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 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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