Exhibit 99.2

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

On July 3, 2023, Javelin EF L.P. (the “Purchaser”), a subsidiary of Crescent Energy Company (“Crescent” or the “Company”), consummated the acquisition contemplated by the Purchase and Sale Agreement (the “Western Eagle Ford Acquisition Agreement”), dated as of May 2, 2023, with Mesquite Comanche Holdings, LLC (“Comanche Holdings”) and SN EF Maverick, LLC (“SN EF Maverick,” and together with Comanche Holdings, the “Seller”), pursuant to which the Purchaser acquired from the Seller certain interests in oil and gas properties, rights and related assets in the Western Eagle Ford basin (the “July Western Eagle Ford Assets”) for aggregate cash consideration of $592.7 million, including capitalized transaction costs and certain final settlement statement adjustments (the “July Western Eagle Ford Acquisition”). The cash purchase price was funded by borrowings under the Revolving Credit Facility (the “Acquisition Borrowings”), which represented the purchase price, after purchase price adjustments less a $60.0 million deposit funded by borrowings under the Revolving Credit Facility made at signing on May 2, 2023 (the “Acquisition Deposit”).

The unaudited pro forma condensed combined statements of operations (the “pro forma statements of operations”) have been prepared from the historical consolidated financial statements of Crescent for the nine months ended September 30, 2023 and for the year ended December 31, 2022 and the statements of revenues and direct operating expenses of the July Western Eagle Ford Assets for the period from January 1, 2023 through July 2, 2023 and for the year ended December 31, 2022, adjusted to give effect to the July Western Eagle Ford Acquisition as if it had been consummated on January 1, 2022.

The following unaudited pro forma condensed combined financial statements (the “pro forma financial statements”) are based on, and should be read in conjunction with:

• the historical unaudited consolidated financial statements of Crescent for the three and nine months ended September 30, 2023 included in the Company’s Quarterly Report on Form 10-Q and the historical audited combined and consolidated financial statements of Crescent for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K and

• the statements of revenues and direct operating expenses of the July Western Eagle Ford Assets for the six months ended June 30, 2023 and for the year ended December 31, 2022 included as Exhibit 99.1 in the Company’s Current Report on Form 8-K/A dated September 6, 2023.

The pro forma financial statements were derived by making certain transaction accounting adjustments to the historical financial statements noted above. The adjustments are based on currently available information and certain estimates and assumptions. Therefore, the actual impact of the July Western Eagle Ford 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 periods presented as if the July Western Eagle Ford Acquisition had been consummated earlier, and that all adjustments necessary to present fairly the pro forma financial statements have been made. The pro forma adjustments have been made solely for the purpose of providing the unaudited pro forma financial statements presented below.

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 financial condition or the operating results that the Company would have achieved if the Western Eagle Ford Acquisition Agreement had been entered into and the July Western Eagle Ford 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 July Western Eagle Ford 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 the Company 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 financial position or future results of the Company.

Unaudited Pro Forma Condensed Combined Statement of Operations

For the Nine Months Ended September 30, 2023

(in thousands, except per share data)

