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Here are 1-2 brief analogies for Crescent Energy (CRGY):

• Like a mining company, but they extract oil and natural gas.
• Similar to the oil and gas drilling and production business of a major like ExxonMobil or Chevron.

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• Crude Oil: Production and sale of crude oil extracted from their operated properties.
• Natural Gas: Production and sale of natural gas from their wells.
• Natural Gas Liquids (NGLs): Production and sale of natural gas liquids, which are co-products of natural gas extraction.

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Crescent Energy (CRGY) Major Customers

Crescent Energy (CRGY) is an upstream oil and gas company primarily engaged in the acquisition, development, and production of oil, natural gas, and natural gas liquids (NGLs) in the United States.

According to Crescent Energy's most recent public filings, including their 2023 Annual Report on Form 10-K, the company explicitly states that no single customer accounted for 10% or more of its total revenues for the years ended December 31, 2023, 2022, or 2021.

Therefore, Crescent Energy does not have individually identified "major customers" in the sense of a concentrated revenue stream from one or two specific entities. Instead, it sells its production to a diversified group of energy purchasers and marketers in the commodity markets.

Based on their business model as an upstream producer, Crescent Energy sells primarily to other companies that purchase, transport, process, and distribute crude oil, natural gas, and NGLs. These customer categories generally include:

• Crude Oil Purchasers and Marketers: These are companies that buy crude oil from producers and typically arrange for its transportation via pipelines or trucks to refineries or storage facilities. This category can include major integrated oil companies, commodity trading firms, and specialized crude oil marketing companies.
• Natural Gas Purchasers and Marketers: These entities purchase natural gas and arrange for its transport through intrastate and interstate pipelines to various end-users such as power generation plants, industrial facilities, or local distribution companies. This category can include large utilities, industrial consumers, or natural gas trading firms.
• Natural Gas Liquids (NGLs) Purchasers and Marketers: These are companies specializing in the purchase, processing, and distribution of NGL products (such as ethane, propane, butane, isobutane, and natural gasoline) for diverse uses, including petrochemical feedstock, heating, and fuel blending.

As Crescent Energy's sales are diversified across these types of entities and no single customer represents a significant portion of their revenue, specific names and symbols of individual major customer companies cannot be provided.

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David Rockecharlie, Chief Executive Officer

David Rockecharlie has served as Chief Executive Officer and a director on Crescent Energy Company's Board since December 2021, and before that as CEO of its predecessor entity. He joined KKR in 2011 and is a Partner and Head of KKR's Energy Real Assets business, as well as Chairman of KKR's Energy Investment Committee. Prior to KKR, Mr. Rockecharlie co-founded and co-CEO of RPM Energy, LLC, a privately-owned oil and gas company. He also served as co-head of Jefferies & Company's Energy Investment Banking Group and was an executive with El Paso Corp., leading various corporate activities. Mr. Rockecharlie began his career as an energy investment banker with S.G. Warburg and Donaldson, Lufkin & Jenrette. His extensive background with KKR, a private equity firm, and his co-founding of RPM Energy, LLC, a privately-owned company, indicate a pattern of involvement with private equity-backed and privately-owned entities.

Brandi Kendall, Chief Financial Officer and Member of the Board of Directors

Brandi Kendall has served as Chief Financial Officer and a director on Crescent Energy Company's Board since December 2021, previously holding the same roles for its predecessor. She joined KKR in 2013 and is currently a Managing Director, responsible for a broad range of portfolio management activities for the Energy Real Assets team, including finance, planning, risk management, and corporate development. Before KKR, Ms. Kendall was Director, Finance and Planning at Marlin Midstream and a Finance Associate at NFR Energy. She began her career in energy investment banking at JP Morgan and Tudor, Pickering, Holt & Co. Her tenure and responsibilities at KKR, a private equity firm, demonstrate a pattern of managing companies backed by private equity.

Todd Falk, Chief Accounting Officer

Todd Falk has served as Crescent Energy Company's Chief Accounting Officer since December 2021, having previously been Vice President, Finance of Crescent's predecessor entity. He joined KKR in 2018 and is a Managing Director and Chief Accounting Officer of KKR's Energy Real Assets business. Before KKR, Mr. Falk served as Director of Finance and Controller of Vitruvian Exploration. He began his career at Deloitte, where he was a senior manager specializing in complex financial reporting issues, initial public offerings, and SEC interactions. Mr. Falk is a Certified Public Accountant with over 18 years of finance and accounting experience in the energy industry.

