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Crescent Energy Company - CRGY STOCK NEWS

Welcome to our dedicated page for Crescent Energy Company news (Ticker: CRGY), a resource for investors and traders seeking the latest updates and insights on Crescent Energy Company stock.

Crescent Energy Company (CRGY) is a diversified, well-capitalized U.S. independent energy company with a robust portfolio of assets in key proven basins across the lower 48 states. The company’s mission is to invest in energy assets and deliver superior returns, efficient operations, and responsible stewardship.

Crescent Energy operates with a strategic focus on achieving attractive risk-adjusted investment returns and predictable cash flows across market cycles. The company primarily emphasizes operated oil and gas assets, which are complemented by non-operated assets, mineral and royalty interests, and midstream infrastructure. This approach ensures a balanced and resilient asset base.

The core leadership team at Crescent Energy consists of experienced professionals from investment, financial, and industry backgrounds. This team has consistently executed a successful strategy since 2011, leveraging their expertise to drive value creation and sustainable growth.

Some of the key basins where Crescent Energy holds assets include the Eagle Ford, Rockies, Barnett, Permian, and Mid-Con. These regions are known for their prolific production and stable output, contributing significantly to the company’s overall performance.

Crescent Energy employs a differentiated business model that combines an investor mindset with deep operational expertise. This model allows the company to invest capital with discipline, focusing on cash flow generation and the acquisition and development of low-risk energy assets. The company's financial condition is solid, supported by a disciplined investment strategy and a focus on maintaining a strong balance sheet.

The company is also committed to environmental, social, and governance (ESG) principles. It actively engages in responsible practices that ensure long-term sustainability and positive community impact.

Recent Achievements and Projects:

  • Successful acquisitions and development projects in key basins, enhancing production capacity and asset value.
  • Consistent delivery of predictable cash flows, reflecting the strength of the company's operational and financial strategies.
  • Ongoing investment in midstream infrastructure, supporting efficient and cost-effective production and transportation of resources.

Overall, Crescent Energy Company stands out as a leader in the independent energy sector, known for its disciplined investment approach, operational excellence, and commitment to ESG principles.

Rhea-AI Summary

Crescent Energy and SilverBow Resources have announced the election deadline for SilverBow stockholders to choose their preferred form of merger consideration in the pending acquisition. The deadline is set for 5:00 p.m. Central Time on July 24, 2024, with an expected transaction closing on July 30, 2024. SilverBow shareholders can elect to receive either 3.125 shares of Crescent Class A common stock, $15.31 in cash and 1.866 shares of Crescent Class A common stock, or $38.00 in cash per SilverBow share, subject to a $400 million cap on total cash consideration. Stockholders must submit a properly completed Election Form to Equiniti Trust Company by the deadline. Those who don't make an election will receive 3.125 Crescent shares per SilverBow share by default.

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Crescent Energy (NYSE: CRGY) and SilverBow Resources (NYSE: SBOW) have announced the expiration of the Hart-Scott-Rodino Act waiting period, a key step for Crescent's acquisition of SilverBow.

This milestone moves the transaction closer to completion, pending stockholder approvals scheduled for July 29, 2024. The deal will create a mid-cap exploration and production company with a balanced asset portfolio in the Eagle Ford region.

The transaction details are outlined in a joint proxy statement/prospectus filed with the SEC on June 28, 2024. The transaction is expected to finalize shortly after stockholder approval.

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Crescent Energy (NYSE: CRGY) announced the pricing of a $750 million private placement of 7.375% Senior Notes due 2033. The Notes, issued by its subsidiary Crescent Energy Finance , mature on January 15, 2033, with interest payments due semi-annually starting January 15, 2025. They are guaranteed by Crescent Energy Finance's subsidiaries. The offering is expected to close on June 14, 2024, and proceeds will fund the cash portion of a merger with SilverBow Resources and repay SilverBow's existing debt. If the merger isn't completed by May 22, 2025, or is terminated, the Notes will be redeemed at their initial issue price plus accrued interest. The Notes and guarantees are offered to institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.

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Crescent Energy Company (NYSE: CRGY) announced a $750 million private placement of Senior Notes due 2033 through its subsidiary, Crescent Energy Finance. The offering is subject to market conditions and will be made under Rule 144A and Regulation S of the Securities Act of 1933. The notes will be guaranteed by Crescent Energy's subsidiaries that guarantee existing notes and the revolving credit facility. Proceeds will fund the cash portion of the merger with SilverBow Resources and repay SilverBow's debt. If the merger is not completed by May 22, 2025, or if specific conditions are not met, Crescent Energy will redeem the notes at 100% of their issue price, plus accrued interest. The notes are not registered under the Securities Act and may only be sold to qualified institutional buyers or outside the U.S. under specific regulations.

