Current
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CRESCENT ENERGY Top 10 Gas Producer in Texas(2) 11 Market-Leading Execution: Commercial Optimization Integrated Marketing and Midstream Strategies Driving Higher Realizations and Incremental Free Cash Flow Permian Transformation Expanded Gas Market Access(1) • Optimizing legacy commercial agreements to structurally reduce costs • Expanding takeaway capacity from constrained Waha markets to premium Gulf Coast destinations • Leveraging Crescent’s broader production footprint to enhance marketing flexibility and realizations (1) Map is for illustrative purposes and is not to scale. Locations are approximate. Arrows show schematic connections. (2) Based on trailing 3-month average production for months with complete data (May-July) from Enverus. Pro forma for the Devon EGF Acquisition. Corpus Christi area T E X A SWaha Hub West Texas Midland HSC Houston Ship Channel Agua Dulce (AD) Scaled Gas Portfolio & Market Access • Top 10 natural gas producer in Texas • Strategic access to Gulf Coast demand centers • Low-nitrogen gas production provides differentiated access to premium Gulf Coast and LNG markets
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CRESCENT ENERGY Applying Crescent’s Proven Operating Playbook to Unlock Significant Value Across Our Expanded Eagle Ford Position 12 Embedded Upside: Eagle Ford Acquisition Solidifies World-Class Position Rare Opportunity to Add Scale and Tier 1 Inventory in a Core Crescent Basin (1) 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. (2) Represents July 2026 net production from internal forecast. (3) Pro forma for the Devon EGF Acquisition. Represents Q3’26 actual production. (4) Location counts as of year end 2025. ~1 MM Gross Eagle Ford Acres Key Acquisition Highlights ~68 Mboe/d(2) (~55-60% Oil) Oil-Weighted Production 660+ / 600+ (Gross / Net 10k’s) High-Return Inventory ~$140 MM (Annual Synergy Target) Value Creation Opportunity Acquired Acreage Other Operators Status Quo Crescent Energy Map does not include Crescent Royalties. Pro Forma Crescent Eagle Ford ~234 Mboe/d(3) (~40-45% Oil) Significant Scale 1,800+ (Gross Locations)(4) Substantial Inventory 0 100 200 300 1 2 3 4 5 6 7 2nd Largest Eagle Ford Operator (Gross Operated Oil Production - MBo/d)(1) PFSQ
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CRESCENT ENERGY 13 Embedded Upside: Strengthening Crescent’s Market- Leading Royalties Position Greater Scale, Increased Operatorship and Enhanced Development Visibility (1) Status quo EBITDA based on Q2’26 annualized EBITDA. Pro forma includes run-rate EBITDA from the Devon EGF Acquisition. Non-GAAP measure that differs from similarly titled measures used in our and our peers’ public disclosures. (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. Crescent Energy based on Q2’26 annualized EBITDA plus run-rate EBITDA from the Devon EGF Acqusition. (3) VNOM % operated illustratively shows publicly disclosed FANG % operated of VNOM total Permian oil production. Increase in High-Confidence Inventory ~$95 ~$160 ~$250 ~$330 ~$360 ~$2,210 WHK DMLP BSM KRP VNOM 25%+ ~$200 ~$250 Status Quo Pro Forma Attractive Scale (EBITDA - $ MM)(1) ~35 45+ Status Quo Pro Forma Enhanced Development Visibility (High-Confidence Net Locations) Other ~35% Other ~25% COP ~45% COP ~35% DVN ~20% CRGY ~40% 25%+ Increase in High-Confidence Inventory Increase in Cash Flow Crescent Royalties Well Positioned vs. Public Peers Public Peer Benchmarking (EBITDA - $ MM)(2) Status Quo Pro Forma DVN EGF Status Quo Pro Forma DVN EGF -% % Operated(3): ~40% -% -% ~45% Royalties -%
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CRESCENT ENERGY (1) Estimated liquidity at close of the announced Devon EGF Acquisition, reflecting related financing transactions and expected i nterim free cash flow generation, based on CEF RBL Elected Commitment of $2.0 BN less projected borrowings and outstanding letters of credit plus projected cash on hand. (2) See Disclaimer on Slide 2 for additional information on credit ratings. (3) Leverage targets reflect total consolidated Crescent, pro forma for the announced Devon EGF Acquisition. Substantial Free Cash Flow and Expanded Hedge Protection Support Rapid Deleveraging Target YE’28 Leverage(3) ~1.0x Liquidity at Close(1) ~$1 BN Commitment to Balance Sheet Strength 14 Maintaining Strong Liquidity & Flexibility • ~$1 BN of pro forma liquidity at close(1) • No near-term maturities Clear Path to Rapid Deleveraging • Significant FCF generation supports rapid debt reduction • Expanded hedge coverage provides greater cash flow visibility Continued Progress Toward an Investment-Grade Credit Rating(2) • Greater scale, free cash flow and deleveraging support continued ratings progression Target YE’27 Leverage(3) ~1.5x Embedded Upside: Strong Balance Sheet and Clear Path to Rapid Deleveraging