	Crescent (Historical)			July Western Eagle Ford Assets (Historical)		Transaction Adjustments			Crescent Pro Forma Combined
Revenues:
Oil	$	1,270,244		$	109,588	$	—		$	1,379,832
Natural gas		286,172			17,225		—			303,397
Natural gas liquids		131,098			23,144		—			154,242
Midstream and other		37,360			—		(6,717	)(a)		30,643
Total revenues		1,724,874			149,957		(6,717	)		1,868,114
Expenses:
Lease operating expense		364,796			28,654		—			393,450
Workover expense		47,402			—		—			47,402
Asset operating expense		65,206			—		—			65,206
Gathering, transportation and marketing		160,650			52,540		(6,717	)(a)		206,473
Production and other taxes		116,223			8,390		—			124,613
Depreciation, depletion and amortization		492,879			—		22,778	(b)		515,657
Exploration expense		1,541			—		—			1,541
Midstream and other operating expense		13,803			—		—			13,803
General and administrative expense		106,235			—		—			106,235
Gain on sale of assets		—			—		—			—
Total expenses		1,368,735			89,584		16,061			1,474,380
Income (loss) from operations		356,139			60,373		(22,778	)		393,734
Other income (expense):
Gain (loss) on derivatives		(68,211	)		—		—			(68,211	)
Interest expense		(102,648	)		—		(21,093	)(c)		(123,741	)
Other income (expense)		1,206			—		—			1,206
Income from equity affiliates		396			—		—			396
Total other income (expense)		(169,257	)		—		(21,093	)		(190,350	)
Income before taxes		186,882			60,373		(43,871	)		203,384
Income tax expense		(4,899	)		—		(1,077	)(d)		(5,976	)
Net income		181,983			60,373		(44,948	)		197,408
Less: net income attributable to noncontrolling interests		(453	)		—		—			(453	)
Less: net income attributable to redeemable noncontrolling interests		(169,455	)		—		(10,737	)(e)		(180,192	)
Net income attributable to Crescent Energy	$	12,075		$	60,373	$	(55,685	)	$	16,763
Net income per share:
Class A common stock – basic	$	0.21							$	0.29	(f)
Class A common stock – diluted	$	0.21							$	0.29	(f)
Class B common stock – basic and diluted	$	—							$	—
Weighted average common shares outstanding:
Class A common stock – basic		58,663								58,663
Class A common stock – diluted		59,142								59,142
Class B common stock – basic and diluted		109,244								109,244

Unaudited Pro Forma Condensed Combined Statement of Operations

For the Year Ended December 31, 2022

(in thousands, except per share data)

	Crescent (Historical)			July Western Eagle Ford Assets (Historical)		Transaction Adjustments			Crescent Pro Forma Combined
Revenues:
Oil	$	1,969,070		$	273,827	$	—		$	2,242,897
Natural gas		766,962			98,765		—			865,727
Natural gas liquids		268,192			80,964		—			349,156
Midstream and other		52,841			—		(14,426	)(a)		38,415
Total revenues		3,057,065			453,556		(14,426	)		3,496,195
Expenses:
Lease operating expense		438,753			46,411		—			485,164
Workover expense		66,864			—		—			66,864
Asset operating expense		78,709			—		—			78,709
Gathering, transportation and marketing		177,078			117,566		(14,426	)(a)		280,218
Production and other taxes		238,381			24,547		—			262,928
Depreciation, depletion and amortization		532,926			—		46,557	(b)		579,483
Impairment expense		142,902			—		—			142,902
Exploration expense		3,425			—		—			3,425
Midstream and other operating expense		13,513			—		—			13,513
General and administrative expense		84,990			—		—			84,990
Gain on sale of assets		(4,641	)		—		—			(4,641	)
Total expenses		1,772,900			188,524		32,131			1,993,555
Income (loss) from operations		1,284,165			265,032		(46,557	)		1,502,640
Other income (expense):
Gain (loss) on derivatives		(676,902	)		—		—			(676,902	)
Interest expense		(95,937	)		—		(27,350	)(c)		(123,287	)
Other income (expense)		949			—		—			949
Income from equity affiliates		4,616			—		—			4,616
Total other income (expense)		(767,274	)		—		(27,350	)		(794,624	)
Income before taxes		516,891			265,032		(73,907	)		708,016
Income tax expense		(36,291	)		—		(12,263	)(d)		(48,554	)
Net income		480,600			265,032		(86,170	)		659,462
Less: net income attributable to noncontrolling interests		(2,669	)		—		—			(2,669	)
Less: net income attributable to redeemable noncontrolling interests		(381,257	)		—		(141,436	)(e)		(522,693	)
Net income attributable to Crescent Energy	$	96,674		$	265,032	$	(227,606	)	$	134,100
Net income per share:
Class A – basic	$	2.20							$	3.06	(f)
Class A – diluted	$	2.20							$	3.06	(f)
Class B – basic and diluted	$	—							$	—
Weighted average common shares outstanding:
Class A – basic		43,865								43,865
Class A – diluted		44,112								44,112
Class B – basic and diluted		124,857								124,857

Notes to unaudited pro forma condensed combined financial statements

NOTE 1 – Basis of pro forma presentation

The pro forma financial statements have been derived from the historical financial statements of Crescent and the statements of revenues and direct operating expenses for the July Western Eagle Ford Assets. The pro forma statements of operations for the nine months ended September 30, 2023 and for the year ended December 31, 2022 give effect to the July Western Eagle Ford Acquisition as if it occurred on January 1, 2022.

