EX-99.2 5 exhibit992-8xkaapril2025.htm EX-99.2 Document
Exhibit 99.2
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
On January 31, 2025 (the “Closing Date”), Crescent Energy Company (“Crescent”) completed its acquisition of all of the issued and outstanding securities of Ridgemar (Eagle Ford) LLC (“Ridgemar EF” and such transaction, the “Ridgemar Acquisition”) pursuant to the Membership Interest Purchase Agreement (the “Purchase Agreement”), dated December 3, 2024, by and among Crescent Energy Finance LLC (the “Purchaser”), Crescent, Ridgemar Energy Operating, LLC (the “Seller”) and Ridgemar EF.
Pursuant to the Purchase Agreement, the Seller received aggregate consideration, before customary purchase price adjustments, consisting of (i) $830.0 million in cash (the “Cash Consideration”), and (ii) 5,454,546 shares of Class A Common Stock, par value $0.0001 per share (“Class A Common Stock”) of Crescent (the “Stock Consideration). Up to $170.0 million in earn-out consideration (the “Contingent Consideration”) may also be paid by Crescent quarterly in fiscal years 2026 and 2027 based on the quarterly NYMEX WTI price of crude oil in fiscal years 2026 and 2027, subject to customary purchase price adjustments set forth in the Purchase Agreement.
The assets and liabilities of Ridgemar EF represent substantially all of the key operating assets of Ridgemar Energy Management, LLC (“Ridgemar”). The unaudited pro forma condensed combined financial statements (the “pro forma financial statements”) have been prepared from the respective historical consolidated statements of operations of Crescent and Ridgemar, adjusted to give effect to the Ridgemar Acquisition and the SilverBow Merger. The unaudited pro forma condensed combined balance sheet as of December 31, 2024 (the “pro forma balance sheet”) gives effect to the Ridgemar Acquisition as if it had occurred on December 31, 2024. The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2024 (the “pro forma statement of operations”) gives effect to the Ridgemar Acquisition and the SilverBow Merger as if each had occurred on January 1, 2024. The pro forma financial statements contain certain reclassification adjustments to conform Ridgemar's historical financial statement presentation with Crescent’s historical financial statement presentation.
The following pro forma financial statements are based on, and should be read in conjunction with:
•the historical audited consolidated financial statements of Crescent for the year ended December 31, 2024, and the related notes thereto;
•the historical audited consolidated financial statements of Ridgemar for the year ended December 31, 2024, and the related notes thereto;
•the unaudited pro forma condensed combined statement of operations for the year ended December 31, 2024 included as Exhibit 99.1 in Crescent's Current Report on Form 8-K dated April 2, 2025; and
•the “Management’s discussion and analysis of financial condition and results of operations” and the “Risk factors” and other cautionary statements included in Crescent’s Annual Report on Form 10-K.
The pro forma financial statements were derived by making certain transaction accounting adjustments to the historical statements of operations noted above. The adjustments are based on currently available information and certain estimates and assumptions. Therefore, the actual impact of the Ridgemar Acquisition may differ from the adjustments made to the pro forma financial statements. However, management believes that the assumptions provide a reasonable basis for presenting the significant effects for the period presented as if the Ridgemar Acquisition had been consummated earlier, and that all adjustments necessary to fairly present the pro forma financial statements have been made. The pro forma adjustments are preliminary and are subject to change as additional information becomes available and as additional analysis is performed.
The preliminary pro forma adjustments have been made solely for the purpose of providing the unaudited pro forma financial statements presented below. Crescent estimated the fair value of Ridgemar EF’s assets and liabilities based on discussions with Ridgemar EF’s management, preliminary valuation studies, and due diligence conducted. Any increases or decreases in the fair value of assets acquired and liabilities assumed upon completion of the final valuations will result in adjustments to the pro forma financial statements. The final


purchase price allocation may be materially different than that reflected in the preliminary pro forma purchase price allocation presented herein.
The pro forma financial statements and related notes are presented for illustrative purposes only and should not be relied upon as an indication of the operating results that Crescent would have achieved if the Purchase Agreement had been entered into and the Ridgemar Acquisition had taken place on the assumed dates. The pro forma financial statements do not reflect future events that may occur after the consummation of the Ridgemar Acquisition, including, but not limited to, the anticipated realization of ongoing savings from potential operating efficiencies, asset dispositions, cost savings, or economies of scale that Crescent may achieve with respect to the combined operations. As a result, future results may vary significantly from the results reflected in the pro forma financial statements and should not be relied on as an indication of the future results of Crescent.

