Crescent Energy Provides Update on Successful Non-Core Divestiture Program with Over $900 Million Signed Year to Date
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Mboe/dtechnical
Mboe/d stands for "million barrels of oil equivalent per day." It measures how much energy from oil and other sources a company produces or consumes each day, kind of like counting how many large bottles of energy drink you could fill in a day. This helps everyone understand how big or active an energy company is.
revolving credit facilityfinancial
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
HOUSTON--(BUSINESS WIRE)--
Crescent Energy Company (NYSE: CRGY) (“Crescent” or the “Company”), today announced the sale of its non-operated DJ Basin assets to a private buyer for $90 million in cash, subject to customary post-closing purchase price adjustments. The assets, primarily located in Weld County, Colorado, have current production of approximately 7 Mboe/d (~20% oil).
This transaction is the latest update to Crescent’s previously announced non-core divestiture program. Including this sale, Crescent has executed agreements exceeding $900 million year-to-date. The Company has recently closed its previously announced conventional Rockies and Barnett divestitures and expects the remainder of its announced non-core asset sales to close before year-end. Proceeds from these transactions will be used to reduce outstanding borrowings on the Company’s revolving credit facility, further strengthening the Company’s balance sheet and enhancing financial flexibility.
“This marks our sixth accretive asset sale year to date. Our successful non-core divestiture program enhances our business and underscores our ability to navigate a volatile market and capture attractive value for our investors,” said David Rockecharlie, Chief Executive Officer of Crescent.
About Crescent Energy Company
Crescent is a differentiated U.S. energy company committed to delivering value for shareholders through a disciplined growth through acquisition strategy and consistent return of capital. Our long-life, balanced portfolio combines stable cash flows from low-decline production with deep, high-quality development inventory. The Company's investing and operating activities are focused in Texas and the Rocky Mountain region. For additional information, please visit www.crescentenergyco.com.
