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October 2026 Top 10 Independent with a World-Class Eagle Ford Position Crescent Energy to Acquire Eagle Ford Assets from Devon Energy
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C R E S C E N T E N E R G Y Disclaimer 2 The information in this presentation relates to Crescent Energy Company (the “Company,” “Crescent,” “we,” “us,” “our” 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, 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, 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 the forward-looking statements. These risks include, among other things, the ability of the parties to consummate the acquisition of certain assets from Devon Energy Production Company L.P., a subsidiary of Devon Energy Corporation (the "Devon EF Assets") in a timely manner or at all; satisfaction of the conditions precedent to the consummation of the transactions; our ability to integrate operations or realize any anticipated operational or corporate synergies and other benefits of our acquisitions; federal and state regulations and laws, including the One Big Beautiful Bill Act (the “OBBBA”), the Inflation Reduction Act of 2022 (“IRA 2022”) and any impact thereon by the OBBBA, IRA 2022, taxes, tariffs and international trade, safety and the protection of the environment; 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 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 and 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 conflict with Iran, and other sustained military campaigns, the armed conflict in Ukraine and associated economic sanctions on Russia, 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 Countries 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 hostilities in the Middle East, including the conflict 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 governmental 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 prove 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 forward-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 entirety 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 available 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 includes certain pro forma financial, reserves and operating data. As used herein, except as otherwise indicated, the term “pro forma” when used with respect to any financial, reserves or operating data, refers to the historical data of Crescent, as adjusted after giving effect to the transaction. The pro forma financial data has been prepared to reflect transaction accounting adjustments to Crescent’s historical financial information that management believes is factually supportable and that is expected to have a continuing impact on results of operations, with the exception of certain nonrecurring items incurred in connection with the transaction. In addition, future results may vary significantly from the results reflected in the pro forma financial data and should not be relied on as an indication of the future results of Crescent. This presentation provides disclosure of the Company’s proved reserves. Reserve engineering is a process of estimating underground 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 would 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 accounting principles (“GAAP”). These measures include (i) EBITDA, (ii) Adjusted EBITDAX, (iii) Free Cash Flow (“FCF”), (iv) Levered Free Cash Flow (“LFCF”) and (v) PV-10. We define 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. These non- GAAP financial measures are not measures of financial performance prepared or presented in accordance with GAAP and may exclude items 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 Standard & 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. 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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 of 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, service marks and trade names of third parties, which are the property of their respective owners. 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C R E S C E N T E N E R G Y 0 100 200 300 1 2 3 4 5 6 7 3 Solidifying Crescent’s World-Class Eagle Ford Position Rare Opportunity to Add Scale and Tier 1 Inventory in a Core Crescent Basin (1) Net purchase price is defined as headline purchase price less estimated purchase price adjustments, including, among other things, allocations of certain revenues and expenses based on a July 1, 2026 effective date. (2) Based on trailing 3-month average production for months with complete data (May-July) from Enverus. Peers include BP, COP, DVN, EOG, Flywheel, Ineos, MGY, MUR, Verdun and SM. (3) Represents July 2026 net production from internal forecast. (4) Represents run-rate EBITDA. Non-GAAP measure that differs from similarly titled measures used in our and our peers’ public disclosures. (5) Based on Q2’26 annualized EBITDA for the acquired assets. Non-GAAP measure that differs from similarly titled measures used in our and our peers’ public disclosures. (6) Value per net location based on net purchase price, less PD PV-10, less value of acquired royalties, divided by net locations (normalized to 10,000 ft). ~1 MM Gross Eagle Ford Acres Key Acquisition Highlights ~3x | <$2 MM (EV / EBITDA(5) I $ / Net 10k(6)) Attractive Valuation ~68 Mboe/d(3) (~55-60% Oil) Oil-Weighted Production ~$2.3 BN (PD PV-10) Substantial Existing Production Value >660 / >600 (Gross / Net 10k’s) High Return Inventory 2nd Largest Eagle Ford Operator (Gross Operated Oil Production - MBo/d)(2) ~$50 MM (Royalties EBITDA)(4) Meaningfully Scales Crescent Royalties Eagle Ford PFSQ Acquired Acreage Other Operators Status Quo Crescent Energy Map does not include Crescent Royalties. ~$3.85 BN net purchase price(1); expected closing in Q4’26 or early 2027 (7/1/2026 effective date)
