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About Crescent Energy Company (CRGY)
Crescent Energy Company (NYSE: CRGY) is a U.S.-based independent energy company with a diversified portfolio of assets strategically located across key proven basins in the lower 48 states. The company operates in the capital-intensive oil and gas industry, focusing on delivering attractive risk-adjusted investment returns and predictable cash flows through disciplined capital allocation and operational excellence. Crescent Energy's asset portfolio includes operated and non-operated oil and gas assets, mineral and royalty interests, and midstream infrastructure, providing a balanced mix of revenue streams and risk management.
Business Model and Strategic Approach
Crescent Energy employs a differentiated business model that combines an investor mindset with deep operational expertise. This approach enables the company to identify and acquire low-risk energy assets while maintaining a disciplined focus on cash flow generation. By leveraging its leadership team's extensive experience in investment, financial management, and energy operations, Crescent Energy has built a robust portfolio designed to perform across market cycles. The company's strategy emphasizes:
- Disciplined Capital Deployment: Prioritizing investments with high cash flow potential and low operational risk.
- Portfolio Diversification: Balancing operated and non-operated assets with mineral and royalty interests to reduce exposure to market volatility.
- Operational Efficiency: Leveraging advanced operational practices to optimize production and reduce costs.
Asset Portfolio
Crescent Energy's diversified asset base spans several key basins in the United States, including the Eagle Ford, Rockies, Barnett, Permian, and Mid-Continent regions. This geographical diversity allows the company to mitigate regional risks while capitalizing on opportunities in some of the most productive energy basins in the country. The company's portfolio includes:
- Operated Oil and Gas Assets: Core assets where Crescent Energy maintains operational control, ensuring efficient management and optimization.
- Non-Operated Assets: Investments in oil and gas projects managed by third parties, providing additional revenue streams without direct operational involvement.
- Mineral and Royalty Interests: Ownership stakes in mineral rights, offering consistent income through royalties without operational costs.
- Midstream Infrastructure: Assets that support the transportation and processing of oil and gas, enhancing value chain integration.
Leadership and Market Position
Crescent Energy's leadership team comprises seasoned professionals with extensive experience in investment, financial management, and energy operations. This expertise underpins the company's ability to execute its strategy effectively and adapt to industry challenges. Operating in a competitive landscape alongside other independent energy companies, Crescent Energy differentiates itself through its disciplined investment approach, diversified asset base, and focus on cash flow generation. The company's strategic positioning and operational capabilities make it a significant player in the U.S. energy sector.
Industry Context
The oil and gas industry is characterized by cyclical demand, commodity price volatility, and stringent regulatory requirements. Crescent Energy navigates these challenges by maintaining a diversified portfolio, focusing on low-risk assets, and employing disciplined capital allocation. The company's ability to generate predictable cash flows and deliver risk-adjusted returns positions it well within the broader energy market. Its focus on operational efficiency and strategic investments ensures resilience in a competitive and dynamic industry.
Conclusion
With a diversified portfolio, disciplined investment strategy, and experienced leadership, Crescent Energy Company is a notable independent energy company in the U.S. market. Its focus on operational excellence, cash flow generation, and risk-adjusted returns underscores its commitment to delivering value across market cycles. By leveraging its unique combination of investor mindset and operational expertise, Crescent Energy continues to strengthen its position within the energy sector.
Crescent Energy (NYSE: CRGY) has completed the sale of its non-operated Permian Basin assets in Reeves County, Texas to a private buyer for $83 million in cash. The sold assets were projected to produce approximately 3 Mboe/d (~35% oil) in full-year 2025.
The proceeds will be used to reduce outstanding borrowings on the Company's revolving credit facility. This transaction, effective December 31, 2024, is part of Crescent's $250 million pipeline of non-core asset divestitures announced during year-end earnings. The company plans to update its 2025 outlook to reflect this divestiture alongside its first quarter 2025 financial results.
Crescent Energy (NYSE: CRGY) has announced its upcoming first quarter 2025 earnings release schedule. The company will release its Q1 2025 financial and operating results after market close on Monday, May 5, 2025. A conference call and webcast to discuss the results will be held the following day, Tuesday, May 6, 2025, at 10:00 a.m. CT (11:00 a.m. ET).
Investors can access the conference call through domestic (877-407-0989) or international (201-389-0921) dial-in numbers. The webcast will be available on the company's website at www.crescentenergyco.com, where supplemental slides will also be posted. A replay of the webcast will be accessible on the website after the call.
Crescent Energy (NYSE: CRGY) has announced a significant corporate restructuring by eliminating its umbrella partnership-C (Up-C) structure through the conversion of all remaining Class B common stock into Class A common stock, effective April 4, 2025.