Unaudited Pro Forma Condensed Combined Balance Sheet
As of December 31, 2024
(in thousands)
Crescent
(Historical)		Ridgemar As Adjusted
(See Note 3)		Ridgemar Acquisition AdjustmentsCrescent Pro Forma Combined
ASSETS
Current assets:
Cash and cash equivalents$132,818 $18,153 $(103,867)(a)$28,951 
(18,153)(b)
Restricted cash5,490 — — 5,490 
Accounts receivable, net535,416 82,270 (81,033)(b)536,653 
Accounts receivable – affiliates6,856 — — 6,856 
Derivative assets – current53,273 — — 53,273 
Prepaid expenses and other current assets54,235 1,114 (1,114)(b)54,235 
Total current assets788,088 101,537 (204,167)685,458 
Property, plant and equipment:
Oil and natural gas properties
Proved11,471,299 973,400 17,296 (c)12,461,995 
Unproved374,306 33,580 (33,580)(c)374,306 
Oil and natural gas properties11,845,605 1,006,980 (16,284)12,836,301 
Field and other property and equipment226,871 1,368 1,734 (c)229,973 
Total property, plant and equipment12,072,476 1,008,348 (14,550)13,066,274 
Less: accumulated depreciation, depletion, amortization and impairment(3,927,422)(123,807)123,807 (c)(3,927,422)
Property, plant and equipment, net8,145,054 884,541 109,257 9,138,852 
Derivative assets – noncurrent6,684 — — 6,684 
Investments in equity affiliates13,810 — — 13,810 
Other assets207,013 1,878 (1,878)(b)207,013 
TOTAL ASSETS$9,160,649 $987,956 $(96,788)$10,051,817 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities$740,452 $112,269 $(103,953)(b)$748,768 
Accounts payable – affiliates18,334 — — 18,334 
Derivative liabilities – current2,698 — — 2,698 
Financing lease obligations – current3,625 — — 3,625 
Other current liabilities62,254 686 (113)(b)62,827 
Total current liabilities827,363 112,955 (104,066)836,252 
Long-term debt3,049,255 276,966 725,000 (d)3,774,255 
(276,966)(b)
Derivative liabilities – noncurrent37,732 — 51,746 (e)89,478 
Asset retirement obligations448,945 13,165 9,690 (f)471,800 
Deferred tax liability370,329 — — 370,329 
Financing lease obligations – noncurrent3,526 — — 3,526 
Other liabilities55,539 1,008 (475)(b)56,072 
Total liabilities4,792,689 404,094 404,929 5,601,712 
Redeemable noncontrolling interests1,228,329 — (4,449)(g)1,223,880 
Equity:
Class A common stock19 — 1 (g)20 
Class B common stock7 — — 7 
Preferred stock— — — — 
Treasury stock, at cost(32,430)— — (32,430)
Additional paid-in capital3,227,450 — 88,619 (g)3,316,069 
Accumulated deficit(64,751)— (2,026)(h)(66,777)
Noncontrolling interests9,336 — — 9,336 
Members' equity— 583,862 (583,862)(i)— 
Total equity3,139,631 583,862 (497,268)3,226,225 
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY$9,160,649 $987,956 $(96,788)$10,051,817 
The accompanying notes are an integral part of these unaudited pro forma condensed combined financial statements.