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CRESCENT ENERGY 15 Multiple Pathways to Grow Free Cash Flow, Expand Economic Inventory and Compound Value Creation Across Our Existing Portfolio Embedded Upside: Significant Value Creation Catalysts Continued Market-Leading Operational Execution • Further well cost reductions and operating efficiencies driving lower breakevens and stronger returns • Improved recoveries from Crescent-designed development Crescent Royalties • ~$250 MM of pro forma annualized EBITDA(1), with increased scale, Crescent operatorship and development visibility • Continued focus on maximizing long-term value for shareholders Integration Execution & Synergies • Capture ~$140 MM of identified annual synergies from the Devon EGF Acquisition • Leverage Crescent’s proven operating playbook to drive outperformance on the acquired assets Rapid Deleveraging & Financial Strength • Substantial free cash flow and expanded hedge protection supporting rapid debt reduction • Targeting ~1.0x leverage by YE’28(2) (1) Represents run-rate EBITDA. Non-GAAP measure that differs from similarly titled measures used in our and our peers’ public disclosures. (2) Leverage target reflects total consolidated Crescent, pro forma for the announced Devon EGF Acquisition.
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CRESCENT ENERGY Appendix
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CRESCENT ENERGY 17 Significant Oil Hedge Coverage Enhances Cash Flow Predictability and Supports Accelerated Deleveraging Hedging Supports Near-Term Cash Flow Visibility Pro Forma Oil Hedge Position (% of Oil Production) Oil Hedging Strategy 2028 Hedging Underway Continuing to layer in 2028 hedges at attractive pricing 2027 Hedging Completed Fully executed planned incremental 2027 oil hedges Swaps ~70% @ ~$75 ~80% @ ~$75 ~30% @ ~$75 3-Ways ~30% @ $53/$66/$81 ~20% @ $56/$70/$84 ~70% @ $57/$76/$82 ~30% ~25% ~30% ~30% ~20% ~60% ~55% ~20% 1H'27 2H'27 1H'28 Existing Hedges Acquisition Hedges Protect the balance sheet and the capital we choose to invest Committed to disciplined hedge execution
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CRESCENT ENERGY 1818 Eagle Ford Quarterly Highlights: World-Class Position with Commodity Flexibility & Significant Growth Opportunity (1) Does not include Crescent Royalties. Optimizing Base Production • Workover and artificial lift optimization driving increased production Driving Capital Efficiency • 25%+ well cost reduction since 2023 Recent Acquisition Solidifies World-Class Position • Adds significant Tier 1 inventory that immediately competes for capital • Meaningful opportunity for operational value creation hOther Operators CRGY Pro Forma Working Interest Acreage Q3 Operational Results(1) Net Production Mboe/d 166 % Oil 37% Capital Spend – $ MM $222 D&C Activity (Gross / Net) Spuds 22 / 17 TILs 25 / 20 Peer-Leading Operations Driving Strong Returns and Consistent FCF
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CRESCENT ENERGY 19 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. (2) DC&F costs reflect leading edge expectations by area. Eagle Ford Asset Detail: World-Class Position with Commodity Flexibility & Significant Growth Opportunity Operated Central Southern Western Pending DVN Acquisition Net Acres ~240k ~100k ~165k ~90k Counties Live Oak, Atascosa, McMullen, La Salle, DeWitt, Lavaca, Frio Webb, La Salle, McMullen, Live Oak Dimmit, Webb, Maverick, La Salle Karnes, DeWitt, Gonzales Avg. WI / NRI ~84% / ~65% ~86% / ~65% ~61% / ~45% 90%+ WI % Oil ~75% ~0% ~45% ~55-60% Gross Locations (1) Low-Risk ~420 ~120 ~250 660+ Total ~505 ~200 ~405 725+ DC&F $ / ft (2) ~$725 ~$850 ~$690 - ’26 Avg. Lateral ~13,500’ ~13,500’ ~11,500’ - Takeaway Premium Gulf Coast pricing (MEH) Operated Asset Detail
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CRESCENT ENERGY Permian Quarterly Highlights: Scaled Position with Significant Synergy and Growth Opportunity 20 Synergy Outperformance • ~$295 MM of total synergies captured; ~$1.1 BN of 5-year PV-10 Structural Cost Improvements • Reduced LOE through more efficient field operations and optimized workover + artificial lift programs Increasing Economic Inventory • ~20% well cost reduction significantly improves development breakevens • Delineation opportunities across the footprint Q3 Operational Results(1) Net Production Mboe/d 117 % Oil 42% Capital Spend – $ MM $73 D&C Activity (Gross / Net) Spuds 6 / 4 TILs 5 / 4 Permian Acreage Operational Transformation Driving Substantial Free Cash Flow hCRGY (1) Does not include Crescent Royalties. Includes CRGY legacy conventional assets.
