Crescent Energy — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported total revenues of $1.35 billion for the three months ended September 30, 2026, compared to $866.6 million in the same period in 2025.
• Reported net loss of $0.6 million for the quarter, compared to a net loss of $10.3 million in the prior year period.
• Adjusted Net Income was $254 million for the quarter, up from $91.1 million in the prior year period.
• Adjusted EBITDAX reached $786 million for the quarter, compared to $486.5 million in the prior year period.
• Generated Operating Cash Flow of $608 million and Levered Free Cash Flow of $367 million for the quarter.
• Nine-month 2026 revenues totaled $3.93 billion, compared to $2.71 billion for the same period in 2025.
• Nine-month 2026 Adjusted EBITDAX was $2.27 billion, compared to $1.53 billion in the prior year period.
• Nine-month 2026 Levered Free Cash Flow was $976 million, compared to $617 million in the prior year period.
• Average realized prices (before derivative settlements) were $44.38/Boe for the quarter, compared to $35.87/Boe in the prior year period.
• Average realized prices (after derivative settlements) were $39.84/Boe for the quarter, compared to $36.81/Boe in the prior year period.
• Operating expense per Boe was $14.41 for the quarter, down from $16.65 in the prior year period.
• Depreciation, depletion, and amortization per Boe was $12.44 for the quarter, compared to $12.84 in the prior year period.
• General and administrative expense per Boe was $2.17 for the quarter, down from $3.20 in the prior year period.
• Total debt was $4.72 billion as of September 30, 2026, down from $5.52 billion as of December 31, 2025.
• Net leverage ratio was 1.5x as of September 30, 2026.
• Maintained approximately $2.0 billion of liquidity.

Guidance and Future Outlook:

• The Company increased its Permian synergy target to more than $300 million, with approximately $295 million captured to date.
• The acquisition of Devon Energy's Eagle Ford assets is expected to close in the fourth quarter of 2026 or early 2027.
• Management stated the next phase of value creation is largely within their control with a focus on execution.
• The Company maintains an "all-of-the-above" return of capital framework including a fixed quarterly dividend and opportunistic share repurchases.

Business Segments and Product Lines:

• Produced 328 MBoe/d in the third quarter, including 134 MBo/d of oil (41% oil, 63% liquids).
• Drilled 29 gross operated wells (22 in the Eagle Ford, 6 in the Permian, 1 in the Uinta) and brought online 37 gross operated wells (25 in the Eagle Ford, 5 in the Permian, 7 in the Uinta).
• Incurred capital expenditures (excluding acquisitions) of $326 million during the third quarter.
• Working interest and other segments produced 317 MBoe/d.
• Minerals and royalties segments produced 11 MBoe/d.
• Announced the acquisition of premier Eagle Ford assets from Devon Energy for an estimated net purchase price of approximately $3.85 billion.
• Expanded economic inventory with lower well costs across the portfolio.
• Drove Permian marketing and midstream optimization efforts to reduce costs and expand access to premium Gulf Coast markets.

Market and Competitive Landscape:

• Crescent describes its Eagle Ford position as world-class, adding Tier 1 inventory directly adjacent to existing operations through the Devon acquisition.
• The Company operates in the Eagle Ford, Permian, and Uinta Basins with minerals and royalty interests across premier U.S. oil and natural gas basins.

Risks and Challenges:

• Forward-looking statements include risks that the Devon Transaction and Permian Acquisition may not be accretive and could be dilutive to earnings per share.
• Risks exist that the Transaction may not be completed on terms contemplated, in the anticipated timeframe, or at all.
• Potential for disruption of management time from ongoing business operations due to the Transaction.
• Risks related to federal and state regulations, including tax laws (One Big Beautiful Bill Act, Inflation Reduction Act), tariffs, and environmental laws.
• Risks associated with general economic conditions, inflation, elevated interest rates, and central bank policy actions.
• Risks related to geopolitical events, including conflicts in the Middle East, Ukraine, and sanctions on Russia.
• Risks regarding the ability to predict and manage actions of OPEC+ and production levels.
• Risks related to public health crises and their impact on commodity prices, supply, and demand.

Management Commentary and Tone:

• CEO David Rockecharlie stated, "Our market-leading operational execution continues to drive strong results and differentiated value creation."
• Management noted they delivered higher production, lower capital, and higher free cash flow than market expectations.
• The tone emphasized disciplined capital investment, consistent return of capital, and the ability to control the next phase of value creation.

Other Key Points:

• Declared a fixed quarterly dividend of $0.12 per share, payable on November 30, 2026, to shareholders of record as of November 16, 2026.
• As of September 30, 2026, the share repurchase program had approximately $336 million of availability remaining.
• Transaction and nonrecurring expenses for the quarter were $40.1 million, primarily related to earnout payments for the January 2025 Eagle Ford Acquisition, Permian Acquisition transaction costs, legal settlements, and divestitures.
• Nine-month 2026 transaction and nonrecurring expenses totaled $86.8 million.
• The Company operates under a single reportable segment for exploration and production of crude oil, natural gas, and NGLs.
• Conference call and webcast scheduled for November 3, 2026, at 10 a.m. CT.