Crescent Energy to Acquire Eagle Ford Assets from Devon Energy, Solidifying Crescent’s World-Class Position in the Basin (Form 8-K)

Crescent Energy to Acquire Eagle Ford Assets from Devon Energy,

Solidifying Crescent's World-Class Position in the Basin

High-margin, oil-weighted production and significant Tier 1 inventory adjacent to existing operations

Attractive acquisition returns and meaningful accretion across all key metrics

Devon-owned minerals add significant scale and increased operatorship to Crescent Royalties

HOUSTON, October 8, 2026 - Crescent Energy Company (NYSE: CRGY) ("Crescent" or the "Company") today announced that it has entered into a definitive agreement to acquire Eagle Ford assets from Devon Energy for an estimated net purchase price of approximately $3.85 billion(1) (the "Transaction"). The Transaction solidifies Crescent's world-class Eagle Ford position, adding Tier 1 inventory and meaningful scale directly adjacent to its existing operations. The acquired assets will be managed with Crescent's consistent strategy focused on free cash flow, disciplined capital allocation and attractive returns. The Transaction is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions.

The acquired assets include approximately 68 Mboe/d of net production(2) and more than 600 Tier 1 net locations normalized to 10,000 feet. Crescent's longstanding minerals ownership across the acquired assets, nearby operations and deep technical knowledge provide differentiated insight and conviction in the assets.

The Transaction Offers Compelling Value for All Shareholders:

-Solidifies Crescent's World-Class Eagle Ford Position - Significant Tier 1 inventory in the Karnes Trough that immediately competes for capital; assets directly adjacent to Crescent's existing operations further enhance Crescent's basin-leading position and build on its established operating and minerals footprint.

-Compelling Returns and Accretion - Strong investment returns, in-line with Crescent's consistent underwriting criteria and meaningful accretion across all key metrics, including CFFO, FCF and NAV.

-Accelerates Crescent's Value Creation - Higher quality inventory, improved capital efficiency and increased margins enhance free cash flow generation. Applying Crescent's proven "buy assets and make them better" operating playbook, with approximately $140 million in annual synergies identified across D&C, LOE and marketing.

-Transforms Market-Leading Royalties Platform - Devon-owned minerals strengthen Crescent Royalties through greater scale, increased operatorship and enhanced development visibility.

-Maintains Strong Balance Sheet and Progress Toward Investment Grade - Balanced financing structure, greater scale and strong free cash flow generation support debt reduction and continued progress toward an investment-grade credit profile.

"This acquisition represents a significant step forward for Crescent, adding high-quality assets at an attractive valuation in the heart of one of our core operating areas," said David Rockecharlie, Chief Executive Officer of Crescent Energy. "We know these assets exceptionally well through our longstanding minerals ownership and nearby operations, and see meaningful opportunity to make them even better. The transaction solidifies Crescent's world-class Eagle Ford position and creates significant additional value creation opportunities through our proven operating strategy."

Transaction Financing

1

Crescent has obtained commitments for certain debt financing options from JPMorgan Chase Bank, N.A. and RBC Capital Markets, LLC in connection with this transaction. KKR Capital Markets also advised on the financing. The Company intends to fund the transaction consideration through a combination of cash on hand, and, as appropriate, based on market conditions, a balanced mix of debt and equity. There can be no guarantee that additional financing will be available on terms satisfactory to the Company or at all.

Advisors

Crescent's financial advisors in connection with the acquisition are Jefferies LLC and J.P. Morgan Securities LLC. Crescent's counsel is Latham & Watkins LLP and Vinson & Elkins LLP. RBC Capital Markets, LLC served as financial advisor to Devon Energy, and Kirkland & Ellis LLP served as legal counsel.

Conference Call Details

Crescent plans to host a conference call and webcast at 7:00 a.m. Central Time / 8:00 a.m. Eastern Time on October 8, 2026. Complete details are below.

Date: Thursday, October 8, 2026

Time: 7:00 a.m. CT (8:00 a.m. ET)

Conference Dial-In: 833-461-5787 / 585-542-9983 (Domestic / International)

Meeting ID: 542 556 661

Webcast Link: www.crescentenergyco.com

An investor presentation regarding the transaction can be found at www.crescentenergyco.com. A webcast replay will be available on the website following the call.

About Crescent Energy Company

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 www.crescentenergyco.com.