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CRESCENT ENERGY 21 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) Based on internal management estimates. (2) Per Enverus as of year end 2025. Asset Detail Permian Asset Detail: Scaled Position with Significant Synergy and Growth Opportunity Delaware Midland Net Acres ~82k ~192k Counties Ward, Reeves, Winkler, Pecos Glasscock, Midland, Howard, Reagan, Upton, Crane, Borden, Sterling Avg. WI / NRI ~70% / ~55% ~85% / ~65% % Oil ~65% ~50% Gross Locations Low-Risk(1) ~160 ~230 Total(2) ~260 ~860 DC&F $ / ft ~$850 ~$700 ’26 Avg. Lateral ~14,500’ ~14,500’ Takeaway Premium Gulf Coast pricing (MEH) Metrics do not include CRGY conventional assets Conventional
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CRESCENT ENERGY Uinta Quarterly Highlights: HBP Asset Base with Substantial Stacked Resource Opportunity 22 Improving Base Production • Optimized workover and artificial lift programs Driving Down Well Costs; Improving Breakevens • ~20% YoY DC&F savings • Implementing simulfrac and remote frac operations Expanding the Economic Resource Base • Capitalizing on core Uteland Butte while actively delineating the stacked resource opportunity Q3 Operational Results Net Production Mboe/d 29 % Oil 56% Capital Spend – $ MM $35 D&C Activity (Gross / Net) Spuds 1 / 1 TILs 7 / 5 Uinta Acreage Best-in-Class Operational Execution Driving Increased Efficiencies hCRGY
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CRESCENT ENERGY Uinta Asset Detail: HBP Asset Base with Substantial Stacked Resource Opportunity 23 Note: Map based on Enverus operator shapefiles. Location counts as of year end 2025. (1) Gross locations based on delineated formations only. Asset Detail Uinta Net Acres ~140k Counties Duchesne & Uintah Avg. WI / NRI ~85% / ~70% % Oil ~80% Gross Locations (1) ~650 DC&F $ / ft ~$800 ’26 Avg. Lateral ~10,000’ Takeaway High-value crude with secured capacity Inventory Upside Uinta Formations Peer Activity CRGY Garden Gulch ✓ Upper Douglas Creek ✓ Middle Douglas Creek ✓ Lower Douglas Creek ✓ Black Shale ✓ Castle Peak ✓ ✓ Castle Peak Lime ✓ Uteland Butte A ✓ ✓ Uteland Butte B ✓ ✓ Uteland Butte C ✓ ✓ Upper Wasatch 5 ✓ ✓ Lower Wasatch 5 ✓ ✓ Wasatch 4 ✓ Wasatch 3 ✓ Wasatch 2 - Wasatch 1 - Upper Flagstaff ✓ Middle Flagstaff - Lower Flagstaff - Current CRGY inventory estimates only include a portion of substantial resource opportunity
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CRESCENT ENERGY 24 Minerals Asset Detail: Market-Leading Royalties Position with Significant Crescent Operatorship CRGY Minerals and Royalties Acreage CRGY Royalties O&G Basin Key Basin Eagle Ford Rockies Appalachia Eagle Ford(1) Rockies Appalachia Other Net Royalty Acres(2) >70k ~13k ~38k 25k+ % Oil ~60% ~30% ~4% ~8% Key Operators CRGY / COP / BP CVX / SM EXE / REP / EOG Multiple Producing Wells Gross ~4,700 ~1,000 ~1,000 ~1,500 Net (100% NRI) ~90 ~34 ~6 ~25 High-Confidence Locations(3) Gross >2,100 ~100 ~500 ~200 Net (100% NRI) ~46 ~3 ~2 ~3 Note: Combination of DSUs and tract level detail shown on maps. (1) Pro forma for the announced Devon EGF Acquisition. (2) Normalized to 1/8th. (3) Includes drilled uncompleted (DUCs), permitted and high-confidence undeveloped locations.
