Crescent Energy (CRGY) Investor presentation summary

Portfolio overview and strategy

• Operates scaled positions in three premier basins: Permian, Eagle Ford, and Uinta, with a total of 530k net acres and over 1,450 drilling locations as of year-end 2024.

• Focuses on maximizing free cash flow through cycles, maintaining a best-in-class capital allocation approach and aiming for leading total shareholder returns.

• Employs a disciplined M&A strategy, targeting cash-on-cash investment returns and leveraging integration expertise for outsized synergies.

• Achieved a threefold increase in net production since December 2021, ranking among the top 10 liquids-weighted U.S. independents.

• Maintains a long-life, balanced portfolio with significant cash flow from stable production and over 10 years of high-quality inventory.

Financial performance and capital allocation

• Generated $2.5 billion in cumulative free cash flow over five years, with a 2025E FCF yield of 28%, nearly double the peer median.

• Prioritizes financial strength, industry-leading return of capital, and returns-driven investing, with a fixed quarterly dividend of $0.12 per share (6% yield) and a $150 million buyback authorization.

• Maintains a resilient balance sheet with $2 billion in liquidity, a 1.0x leverage target (up to 1.5x for acquisitions), and no near-term debt maturities.

• Holds investment-grade quality ratings from major agencies, with a stable or positive outlook.

• Consistently returns capital to shareholders, with 13 consecutive years of dividend payments and a fixed dividend yield above peers.

Operational excellence and asset details

• Demonstrates best-in-class capital allocation, aiming for at least 2.0x multiple of invested capital and short payback periods for both development and acquisitions.

• Successfully executed 16 value-accretive acquisitions since its public listing in December 2021, driving production and free cash flow growth.

• Captured significant operational synergies, improving well costs by 25% and enhancing recoveries by 15% in recent years.

• Holds one of the largest Gulf Coast gas positions (~1 Bcf/d gross production), well-positioned for LNG and data center demand, with premium gas quality and market access.

• Maintains a high-quality minerals portfolio (~92,000 net royalty acres), generating high-margin free cash flow and organic growth under blue-chip operators.