R8��������

Crescent Energy Company has announced the signing of a definitive agreement to acquire Eagle Ford assets from Ridgemar Energy for upfront consideration of $905 million plus future oil price contingent consideration, subject to customary purchase price adjustments.

The acquisition is directly offset Crescent’s core Central Eagle Ford position and builds upon its significant acquisition activity in the Eagle Ford over the past 18 months, totaling more than $4 billion of accretive M&A. The transaction, which has an effective date of October 1, is expected to close in the first quarter of 2025, subject to customary closing conditions.

“This transaction continues to highlight our ability to utilize our investing and operating expertise to identify and acquire high-quality assets, efficiently integrate them into our business and drive additional value through improved operations. With accelerated synergies captured from the integration of SilverBow and our recent bolt-on acquisition, our full team is ready and eager to add the Ridgemar assets to our core operating footprint in the Eagle Ford,” said David Rockecharlie, CEO of Crescent. “These assets contribute meaningful scale, enhance Crescent’s cash margins, increase our oil-weighting and extend our low-risk inventory life, all at an attractive and highly accretive valuation. I remain confident in our ability to capitalize on our strong momentum and continue our profitable growth trajectory towards our investment grade ambitions.”

Transaction highlights

• Complementary operations directly offset core position – Adding significant and contiguous scale offset Crescent’s existing footprint in Frio, Atascosa, La Salle and McMullen counties with potential for meaningful operating efficiencies
• Attractive valuation and accretive to key financial metrics – The transaction, valued at 2.7x EBITDA, is accretive to Operating Cash Flow, Levered Free Cash Flow⁽¹⁾ and net asset value, with strong expected cash-on-cash returns
• Strengthens the Crescent asset portfolio – Approximately 20 Mboe/d of high-margin, oil-weighted production and ~140 well understood, high-return locations that immediately compete for capital and extend Crescent’s low-risk inventory life
• Maintains strong balance sheet and Investment Grade credit metrics – Leverage neutral-to-accretive transaction with balanced consideration mix. Crescent’s net debt to trailing 12-month Adjusted EBITDAX ratio expected to be at or below the Company’s publicly stated maximum leverage target of 1.5x⁽²⁾

(1) Non-GAAP financial measure. Please see “Non-GAAP Measures” for a description of the applicable metric.

(2) Crescent defines leverage as the ratio of consolidated net debt to consolidated Adjusted EBITDAX (non-GAAP).

��