Investor Presentaiton

CRESCENT POINT | CORPORATE PRESENTATION Forward Looking Information This presentation contains "forward-looking statements" within the meaning of applicable securities legislation, such as section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934, including estimates of future production, cash flows and reserves, business plans for drilling and exploration, the estimated amounts and timing of capital expenditures, the assumptions upon which estimates are based and related sensitivity analyses, and other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "2023E", or "2024E") and includes: the business and financial prospects and opportunities of Crescent Point; 2024 preliminary outlook and 2024 preliminary outlook assuming the successful completion of the Company's acquisition (the "Acquisition") of Hammerhead Energy Inc. ("HHRS"), including, but not limited to annual average production and portion of production that is liquids, development capital expenditures, excess cash flow (at US$75-$80 WTI) and YE D/CF (at US$75-$80 WTI), enterprise value, and return of capital framework including, but not limited to, quarterly base dividend and total return of capital (as a percentage of excess cash flow); inventory including years of premium inventory and premium and additional locations; the Acquisition, including the characteristics, value drivers and anticipated benefits (including expected enhancement to sustainability of the Company's drilling inventory and the capital allocation flexibility that provides to the Company, the ownership of infrastructure, expected increase o share accretion resulting from Acquisition; an expected increase in the Company's dividend; the expectation that Crescent Point will become the 7th largest exploration and production business in Canada and largest land owner in the volatile window in the Alberta Montney as a result of the Acquisition; HHRS' expected contribution to Crescent Point's cashflow, development capital expenditures and production over the Company's pro forma 5-year plan; the Company's pro forma 5-year plan (including expected production per share CAGR, excess cash flow per share, and cumulative excess cash flow); key metrics expected under Crescent Point's pro forma 5-year plan (production, capital expenditures, reinvestment ratio, year end leverage ratio and decline rate); the tax pools associated with the Acquisition; expected financial and operational synergies through lower G&A and capital costs; opportunity to enhance well design and reduce wells drilled per section; pro forma metrics as a result of the Acquisition, including increases to 2024E production, net acres and premium drilling locations; anticipated qualities and characteristics of HHRS' assets and business, including production, marketing and transporting agreement supporting future Crescent Point production growth; and the integration of such assets into Crescent Point's current business; future drilling plans on the acquired assets; the Company's expected allocation of 2024 capital to Alberta and to Saskatchewan; Crescent Point's strategic priorities, including enhancing asset level returns, executing organic growth plans, discounted cash flow, excess cash flow allocation, expected base dividend increase and plans to increase the dividend after completing the Acquisition; Crescent Point's hedging plans; return of capital expectations and how the Acquisition is expected to accelerate return of capital under the pro forma 5-year plan; how the Acquisition is expected to be financed and the key metrics associated with the Acquisition; sustainable long-term returns driven by high-quality multi-basin portfolio and disciplined capital allocation; disciplined per-share growth; disciplined capital allocation framework; enhancing value through culture of operational excellence; significant return of capital; Returning approximately 60% of excess cash flow to shareholders; high-netback assets generating significant excess cash flow; plans to grow base dividend over time, in-line with business; balance sheet strength; long-term leverage target of <1.0x at low commodity prices; disciplined hedging strategy; generating $1.0 to$1.02 billion of excess cash flow per year in 2023 and 2024 (US$75-$80/bbl WTI); focused on enhancing outlook for shareholders through productivity improvements, cost efficiencies, identifying new drilling locations; tools used for return of capital framework; generating strong excess cash flow; strategic combination of short and long cycle assets generates sustainable shareholder returns; preliminary 2024 budget and components and expected levels thereof as well as components of excess cash flow and uses thereof; characteristics of the Company's pro forma Kaybob Duvernay and Alberta Montney assets, including but not limited to: high returns, scalability, quick payouts, long-term scalable growth and excess cash flow generation, -1,900 premium locations, expected returns, sufficient infrastructure and market access and additional upside; Kaybob Duvernay drilling locations, EUR, NPV10%, cost per well, IRR% and payout; opportunities for down- spacing and further step-out delineation; deep