Unaudited Pro Forma Condensed Combined Statement of Operations
For the Year Ended December 31, 2024
(in thousands, except per share data)
Crescent Pro Forma Combined Prior to Ridgemar AcquisitionRidgemar As Adjusted
(See Note 3)		Ridgemar Acquisition AdjustmentsCrescent Pro Forma Combined
Revenues:
Oil$2,535,967 $418,891 $— $2,954,858 
Natural gas462,152 4,839 — 466,991 
Natural gas liquids402,251 12,109 — 414,360 
Midstream and other134,254 — — 134,254 
Total revenues3,534,624 435,839 — 3,970,463 
Expenses:
Lease operating expense605,939 55,792 — 661,731 
Workover expense63,470 9,842 — 73,312 
Asset operating expense103,220 — — 103,220 
Gathering, transportation and marketing395,863 8,419 — 404,282 
Production and other taxes200,943 26,553 — 227,496 
Depreciation, depletion and amortization1,037,594 90,877 (12,877)(a)1,115,594 
Impairment of oil and natural gas properties161,542 — — 161,542 
Exploration expense16,591 — — 16,591 
Midstream and other operating expense110,136 — — 110,136 
General and administrative expense423,792 5,798 3,805 (b)433,395 
(Gain) loss on sale of assets(29,430)— — (29,430)
Total expenses3,089,660 197,281 (9,072)3,277,869 
Income (loss) from operations444,964 238,558 9,072 692,594 
Other income (expense):
Gain (loss) on derivatives(106,308)11,200 (11,200)(c)(106,308)
Interest expense(289,418)(26,682)(57,559)(d)(346,977)
26,682 (e)
Loss from extinguishment of debt(59,095)— — (59,095)
Other income (expense)1,868 1,447 — 3,315 
Income (loss) from equity affiliates729 — — 729 
Total other income (expense)(452,224)(14,035)(42,077)(508,336)
Income (loss) before taxes(7,260)224,523 (33,005)184,258 
Income tax benefit (expense)5,780 — (29,857)(f)(24,077)
Net income (loss)(1,480)224,523 (62,862)160,181 
Less: net income attributable to noncontrolling interests1,215 — — 1,215 
Less: net (income) loss attributable to redeemable noncontrolling interests(22,261)— (57,319)(g)(79,580)
Net income (loss) attributable to Crescent Energy$(22,526)$224,523 $(120,181)$81,816 
Net loss per share:
Class A common stock – basic$(0.14)$0.49 (h)
Class A common stock – diluted$(0.14)$0.49 (h)
Class B common stock – basic and diluted$— $— 
Weighted average common shares outstanding:
Class A common stock – basic160,947 166,401 (h)
Class A common stock – diluted160,947 166,401 (h)
Class B common stock – basic and diluted70,519 70,519 
The accompanying notes are an integral part of these unaudited pro forma condensed combined financial statements.

Notes to unaudited pro forma condensed combined statement of operations
NOTE 1 – Basis of pro forma presentation
The pro forma financial statements have been derived from the historical financial statements of Crescent and Ridgemar. Additionally, the pro forma statement of operations for the year ended December 31, 2024 has been derived from certain pro forma financial statements included in Crescent’s Current Report on Form 8-K dated April 2, 2025. The pro forma balance sheet gives effect to the Ridgemar Acquisition as if it had occurred on December 31, 2024. The pro forma statement of operations gives effect to the Ridgemar Acquisition and the SilverBow Merger as if each had occurred on January 1, 2024.
The pro forma financial statements reflect pro forma adjustments that are based on available information and certain assumptions that management believes are reasonable. However, actual results may differ from those reflected in this pro forma financial statements. In management’s opinion, all adjustments known to date that are necessary to fairly present the pro forma information have been made. The pro forma financial statements do not purport to represent what the combined entity’s results of operations would have been if the Ridgemar Acquisition had actually occurred on the date indicated above, nor are they indicative of Crescent’s future results of operations.
These pro forma financial statements should be read in conjunction with the historical financial statements, and related notes thereto, of Crescent and Ridgemar for the period presented.
NOTE 2 – Pro forma purchase price allocation
The Ridgemar Acquisition was accounted for as an asset acquisition. The allocation of the preliminary estimated purchase price for Ridgemar EF is based upon management’s estimates of and assumptions related to the fair value of assets acquired and liabilities assumed as of the Closing Date using currently available information. Because the pro forma financial statements have been prepared based on these preliminary estimates, the final purchase price allocation and the resulting effect on Crescent’s financial position and results of operations may differ significantly from the pro forma amounts included in this Current Report on Form 8-K/A. The Cash Consideration was funded through cash on hand and borrowings under Crescent's Revolving Credit Facility.
The preliminary purchase price allocation is subject to change as a result of several factors, including but not limited to:
•changes in the estimated fair value of Ridgemar EF’s assets acquired and liabilities assumed as of the Closing Date of the Ridgemar Acquisition;
•the tax basis of Ridgemar EF’s assets and liabilities as of the Closing Date; and
•certain of the factors described in “Risk Factors” included within Crescent’s Annual Report on Form 10-K.


