Recent Updates — CRGY

Crescent Energy Finance LLC entered into the Sixteenth Amendment to its Credit Agreement, which permits the company to incur up to $2.0 billion in unsecured 364-day bridge debt to fund a portion of the cash consideration for its previously announced acquisition of certain Eagle Ford assets from Devon Energy. The amendment also allows for additional pari passu term loans and excludes up to $1.0 billion of new indebtedness from borrowing base reduction requirements through April 2027. Concurrently, Crescent disclosed that it expects to report approximately $144 million in net cash paid on commodity derivative settlements for the three months ended September 30, 2026. Crescent Energy Company is an independent oil and gas exploration and production company based in Houston.

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.

Crescent Energy Company entered into a definitive agreement to acquire certain Eagle Ford assets from Devon Energy Production Company, L.P., for a purchase price of $4.22 billion in cash. The transaction is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions and regulatory approvals. Crescent obtained a debt commitment letter from JPMorgan Chase Bank, N.A. for a bridge credit facility of up to $2.0 billion to finance the acquisition. The acquired assets include approximately 89 thousand net acres with average net production of 56 MBoe/d in 2025 and proved developed reserves valued at $1.4 billion (PV-10). Crescent Energy Company is an independent oil and natural gas company focused on high-margin, oil-weighted production in the Eagle Ford, Permian, and Uinta Basins.

Crescent Energy Company reported financial and operating results for the quarter ended June 30, 2026. The company generated record Operating Cash Flow of $707 million and record Levered Free Cash Flow of $418 million. Production averaged 335 MBoe/d, including 140 MBo/d of oil. Net income was $494 million. Crescent enhanced its full-year 2026 guidance, increasing total production expectations to a midpoint of 331 MBoe/d and lowering adjusted operating expense guidance to $11.50/Boe. The company also increased its Permian synergy target to approximately $250 million–$300 million. Crescent declared a fixed quarterly dividend of $0.12 per share, payable on August 31, 2026, to shareholders of record as of August 17, 2026. Additionally, the company redeemed the remaining $259 million of senior notes due 2029 in July 2026. Crescent Energy Company is an oil and natural gas exploration and production company operating primarily in the Eagle Ford, Permian, and Uinta Basins.

Crescent Energy Company expects to report total cash paid on commodity derivative positions of approximately $154 million for the three months ended June 30, 2026, and $194 million for the six months ended June 30, 2026. These preliminary figures include a $216 million net cash paid on derivative settlements for the quarter and a $317 million net cash paid for the half-year, partially offset by $62 million and $123 million in settlements of acquired derivative contracts from the SilverBow and Vital mergers, respectively. These amounts exclude $30 million and $45 million in contingent earn-out settlements related to the Ridgemar Acquisition. Crescent Energy Company is an energy company engaged in oil and gas exploration and production.