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CRESCENT ENERGY Hedge Position: Liquids 25 Note: Hedge position as of October 28, 2026. Includes hedge contracts beginning October 1, 2026. (1) Extendible swaps and collars represent options that may be extended by the counterparty. Crescent Energy Finance Q4 2026 FY 2027 1H 2028 NYMEX WTI (Bbls, $/Bbl) Swaps Total Daily Volumes 54,300 57,250 10,000 WA Swap Price $64.91 $76.55 $75.25 Collars Total Daily Volumes 21,500 24,500 24,000 WA Long Put Price $60.47 $68.16 $75.96 WA Short Call Price $73.83 $82.65 $81.62 Short Puts Total Daily Volumes 16,500 24,500 24,000 WA Short Put Price $48.00 $54.46 $57.24 Extendible Swaps(1) Total Daily Volumes -- 12,500 -- WA Swap Price -- $73.93 -- Extendible Collars(1) Total Daily Volumes -- 1,250 -- WA Short Put Price -- $45.00 -- WA Long Put Price -- $60.00 -- WA Short Call Price -- $70.00 -- ICE Brent Collars (Bbls, $/Bbl) Total Daily Volumes 500 -- -- WA Long Put Price $60.00 -- -- WA Short Call Price $82.00 -- -- MEH Basis Swaps (Bbls, $/Bbl) Total Daily Volumes 49,000 15,000 -- WA Swap Price $1.46 $1.71 -- MidCush Basis Swaps (Bbls, $/Bbl) Total Daily Volumes 10,000 8,500 -- WA Swap Price $0.76 $1.05 -- CMA Roll Swaps (Bbls, $/Bbl) Total Daily Volumes 60,000 -- -- WA Swap Price $0.56 -- -- Crescent Royalty Finance Q4 2026 FY 2027 1H 2028 NYMEX WTI (Bbls, $/Bbl) Swaps Total Daily Volumes 2,800 2,800 -- WA Swap Price $59.02 $59.02 --
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CRESCENT ENERGY Hedge Position: Gas 26 Note: Hedge position as of October 28, 2026. Includes hedge contracts beginning October 1, 2026. (1) Extendible swaps and collars represent options that may be extended by the counterparty. Crescent Energy Finance Q4 2026 FY 2027 NYMEX Henry Hub (MMBtu, $/MMBtu) Swaps Total Daily Volumes 225,000 -- WA Swap Price $4.10 -- Collars Total Daily Volumes 110,000 -- WA Long Put Price $3.04 -- WA Short Call Price $4.74 -- Extendible Swaps (1) Total Daily Volumes -- 50,000 WA Swap Price -- $4.19 Waha Fixed Swaps (MMBtu, $/MMBtu) Total Daily Volumes 152,000 120,000 WA Swap Price $2.41 $2.69 Waha Basis Swaps (MMBtu, $/MMBtu) Total Daily Volumes -- 40,000 WA Swap Price -- ($0.97) HSC Basis Swaps (MMBtu, $/MMBtu) Total Daily Volumes 270,000 210,000 WA Swap Price ($0.43) ($0.31) Crescent Royalty Finance Q4 2026 FY 2027 NYMEX Henry Hub (MMBtu, $/MMBtu) Swaps Total Daily Volumes 20,000 20,000 WA Swap Price $4.21 $4.21
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CRESCENT ENERGY Per Unit Performance – Total Consolidated 27 (1) The realized price presented above does not include $33.7 million, $14.7 million and $62.1 million received from the settlement of acquired oil, gas and NGL derivative contracts for the three months ended September 30, 2026, September 30, 2025, and June 30, 2026, respectively. Total average realized prices, after effects of derivatives settlements, would have been $40.95, $37.44 and $40.56/Boe for the three months ended September 30, 2026, September 30, 2025, and June 30, 2026, respectively. (2) Non-GAAP financial measure. Please see Disclaimer on Slide 2 for discussion and reconciliations of such measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. (3) Adjusted operating expense, excluding production and other taxes includes lease and asset operating expense, workover expense, g athering, processing and transportation and midstream and other revenue net of expense. For the three months ended September 30, 2026 September 30, 2025 June 30, 2026 Total Consolidated Average daily net sales volumes: Oil (MBbls/d) 134 103 140 Natural gas (MMcf/d) 716 631 715 NGLs (MBbls/d) 74 45 76 Total (MBoe/d) 328 253 335 Average realized prices, before effects of derivative settlements: Oil ($/Bbl) $ 84.52 $ 63.07 $ 96.61 Natural gas ($/Mcf) 2.35 2.49 0.52 NGLs ($/Bbl) 20.58 22.53 18.67 Total ($/Boe) 44.38 35.87 45.63 Average realized prices, after effects of derivative settlements: Oil ($/Bbl) $ 71.55 $ 64.93 $ 73.33 Natural gas ($/Mcf) 2.70 2.56 1.74 NGLs ($/Bbl) 20.58 22.57 18.67 Total ($/Boe)(1) 39.84 36.81 38.52 Expense (per Boe) Operating expense $ 14.41 $ 16.65 $ 13.38 Depreciation, depletion and amortization 12.44 12.84 11.75 General and administrative expense 2.17 3.20 2.02 Non-GAAP and other expense (per Boe) Adjusted operating expense, excluding production and other taxes(2)(3) $ 11.35 $ 12.83 $ 10.95 Production and other taxes 2.60 2.39 2.27 Adjusted Recurring Cash G&A(2) 1.32 1.33 1.26
