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Crescent Energy (NYSE: CRGY) projects $154M Q2 2026 hedge cash payments

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Crescent Energy Company expects significant cash outflows tied to its commodity hedges for the quarter. For the three months ended June 30, 2026, it plans to report total cash paid of about $154 million on commodity derivative positions, and $194 million for the six-month period. These figures reflect net cash paid on settlements of derivatives offset by cash received from derivative contracts acquired in the SilverBow and Vital mergers, and are reflected in Adjusted EBITDAX. The amounts are preliminary, may change, and final results will appear in the Form 10-Q for the same period.

Positive

  • None.

Negative

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Insights

Crescent flags sizable 2026 hedge cash outflows that affect near-term liquidity metrics.

Crescent Energy outlines preliminary cash settlements on commodity derivatives of about $154 million for Q2 2026 and $194 million for the first half of 2026. These arise from hedge positions plus derivative contracts acquired in the SilverBow and Vital mergers.

The company indicates that settlements on acquired derivatives will be reported as positive adjustments in Statements of Cash Flows and added back to Adjusted EBITDAX. That treatment helps separate hedge cash movements from underlying operating performance when investors review non-GAAP results.

The disclosed figures are described as preliminary and forward-looking, with final numbers to appear in the June 30, 2026 Form 10-Q. Actual impact on liquidity and leverage ratios will become clearer once full cash flow and Adjusted EBITDAX details are reported.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Net cash paid on derivatives Q2 2026 $216 million Net cash (paid) on settlement of derivatives, three months ended June 30, 2026
Net cash paid on derivatives H1 2026 $317 million Net cash (paid) on settlement of derivatives, six months ended June 30, 2026
Settlement of acquired derivatives Q2 2026 $62 million Settlement of acquired derivative contracts, three months ended June 30, 2026
Settlement of acquired derivatives H1 2026 $123 million Settlement of acquired derivative contracts, six months ended June 30, 2026
Total cash paid on derivatives Q2 2026 $154 million Total cash (paid) received from hedge settlements, three months ended June 30, 2026
Total cash paid on derivatives H1 2026 $194 million Total cash (paid) received from hedge settlements, six months ended June 30, 2026
Excluded Ridgemar earn-out Q2 2026 $30 million Settlement of contingent earn-out consideration related to Ridgemar Acquisition, three months ended June 30, 2026, excluded
Excluded Ridgemar earn-out H1 2026 $45 million Settlement of contingent earn-out consideration related to Ridgemar Acquisition, six months ended June 30, 2026, excluded
commodity derivative positions financial
"expects to report approximately $154 million and $194 million, respectively, of total cash paid on its commodity derivative positions"
Adjusted EBITDAX financial
"The Company expects to report these settlements as positive adjustments on the Statements of Cash Flows and as additions to Adjusted EBITDAX."
Adjusted EBITDAX is a measure of a company’s operating profit that adds back interest, taxes, depreciation, amortization and specific recurring costs (often exploration or similar project expenses), then removes one‑time or unusual items to show recurring cash profitability. Investors use it like a clean yardstick—ignoring financing choices, accounting rules and one‑off events—to compare core performance across periods or peers and assess a business’s ability to generate cash from operations.
contingent earn-out consideration financial
"Excludes $30 million and $45 million settlement of contingent earn-out consideration related to the Ridgemar Acquisition"
Contingent earn-out consideration is extra money a buyer may pay a seller after a deal closes only if the acquired business hits agreed future targets (for example sales, profits, or milestones). For investors it matters because it adjusts the effective price paid, shifts risk between buyer and seller, can change future cash flows and accounting, and creates incentives tied to the business’s performance — like receiving a bonus only if certain goals are met.
forward-looking statements regulatory
"Such amounts as disclosed herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Emerging growth company regulatory
"Emerging growth company Derivative Settlements For the three and six months ended June 30, 2026"
An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.
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FAQ

What are Crescent Energy’s (CRGY) hedge settlements for the first half of 2026?
For the six months ended June 30, 2026, Crescent Energy expects total cash paid of about $194 million on its commodity derivative positions. This reflects both ongoing hedge settlements and settlements of derivative contracts acquired in prior mergers.

