Crescent Energy (CRGY) Company Report

Crescent Energy Company closed its all-stock acquisition of Vital Energy, Inc. on December 15, 2025, creating a leading, returns-driven independent E&P company.
The transaction is expected to significantly enhance Crescent's free cash flow profile, operational scale, and opportunity set.
In connection with the closing, William Albrecht and Jarvis Hollingsworth were appointed to Crescent's Board of Directors, which now comprises twelve directors, ten of whom are independent.
Crescent Energy Finance LLC assumed the obligations under Vital Energy's 7.875% senior unsecured notes due 2032.

Dec 15, 2025, 9:15 PM

8-K

Crescent Energy Closes Acquisition of Vital Energy

CRGY

M&A

Board Change

Guidance Update

Crescent Energy closed its all-stock acquisition of Vital Energy, Inc., establishing a leading, returns-driven independent E&P company and positioning Crescent as a top ten liquids-weighted independent.
The combined entity will prioritize free cash flow generation, disciplined capital allocation, and sustainable long-term value creation.
Crescent expects to provide pro forma 2026 guidance with its fourth-quarter and full-year 2025 results.
William Albrecht and Jarvis Hollingsworth were appointed to Crescent's Board of Directors, which now consists of twelve directors (ten independent), following Michael Duginski's resignation.

Dec 15, 2025, 1:50 PM

Press Release

Crescent Energy Announces Early Results of Vital Energy Note Exchange Offers

CRGY

Debt Issuance

M&A

Crescent Energy Finance LLC announced the early results of its exchange offers and consent solicitations for Vital Energy, Inc.'s 7.75% Senior Notes due 2029 and 9.750% Senior Notes due 2030.
As of the December 12, 2025 Early Tender Date, 94.21% of the 2029 Notes and 76.26% of the 2030 Notes were tendered, and the requisite consents for proposed amendments were received.
Eligible Holders who tendered by the Early Tender Date will receive $1,000 principal amount of New Crescent Notes for each $1,000 principal amount tendered, plus a $2.50 cash Consent Fee per $1,000 principal amount of Existing Vital Notes.
The Exchange Offers and Consent Solicitations are set to expire on December 30, 2025, with an expected Settlement Date of January 2, 2026.

Dec 12, 2025, 11:25 PM

Press Release

Crescent Stockholders Approve Merger with Vital Energy

CRGY

M&A

Proxy Vote Outcomes

Crescent Energy Company (CRGY) stockholders have overwhelmingly approved the issuance of Crescent Class A common stock for its proposed merger with Vital Energy, Inc. (VTLE).
Approximately 98% of the Crescent common stock voted were in favor of the Merger, which represents about 81% of the outstanding Crescent common stock.
The merger is expected to close on December 15, 2025.

Dec 12, 2025, 9:20 PM

Press Release

Crescent Energy Finance LLC Announces Exchange Offers and Consent Solicitations for Vital Energy Notes

CRGY

Debt Issuance

M&A

Crescent Energy Finance LLC (CE Finance), an indirect subsidiary of Crescent Energy Company, has initiated exchange offers for Vital Energy, Inc.'s 7.750% Senior Notes due 2029 and 9.750% Senior Notes due 2030.
CE Finance is offering to exchange these for new notes of the same interest rates and maturities, with aggregate principal amounts of up to $298,214,000 for the 2029 notes and $302,364,000 for the 2030 notes.
Concurrently, CE Finance is soliciting consents to amend the indentures of the existing Vital Notes, which would eliminate most restrictive covenants and certain events of default, offering a $2.50 cash consent fee per $1,000 principal amount if conditions are met.
The exchange offers and consent solicitations are scheduled to expire on December 30, 2025, with an early tender date of December 12, 2025, and an expected settlement date of January 2, 2026.
These actions are related to a proposed business combination transaction between Crescent Energy Company and Vital Energy, Inc..

Dec 1, 2025, 1:03 PM

8-K

Crescent Energy Company Provides Pro Forma Financials for Recent Acquisitions

CRGY

M&A

Earnings

Crescent Energy Company (CRGY) entered into an Agreement and Plan of Merger on August 25, 2025, to acquire Vital Energy, Inc. in an all-equity transaction, where each share of Vital Common Stock will be converted into the right to receive 1.9062 shares of Crescent Class A Common Stock.
The document presents unaudited pro forma condensed combined financial statements for the nine months ended September 30, 2025, and the year ended December 31, 2024, giving effect to the Vital Transaction, Ridgemar Acquisition, and SilverBow Acquisition as if they had been consummated on January 1, 2024.
For the nine months ended September 30, 2025, the pro forma net loss attributable to Crescent Energy was $(507,241) thousand, with basic Class A common stock EPS of $(1.65), and total revenues of $4,118,007 thousand.
For the year ended December 31, 2024, the pro forma net income attributable to Crescent Energy was $84,933 thousand, with basic Class A common stock EPS of $0.51, and total revenues of $3,970,463 thousand.

