We have two classes of common stock in the form of Class A Common Stock and Class B Common Stock. Our shares of Class A Common Stock are entitled to dividends. Shares of Class B Common Stock do not participate in dividends or undistributed earnings, but holders of such shares receive pro rata distributions from OpCo through their ownership of corresponding OpCo Units. After the Corporate Simplification, there are no shares of Class B Common Stock outstanding. We apply the two-class method for purposes of calculating earnings per share (“EPS”). The two-class method determines earnings per share of Common Stock and participating securities according to dividends or dividend equivalents declared during the period and each security’s respective participation rights in undistributed earnings and losses. The dilutive effect of the 2031 Convertible Notes was determined under the if-converted method and the two-class method using the more dilutive method of the two.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands, except per share amounts)
Numerator:
Net income (loss)	$	493,704	$	162,498	$	74,528	$	168,412

Less: net (income) loss attributable to noncontrolling interests	(939)		(1,299)		(1,610)		(3,288)
Less: net (income) loss attributable to redeemable noncontrolling interests	—		(7,978)		—		(14,050)
Net income (loss) attributable to Crescent Energy - basic	$	492,765	$	153,221	$	72,918	$	151,074
Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of RSUs	—		(5)		—		(7)
Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of PSUs	—		(278)		—		(360)
Add: Interest expense, net of taxes, of 2031 Convertible Notes	3,558		—		4,546		—
Net income (loss) attributable to Crescent Energy - diluted	$	496,323	$	152,938	$	77,464	$	150,707
Denominator:
Weighted-average Class A Common Stock outstanding - basic	330,283		253,174		329,283		222,405
Add: dilutive effect of RSUs	534		38		466		159
Add: dilutive effect of PSUs	4,604		2,235		7,135		2,721
Add: dilutive effect of 2031 Convertible Notes	46,330		—		29,948		—
Weighted-average Class A Common Stock outstanding – diluted	381,751		255,447		366,832		225,285
Weighted-average Class B Common Stock outstanding – basic and diluted	—		2,077		—		33,494
Net income (loss) per share:
Class A Common Stock – basic	$	1.49	$	0.61	$	0.22	$	0.68
Class A Common Stock – diluted	$	1.30	$	0.60	$	0.21	$	0.67
Class B Common Stock – basic and diluted	$	—	$	—	$	—	$	—