The preliminary determination of consideration transferred and the fair value of assets acquired and liabilities assumed are as follows (in thousands, except exchange ratio, share, and per share data):
Consideration transferred:
Equity consideration:
Shares of Crescent Class A Common Stock issued5,454,546 
Closing price of Crescent Class A Common Stock on January 31, 2025$15.06 
Fair value of Crescent Class A Common Stock issued$82,145 
Cash consideration810,797 
Fair value of derivative earnout consideration51,746 
Transaction costs capitalized18,070 
Consideration transferred$962,758 
Assets acquired:
Accounts receivable$1,237 
Oil and natural gas properties - proved990,696 
Oil and natural gas properties - unproved— 
Field and other property and equipment3,102 
Total assets acquired995,035 
Liabilities assumed:
Accounts payable and accrued liabilities(8,316)
Other liabilities - current
(573)
Asset retirement obligations(22,855)
Other liabilities - noncurrent
(533)
Total liabilities assumed(32,277)
Net assets acquired$962,758 
NOTE 3 – Adjustments to Ridgemar’s historical financial statements
Pro forma balance sheet adjustments as of December 31, 2024
Certain reclassification adjustments were made to Ridgemar’s historical balance sheet in order to conform with Crescent’s financial statement presentation. A reconciliation of amounts derived and presented as "Ridgemar As Adjusted" within the pro forma balance sheet as of December 31, 2024 is as follows (in thousands):


Ridgemar
(Historical)		Ridgemar
Reclassification Adjustments		Ridgemar As Adjusted
Current assets:
Cash and cash equivalents$18,153 $— $18,153 
Accounts receivable - oil and gas sales61,774 (61,774)— 
Accounts receivable - joint interest billing and other20,496 (20,496)— 
Accounts receivable, net— 82,270 82,270 
Prepaid expenses1,114 (1,114)— 
Prepaid expenses and other current assets
— 1,114 1,114 
Total current assets101,537 — 101,537 
Property, plant and equipment:
Oil and gas properties (successful efforts method)1,006,980 (1,006,980)— 
Proved oil and natural gas properties— 973,400 973,400 
Unproved oil and natural gas properties— 33,580 33,580 
Other property and equipment
1,368 (1,368)— 
Field and other property and equipment— 1,368 1,368 
Less: accumulated depreciation, depletion, amortization and accretion(123,807)123,807 — 
Less: accumulated depreciation, depletion, amortization and impairment— (123,807)(123,807)
Total property, plant and equipment, net884,541 — 884,541 
Other assets:
Right of use assets1,596 (1,596)— 
Other assets282 1,596 1,878 
Total other assets1,878 — 1,878 
TOTAL ASSETS:$987,956 $— $987,956 
Current liabilities:
Accounts payable$15,080 $(15,080)$— 
Accrued liabilities53,198 (53,198)— 
Revenue and production taxes payable39,810 (39,810)— 
Interest payable4,181 (4,181)— 
Accounts payable and accrued liabilities— 112,269 112,269 
Right of use liabilities, current686 (686)— 
Other current liabilities— 686 686 
Total current liabilities112,955 — 112,955 
Long-term liabilities:
Line of credit, net of debt issuance cost276,966 (276,966)— 
Long-term debt— 276,966 276,966 
Right of use liabilities, net of current portion1,008 (1,008)— 
Other liabilities— 1,008 1,008 
Asset retirement obligations13,165 — 13,165 
Total long-term liabilities291,139 — 291,139 
TOTAL LIABILITIES:404,094 — 404,094 
MEMBERS’ EQUITY583,862 — 583,862 
TOTAL LIABILITIES AND MEMBERS’ EQUITY$987,956 $— $987,956 
Pro forma statement of operations reclassification adjustments for the year ended December 31, 2024
Certain reclassification adjustments were made to Ridgemar's historical statement of operations in order to conform with Crescent’s financial statement presentation. A reconciliation of amounts derived and presented as


"Ridgemar As Adjusted" within the pro forma statement of operations for the year ended December 31, 2024 is as follows (in thousands):
Ridgemar
(Historical)		Ridgemar
Reclassification Adjustments		Ridgemar As Adjusted
REVENUES, NET:
Oil418,891 — 418,891 
Natural gas4,839 — 4,839 
Natural gas liquids12,109 — 12,109 
Total revenues, net 435,839 — 435,839 
OPERATING EXPENSES:
Lease operating55,792 — 55,792 
Workover9,842 — 9,842 
Production, ad valorem and severance tax26,553 (26,553)— 
Production and other taxes— 26,553 26,553 
Transportation expenses8,419 (8,419)— 
Gathering, transportation and marketing— 8,419 8,419 
Depreciation, depletion, amortization and accretion90,877 (90,877)— 
Depreciation, depletion and amortization— 90,877 90,877 
General and administrative5,798 — 5,798 
Total operating expenses 197,281 — 197,281 
INCOME FROM OPERATIONS238,558 — 238,558 
OTHER INCOME (EXPENSES):
Net gain (loss) on commodity derivatives11,200 (11,200)— 
Gain (loss) on derivatives— 11,200 11,200 
Interest expense(26,682)— (26,682)
Other income1,447 — 1,447 
Total operating expenses(14,035)— (14,035)
NET INCOME$224,523 $— $224,523 

