Third Quarter 2026 Earnings Release and Conference Call Press Release

Houston, November 2, 2026 - Crescent Energy Company (NYSE: CRGY) ("Crescent" or the "Company"), today announced financial and operating results for the third quarter of 2026. A supplemental slide deck can be found at www.crescentenergyco.com. The Company plans to host a conference call and webcast at 10

a.m. CT on Tuesday, November 3, 2026. Details can be found in this release.

• Delivered strong financial and operating performance, exceeding expectations across all key metrics

• Generated Operating Cash Flow of $608 million and Levered Free Cash Flow(1) of $367 million, supporting deleveraging and shareholder returns

• Produced 328 MBoe/d, including 134 MBo/d of oil, driven by consistent execution across the portfolio

• Increased the Permian synergy target to more than $300 million, with approximately $295 million captured to date, representing more than $1 billion of value creation(2)

• Drove Permian marketing and midstream optimization efforts to reduce costs, expand access to premium Gulf Coast markets and achieve higher realizations and incremental free cash flow

• Expanded economic inventory with lower well costs across the portfolio

• Announced the acquisition of premier Eagle Ford assets from Devon Energy, expanding Crescent's world-class Eagle Ford position with significant Tier 1 inventory that immediately competes for capital

• Maintained a strong balance sheet, with approximately $2.0 billion of liquidity, approximately 1.5x leverage and no near-term maturities

• Declared a fixed quarterly dividend of $0.12 per share

"Our market-leading operational execution continues to drive strong results and differentiated value creation. We delivered higher production, lower capital and higher free cash flow than market expectations this quarter," said Crescent CEO David Rockecharlie. "We have assembled an exceptional asset base, anchored by a world-class Eagle Ford position, alongside significant opportunities across the Permian, Uinta and Crescent Royalties. Importantly, the next phase of Crescent's value creation is largely within our control. Our focus is on execution."

Third quarter production averaged 328 MBoe/d (approximately 41% oil and 63% liquids), with 134 MBo/d of oil production. The Company drilled 29 gross operated wells (22 in the Eagle Ford, 6 in the Permian and 1 in the Uinta), brought online 37 gross operated wells (25 in the Eagle Ford, 5 in the Permian and 7 in the Uinta) and incurred capital expenditures (excluding acquisitions) of $326 million during the third quarter.

Crescent reported $1 million of net loss and $254 million of Adjusted Net Income(1) in the third quarter. The Company generated Adjusted EBITDAX(1) of $786 million, Operating Cash Flow of $608 million and Levered Free Cash Flow(1) of $367 million for the period, supported by disciplined capital investment and strong operational execution.

Crescent continued to advance the optimization of the Permian assets during the third quarter. Based on accelerated synergy capture and continued operating improvements, the Company increased its synergy target to more than $300 million, with approximately $295 million captured to date, representing more than $1 billion of value creation.(2)

In October 2026, Crescent announced that it had entered into a definitive agreement to acquire Eagle Ford assets from Devon Energy for an estimated net purchase price of approximately $3.85 billion(3) (the "Transaction"). The all-cash Transaction solidifies Crescent's world-class Eagle Ford position, adding Tier 1 inventory and meaningful scale directly adjacent to its existing operations. The Transaction is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions.

Crescent's long-standing "all-of-the-above" return of capital framework includes a fixed quarterly dividend and an opportunistic share repurchase program. For the third quarter of 2026, the Company's Board of Directors (the "Board") approved a cash dividend of $0.12 per share. The third quarter dividend is payable on November 30, 2026, to shareholders of record as of the close of business on November 16, 2026. Any payment of future dividends is subject to Board approval and other factors.

As of September 30, 2026, our share repurchase program (the "Share Repurchase Program") has approximately $336 million of availability remaining. Repurchases of shares of the Company's common stock under the Share Repurchase Program may be made by the Company from time to time in the open market, in a privately negotiated transaction, through purchases made in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or by such other means as will comply with applicable state and federal securities laws. The timing of any such repurchases will depend on market conditions, contractual limitations and other considerations. The program may be extended, modified, suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or number of shares.

