Financing ·
Prices $1B equity offering at $12.50 per share to fund Devon asset acquisition
CRGYCrescent Energy Co
Crescent Energy priced an underwritten public offering of 80,000,000 shares of Class A Common Stock at $12.50 per share, raising approximately $1 billion before the exercise of the underwriters' option. The company granted the underwriters a 30-day option to purchase up to an additional 12,000,000 shares, which was exercised in full on October 9, 2026. Independence Energy Aggregator L.P., affiliated with KKR & Co. Inc., agreed to purchase 40,000,000 shares at the public offering price. The company expects to receive approximately $1,115.9 million in net proceeds after deducting underwriting discounts and estimated expenses. Proceeds will fund a portion of the cash consideration for the acquisition of certain Eagle Ford assets from Devon Energy Production Company, L.P., with closing expected in the fourth quarter of 2026 or early 2027. If the acquisition does not close, proceeds will be used to temporarily reduce borrowings under the revolving credit facility or for general corporate purposes. The offering is expected to close on October 13, 2026. Crescent Energy Company is a U.S. energy company with activities focused in the Eagle Ford, Permian and Uinta Basins, and minerals and royalty interests across U.S. oil and natural gas basins.