The statements of revenues and direct operating expenses for the July Western Eagle Ford Assets, which are being presented in accordance with Article 3-05 of Regulation S-X, represent abbreviated financial statements that include less information about the historical business associated with the July Western Eagle Ford Assets or about our current and future results as the owner of the July Western Eagle Ford Assets than full financial statements. For example, the statements of revenues and direct operating expenses do not include information about capital structure, interest expense, entity-level taxes, or depreciation, depletion and amortization and certain overhead recoveries allowed for under our joint operating agreements.

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 these 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 July Western Eagle Ford Acquisition had actually occurred on January 1, 2022, nor are they indicative of Crescent’s future results of operations.

These pro forma financial statements should be read in conjunction with Crescent’s historical financial statements for the three and nine months ended September 30, 2023 and for the year ended December 31, 2022 included in the Company’s Quarterly Report on Form 10-Q and Annual Report on Form 10-K, respectively.

NOTE 2 – Pro forma acquisition accounting

In July 2023, we consummated the acquisition contemplated by the Western Eagle Ford Acquisition Agreement, pursuant to which we acquired the July Western Eagle Ford Assets for aggregate consideration of $592.7 million, including capitalized transaction costs and certain final settlement statement adjustments. The Acquisition Borrowings were funded using Crescent’s Revolving Credit Facility. The July Western Eagle Ford Acquisition was accounted for as an asset acquisition. The pro forma purchase price allocation is as follows:

(in thousands)	July Western Eagle Ford Acquisition
Cash consideration paid	$	587,346
Transaction costs incurred		5,389
Purchase consideration	$	592,735
Assets acquired and liabilities assumed:
Oil and natural gas properties – proved	$	589,869
Oil and natural gas properties – unproved		22,117
Other current assets		2,682
Accrued liabilities		(4,630	)
Minimum volume commitments		(6,762	)
Asset retirement obligations		(10,541	)
Net assets acquired	$	592,735

NOTE 3 – Adjustments to the pro forma financial statements

The pro forma financial statements have been prepared to illustrate the effect of the July Western Eagle Ford Acquisition and have been prepared for informational purposes only.

The preceding pro forma financial statements have been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786 “Amendments to Financial Disclosures about Acquired and Disposed Businesses.” Release No. 33-10786 replaced the previous pro forma adjustment criteria with simplified requirements to depict the accounting for the transaction (“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 disclose Management Adjustments.

Pro forma statements of operations adjustments

The adjustments included in the pro forma statements of operations for the nine months ended September 30, 2023 and for the year ended December 31, 2022 are as follows:

(a) Reflects the elimination of intercompany transactions for gathering, transportation and marketing between Crescent and the July Western Eagle Ford Assets.

(b) Reflects the pro forma depletion expense calculated in accordance with the successful efforts method of accounting for oil and gas properties totaling $22.8 million and $46.6 million for the nine months ended September 30, 2023 and for the year ended December 31, 2022, respectively.

(c) Reflects the pro forma interest expense related to borrowings to fund the transaction purchase consideration of $21.1 million and $27.4 million for the nine months ended September 30, 2023 and for the year ended December 31, 2022, respectively.

(d) Reflects the income tax effect of the pro forma adjustments presented. The tax rate applied to the pro forma adjustments was the estimated combined federal and state statutory rate, after the effect of noncontrolling interests, of 6.5% and 6.4% for the nine months ended September 30, 2023 and for the year ended December 31, 2022, respectively. The effective rate of the Company could be significantly different (either higher or lower) depending on a variety of factors.