How will Crescent Energy (CRGY) treat acquired derivative settlements in its financials?
Crescent Energy states that settlements of oil, gas, and NGL derivative contracts acquired in the SilverBow and Vital mergers will be reported as positive adjustments on the Statements of Cash Flows and as additions to Adjusted EBITDAX.

Are Crescent Energy’s (CRGY) disclosed hedge settlement amounts final?
No. Crescent Energy describes the disclosed hedge-related dollar amounts as preliminary and subject to change. Final figures for the three and six months ended June 30, 2026 will be reported in its Form 10-Q for that period.

How do Crescent Energy’s (CRGY) hedge settlements affect Adjusted EBITDAX?
The company indicates that total cash paid or received from hedge settlements, including acquired derivatives, is reflected in Adjusted EBITDAX. Settlements of acquired contracts are specifically described as additions to this non-GAAP performance measure.
0001866175FALSE00018661752026-07-082026-07-08


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
    
FORM 8-K
    
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): July 8, 2026
    
Crescent Energy Company
(Exact Name of Registrant As Specified in Its Charter)
Delaware
001-41132
87-1133610
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
600 Travis Street, Suite 7200
Houston, Texas
77002
(Address of Principal Executive Offices)
(Zip Code)
(713) 332-7001
Registrant’s Telephone Number, Including Area Code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communication pursuant to Rule 425 under the Securities Act of 1933 (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Securities Exchange Act of 1934 (17 CFR 240.14a-12)
☐
Pre-commencement communication pursuant to Rule 14d-2(b) under the Securities Exchange Act of 1934 (17 CFR 240.14d-2(b))
☐
Pre-commencement communication pursuant to Rule 13e-4(c) under the Securities Exchange Act of 1934 (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share
CRGY
The New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Exchange Act of 1934. ☐










Item 2.02.
Results of Operations and Financial Condition.
Derivative Settlements
For the three and six months ended June 30, 2026, Crescent Energy Company (the “Company” or “Crescent”) expects to report approximately $154 million and $194 million, respectively, of total cash paid on its commodity derivative positions, composed of the following:

Three Months Ended
June 30, 2026 (1)
Six Months Ended
June 30, 2026 (1)
(in millions)
Net cash (paid) received on settlement of derivatives
$
(216)
$
(317)
Settlement of acquired derivative contracts(2)
62 
123 
Total cash (paid) received(3)
$
(154)
$
(194)

The dollar amounts included in this Current Report on Form 8-K are preliminary and subject to change. Such amounts as disclosed herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements are based on current expectations but remain subject to a number of assumptions, risks and uncertainties. Consequently, actual final results could differ materially from current expectations. Final dollar amounts for the three and six months ended June 30, 2026 will be reported in Crescent’s Quarterly Report on Form 10-Q for the period ended June 30, 2026.

The information in this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act or the Exchange Act.

(1)     Excludes $30 million and $45 million settlement of contingent earn-out consideration related to the Ridgemar Acquisition for the three and six months ended June 30, 2026, respectively.
(2)     Represents the settlement of certain oil, gas, and natural gas liquids derivative contracts acquired in connection with the SilverBow Merger and the Vital Merger. The Company expects to report these settlements as positive adjustments on the Statements of Cash Flows and as additions to Adjusted EBITDAX.
(3)     Represents total cash (paid) received from hedge settlements and is reflected in Adjusted EBITDAX.


2


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 8, 2026
CRESCENT ENERGY COMPANY
By:    /s/ Brandi Kendall    
Name:    Brandi Kendall
Title:    Chief Financial Officer

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Source: View Original Filing on SEC EDGAR

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