DEAL ALERT (CRESCENT BUYS VITAL)

SPECIAL REPORT (SEPT 3, 2025)

Crescent Energy Buying Vital Energy

CREATES PERMIAN AS THIRD CORE

Pays 15% Premium To Secure Deal

$3.05B Via $750MM Equity + $2.3B Debt

138,000 BOEPD (45% Oil, 28% NGLs)

285,000 Net Acres, ~1,000 Locations

Vaults Crescent to Top 10 Pubic E&Ps

Deals Adds to Eagle Ford, Uinta Core

CRGY also shows >$40B in Permian Targets

And >$20B in Eagle Ford Growth Targets

Crescent Soon Selling $1B Non-Core Legacy

Legacy is in WY EOR, Barnett, DJ & Anadarko

Deal Expects To Close Before December 31

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RS 2509DA