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C R E S C E N T E N E R G Y 4 Compelling Strategic and Financial Rationale Asset Quality + Strategic Fit = Value Creation Potential ✓ Compelling Returns & Accretion • Strong investment returns, in-line with Crescent’s consistent underwriting criteria • Meaningful accretion across all key metrics, including CFFO, FCF and NAV Solidifies World- Class Eagle Ford Position • Differentiated strategic fit; assets directly offset CRGY operations enhance Crescent’s basin-leading position • Adds oil-weighted production and significant Tier 1 inventory that immediately competes for capital ✓ ✓ Transforms Market-Leading Royalty Platform • Devon-owned minerals enhance Crescent Royalties through greater scale, operatorship and development visibility • Significant overlap with existing royalties footprint • Well-positioned versus public peers ✓ Accelerates Operational Value Creation • Drives notable uplift in capital efficiency; reduces reinvestment rate • Applies Crescent’s proven “buy assets and make them better” operating playbook; ~$140 MM per year of opportunity identified
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C R E S C E N T E N E R G Y 5 A Proven Eagle Ford Consolidator A Proven Track Record of Acquiring, Integrating and Improving Eagle Ford Assets Note: Pro forma for the acquisition of Devon’s Eagle Ford assets. (1) Includes Crescent Royalties acquisitions and acreage. (2) Data per Enverus. June ‘23 Pro Forma Growth Net Acres (000’s) ~138 ~625 ~4.5x Net Production (MBoe/d) ~30 ~235 ~8.0x % Operated ~65% ~95% ~1.5x Net Operated Locations ~190 ~1,450 ~7.5x Basin Ranking (Gross Op Production)(2) 21st 2nd NA Leading Eagle Ford Position(1) 2022 Crescent Footprint 2025 Acquisitions 2023 Acquisitions 2024 Acquisitions Crescent Energy Eagle Ford Growth CRGY Eagle Ford Growth 2026 YTD Acquisitions Built a Basin-Leading Position in 3 Years 9 Eagle Ford Acquisitions Since June 2023 >$200 MM Realized in Annual Synergies
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C R E S C E N T E N E R G Y 6 Institutional Knowledge & Insight Drive Conviction Existing Minerals Ownership, Offset Operations and Long-Dated Knowledge Provide Differentiated Insight into the Asset ✓ Longstanding Minerals Position ✓ Offset Operating Experience ✓ Deep Technical Knowledge Significant Crescent Activity in the Acquisition Area 2011 Acquisition of minerals in Blackhawk Field 2017 Acquisition of minerals in Blackhawk Field 2024 Acquisition of minerals in Karnes County Jan. 2026 Acquisition of minerals in Blackhawk Field and Karnes County 2024 Acquisition of operated units in DeWitt County through SilverBow merger ✓ Devon Operated ✓ Devon Operated ✓ Devon Operated CRGY Minerals Units CRGY Operated Units Acquired Assets Wilson Karnes Gonzales DeWitt Acquisition Area
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C R E S C E N T E N E R G Y ~1,000 ~2,000 >3,000 7 Accelerating Crescent’s Operational Value Creation Higher Quality Inventory, Improved Capital Efficiency, Increased Margins and Enhanced Free Cash Flow Note: Metrics based on internal management estimates. (1) Non-GAAP measure. See “Levered Free Cash Flow" in Disclaimer on page 2 for additional information. ~50% ~45 - 50% SQ PF Acquired Tier 1 Inventory Significantly Enhances Low Breakeven Inventory Life Higher Quality Inventory (Total Gross Locations by Breakeven) Lower Capital Intensity (Maintenance Reinvestment Rate) Greater FCF Capacity (5 Year Cum. Levered FCF)(1) Pro Forma Crescent Able to Maintain Oil Volumes with Reduced Capital Intensity Higher Margins & Reduced Capital Intensity Drive Increased FCF Generation Maintenance Profile SQ PF Net Oil Production (MBo/d) ~130 ~170 Annual Capital ($ BN) ~$1.4 ~$1.8 <$50 <$60 Total ~6 ~10 >15 Inventory Life – Years $60 $70 $80 ~15% ~30% ~40% Annualized Yield >$4.5 BN >$7.5 BN >$10.0 BN
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C R E S C E N T E N E R G Y 0 50 100 150 200 250 300 350 0 6 12 18 24 30 36 Months 8 Adding Significant Tier 1 Eagle Ford Inventory Premium Karnes Trough Resource that Immediately Competes for Capital Source: Enverus and IHS. Cumulative Oil Production (MBbl - 10k Normalized)Premium Eagle Ford Resource • Karnes Trough economics compete with the best of the Lower 48 • Strong productivity and low breakevens Immediately Competes for Capital • Attractive returns across a wider range of commodity prices Strategic Fit with Current Eagle Ford Position • Builds on established operating and minerals position • Opportunity to drive improved operating performance ✓ ✓ ✓ +45% Acquired Asset Avg – 2023+ Acquired Asset Avg – 2026 YTD Eagle Ford Basin Avg – 2023+ Permian Basin Avg – 2023+