The Corporate Simplification will result in all stockholders holding Class A common stock with identical economic and voting interests. KKR maintains its 10% ownership and has agreed to a 180-day share lock-up period.
The company expects this simplification to:
- Reduce organizational complexity
- Improve financial presentation clarity
- Eliminate certain compliance and reporting costs
- Enhance accessibility for future investors
The restructuring aligns with Crescent's strategic goal of 'simplifying to grow' and positions the company to capitalize on opportunities with its strong balance sheet and well-hedged free cash flow generation.
Crescent Energy (NYSE: CRGY) has announced its financial and operating results for Q4 and full year 2024, along with its 2025 capital budget and production outlook. The company has scheduled a conference call to discuss these results on Thursday, February 27, 2025, at 10 a.m. CT (11 a.m. ET). Detailed information about the earnings release and supplemental presentation can be accessed through the company's website at www.crescentenergyco.com.
Crescent Energy Company (NYSE: CRGY) has announced its upcoming fourth quarter and full year 2024 earnings release schedule. The company will release its financial and operating results after market close on Wednesday, February 26, 2025, followed by a conference call and webcast on Thursday, February 27, 2025 at 10:00 a.m. CT (11:00 a.m. ET).
The conference call will discuss Q4 and full-year 2024 results, as well as the company's outlook for 2025. Investors can access the conference via dial-in numbers 877-407-0989 (Domestic) or 201-389-0921 (International). The earnings release and supplemental slides will be available on the company's website, where a webcast replay will also be accessible after the call.
Crescent Energy (NYSE: CRGY) has completed its acquisition of Central Eagle Ford assets from Ridgemar Energy for $905 million, comprising $830 million in cash and 5,454,546 shares of Class A common stock, plus future oil price contingent consideration. The transaction strengthens Crescent's core Eagle Ford position with high-quality assets that enhance oil-weighted production and extend low-risk inventory.
CEO David Rockecharlie emphasized the acquisition's accretive nature and alignment with the company's disciplined approach to creating shareholder value through combining investing and operational expertise. The company maintains focus on profitable growth and advancing investment-grade ambitions while delivering sustained cash flow and returns.
Crescent Energy (NYSE: CRGY) has announced the pricing of an upsized $400 million private placement of additional 7.625% Senior Notes due 2032, increased from the initially announced $300 million. The notes were priced at 100.250% of par and will mature on April 1, 2032, with interest payments starting April 1, 2025.
The proceeds, along with those from a previously announced Class A Common Stock offering, will fund the cash portion of the Ridgemar Acquisition. Temporarily, the funds will reduce revolving credit facility borrowings. If the Ridgemar Acquisition fails, proceeds will pay down credit facility debt or fund general corporate purposes. The offering, expected to close December 11, 2024, is not contingent on completing either the Ridgemar Acquisition or the Equity Offering.
Crescent Energy (NYSE: CRGY) announced a private placement offering of $300 million in 7.625% Senior Notes due 2032. These Additional Notes will be offered under Rule 144A and Regulation S of the Securities Act of 1933 and will be treated as a single series with the previously issued $700 million in Senior Notes. The Notes mature on April 1, 2032, with interest payments at 7.625% per annum, payable on April 1 and October 1 each year, starting April 1, 2025.
The proceeds will fund the cash portion of Crescent's acquisition of Ridgemar (Eagle Ford) , and temporarily reduce borrowings under its revolving credit facility. If the acquisition doesn't complete, proceeds will reduce borrowings or be used for general corporate purposes. This offering is independent of the Ridgemar Acquisition and the previously announced Equity Offering. The Notes and guarantees are unregistered under the Securities Act and will be sold to qualified institutional buyers and persons outside the U.S.
Crescent Energy Company (NYSE: CRGY) has announced the pricing of an upsized public offering of 21,500,000 shares of Class A common stock at $14.00 per share. The offering represents a 3,500,000 share increase from the originally proposed 18,000,000 shares. The company plans to use the proceeds to partially fund the Ridgemar Acquisition, expected to close in Q1 2025. The underwriters have a 30-day option to purchase up to an additional 3,225,000 shares. The offering is expected to close on December 5, 2024, with Wells Fargo Securities, KKR Capital Markets, Raymond James, and Evercore Group serving as joint book-running managers.
Crescent Energy Company (NYSE: CRGY) has announced a public offering of 18,000,000 shares of Class A common stock. The company plans to use the proceeds to partially fund its recently announced Ridgemar (Eagle Ford) acquisition, expected to close in Q1 2025. Underwriters will have a 30-day option to purchase up to an additional 2,700,000 shares.
The offering will be managed by Wells Fargo Securities, KKR Capital Markets, Raymond James & Associates, and Evercore Group as joint book-running managers. If the Ridgemar acquisition doesn't complete, proceeds will be used to reduce revolving credit facility borrowings or for general corporate purposes.
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