Crescent Energy (CRGY) Company Report

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..

4 days ago

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.

Nov 4, 2025, 4:00 PM

Transcript

Crescent Energy Plans $3.1 Billion Acquisition of Vital Energy

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Earnings

Guidance Update

Crescent Energy is set to acquire Vital Energy for $3.1 billion in an all-stock transaction, which is expected to establish one of the top mid-cap independent operators in the U.S. energy sector.
For Q3 2025, Crescent Energy reported strong financials, including $473 million in operating cash flow and positive free cash flow, and has improved its 2025 guidance.
In 2025, Crescent Energy executed over $700 million in non-core divestitures, expanded its borrowing base by 50% to $3.9 billion, and repaid $150 million in debt, strengthening its financial position ahead of the merger.

Nov 3, 2025, 10:31 PM

Morningstar

Crescent Energy Reports Q3 2025 Results, Announces Vital Energy Acquisition, and Updates Guidance

CRGY

Earnings

M&A

Guidance Update

Crescent Energy reported a net loss of $10 million but generated $473 million in Operating Cash Flow and $204 million in Levered Free Cash Flow for Q3 2025.
The company announced the $3.1 billion all-stock acquisition of Vital Energy, Inc. and executed agreements for over $700 million in non-core divestitures during Q3 2025, contributing to over $800 million in divestitures year-to-date.
Crescent enhanced its 2025 capital expenditure guidance to $910 - $970 million and strengthened its balance sheet with approximately $150 million of debt repayment and an expanded borrowing base of $3.9 billion.
For shareholder returns, the Board approved a cash dividend of $0.12 per share for Q3 2025 and the company repurchased approximately $33 million of shares during 2025.

Nov 3, 2025, 9:23 PM

8-K

Crescent Energy Co. Announces $500 Million Senior Notes Offering and Refinancing

CRGY

Debt Issuance

New Projects/Investments

M&A

Crescent Energy Co. is undertaking an offering of $500.0 million aggregate principal amount of 7.250% Senior Notes due 2026.
This offering is connected to certain restructuring transactions and the repayment in full of all principal, interest, and other amounts outstanding under existing credit facilities.
The proceeds from the loans will be utilized for transactions, acquisition, development, and exploration of Oil and Gas Properties, and for working capital and other general corporate purposes.
The company's ability to incur additional indebtedness is limited, with an aggregate principal amount not exceeding the greater of $120,000,000 (or $390,000,000 after the Vital Energy Acquisition Closing Date) or 3.0% of Total Assets.

Oct 24, 2025, 8:15 PM

8-K

Crescent Energy Company Reports Pro Forma Financials Following Acquisitions

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M&A

Earnings

Crescent Energy Company completed the acquisition of Ridgemar (Eagle Ford) LLC on January 31, 2025, for $830.0 million in cash and 5,454,546 shares of Class A Common Stock, with potential earn-out consideration of up to $170.0 million.
The company also consummated the merger with SilverBow Resources, Inc. on July 30, 2024, where SilverBow shareholders received consideration in cash, stock, or a combination thereof.
Unaudited pro forma condensed combined statements of operations, reflecting both acquisitions as if they occurred on January 1, 2024, show a pro forma net income attributable to Crescent Energy of $164,255 thousand for the six months ended June 30, 2025, and $84,933 thousand for the year ended December 31, 2024.
Pro forma basic earnings per share for Class A common stock were $0.74 for the six months ended June 30, 2025, and $0.51 for the year ended December 31, 2024.

Sep 16, 2025, 8:27 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Crescent Energy.

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