Crescent Energy — Q3 2026 Earnings Summary

Financial Performance

• The Company announced a definitive agreement to acquire Eagle Ford assets from Devon Energy for an estimated net purchase price of approximately $3.85 billion.
• The acquired assets include approximately 68 Mboe/d of net production based on July 2026 internal forecasts.
• The transaction is expected to generate approximately $140 million in annual synergies across drilling and completion (D&C), lease operating expenses (LOE), and marketing.
• The acquisition is projected to deliver meaningful accretion across key metrics including Cash Flow From Operations (CFFO), Free Cash Flow (FCF), and Net Asset Value (NAV).
• Crescent intends to fund the transaction through a combination of cash on hand and a balanced mix of debt and equity, subject to market conditions.
• Financing commitments have been obtained from JPMorgan Chase Bank, N.A. and RBC Capital Markets, LLC.

Guidance and Future Outlook

• The Transaction is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions.
• The acquired assets include more than 600 Tier 1 net locations normalized to 10,000 feet.
• The acquisition is expected to support debt reduction and continued progress toward an investment-grade credit profile.
• Management anticipates higher quality inventory, improved capital efficiency, and increased margins to enhance free cash flow generation.

Business Segments and Product Lines

• The acquisition solidifies Crescent's position in the Eagle Ford Basin, adding Tier 1 inventory in the Karnes Trough directly adjacent to existing operations.
• The deal transforms Crescent Royalties by adding Devon-owned minerals, which increase scale, operatorship, and development visibility.
• Crescent plans to apply its "buy assets and make them better" operating playbook to the acquired assets.
• The Company's activities remain focused in the Eagle Ford, Permian, and Uinta Basins, with a core focus on the Eagle Ford.

Market and Competitive Landscape

• The acquired assets are described as high-margin and oil-weighted production.
• Crescent's longstanding minerals ownership across the acquired assets and nearby operations provides differentiated insight and conviction.
• The transaction adds significant scale and increased operatorship to Crescent Royalties.

Risks and Challenges

• Risks include the expected timing and likelihood of completion, including the receipt of governmental and regulatory approvals.
• There is a risk that the parties may not be able to satisfy conditions to the Transaction in a timely manner or at all.
• Financing availability cannot be guaranteed on terms satisfactory to the Company or at all.
• Integration risks include potential disruption of management time, adverse effects on the market price of common stock, and the possibility that synergies may not be achieved or may take longer than expected.
• Actual results may differ materially from forward-looking statements regarding pro forma descriptions, integration plans, and anticipated future performance.

Management Commentary and Tone

• David Rockecharlie, Chief Executive Officer, stated the acquisition represents a significant step forward, adding high-quality assets at an attractive valuation in a core operating area.
• Management expressed conviction based on longstanding minerals ownership and nearby operations, seeing meaningful opportunity to improve the assets.
• The tone emphasizes that the transaction solidifies a world-class Eagle Ford position and creates significant additional value creation opportunities.

Analyst Questions and Answers

• No analyst questions or answers were included in this press release.

Other Key Points

• Crescent Energy (NYSE: CRGY) is a differentiated energy company focused on returns-driven growth through acquisition and consistent return of capital.
• Financial advisors for Crescent include Jefferies LLC and J.P. Morgan Securities LLC.
• Legal counsel for Crescent includes Latham & Watkins LLP and Vinson & Elkins LLP.
• RBC Capital Markets served as financial advisor to Devon Energy, and Kirkland & Ellis LLP served as legal counsel.
• A conference call and webcast were scheduled for October 8, 2026, at 7:00 a.m. Central Time.
• The net purchase price is defined as the headline purchase price less estimated purchase price adjustments based on a July 1, 2026 effective date.