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C R E S C E N T E N E R G Y 9 Buying Assets and Making Them Better: A Repeatable Operating Playbook Track Record of Creating Value Through Operating, Development and Commercial Improvements; Significant Opportunity Across Acquired Assets Identified Significant Operating and Commercial Upside D&C Opportunity Longer Laterals, Development Optimization, Pad Design ~$100 MM / Year LOE Opportunity Field Optimization, Workovers, Operating Practices, Scale Efficiencies ~$20 MM / Year Marketing Opportunity Direct Commercial Benefits from Larger Eagle Ford Footprint ~$20 MM / Year
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C R E S C E N T E N E R G Y 7,323 8,722 7,800 8,638 11,606 ~6,500 9,126 11,116 9,978 10,784 15,180 ~11,500 • Crescent planning for significantly longer lateral development across the acquired assets, supporting a step change improvement in development costs 10 Development Optimization Driving Material Savings Executing on Crescent’s Proven Optimization Playbook to Increase Capital Efficiency & Returns (1) For past acquisitions, average lateral lengths based on 36 months prior to Crescent acquisition closing vs. Crescent average lateral lengths since closing. For the Devon acquisition, average lateral lengths based on 36 months prior to acquisition announcement vs. Crescent underwritten inventory average. An Example of Crescent’s Proven Optimization Playbook (Average Lateral Length - ft)(1) Acquisition #1 Acquisition #2 Acquisition #3 Acquisition #4 Acquisition #5 Prior Operator +25% +27% +28% +25% +31% DVN Acquisition +75% Prior Operator Prior Operator Prior Operator Prior Operator Prior Operator
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C R E S C E N T E N E R G Y 11 Strengthening Crescent's Market-Leading Royalties Position Existing Minerals Ownership Overlaps Meaningfully with the Acquired Assets, Significantly Increasing Scale and Operatorship of Crescent Royalties ~$95 ~$160 ~$250 ~$330 ~$360 ~$2,210 WHK DMLP BSM KRP VNOM >25% ~$200 ~$250 Status Quo Pro Forma Contributes Attractive Scale (EBITDA - $ MM)(1) ~35 >45 Status Quo Pro Forma Enhances 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 CRGY Royalties Well Positioned vs. Public Peers Public Peer Benchmarking (EBITDA - $ MM)(2) Status Quo Pro Forma Status Quo Pro Forma -% % Operated(3): ~40% -% -% ~45% Royalties -% (1) Status quo EBITDA based on Q2’26 annualized EBITDA. Pro forma includes run-rate EBITDA from acquisition. (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 acquisition. (3) VNOM % operated illustratively shows publicly disclosed FANG % operated of VNOM total Permian oil production.
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C R E S C E N T E N E R G Y 12 Maintaining Balance Sheet Discipline (1) Liquidity based on CEF RBL Elected Commitment of $2.0 BN less amount drawn less outstanding letters of credit plus cash outstanding. (2) See "Credit Ratings" in Disclaimer on page 2 for additional information on credit ratings. Target YE’28 Leverage ~1.0x Total Liquidity(1) ~$1 BN Commitment to Balance Sheet Strength✓ Balanced Financing Structure • Intend to fund the transaction with cash on hand and a balanced mix of debt and equity, subject to market conditions Clear Path to Rapid Deleveraging • Significant FCF generation • Hedge position supports cash flow visibility Maintain Strong Liquidity & Flexibility • ~$1 BN of liquidity(1) and no near-term maturities Continued Progress Toward an Investment- Grade Credit Profile(2) • Scale, free cash flow and deleveraging support continued ratings progression ✓ ✓ Target YE’27 Leverage ~1.5x Balanced Financing, Greater Scale and Strong FCF Generation Support Debt Reduction and Continued Progress Toward Investment Grade ✓
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C R E S C E N T E N E R G Y 13 Focused Portfolio of Scaled Positions Across Premier Basins Strengthens Crescent’s World-Class Eagle Ford Position While Preserving Capital Allocation Flexibility Across the Permian and Uinta (1) Current production shown as 2026E consensus estimates as of 9/18/26. (2) Inventory based on internal management estimates. Asset PortfolioScaled, High-Quality Asset Positions • Leading positions across Eagle Ford, Permian and Uinta • #2 Eagle Ford oil producer Durable FCF Generation • Diversified portfolio of scaled assets supports durable FCF through cycles Capital Allocation Flexibility • ~6 years of <$50 BE inventory and ~10 years of <$60 BE inventory • Ability to allocate capital to the highest-returning opportunities ✓ ✓ ✓ Permian Eagle Ford Uinta Minerals Inventory(2) Sub-$50: ~1,000 Total: >3,000 Pro Forma Crescent at a Glance Production(1) ~400 Mboe/d ~65-70% liquids
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C R E S C E N T E N E R G Y 120 149 152 175 221 279 ~400 414 422 432 638 1,007 1,407 1,440 1,624 2,304 MGY NOG CRC MUR MTDR CHRD PR SM APA OVV FANG EOG OXY DVN COP 14 Further Scaling Crescent as a Top 10 Oil-Weighted Independent Adding Oil-Weighted Production While Strengthening Crescent’s Eagle Ford Positioning (1) Current production shown as 2026E consensus estimates as of 9/18/26. Pro Forma Production (2026E Consensus)(1) Oil ~55-60% Gas ~15-25% NGLs ~20-25% Eagle Ford Total Production (Mboe/d) Oil Production (Mbo/d) Acquired Production Mix:
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