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CRESCENT ENERGY Per Unit Performance – Minerals and Royalties (CRF) 28 For the three months ended September 30, 2026 September 30, 2025 June 30, 2026 Minerals and royalties (CRF) Average daily net sales volumes: Oil (MBbls/d) 5 2 6 Natural gas (MMcf/d) 24 28 30 NGLs (MBbls/d) 2 1 2 Total (MBoe/d) 11 8 13 Average realized prices, before effects of derivative settlements: Oil ($/Bbl) $ 90.91 $ 62.28 $ 92.88 Natural gas ($/Mcf) 2.27 2.49 1.92 NGLs ($/Bbl) 30.03 24.17 27.13 Total ($/Boe) 52.03 29.71 51.45 Average realized prices, after effects of derivative settlements: Oil ($/Bbl) $ 76.60 $ 62.28 $ 77.45 Natural gas ($/Mcf) 3.30 2.49 2.80 NGLs ($/Bbl) 30.08 24.17 27.06 Total ($/Boe) 47.72 29.71 46.31 Expense (per Boe) Operating expense $ 3.35 $ 0.41 $ 4.26 Crescent presents certain operational results for CRF separately from the CEF operational results because we believe that it permits investors to better understand the performance of this aspect of our business.
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CRESCENT ENERGY Adjusted EBITDAX & Levered Free Cash Flow 29 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 gain (loss) on derivatives, impairment expense, equity-based compensation, (gain) loss on sale of assets, other (income) expense and transaction and nonrecurring expenses. Additionally, Crescent further adjusts for certain redeemable noncontrolling interest distributions made by OpCo and settlement of acquired derivative contracts. Crescent included “Certain redeemable noncontrolling interest distributions made by OpCo” to reflect Manager Compensation as if 100% of OpCo were owned and managed by the Company, to reflect consistent earnings and liquidity measures not impacted by the amount of OpCo’s ownership under management. After giving effect to the Corporate Simplification, the Company owns 100% of outstanding OpCo Units and no longer makes distributions to the holders of redeemable noncontrolling interests in OpCo. Adjusted EBITDAX is not a measure of performance as determined by GAAP. Crescent believes Adjusted EBITDAX is a useful performance measure because it allows for an effective evaluation of its operating performance when compared against its peers, without regard to its financing methods, corporate form or capital structure. Crescent excludes the items listed above from net income (loss) in arriving at Adjusted EBITDAX because these amounts can vary substantially within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net income (loss) as determined in accordance with GAAP, of which such measure is the most comparable GAAP measure. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax burden, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDAX. Crescent’s presentation of Adjusted EBITDAX should not be construed as an inference that its results will be unaffected by unusual or nonrecurring items. Crescent’s computations of Adjusted EBITDAX may not be identical to other similarly titled measures of other companies. In addition, the Revolving Credit Facility and Senior Notes include a calculation of Adjusted EBITDAX for purposes of covenant compliance. Crescent defines Levered Free Cash Flow as Adjusted EBITDAX less interest expense, excluding non-cash amortization of deferred financing costs, discounts and premiums, loss from extinguishment of debt, excluding non-cash write-off of deferred financing costs, discounts and premiums, current income tax benefit (expense), tax-related redeemable noncontrolling interest distributions made by OpCo and development of oil and natural gas properties. Levered Free Cash Flow does not take into account amounts incurred on acquisitions. Levered Free Cash Flow is not a measure of liquidity as determined by GAAP. Levered Free Cash Flow is a supplemental non-GAAP