(e) Reflects the impact of the allocation of net income attributable to redeemable noncontrolling interests for the portion of Crescent Energy OpCo LLC not owned by Crescent.

(f) Reflects the impact of the allocation of net income attributable to Crescent on the computation of basic and diluted net income (loss) per share.

Note that the above adjustments do not include amounts for certain overhead recoveries associated with the joint operating agreements that we expect to collect as operator of the July Western Eagle Ford Acquisition assets.

NOTE 4 – Supplemental pro forma oil and natural gas reserves information

Oil and natural gas reserves

The following tables present the estimated pro forma combined net proved developed and undeveloped oil, natural gas, and NGLs reserves information as of December 31, 2022 for our consolidated operations, along with a summary of changes in quantities of net remaining proved reserves for the year ended December 31, 2022 for our consolidated operations. Immaterial amounts for proved developed oil, natural gas, and NGL reserves of our equity affiliates totaling 3,665 MBoe as of December 31, 2021 have been omitted from presentation below. Our equity affiliates had no proved oil, natural gas, and NGL reserves as of December 31, 2022. 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 pro forma oil and natural gas reserves information is not necessarily indicative of the results that might have occurred had the July Western Eagle Ford Acquisition been completed on January 1, 2022 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 the Company’s Annual Report on Form 10-K.

	Oil and Condensate (MBbls)
	Crescent (Historical)			July Western Eagle Ford Assets (Historical)			Crescent Pro Forma Combined
Proved Developed and Undeveloped Reserves as of:
December 31, 2021		210,160			32,162			242,322
Revisions of previous estimates		(18,859	)		2,297			(16,562	)
Extensions, discoveries, and other additions		37,208			889			38,097
Sales of reserves in place		(6,006	)		—			(6,006	)
Purchases of reserves in place		42,444			—			42,444
Production		(21,865	)		(2,877	)		(24,742	)
December 31, 2022		243,082			32,471			275,553
Proved Developed Reserves as of:
December 31, 2021		158,091			23,152			181,243
December 31, 2022		160,113			23,237			183,350
Proved Undeveloped Reserves as of:
December 31, 2021		52,069			9,010			61,079
December 31, 2022		82,969			9,234			92,203

	Natural Gas (MMcf)
	Crescent (Historical)			July Western Eagle Ford Assets (Historical)			Crescent Pro Forma Combined
Proved Developed and Undeveloped Reserves as of:
December 31, 2021		1,469,953			174,155			1,644,108
Revisions of previous estimates		(14,815	)		19,544			4,729
Extensions, discoveries, and other additions		60,312			2,134			62,446
Sales of reserves in place		(19,365	)		—			(19,365	)
Purchases of reserves in place		138,920			—			138,920
Production		(128,470	)		(15,208	)		(143,678	)
December 31, 2022		1,506,535			180,625			1,687,160
Proved Developed Reserves as of:
December 31, 2021		1,404,570			137,758			1,542,328
December 31, 2022		1,398,770			146,228			1,544,998
Proved Undeveloped Reserves as of:
December 31, 2021		65,383			36,397			101,780
December 31, 2022		107,765			34,397			142,162
	NGLs (MBbls)
	Crescent (Historical)			July Western Eagle Ford Assets (Historical)			Crescent Pro Forma Combined
Proved Developed and Undeveloped Reserves as of:
December 31, 2021		76,493			29,361			105,854
Revisions of previous estimates		4,167			848			5,015
Extensions, discoveries, and other additions		7,751			333			8,084
Sales of reserves in place		(2,680	)		—			(2,680	)
Production		(7,110	)		(2,365	)		(9,475	)
December 31, 2022		78,621			28,177			106,798
Proved Developed Reserves as of:
December 31, 2021		66,402			23,213			89,615
December 31, 2022		66,803			22,811			89,614
Proved Undeveloped Reserves as of:
December 31, 2021		10,091			6,148			16,239
December 31, 2022		11,818			5,366			17,184
	Total (MBoe)
	Crescent (Historical)			July Western Eagle Ford Assets (Historical)			Crescent Pro Forma Combined
Proved Developed and Undeveloped Reserves as of:
December 31, 2021		531,645			90,549			622,194
Revisions of previous estimates		(17,158	)		6,401			(10,757	)
Extensions, discoveries, and other additions		55,011			1,578			56,589
Sales of reserves in place		(11,915	)		—			(11,915	)
Purchases of reserves in place		65,597			—			65,597
Production		(50,387	)		(7,776	)		(58,163	)
December 31, 2022		572,793			90,752			663,545
Proved Developed Reserves as of:
December 31, 2021		458,588			69,325			527,913
December 31, 2022		460,046			70,419			530,465
Proved Undeveloped Reserves as of:
December 31, 2021		73,057			21,224			94,281
December 31, 2022		112,747			20,333			133,080