Nov 5, 2025, 9:15 PM

8-K

Crescent Energy Reports Strong Q3 2025 Results, Announces Vital Energy Acquisition, and Significant Divestitures

CRGY

Earnings

M&A

Guidance Update

Crescent Energy reported strong third-quarter 2025 results, generating approximately $204 million of levered free cash flow and $487 million of adjusted EBITDA, and enhanced its full-year outlook for the second consecutive quarter.
The company announced the transformative acquisition of Vital Energy, which is expected to close before year-end, marking an accretive and scaled entry into the Permian Basin and establishing Crescent as a top 10 U.S. independent oil and gas producer.
Crescent signed over $700 million of non-core divestitures this quarter, bringing year-to-date sales to more than $800 million, with the proceeds designated for significant debt reduction.
The company also increased its borrowing base by 50% to $3.9 billion and declared a quarterly dividend of $0.12 per share.

Nov 4, 2025, 4:00 PM

Transcript

CRGY Reports Strong Q3 2025 Results, Announces Major Acquisition and Divestitures

CRGY

Earnings

M&A

Dividends

CRGY delivered robust financial performance in Q3 2025, reporting $486.5 million in Adjusted EBITDAX and $204.5 million in Levered Free Cash Flow.
The company announced the acquisition of Vital Energy for ~$3.1 billion and signed over $700 million in accretive divestitures during Q3, strategically streamlining its portfolio.
CRGY demonstrated an attractive return of capital, paying down over $150 million of debt in Q3, maintaining a 6% fixed dividend yield with a $0.12 per share quarterly dividend, and having ~$65 million exercised from a $150 million share buyback authorization.
The balance sheet remains strong with 1.4x Net LTM Leverage (pro forma) and ~$2.0 billion in liquidity, while the 2025 capital expenditure outlook was enhanced (reduced) to $910-$970 million.

Nov 4, 2025, 4:00 PM

Presentation

Crescent Energy Reports Strong Q3 2025 Results, Announces Transformative Permian Acquisition, and Significant Divestitures

CRGY

Earnings

M&A

Guidance Update

Crescent Energy reported strong Q3 2025 financial performance, generating approximately $487 million of adjusted EBITDA and $204 million of levered free cash flow, while producing 253,000 barrels of oil equivalent per day. The company exceeded expectations on all key metrics and is enhancing its full-year outlook for the second consecutive quarter.
The company announced the transformative acquisition of Vital Energy, marking an accretive and scaled entry into the Permian Basin and establishing Crescent as a top 10 U.S. independent oil and gas producer. This acquisition is expected to generate immediate accretion across all key metrics and deliver attractive cash-on-cash investment returns.
Crescent Energy signed over $700 million of non-core divestitures in Q3 2025, bringing year-to-date sales to more than $800 million. The proceeds will be used for significant debt reduction, including paying down existing credit facilities.
The company returned more than $150 million of debt repayment during the quarter and announced a dividend of $0.12 per share, equating to an attractive 6% annualized yield. Additionally, the borrowing base was increased by 50% to $3.9 billion.

Nov 4, 2025, 4:00 PM

Transcript

Crescent Energy Reports Strong Q3 2025 Results, Announces Vital Energy Acquisition, and Completes Significant Divestitures

CRGY

Earnings

M&A

Guidance Update

Crescent Energy reported strong Q3 2025 results, generating approximately $204 million of levered free cash flow and $487 million of adjusted EBITDA, exceeding expectations and leading to an enhanced full-year outlook.
The company announced the transformative acquisition of Vital Energy, marking an accretive entry into the Permian Basin and establishing Crescent as a top 10 U.S. independent oil and gas producer. This acquisition is expected to close before year-end and generate immediate accretion.
Crescent successfully executed over $800 million in non-core divestitures year-to-date, including $700 million signed this quarter, streamlining its portfolio and strengthening the balance sheet through significant debt reduction. These divestitures are expected to improve adjusted operating costs by approximately 10% to $11.50 per BOE pro forma with Vital.
The company maintained its capital allocation priorities, including an attractive $0.12 per share dividend (equating to a 6% annualized yield) and over $150 million in debt repayment during the quarter, while also increasing its borrowing base by 50% to $3.9 billion.