liquidity measure that is used by Crescent’s management and external users of its financial statements, such as industry analysts, investors, lenders and rating agencies. Crescent believes Levered Free Cash Flow is a useful liquidity measure because it allows for an effective evaluation of its operating and financial performance and the ability of its operations to generate cash flow that is available to reduce leverage or distribute to our equity holders. Levered Free Cash Flow should not be considered as an alternative to, or more meaningful than, Net cash flow provided by operating activities as determined in accordance with GAAP, of which such measure is the most comparable GAAP measure, or as an indicator of actual liquidity, operating performance or investing activities. Crescent’s computations of Levered Free Cash Flow may not be comparable to other similarly titled measures of other companies. The following table presents a reconciliation of Adjusted EBITDAX (non-GAAP) and Levered Free Cash Flow (non-GAAP) to net income (loss) and Levered Free Cash Flow (non-GAAP) to Net cash provided by operating activities, the most directly comparable financial measure, respectively, calculated in accordance with GAAP:
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CRESCENT ENERGY Adjusted EBITDAX & Levered Free Cash Flow (Cont’d) 30 (1) Transaction and nonrecurring expenses of $40.1 million for the three months ended September 30, 2026, were primarily related to earnout payments in connection with the Company’s acquisition of certain Eagle Ford assets in January 2025 (the “January 2025 Eagle Ford Acquisition”), the Permian Acquisition transaction costs, capital markets transactions, legal settlements, and divestitures and restructuring costs. Transaction and nonrecurring expenses of $19.9 million for the three m onths ended September 30, 2025, were primarily related to the Permian Acquisition transaction costs, the January 2025 Eagle Ford Acquisition costs, transaction costs related to our divestitures and the Company’s acquisition of certain Eagle Ford assets in July 2024 (the “July 2024 Eagle Ford Acquisition”) and legal settlement costs. (2) Represents the settlement of certain oil, gas and NGL commodity derivative contracts acquired in connection with the July 2024 E agle Ford Acquisition and the Permian Acquisition. Three Months Ended September 30, 2026 2025 (in thousands) Net income (loss) $ (591) $ (10,269) Adjustments to reconcile to Adjusted EBITDAX: Interest expense 94,214 72,629 Loss from extinguishment of debt 16 29,248 Income tax expense (benefit) 5,983 (4,032) Depreciation, depletion and amortization 374,895 298,450 Exploration expense 4,225 1,002 Non-cash (gain) loss on derivatives 244,973 (33,859) Impairment expense — 73,527 Non-cash equity-based compensation expense 20,773 23,788 (Gain) loss on sale of assets (6,065) 1,641 Other (income) expense (26,427) (209) Certain RNCI Distributions made by OpCo — — Transaction and nonrecurring expenses(1) 40,133 19,938 Settlement of acquired derivative contracts(2) 33,700 14,685 Adjusted EBITDAX (non-GAAP) $ 785,829 $ 486,539 Working interest and other Adjusted EBITDAX $ 741,965 $ 463,751 Minerals and royalties Adjusted EBITDAX $ 43,864 $ 22,788 Adjustments to reconcile to Levered Free Cash Flow: Interest expense, excluding non-cash amortization of deferred financing costs, discounts and premiums (89,956) (69,009) Loss from extinguishment of debt, excluding non-cash write-off of deferred financing costs, discounts and premiums (16) (22,360) Current income tax benefit (expense) (3,113) 14,680 Tax-related RNCI Distributions made by OpCo — (605) Development of oil and natural gas properties (326,090) (204,778) Levered Free Cash Flow (non-GAAP) $ 366,654 $ 204,467 Working interest and other Levered Free Cash Flow $ 325,104 $ 181,679 Minerals and royalties Levered Free Cash Flow $ 41,550 $ 22,788