Crescent plans to host a conference call to discuss its third quarter of 2026 financial and operating results at 10 a.m. CT on Tuesday, November 3, 2026. Complete details are below. A webcast replay will be available on the website following the call.

Date: Tuesday, November 3, 2026 Time: 10 a.m. CT (11 a.m. ET)

Conference Dial-In: 833-461-5787 / 585-542-9983 (Domestic / International) Meeting ID: 360 772 191

Webcast Link: https://www.crescentenergyco.com

Crescent is a differentiated energy company committed to delivering value through a disciplined, returns-driven growth through acquisition strategy and consistent return of capital. Our long-life, balanced portfolio combines significant cash flow from stable production with deep, high-quality development inventory. Our

activities are focused in the Eagle Ford, Permian and Uinta Basins, and we own minerals and royalty interests across premier U.S. oil and natural gas basins, primarily operated by large, well-capitalized companies, with a core focus in the Eagle Ford. For additional information, please visit https://www.crescentenergyco.com.

The foregoing contains "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 communication that address activities, events or developments that Crescent expects, believes or anticipates will or may occur in the future are forward-looking statements. Words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "potential," "create," "intend," "could," "may," "foresee," "plan," "will," "guidance," "look," "outlook," "goal," "future," "assume," "forecast," "build," "focus," "work," "continue" or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements include, but are not limited to, statements regarding our ability to integrate operations or realize any anticipated operational or corporate synergies and other benefits of our acquisitions, including the acquisition of Vital Energy, Inc. (the "Permian Acquisition") and, if completed, the Transaction; the risk that the Permian Acquisition and, if completed, the Transaction may not be accretive, and may be dilutive, to Crescent's earnings per share, which may negatively affect the market price of Crescent common stock; the risk that the Transaction may not be completed on the terms currently contemplated, in the anticipated timeframe or at all; risks related to disruption of management time from ongoing business operations due to the Transaction; the risk that any announcements relating to the Transaction could have adverse effects on 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 changes 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 and 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 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 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. Consequently, actual future results could differ materially from expectations. The Company assumes no duty to update or revise its respective forward-looking statements based on new information, future events or otherwise.

We have evaluated how we are organized and managed and have identified one reportable segment, which is our interests related to the exploration and production of crude oil, natural gas and NGLs from operated and non-operated wells. We consider our gathering, processing and marketing functions as ancillary to our oil and gas producing activities. Substantially all of our operations and assets are located onshore in the United States, and substantially all of our revenues are attributable to United States customers. We present certain operational results for Crescent Royalty Finance LLC ("CRF") separately from the Crescent Energy Finance LLC ("CEF") operational results because we believe that it permits investors to better understand the performance of this aspect of our business. The financial and operating information presented herein does not give effect to the Transaction.

For the three months ended

For the three months ended

September 30, 2026 September 30, 2025 June 30, 2026

Average daily net sales volumes:

For the three months ended

September 30, 2026 September 30, 2025 June 30, 2026

Average daily net sales volumes:

(Unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

‌(Unaudited)

September 30, 2026 December 31, 2025

(in thousands, except share data)

Current assets:

(Unaudited)

September 30, 2026 December 31, 2025

(in thousands, except share data)

Current liabilities:

(Unaudited)

Nine Months Ended September 30,

This release includes financial measures that have not been calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These non-GAAP measures include Adjusted EBITDAX, Levered Free Cash Flow, Adjusted Net Income, Adjusted Recurring Cash G&A and Net Leverage. These supplemental non-GAAP performance measures are used by Crescent's management and external users of its financial statements, such as industry analysts, investors, lenders and rating agencies. These non-GAAP measures should be read in conjunction with the information contained in Crescent's audited combined and consolidated financial statements prepared in accordance with GAAP.

