Crescent Energy Company Stock Price, News & Analysis

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.

Crescent Energy (NYSE: CRGY) announced plans to acquire SilverBow Resources (NYSE: SBOW) in a $2.1 billion transaction, creating a leading growth-through-acquisition company in the Eagle Ford Shale.

This deal will make Crescent the second-largest operator in the region, with a balanced portfolio of high-quality assets and significant free cash flow generation. The combined company will focus on disciplined capital allocation and aims to achieve annual synergies of $65-$100 million.

SilverBow shareholders can opt for either 3.125 shares of Crescent stock per SilverBow share or $38 per share in cash, subject to a $400 million cap. The transaction has unanimous board approval and is expected to close by Q3 2024, pending regulatory and shareholder approvals.

Post-merger, Crescent shareholders will own 69%-79% of the combined entity, while SilverBow shareholders will hold 21%-31%. The board will expand to 11 members, and Crescent will remain headquartered in Houston.

Crescent Energy Company (NYSE: CRGY) reported its first quarter 2024 financial and operating results, showcasing a focus on disciplined growth through acquisitions and capital return. The company's portfolio consists of low-decline assets in the Eagle Ford and Uinta basins, managed by experienced industry professionals.