premium inventory Kaybob inventory of -500 net locations, primarily in the Volatile Oil and Liquids-Rich windows; only 25% of Kaybob locations are currently booked; opportunity for down-spacing and further step-out delineation in the Kaybob Duvernay; expected 2024 Kaybob Duvernay production and expected production growth levels in the Kaybob Duvernay by 2028; Montney CAGR by 2028; characteristics of Saskatchewan assets, including, but not limited to: market access, additional upside, low decline, stable production and significant excess cash flow generation; benefits of decline mitigation projects; water injector conversion plans; benefits of OHML; anticipated net debt at closing of the Acquisition; Crescent Point's preliminary and preliminary pro forma 2024 guidance, including, but not limited to annual average production, capital expenditures (including development capital expenditures and capitalized administration; return of capital outlook including base dividend and additional return of capital; and funds flow sensitivities); how Crescent Point expects to drive sustainable long term returns; expected pro forma 2024 and near term net debt outlook (including anticipated net debt and liquidity upon closing of the Acquisition and at year and 2024 based on strip pricing); Crescent Point's near-term and long-term debt targets and leverage ratios); the Company's plans to direct approximately 40% of excess cash flow to net debt reduction; the Company's hedging plans; the key metrics associated with the Company's pro forma Alberta Montney Assets, its Kaybob Duvernay assets and its Saskatchewan assets; the Company's pro forma tax pools and how they are expected to enhance excess cash flow; gas diversification; commodity pricing stream characteristics, discounts and premiums; strong market access; and major operating area economics pro forma the Acquisition, including, but not limited to EUR, cost per well, IRR% and payout; target to reduce Scope 1 & 2 emissions intensity to 0.02 tCO2e/boe by 2030; on track to achieve 30% reduction in inactive well inventory by 2031; commitment to environmental stewardship with dedicated funding of 3-5% of maintenance capital budget; Indigenous awareness training for executive, staff and Board; and Board gender diversity target of 30%; and other assumptions inherent in management's expectations in respect of the forward-looking statements identified herein. There are numerous uncertainties inherent in estimating crude oil, natural gas and NGL reserves and the future cash flow attributed to such reserves. The reserves and associated cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating expenses, all of which may vary materially. Actual reserve values may be greater than or less than the estimates provided herein. Also, estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates and future net revenue for all properties because of aggregation. Information relating to "reserves" is deemed to be forward-looking information, as it involves the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated, and that the reserves described can be profitably produced in the future. All required reserve information for the Company is contained in its Annual Information Form for the year ended December 31, 2022 and in our material change reports dated April 6, 2023 and September 1, 2023, which are accessible at www.sedarplus.com. Reserve information related to HHRS is based on management's estimates based on the assets' production profile and expected development capital and a reserve report prepared by McDaniel with respect to the HHRS assets. With respect to disclosure contained herein regarding resources other than reserves, there is uncertainty that it will be commercially viable to produce any portion of the resources and there is significant uncertainty regarding the ultimate recoverability of such resources. All forward-looking statements are based on Crescent Point's beliefs and assumptions based on information available at the time the assumption was made. Crescent Point believes that the expectations reflected in these forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. By their nature, such forward-looking statements are subject to a number of risks, uncertainties and assumptions, which could cause actual results or other expectations to differ materially from those anticipated, expressed or implied by such statements, including those material risks discussed in the Company's Annual Information Form for the year ended December 31, 2022 under "Risk Factors" and our Management's Discussion and Analysis for the year ended December 31, 2022, under the headings "Risk Factors" and "Forward-Looking Information" and for the quarter ended September 30, 2023, under the headings "Risk Factors" and "Forward-Looking Information". The material assumptions are disclosed in the Management's Discussion and Analysis for the year ended December 31, 2022, under the headings "Capital Expenditures", "Liquidity and Capital Resources", "Critical Accounting Estimates", "Risk Factors", "Changes in Accounting Policies" and "Guidance" and in the Management's Discussion and Analysis for the quarter ended September 30, 2023, under