Adjusted EBITDAX and Levered Free Cash Flow

We define 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, we further adjust for certain redeemable noncontrolling interest distributions made by Crescent Energy OpCo LLC ("OpCo") and settlement of acquired derivative contracts. We 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. We believe Adjusted EBITDAX is a useful performance measure because it allows for an effective evaluation of our operating performance when compared against our peers, without regard to our financing methods, corporate form or capital structure. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDAX because these amounts can vary substantially within our 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. Our presentation of Adjusted EBITDAX should not be construed as an inference that our results will be unaffected by unusual or nonrecurring items. Our computations of Adjusted EBITDAX may not be identical to other similarly titled measures of other companies. In addition, our revolving credit facility (the "Revolving Credit Facility") and our outstanding senior notes (collectively, the "Senior Notes") include a calculation of Adjusted EBITDAX for purposes of covenant compliance.

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.

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 our management and external users of our financial

statements, such as industry analysts, investors, lenders and rating agencies. We believe Levered Free Cash Flow is a useful liquidity measure because it allows for an effective evaluation of our operating and financial performance and the ability of our 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. Our 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:

Three Months Ended September 30,

Nine Months Ended September 30,

2026 2025 2026 2025

(in thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

2026 2025 2026 2025

(in thousands)

Adjusted Net Income

Crescent defines Adjusted Net Income as net income (loss), adjusted for certain items. Management believes that Adjusted Net Income is useful to investors in evaluating operational trends of the Company and its performance relative to other oil and gas companies. Adjusted Net Income is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for net income as an indicator of financial performance. The GAAP measure most directly comparable to Adjusted Net Income is net income (loss).

The following table presents a reconciliation of Adjusted Net Income (non-GAAP) to net income (loss), the most directly comparable financial measure calculated in accordance with GAAP:

Three Months Ended September 30,

Nine Months Ended September 30,

2026 2025 2026 2025

Adjusted EPS $ 0.77 $ 0.36 $ 2.03 $ 1.32

(in thousands)

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.

September 30, 2026

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,

Nine Months Ended September 30,

2026 2025 2026 2025

(in thousands)

Adjusted Dividends Paid

Crescent defines Adjusted Dividends Paid as Dividend to Class A Common Stock plus Cash RNCI Distributions initiated by Class A common stock dividend. Management believes Adjusted Dividends Paid is a useful performance measure because it reflects the full amount of cash distributed for dividends that is otherwise classified as distributions to redeemable noncontrolling interests, facilitating the ability for investors to compare Crescent's dividends paid against peer companies.

Three Months Ended September 30,

Nine Months Ended September 30,

2026 2025 2026 2025

(in thousands)

1. Non-GAAP financial measure. Please see "Reconciliation of Non-GAAP Measures" above for discussion and reconciliations of such measures to their most directly comparable financial measures calculated and presented in accordance with GAAP.

2. Represents 5-year PV-10 of synergies captured to date.

3. 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, and excludes transaction costs.

4. 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.

5. Adjusted operating expense, excluding production and other taxes includes lease and asset operating expense, workover expense, gathering, processing and transportation and midstream and other revenue net of expense.

6. Transaction and nonrecurring expenses of $40.1 million and $86.8 million for the three and nine 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 and $29.8 million for the three and nine months 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.

7. Represents the settlement of certain oil, gas and NGL commodity derivative contracts acquired in connection with the July 2024 Eagle Ford Acquisition and the Permian Acquisition.

8. Income taxes on Adjusted Net Income (non-GAAP) represent the amount of income tax expense we would have incurred after giving effect to the items impacting Adjusted Net Income. This tax provision is presented as a separate line item in the calculation of Adjusted Net Income to align the tax expense with the period's adjusted earnings measure.

9. Includes $57.6 million, $38.1 million and $1.5 million of unamortized discount, premium and issuance costs for total consolidated, CEF and CRF, respectively.

10. 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.

11. During the initial covenant periods until December 31, 2026, Net Leverage for CRF Credit Facility is calculated on an annualized basis.

12. Transaction and nonrecurring expenses (G&A) of $4.7 million and $14.0 million for the three and nine 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 and $23.7 million for the three and nine months 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 July 2024 Eagle Ford Acquisition and legal settlement costs.

For additional information, please reach out to [email protected].