NOTE 4 – Adjustments to the pro forma financial statements
The pro forma financial statements have been prepared to illustrate the effects of the Ridgemar Acquisition and has been prepared for informational purposes only.
The preceding pro forma financial statements have been prepared in accordance with Article 11 of Regulation S-X which requires the presentation of adjustments to account for the pro forma transactions (“Transaction Accounting Adjustments”) and allows for supplemental disclosure of the reasonably estimable synergies and other transaction effects that have occurred or are reasonably expected to occur (“Management Adjustments”). Management has elected not to present Management Adjustments.
Pro forma balance sheet adjustments as of December 31, 2024
The adjustments included in the pro forma balance sheet as of December 31, 2024 are as follows:
(a)Reflects the use of cash on hand to fund a portion of the Cash Consideration for the Ridgemar Acquisition and related transaction costs.
(b)Reflects the elimination of historical assets and liabilities of Ridgemar that were not acquired as part of the Ridgemar Acquisition.
(c)Reflects pro forma adjustments to record the acquisition of Ridgemar EF's oil and natural gas properties.


(d)Reflects pro forma borrowings of $725.0 million under Crescent’s Revolving Credit Facility as of December 31, 2024 to fund a portion of the Cash Consideration for the Ridgemar Acquisition.
(e)Reflects the fair value of the Contingent Consideration that may be payable by Crescent quarterly in fiscal years 2026 and 2027 based on the quarterly NYMEX WTI price of crude oil in fiscal years 2026 and 2027.
(f)Reflects pro forma adjustments to record the assumption of Ridgemar EF’s asset retirement obligations.
(g)Reflects the issuance of the Stock Consideration for the Ridgemar Acquisition and the related impact on redeemable noncontrolling interests and additional paid-in capital for the change in Crescent's ownership of Crescent Energy OpCo LLC resulting from the issuance of additional shares of Crescent Class A Common Stock.
(h)Reflects pro forma adjustments to record the cumulative catch-up for compensation cost related to the change in estimate for the target shares underlying Crescent's Manager Incentive Plan resulting from the issuance of the Stock Consideration for the Ridgemar Acquisition.
(i)Reflects the elimination of Ridgemar’s historical members’ equity.
Pro forma statement of operations adjustments for the year ended December 31, 2024
The adjustments included in the pro forma statement of operations for the year ended December 31, 2024 are as follows:
(a)Reflects pro forma depletion expense and accretion expense calculated in accordance with the successful efforts method of accounting for oil and gas properties.
(b)Reflects the impact on general and administrative expense related to increases in Crescent's Management Fee and the Management Incentive Plan related to the issuance of additional shares of Crescent Class A Common Stock.
(c)Reflects the elimination of Ridgemar’s historical gain on derivatives related to Ridgemar’s commodity derivatives that were settled prior to, and not part of, the Ridgemar Acquisition.
(d)Reflects the pro forma interest expense related to pro forma borrowings of $725.0 million as of December 31, 2024 under Crescent’s Revolving Credit Facility to fund a portion of the Cash Consideration for Ridgemar Acquisition.
(e)Reflects the elimination of historical interest expense related to Ridgemar’s credit facility that was not assumed as part of the Ridgemar Acquisition.
(f)Reflects the income tax effect of the pro forma adjustments presented. The tax rates applied to the pro forma adjustments for the year ended December 31, 2024 was the estimated combined federal and state statutory rate, after the effect of noncontrolling interests, of 15.6%. The effective rate of Crescent could be significantly different (either higher or lower) depending on a variety of factors.
(g)Reflects the impact of the allocation of net income attributable to redeemable noncontrolling interests related to the change in Crescent's ownership of Crescent Energy OpCo LLC resulting from the issuance of additional shares of Crescent Class A Common Stock.
(h)Reflects the impact of the allocation of net income attributable to Crescent and the issuance of additional shares of Crescent Class A Common Stock on the computation of basic and diluted net income (loss) per share.