Standardized measure of discounted future net cash flows

The following tables present the estimated pro forma standardized measure of discounted future net cash flows (the “pro forma standardized measure”) at December 31, 2022. The pro forma standardized measure information set forth below gives effect to the July Western Eagle Ford Acquisition as if it had been completed on January 1, 2022. Transaction Adjustments reflect adjustments related to the tax effects resulting from the July Western Eagle Ford Acquisition. An explanation of the underlying methodology applied, as required by SEC regulations, can be found within the historical financial statements included in the Company’s Annual Report on Form 10-K. The calculations assume the continuation of existing economic, operating and contractual conditions at December 31, 2022.

The pro forma standardized measure is not necessarily indicative of the results that might have occurred had the July Western Eagle Ford Acquisition been completed on January 1, 2022 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 the Company’s Annual Report on Form 10-K.

The pro forma standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves of our consolidated operations as of December 31, 2022 is as follows:

	(in thousands)
	Crescent (Historical)			July Western Eagle Ford Assets (Historical)			Transaction Adjustments			Crescent Pro Forma Combined
Future cash inflows	$	33,628,495		$	5,278,786		$	—		$	38,907,281
Future production costs		(14,077,136	)		(2,360,128	)		—			(16,437,264	)
Future development costs (1)		(2,380,931	)		(312,143	)		—			(2,693,074	)
Future income taxes		(773,479	)		—			(122,955	)		(896,434	)
Future net cash flows		16,396,949			2,606,515			(122,955	)		18,880,509
Annual discount of 10% for estimated timing		(7,262,283	)		(1,446,203	)		68,221			(8,640,265	)
Standardized measure of discounted future net cash flows as of December 31, 2022	$	9,134,666		$	1,160,312		$	(54,734	)	$	10,240,244

(1) Future development costs include future abandonment and salvage costs.

Changes in standardized measure

The changes in the pro forma standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves of our consolidated operations for the year ended December 31, 2022 are as follows:

	(in thousands)
	Crescent (Historical)			July Western Eagle Ford Assets (Historical)			Transaction Adjustments			Crescent Pro Forma Combined
Balance at December 31, 2021	$	4,958,300		$	665,847		$	(31,409	)	$	5,592,738
Net change in prices and production costs		4,156,736			614,033			—			4,770,769
Net change in future development costs		(132,213	)		(40,923	)		—			(173,136	)
Sales and transfers of oil and natural gas produced, net of production expenses		(2,083,147	)		(265,032	)		—			(2,348,179	)
Extensions, discoveries, additions and improved recovery, net of related costs		1,105,549			24,501			—			1,130,050
Purchases of reserves in place		1,333,452			—			—			1,333,452
Sales of reserves in place		(118,253	)		—			—			(118,253	)
Revisions of previous quantity estimates		(952,958	)		99,449			—			(853,509	)
Previously estimated development costs incurred		488,934			—			—			488,934
Net change in taxes		(251,714	)		—			(20,184	)		(271,898	)
Accretion of discount		575,440			67,000			(3,141	)		639,299
Changes in timing and other		54,540			(4,563	)		—			49,977
Balance at December 31, 2022	$	9,134,666		$	1,160,312		$	(54,734	)	$	10,240,244