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CRESCENT ENERGY Net Leverage & PV-10 Reconciliation 31 (1) Includes $57.6 million, $38.1 million and $1.5 million of unamortized discount, premium and issuance costs for total consolidate d, CEF and CRF, respectively. (2) Total consolidated debt includes CEF, CRF and corporate-level items (including the 2.75% convertible notes due 2031) and does not equal the sum of CEF and CRF. (3) During the initial covenant periods until December 31, 2026, Net Leverage for CRF Credit Facility is calculated on an annuali zed basis. Net Leverage Crescent defines Net Leverage as the ratio of consolidated total debt to consolidated Adjusted EBITDAX as calculated under the credit agreements (collectively, the “Credit Agreements”) governing the Revolving Credit Facility and CRF Credit Facility, as applicable. Management believes Net Leverage is a useful measurement because it takes into account the impact of acquisitions. For purposes of the Credit Agreements, (i) consolidated total debt is calculated as total principal amount of Senior Notes, net of unamortized discount, premium and issuance costs, plus borrowings on our Revolving Credit Facility or CRF Credit Facility, as applicable, and unreimbursed drawings under letters of credit, less cash and cash equivalents and (ii) consolidated Adjusted EBITDAX includes certain adjustments to account for EBITDAX contributions associated with acquisitions the Company has closed within the last twelve months. Adjusted EBITDAX is a non-GAAP financial measure. Standardized Measure Reconciliation to PV-10 (in millions) For the year ended December 31, 2025 Standardized measure of discounted future net cash flows $7,756 Present value of future income taxes discounted at 10% 877 Total Proved PV-10 at SEC Pricing $8,633 September 30, 2026 Total consolidated Working interest (CEF) Minerals and royalties (CRF)(3) (in millions) Total debt(1)(2) $ 4,718 $ 3,964 $ 82 Less: cash and cash equivalents (6) (5) (1) Net Debt $ 4,712 $ 3,959 $ 81 Adjusted EBITDAX for Leverage Ratio $ 3,100 $ 2,913 $ 187 Net Leverage 1.5x 1.4x 0.4x
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CRESCENT ENERGY Adjusted Recurring Cash G&A 32 (1) Transaction and nonrecurring expenses (G&A) of $4.7 million for the three months ended September 30, 2026, were primarily related to the Permian Acquisition transaction costs, capital markets transactions, legal settlements and divestitures and restructuring costs. Transaction and nonrecurring expenses of $19.6 million for the three months ended September 30, 2025, were primarily related to the Permian Acquisition transaction costs, the January 2025 Eagle Ford Acquisition costs, transacti on costs related to our divestitures and the July 2024 Eagle Ford Acquisition and legal settlement costs. 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 included “Certain RNCI distributions made by OpCo” to reflect Manager Compensation as if 100% of OpCo were owned and managed by the Company, to reflect consistent earnings and liquidity measures not impacted by the amount of OpCo’s ownership under management. Management believes Adjusted Recurring Cash G&A is a useful performance measure because it excludes transaction and nonrecurring expenses and equity-based compensation and includes Manager Compensation as if 100% of OpCo were owned and managed by the Company to reflect consistent measures not impacted by the amount of OpCo’s ownership under management, facilitating the ability for investors to compare Crescent’s cash G&A expense against peer companies. After giving effect to the Corporate Simplification, the Company owns 100% of outstanding OpCo Units and no longer makes distributions to the holders of redeemable noncontrolling interests in OpCo. As discussed elsewhere, these adjustments are made to Adjusted EBITDAX and Levered Free Cash Flow for historical periods. Three Months Ended September 30, 2026 2025 (in thousands) General and administrative expense $ 65,275 $ 74,275 Less: Non-cash equity-based compensation expense (20,773) (23,788) Less: Transaction and nonrecurring expenses(1) (4,708) (19,643) Plus: Certain RNCI Distributions made by OpCo — — Adjusted Recurring Cash G&A $ 39,794 $ 30,844
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Stay Connected. IR@crescentenergyco.com 600 Travis Street Suite 7200 Houston, Texas 77002 (713) 332-7001 www.crescentenergyco.com