NOTE 5 – Supplemental unaudited pro forma oil and natural gas reserves information
Oil and natural gas reserves
The following tables present the estimated unaudited pro forma net proved developed and undeveloped oil, natural gas, and NGL reserves information as of December 31, 2024 for Crescent's consolidated operations, along with a summary of changes in quantities of net remaining proved reserves for the year ended December 31, 2024. Crescent's equity affiliates had no proved oil, natural gas, and NGL reserves as of December 31, 2024 and 2023. The disclosures below are derived from “Oil and natural gas reserves” for the year ended December 31, 2024 reported in Crescent’s Current Report on Form 8-K dated April 2, 2025 and Ridgemar’s annual financial statements included elsewhere within this Current Report on Form 8-K/A. The estimates below are in certain instances presented on a “barrels of oil equivalent or “Boe” basis. To determine Boe in the following tables, natural gas is converted to a crude oil equivalent at the ratio of six Mcf of natural gas to one barrel of crude oil equivalent.
The unaudited pro forma oil and natural gas reserves information is not necessarily indicative of the results that might have occurred had the Ridgemar Acquisition been completed on January 1, 2024 and is not intended to be a projection of future results. Future results may vary significantly from the results reflected because of various factors, including those discussed in “Risk Factors” included in Crescent’s Annual Report on Form 10-K.
The unaudited pro forma net proved developed and undeveloped oil, natural gas, and NGL reserves as of December 31, 2024 and 2023 and the changes in the pro forma quantities of net remaining proved reserves for the year ended December 31, 2024 are as follows:
Oil and Condensate (MBbls)
Crescent Pro Forma Combined Prior to Ridgemar AcquisitionRidgemar
(Historical)		Crescent Pro Forma Combined
Proved Developed and Undeveloped Reserves as of:
December 31, 2023345,42344,506389,929
Revisions of previous estimates(36,304)(485)(36,789)
Extensions, discoveries, and other additions16,62620,71937,345
Sales of reserves in place(3,344)—(3,344)
Purchases of reserves in place10,46194011,401
Production(35,172)(5,474)(40,646)
December 31, 2024297,69060,206357,896
Proved Developed Reserves as of:
December 31, 2023217,28432,790250,074
December 31, 2024193,61137,975231,586
Proved Undeveloped Reserves as of:
December 31, 2023128,13911,716139,855
December 31, 2024104,07922,231126,310


Natural Gas (MMcf)
Crescent Pro Forma Combined Prior to Ridgemar AcquisitionRidgemar
(Historical)		Crescent Pro Forma Combined
Proved Developed and Undeveloped Reserves as of:
December 31, 20232,854,35559,2522,913,607
Revisions of previous estimates(1,083,849)(16,086)(1,099,935)
Extensions, discoveries, and other additions70,63224,18994,821
Sales of reserves in place(5,318)—(5,318)
Purchases of reserves in place5,2704,1399,409
Production(246,031)(4,421)(250,452)
December 31, 20241,595,059 67,0731,662,132
Proved Developed Reserves as of:
December 31, 20231,768,65344,5251,813,178
December 31, 20241,342,71841,1111,383,829
Proved Undeveloped Reserves as of:
December 31, 20231,085,70214,7271,100,429
December 31, 2024252,34125,962278,303
NGLs (MBbls)
Crescent Pro Forma Combined Prior to Ridgemar AcquisitionRidgemar
(Historical)		Crescent Pro Forma Combined
Proved Developed and Undeveloped Reserves as of:
December 31, 2023172,86810,531183,399
Revisions of previous estimates(21,008)(2,544)(23,552)
Extensions, discoveries, and other additions10,6044,40915,013
Sales of reserves in place(767)—(767)
Purchases of reserves in place1,0834581,541
Production(17,064)(801)(17,865)
December 31, 2024145,71612,053157,769
Proved Developed Reserves as of:
December 31, 2023126,0187,767133,785
December 31, 2024109,2237,380116,603
Proved Undeveloped Reserves as of:
December 31, 202346,8502,76449,614
December 31, 202436,4934,67341,166


