Crescent Energy Receives Favorable Responses from All Three Rating Agencies on Its Recently Announced Agreement to Acquire SilverBow Resources

Crescent Energy Company (NYSE: CRGY) (“Crescent” or the “Company”) today announced that S&P Global Ratings (“S&P”) and Fitch Ratings, Inc. (“Fitch”) have taken positive ratings actions on Crescent, pending the closing of the previously announced acquisition of SilverBow Resources, Inc. (“SilverBow”) on May 16, 2024. In addition, Moody’s Ratings (“Moody’s”) reaffirmed its stable outlook. In their releases, the agencies recognized the transaction’s compelling strategic and financial rationale, citing potential for improved scale with complementary Eagle Ford assets, stable free cash flow generation and balance sheet strength.

• Moody’s affirmed Crescent's Ba3 Corporate Family Rating (CFR) and B1 senior unsecured notes' ratings, and its stable outlook (May 20, 2024)
• S&P affirmed Crescent’s B+ rating and revised its outlook to Positive, reflecting the combined company’s increased size, scale, and lower pro-forma cost structure once the transaction has closed (May 20, 2024)
• Fitch placed Crescent’s Long-Term Issuer Default Ratings (IDRs) of 'B+' on Rating Watch Positive (RWP) and affirmed the Company’s first-lien secured reserve-based loan facility (RBL) at 'BB+'/ 'RR1' and its senior unsecured notes at 'BB-'/ 'RR3' (May 17, 2024)

As announced on May 16, 2024, Crescent entered into a definitive agreement to acquire SilverBow in a transaction valued at approximately $2.1 billion. Under the terms of the agreement, SilverBow shareholders who elect to receive stock will receive 3.125 shares of Crescent Class A common stock for each share of SilverBow common stock. The transaction is structured as a cash-election merger with shareholders able to elect to receive $38 per share in cash up to a maximum total cash consideration of $400 million. The transaction, which will be subject to customary closing conditions, including approvals by shareholders of each company and typical regulatory agencies, is targeted to close by the end of the third quarter of this year.

Securities and credit ratings are not recommendations to buy, sell or hold securities, they may be subject to revision or withdrawal at any time by the assigning rating organization, and each such rating should be evaluated independently of any other rating.

About Crescent Energy Company

Crescent is a differentiated U.S. energy company committed to delivering value for shareholders through a disciplined growth through acquisition strategy and consistent return of capital. Crescent’s portfolio of low-decline, cash-flow oriented assets comprises both mid-cycle unconventional and conventional assets with a long reserve life and deep inventory of high-return development locations in the Eagle Ford and Uinta basins. Crescent’s leadership is an experienced team of investment, financial and industry professionals that combines proven investment and operating expertise. For more than a decade, Crescent and its predecessors have executed on a consistent strategy focused on cash flow, risk management and returns. For additional information, please visit www.crescentenergyco.com.