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.
Crescent Energy Company (NYSE: CRGY) has announced its financial and operating results for the second quarter of 2024. The company, which focuses on energy operations in Texas and the Rocky Mountain region, has released its earnings report and supplemental presentation on its website. Crescent Energy is planning a conference call on Tuesday, August 6, 2024, at 10 a.m. CT to discuss the results.
Crescent describes itself as a differentiated U.S. energy company with a strategy centered on growth through acquisitions and consistent return of capital to shareholders. The company's portfolio combines stable cash flows from low-decline production with high-quality development inventory, aiming to deliver long-term value to investors.
Crescent Energy Company (NYSE: CRGY) has closed its acquisition of SilverBow Resources, creating the second largest operator in the Eagle Ford. The transaction closed ahead of schedule, with $35 million of the projected $65-$100 million annual synergies already captured. Crescent issued approximately 52 million shares of Class A common stock and paid $358 million in cash as part of the deal. Former SilverBow shareholders now own about 23% of the combined company. The merger positions Crescent as a leading mid-cap E&P company with a balanced portfolio and substantial free cash flow generation. Crescent will report Q2 2024 results and provide pro forma guidance on August 5, followed by a conference call on August 6.
Crescent Energy Company (NYSE: CRGY) has received overwhelming stockholder approval for its proposed merger with SilverBow Resources Inc. (NYSE: SBOW). At a special meeting, approximately 99.94% of the Crescent common stock voted were in favor of the Merger, representing about 87.94% of the outstanding Crescent common stock. The merger is expected to close on July 30, 2024.
CEO David Rockecharlie highlighted that this decisive vote demonstrates strong support for the complementary transaction, which will create one of the largest operators in the Eagle Ford. The combined entity will feature high-quality, long-life assets, an attractive returns-driven financial framework, and a strong balance sheet. It will be led by a management team and Board with significant operating and investing expertise.
Crescent Energy (NYSE: CRGY) and SilverBow Resources (NYSE: SBOW) have announced preliminary results for the election of merger consideration in their pending acquisition. Based on available information as of July 24, 2024:
- 44.95% (11,479,832 shares) elected to receive Stock Election Consideration
- 30.40% (7,764,646 shares) chose Mixed Election Consideration
- 24.65% (6,295,137 shares) opted for Cash Election Consideration
The estimated cash payout to SilverBow stockholders is approximately $358,091,936, below the $400,000,000 maximum set in the Merger Agreement. Final results and merger consideration allocation will be determined shortly before closing. The transaction is subject to the terms outlined in the Merger Agreement and Proxy Statement/Prospectus.
Crescent Energy Company (NYSE: CRGY) has announced its plans to release second quarter 2024 financial and operating results. The company will host a conference call and webcast on Tuesday, August 6, 2024, at 10 a.m. CT to discuss these results. The earnings release and supplemental slides will be made available on the company's website after market close on Monday, August 5, 2024.
Interested parties can access the conference call by dialing 877-407-0989 (domestic) or 201-389-0921 (international). A webcast of the call will also be available on the company's website at www.crescentenergyco.com. Following the call, a webcast replay will be accessible on the same website.
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.
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.
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.
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.
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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