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Crescent Energy Company (NYSE: CRGY) announced favorable responses from S&P Global Ratings, Fitch Ratings, and Moody’s Ratings regarding its agreement to acquire SilverBow Resources, expected to close on May 16, 2024. S&P and Fitch took positive rating actions while Moody’s reaffirmed its stable outlook. The acquisition, valued at $2.1 billion, aims to enhance Crescent's scale and financial strength. SilverBow shareholders can opt for stock or cash, with a maximum cash consideration of $400 million. The merger is anticipated to close by Q3 2024, pending customary approvals.

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Crescent Energy (NYSE: CRGY) announced plans to acquire SilverBow Resources (NYSE: SBOW) in a $2.1 billion transaction, creating a leading growth-through-acquisition company in the Eagle Ford Shale.

This deal will make Crescent the second-largest operator in the region, with a balanced portfolio of high-quality assets and significant free cash flow generation. The combined company will focus on disciplined capital allocation and aims to achieve annual synergies of $65-$100 million.

SilverBow shareholders can opt for either 3.125 shares of Crescent stock per SilverBow share or $38 per share in cash, subject to a $400 million cap. The transaction has unanimous board approval and is expected to close by Q3 2024, pending regulatory and shareholder approvals.

Post-merger, Crescent shareholders will own 69%-79% of the combined entity, while SilverBow shareholders will hold 21%-31%. The board will expand to 11 members, and Crescent will remain headquartered in Houston.

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Crescent Energy Company (NYSE: CRGY) reported its first quarter 2024 financial and operating results, showcasing a focus on disciplined growth through acquisitions and capital return. The company's portfolio consists of low-decline assets in the Eagle Ford and Uinta basins, managed by experienced industry professionals.

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Crescent Energy Company (NYSE: CRGY) has scheduled a conference call and webcast on May 7, 2024, to discuss its first quarter 2024 financial and operating results. The release will be available after market close on May 6, 2024, on the company's website.
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Crescent Energy Finance , a subsidiary of Crescent Energy Company (NYSE: CRGY), completed a tender offer to purchase outstanding 7.250% Senior Notes due 2026. The offer expired on March 25, 2024, with 63.18% of the principal amount tendered. CE Finance plans to accept all valid tenders and make payments accordingly. They will use proceeds from issuing 7.625% Senior Notes due 2032 to fund the purchase. The Tender Offer is subject to the completion of the Notes Offering, with any remaining Notes to be redeemed on May 1, 2024.
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Crescent Energy Company (CRGY) prices $700 million Senior Notes due 2032 at 7.625% interest rate. The offering aims to fund the redemption of existing 2026 Notes. The Notes are guaranteed by the Issuer's subsidiaries and are expected to close on March 26, 2024.
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FAQ

What is the current stock price of Crescent Energy Company (CRGY)?

The current stock price of Crescent Energy Company (CRGY) is $14.56 as of November 20, 2024.

What is the market cap of Crescent Energy Company (CRGY)?

The market cap of Crescent Energy Company (CRGY) is approximately 2.3B.

What does Crescent Energy Company do?

Crescent Energy Company invests in energy assets, focusing on operated oil and gas assets, non-operated assets, mineral and royalty interests, and midstream infrastructure.

Where are Crescent Energy Company's key assets located?

Key assets are located in the Eagle Ford, Rockies, Barnett, Permian, and Mid-Con basins across the lower 48 states.

Who leads Crescent Energy Company?

Crescent Energy is led by a team of experienced investment, financial, and industry professionals who have been executing their strategy since 2011.

What is Crescent Energy Company's business model?

The company employs a differentiated business model that combines an investor mindset with deep operational expertise, focusing on cash flow generation and the acquisition and development of low-risk energy assets.

How does Crescent Energy ensure sustainable practices?

Crescent Energy is committed to ESG principles, actively engaging in responsible practices to ensure long-term sustainability and positive community impact.

What recent achievements has Crescent Energy accomplished?

Recent achievements include successful acquisitions and projects in key basins, consistent cash flow delivery, and investment in midstream infrastructure.

How does Crescent Energy handle risk management?

The company focuses on achieving attractive risk-adjusted returns through disciplined capital investment and maintaining a diversified and resilient asset portfolio.

What is Crescent Energy's financial condition?

Crescent Energy maintains a strong financial condition supported by a disciplined investment strategy and a focus on cash flow and balance sheet strength.

What is the main goal of Crescent Energy?

The main goal is to deliver superior returns, efficient operations, and responsible stewardship of energy assets.

What sets Crescent Energy apart from other energy companies?

Crescent Energy's unique combination of an investor mindset and deep operational expertise, along with its commitment to ESG principles, sets it apart in the energy sector.

Crescent Energy Company

NYSE:CRGY

CRGY Rankings

CRGY Stock Data

2.35B
146.59M
6.45%
86.39%
10.92%
Oil & Gas Integrated
Crude Petroleum & Natural Gas
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United States of America
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