the headings "Overview", "Commodity Derivatives", "Liquidity and Capital Resources", "Guidance", "Royalties" and "Operating Expenses". In addition, risk factors include: financial risk of marketing reserves at an acceptable price given market conditions; volatility in market prices for oil and natural gas, decisions or actions of OPEC and non-OPEC countries in respect of supplies of oil and gas; delays in business operations or delivery of services due to pipeline restrictions, rail blockades, outbreaks and; uncertainty regarding the benefits and costs of acquisitions and dispositions; the risk of carrying out operations with minimal environmental impact; industry conditions including changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; uncertainties associated with estimating oil and natural gas reserves; risks and uncertainties related to oil and gas interests and operations on Indigenous lands; economic risk of finding and producing reserves at a reasonable cost; uncertainties associated with partner plans and approvals; operational matters related to non-operated properties; increased competition for, among other things, capital, acquisitions of reserves and undeveloped lands; competition for and availability of qualified personnel or management; incorrect assessments of the value and likelihood of acquisitions and dispositions, and exploration and development programs; unexpected geological, technical, drilling, construction, processing and transportation problems; the impact of severe weather events and climate change; availability of insurance; fluctuations in foreign exchange and interest rates; stock market volatility; general economic, market and business conditions, including uncertainty in the demand for oil and gas and economic activity in general as a result of the COVID-19 pandemic; changes in interest rates and inflation; uncertainties associated with regulatory approvals; geopolitical conflicts, including the impacts of the war in Ukraine and the Middle East; uncertainty of government policy changes; uncertainties associated with credit facilities and counterparty credit risk; cybersecurity risks; changes in income tax laws, tax laws, crown royalty rates and incentive programs relating to the oil and gas industry; the wide-ranging impacts of the COVID-19 pandemic, including on demand, health and supply chain; and other factors, many of which are outside the control of the Company. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Crescent Point's future course of action depends on management's assessment of all information available at the relevant time. In addition, with respect to forward-looking information contained in this presentation, assumptions have been made regarding, among other things: future crude oil and natural gas prices; future interests rates and currency exchange rates; future cost escalation under different pricing scenarios; the corporation's future production levels; the applicability of technologies for recovery and production of the corporation's reserves and improvements therein; the recoverability of the corporation's reserves; Crescent Point's ability to market its production at acceptable prices; future capital expenditures; future cash flows from production meeting the expectations stated in this presentation; future sources of funding for the corporation's capital program; the corporation's future debt levels; geological and engineering estimates in respect of the corporation's reserves; the geography of the areas in which the corporation is conducting exploration and development activities; the impact of competition on the corporation; the corporation's ability to obtain financing on acceptable terms. These assumptions, risks and uncertainties could cause actual results or other expectations to differ materially from those anticipated, expressed or implied by such statements. The impact of any one assumption, risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent. Except as required by law, Crescent Point assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change. Certain information contained herein has been prepared by third-party sources. Included in this presentation are Crescent Point's pro forma 5-year outlook and 2024 guidance in respect of capital expenditures and average annual production and pro forma 5-year plan and outlook based on various assumptions as to production levels, commodity prices and other assumptions and are provided for illustration only and are based on budgets and forecasts that have not been finalized and are subject to a variety of contingencies including prior years' results. The Company's return of capital framework is based on certain facts, expectations and assumptions that may change and, therefore, this framework may be amended as circumstances necessitate or require. To the extent such estimates constitute a "financial outlook" or "future oriented financial information" in this presentation, as defined by applicable securities legislation, such information has been approved by management of Crescent Point. Such financial outlook or future oriented financial information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. 35