Clay Rynd, Executive Vice President, Investments

Clay Rynd has served as Crescent Energy Company's Executive Vice President of Investments since December 2021, and before that as Executive Vice President of Crescent's predecessor entity. He joined KKR in 2015 and is a Managing Director on the Energy Real Assets team. Mr. Rynd has been involved in numerous oil and gas investments for KKR's Energy Real Assets strategy, including the creation of Crescent Energy. Prior to joining KKR, he worked at Tudor, Pickering, Holt & Co. in the investment banking division, focusing on strategic advisory and M&A transactions for energy sector companies, and also in their equity research division.

Bo Shi, General Counsel

Bo Shi has served as Crescent Energy Company's General Counsel and Corporate Secretary since December 2021, and previously served as General Counsel of Crescent's predecessor entity. Prior to joining Crescent Energy, Mr. Shi worked as a Senior Associate at Vinson & Elkins L.L.P and as Senior Counsel at IPSCO Tubulars Inc.

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The key risks to Crescent Energy's business (CRGY) are primarily centered around commodity price fluctuations, the execution of its acquisition-driven growth strategy, and its financial leverage.

1. Commodity Price Volatility: As an oil and natural gas exploration and production company, Crescent Energy is highly susceptible to the volatile prices of oil, natural gas, and natural gas liquids (NGLs). These prices are influenced by global geopolitical events, such as the Russia-Ukraine conflict and Middle East tensions, as well as economic factors like inflation and interest rates, and actions by organizations like OPEC. A sustained decline in commodity prices could severely impact the company's financial condition, profitability, liquidity, and ability to meet financial commitments.
2. Acquisition Integration and Execution Risk: Crescent Energy's business model is significantly driven by acquisitions. The company recently completed a transformative all-stock acquisition of Vital Energy, Inc.. The success of this strategy, and previous integrations (such as SilverBow and Ridgemar), hinges on the effective integration of acquired operations and the realization of anticipated synergies. Difficulties in integrating these businesses or a failure to achieve projected synergies could lead to operational inefficiencies, increased costs, and a significant erosion of shareholder value.
3. High Leverage and Financial Instability: Crescent Energy operates with elevated financial leverage, characterized by a net debt to EBITDA ratio around 3x and thin interest coverage of approximately 1.1x. The company also faces potential liquidity constraints, indicated by current and quick ratios around 0.81. Furthermore, an Altman Z-Score of 0.72 places the company in a distress zone, highlighting a risk of financial instability. Challenges in profitability, reflected in a negative EPS and a negative dividend payout ratio, further underscore these financial risks.

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There are two clear emerging threats for Crescent Energy (CRGY):

1. Accelerating Energy Transition and Potential for Earlier Peak Oil Demand: The rapid growth in adoption of electric vehicles (EVs), renewable energy sources (solar, wind), and increasing governmental and societal commitments to decarbonization are creating a structural shift away from fossil fuels. While global oil demand has yet to peak, the accelerating pace of this transition, particularly with policy support like the Inflation Reduction Act in the U.S. and significant investments in green technologies globally, suggests a potential for oil and gas demand to peak sooner and decline more rapidly than previously anticipated by many industry participants. This directly threatens the long-term viability and valuation of CRGY's core assets by potentially reducing future demand and commodity prices for their products.
2. Tightening Capital Markets and Increased Cost of Capital Due to ESG Pressures: A growing number of institutional investors, banks, and other financial institutions are implementing stricter environmental, social, and governance (ESG) criteria, leading to reduced investment in and lending to fossil fuel companies. This trend, often driven by net-zero commitments and increasing regulatory scrutiny, is making it more challenging and expensive for independent oil and gas producers like CRGY to access the capital needed for exploration, development, acquisitions, and even routine operations. This constriction of capital availability can hinder growth, increase financial risk, and potentially depress valuations.

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Crescent Energy (CRGY) primarily focuses on the exploration and production of crude oil, natural gas, and natural gas liquids (NGLs) in the United States. Their operations are concentrated in regions such as Texas (Eagle Ford) and the Rockies (Uinta and Wyoming Conventional).

