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Crescent Energy Company issues news about its U.S. exploration and production business, including crude oil, natural gas and NGL operations and minerals and royalty interests. The company operates in one reportable segment, with activity focused in the Eagle Ford, Permian and Uinta basins and a strategy that includes acquisitions, development inventory and return-of-capital disclosures.
Recurring updates include quarterly and annual financial results, conference-call announcements, operating outlooks, production and development commentary, commodity derivative settlements, acquisition-related portfolio updates, and capital-structure actions such as convertible senior notes, debt exchanges and consent solicitations.
Crescent Energy Company (NYSE: CRGY) announced significant amendments to its revolving credit facility, effective September 23, 2022. The borrowing base was increased by 11% to $2.0 billion, and the credit facility's term was extended by 28 months, now maturing in September 2027. Total liquidity as of August 31, 2022 reached over $600 million. The recent public equity offerings raised $86 million, increasing the public equity float by 15% and showcasing strong market confidence.
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Crescent Energy Company (NYSE: CRGY) has priced a public offering of 5,000,000 shares of Class A common stock at $15.00 per share. The offering, managed by major underwriters including Credit Suisse and Wells Fargo, will not generate proceeds for the Company as the shares are sold by a selling stockholder. There is also a 30-day option for underwriters to acquire an additional 750,000 shares. Concurrently, Crescent will purchase 2,233,727 units of its subsidiary at the offering price and cancel an equal number of Class B shares. The offering is expected to close on September 13, 2022.
Crescent Energy Company (NYSE: CRGY) has initiated an underwritten public offering of 5,000,000 shares of its Class A common stock, valued at $0.0001 per share. This offering is managed by Independence Energy Aggregator L.P. Credit Suisse, KKR Capital Markets, Wells Fargo, J.P. Morgan, BofA Securities, RBC Capital Markets, and Truist Securities act as joint book-running managers. The company will not receive any proceeds from this offering. Following this, Crescent intends to purchase 2,233,727 OpCo Units from PT Independence at the same price as the stock offering and cancel a corresponding number of Class B shares.
Crescent Energy Company (NYSE: CRGY) announced a cash dividend of $0.17 per share, reflecting its commitment to returning value to shareholders. In the second quarter of 2022, Crescent reported a robust production increase of 18% to 142 MBoe/d, primarily due to the Uinta acquisition. The company achieved net income of $282 million, a 92% increase in Adjusted EBITDAX to $373 million, and $137 million of Levered Free Cash Flow. Despite industry challenges, Crescent plans to maintain a quarterly dividend through 2022, emphasizing its strong financial position with a Net LTM Leverage ratio of 1.2x.
Crescent Energy Company (NYSE: CRGY) will host a conference call and webcast to discuss its Q2 2022 financial results on August 10, 2022, at 10 a.m. CT. The earnings release will be available after market close on August 9, 2022. Investors can access the webcast via the company's website. Crescent Energy focuses on energy asset investment and aims to deliver strong returns through its experienced leadership team, emphasizing predictable production and substantial cash flow.
Crescent Energy Company (NYSE: CRGY) announced a strong Q1 2022, producing 120 MBoe/d and achieving a 40% increase in quarterly cash dividend to $0.17 per share. Despite a $406 million net loss affected by $498 million in unrealized derivative losses, the company reported $195 million in Adjusted EBITDAX and $90 million in Levered Free Cash Flow. It closed a $690 million Uinta Basin acquisition, raising 2022 EBITDAX and Levered Free Cash Flow guidance by 17% and 35% respectively, due to improved commodity prices. The company aims to maintain strong free cash flow while advancing ESG initiatives.
Crescent Energy (NYSE: CRGY) has scheduled a conference call and webcast to discuss its first quarter 2022 financial results on May 11, 2022, at 10 a.m. CT. The earnings report will be released after market close on May 10, 2022. Investors can access the earnings release and presentation on the company's website. Crescent Energy is an independent energy company with significant assets across the U.S., focused on delivering strong returns through strategic investments and operational excellence.
Crescent Energy Company (NYSE: CRGY) has successfully closed its acquisition of Uinta Basin assets for approximately $690 million. This transaction enhances Crescent's portfolio with an additional 30 MBoe/d of production, predominantly oil, and expands its operational footprint by 145,000 contiguous acres. The company maintains strong financial flexibility, evidenced by an increased borrowing base of $1.8 billion following the closure. Pro forma year-end 2021 proved reserves now stand at 598 MMBoe with a PV-10 of $6.2 billion.
Crescent Energy Company (NYSE: CRGY) has declared its fourth-quarter cash dividend of $0.12 per share, payable on March 31, 2022. For 2021, the company reported total revenues of $1,968 million and a net loss of $435 million. Following the Contango Merger, Crescent aims to acquire high-margin oil assets in the Uinta Basin for $815 million, enhancing its production and cash flow. The 2022 guidance anticipates adjusted EBITDAX of $1.1-$1.2 billion and a quarterly dividend increase to $0.17 post-acquisition.