Total (MBoe)
Crescent Pro Forma Combined Prior to Ridgemar AcquisitionRidgemar
(Historical)		Crescent Pro Forma Combined
Proved Developed and Undeveloped Reserves as of:
December 31, 2023994,016 64,912 1,058,928
Revisions of previous estimates(237,950)(5,710)(243,660)
Extensions, discoveries, and other additions39,002 29,160 68,162
Sales of reserves in place(4,998)— (4,998)
Purchases of reserves in place12,422 2,088 14,510
Production(93,241)(7,012)(100,253)
December 31, 2024709,251 83,438 792,689
Proved Developed Reserves as of:
December 31, 2023638,07847,977 686,055
December 31, 2024526,62252,207578,829
Proved Undeveloped Reserves as of:
December 31, 2023355,93816,935 372,873
December 31, 2024182,62931,231213,860
Standardized measure of discounted future net cash flows
The following table presents the estimated unaudited pro forma standardized measure of discounted future net cash flows (the “pro forma standardized measure”) at December 31, 2024. The pro forma standardized measure information set forth below gives effect to the Ridgemar Acquisition as if they had been completed on January 1, 2024. The Ridgemar Acquisition Adjustments reflect adjustments related to the tax effects resulting from the Ridgemar Acquisition. The disclosures below are derived from the “Standardized measure of discounted future net cash flows” for the year ended December 31, 2024 reported in Crescent’s Current Report on Form 8-K dated April 2, 2025 and Ridgemar’s annual financial statements included elsewhere within this Current Report on Form 8-K/A. An explanation of the underlying methodology applied, as required by SEC regulations, can be found within the historical financial statements included in Crescent’s Annual Report on Form 10-K. The calculations assume the continuation of existing economic, operating and contractual conditions at December 31, 2024.
The pro forma standardized measure is not necessarily indicative of the results that might have occurred had the Ridgemar Acquisition been completed on January 1, 2024 and is not intended to be a projection of future results. Future results may vary significantly from the results reflected because of various factors, including those discussed in “Risk Factors” included in Crescent’s Annual Reports on Form 10-K.


The pro forma standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves as of December 31, 2024 is as follows:
(in thousands)
Crescent Pro Forma Combined Prior to Ridgemar AcquisitionRidgemar
(Historical)		Ridgemar Acquisition Adjustments
(Pro Forma)		Crescent Pro Forma Combined
Future cash inflows$27,890,094 $4,974,150 $— $32,864,244 
Future production costs(12,981,064)(1,713,905)— (14,694,969)
Future development costs (1)
(3,801,466)(604,803)— (4,406,269)
Future income taxes(1,055,147)(26,115)(226,135)(1,307,397)
Future net cash flows$10,052,417 $2,629,327 $(226,135)$12,455,609 
Annual discount of 10% for estimated timing(4,348,722)(1,102,801)94,846 (5,356,677)
Standardized measure of discounted future net cash flows as of December 31, 2024$5,703,695 $1,526,526 $(131,289)$7,098,932 
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(1)Future development costs include future abandonment and salvage costs.
Changes in standardized measure
The disclosures below are derived from the “Changes in standardized measure” for the year ended December 31, 2024 reported in Crescent’s Current Report on Form 8-K dated April 2, 2025 and Ridgemar’s annual financial statements included elsewhere within this Current Report on Form 8-K/A. The changes in the pro forma standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves for the year ended December 31, 2024 are as follows:
(in thousands)
Crescent Pro Forma Combined Prior to Ridgemar AcquisitionRidgemar
(Historical)		Ridgemar Acquisition Adjustments
(Pro Forma)		Crescent Pro Forma Combined
Balance at December 31, 2023$7,608,624 $1,182,071 $(101,664)$8,689,031 
Net change in prices and production costs(138,029)61,545 — (76,484)
Net change in future development costs4,801 29,065 — 33,866 
Sales and transfers of oil and natural gas produced, net of production expenses(2,117,361)(335,233)— (2,452,594)
Extensions, discoveries, additions and improved recovery, net of related costs318,421 407,572 — 725,993 
Purchases of reserves in place213,881 16,721 — 230,602 
Sales of reserves in place(70,549)— — (70,549)
Revisions of previous quantity estimates(1,206,717)(67,045)— (1,273,762)
Previously estimated development costs incurred649,287 136,717 — 786,004 
Net change in taxes(329,561)(3,553)(19,459)(352,573)
Accretion of discount691,913 119,348 (10,166)801,095 
Changes in timing and other78,985 (20,682)— 58,303 
Balance at December 31, 2024$5,703,695 $1,526,526 $(131,289)$7,098,932