The addressable markets for Crescent Energy's main products and services are significant within the United States:

• U.S. Oil & Gas Market: The overall U.S. oil and gas market was valued at approximately USD 1.55 trillion in 2024 and is projected to grow to about USD 1.61 trillion in 2025. This market is expected to reach around USD 2.24 trillion by 2034, expanding at a compound annual growth rate (CAGR) of 3.75% between 2025 and 2034.
• U.S. Natural Gas Market: The U.S. natural gas market was valued at USD 454.5 billion in 2024. It is anticipated to increase to USD 577.9 billion by 2032, with a CAGR of 3.2% during the period of 2025–2032.
• U.S. Crude Oil Production: U.S. crude oil production, including condensate, averaged 12.9 million barrels per day (b/d) in 2023, setting a new U.S. and global record. Monthly production reached a record high of more than 13.3 million b/d in December 2023. More recently, U.S. crude oil field production was reported at 13.65 million barrels per day on a weekly basis, and increased to 13.794 million barrels per day in August 2025.

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Crescent Energy (CRGY) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic acquisitions, enhanced operational efficiencies, optimized production from its asset base, and the inherent impact of commodity prices.

Here are 3-5 expected drivers of future revenue growth:

1. Growth Through Acquisitions and Portfolio Optimization: Crescent Energy consistently emphasizes its disciplined "growth through acquisition strategy." The company recently announced the acquisition of Vital Energy for approximately $3.1 billion, which is expected to be immediately accretive and generate significant synergies. Additionally, the company actively engages in accretive bolt-on acquisitions, such as a recent Central Eagle Ford bolt-on, while opportunistically divesting non-core assets to optimize its portfolio and enhance value creation.
2. Operational Efficiencies and Synergy Capture: Crescent Energy is focused on driving operational efficiencies and capturing synergies from its acquisitions. The company has reported improving drilling, completion, and facilities (DC&F) costs and has increased synergy targets from acquisitions like SilverBow and Vital Energy, with $66 million of annualized uplift realized from SilverBow within three months of closing. These efficiencies lead to more effective capital deployment and improved profitability, supporting overall revenue growth.
3. Increased Production from Development Programs: The successful execution of Crescent Energy's development programs in its diverse asset portfolio, particularly in key U.S. basins such as the Eagle Ford and Uinta, is a vital revenue driver. The company has reported strong well performance and increased production, with 27 gross operated wells brought online in the Eagle Ford and 10 in the Uinta in a recent quarter, contributing to record production levels.
4. Commodity Price Realization: As an independent energy company, Crescent Energy's revenue is directly influenced by the market prices of oil and natural gas. While the company aims for predictable cash flows across cycles and maintains flexibility in its capital allocation to adapt to market conditions, favorable commodity prices will naturally serve as a significant driver of increased revenue. Conversely, adverse weather conditions can impact production and increase operating costs, potentially leading to a decline in revenue.

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Share Repurchases

• Crescent Energy authorized a $150 million Share Repurchase Program through March 2026.
• As of November 3, 2025, approximately $33 million in shares were repurchased during 2025, with $86 million remaining under the authorization.
• As of October 14, 2025, approximately $65 million, or 43%, of the $150 million authorization had been exercised.

Share Issuance

• Crescent Energy announced an all-stock acquisition of Vital Energy, Inc. for approximately $3.1 billion on August 25, 2025, with the transaction expected to close in late Q4 2025.
• The company's shares outstanding increased by 93.40% in one year.

Outbound Investments

• Acquired Vital Energy, Inc. in an all-stock transaction valued at approximately $3.1 billion, announced August 25, 2025, and anticipated to close in late Q4 2025.
• Executed agreements for non-core asset divestitures totaling over $800 million year-to-date as of Q3 2025, with more than $700 million signed in Q3 2025, expected to close by year-end 2025.
• Closed an accretive Central Eagle Ford bolt-on acquisition for $168 million in cash on October 1, 2024.

Capital Expenditures

• Expected capital expenditures for 2025 are guided between $910 million and $970 million, with a primary focus on the Eagle Ford basin, achieving 15% D&C cost savings compared to 2024.
• Projected capital expenditures for the remainder of 2024 are between $425 million and $455 million, primarily targeting the Eagle Ford and Uinta basins.
• Incurred capital expenditures (excluding acquisitions) of $211 million in Q3 2024 and $193 million in Q1 2024, with a focus on Eagle Ford and Uinta operations, benefiting from operational efficiencies and moderating service costs.