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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 (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.
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