Crescent Energy amends $3.5B credit facility

Crescent Energy Company amended its main credit facility through a Fifteenth Amendment to its Credit Agreement.

Rhea-AI Filing Summary

Crescent Energy Company amended its main credit facility through a Fifteenth Amendment to its Credit Agreement. The amendment lowers the borrowing base to $3.5 billion from $3.9 billion, reflecting the scheduled April 1, 2026 redetermination, while keeping aggregate elected commitments at $2.0 billion.

The maturity date for revolving loans is extended to May 19, 2031 from October 22, 2030, giving the company more time before repayment is due. The amendment also allows up to $600.0 million of additional specified indebtedness incurred between May 18, 2026 and the October 1, 2026 scheduled redetermination date to be excluded from automatic borrowing base reductions, as long as this new debt stays within the stated aggregate limit.

Insights

Credit and capital structure analyst

Crescent trades lower borrowing capacity for longer credit visibility.

The amendment reduces Crescent’s borrowing base to $3.5 billion from $3.9 billion, but keeps elected commitments at $2.0 billion. This suggests lenders are comfortable maintaining usable liquidity while adjusting overall collateral-backed capacity.

Extending revolving loan maturity to May 19, 2031 lengthens the company’s debt horizon, which can ease near-term refinancing pressure. The carve-out for up to $600.0 million of additional indebtedness before the October 1, 2026 redetermination offers flexibility to raise more debt without immediate borrowing base cuts, within that capped window.

Overall, the changes combine a modest capacity reduction with longer tenor and conditional flexibility to add debt. The net effect on Crescent’s risk profile depends on how much of the new indebtedness the company ultimately incurs under these terms.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Borrowing base: $3.5 billion Prior borrowing base: $3.9 billion Elected commitments: $2.0 billion +3 more

6 metrics

Borrowing base $3.5 billion After Fifteenth Amendment; down from $3.9 billion

Prior borrowing base $3.9 billion Before April 1, 2026 scheduled redetermination

Elected commitments $2.0 billion Aggregate elected commitments under amended facility

Revolver maturity (new) May 19, 2031 Extended maturity date for revolving loans

Revolver maturity (old) October 22, 2030 Previous maturity date before amendment

Indebtedness carve-out $600.0 million Additional indebtedness excluded from borrowing base reduction between May 18, 2026 and October 1, 2026 redetermination

Key Terms

borrowing base, scheduled redetermination, revolving loans, emerging growth company, +2 more

6 terms

borrowing base financial

"provides for a decrease in the borrowing base from $3.9 billion to $3.5 billion"

A borrowing base is the amount a lender will allow a company to borrow based on the value of assets the company offers as security, typically things like accounts receivable and inventory. It matters to investors because it sets a practical ceiling on short-term financing and influences a company’s liquidity and risk: if the borrowing base falls, the company may lose access to cash or be forced to sell assets, which can affect operations and share value.

scheduled redetermination financial

"which constitutes the April 1, 2026 scheduled redetermination"

revolving loans financial

"provides for an extension of the maturity date for any revolving loans to May 19, 2031"

A revolving loan is a credit line that lets a borrower draw, repay and draw again up to a set limit for a specified period, much like a business credit card. It matters to investors because it provides short-term cash flexibility and affects a company’s financial health — higher reliance on revolving loans can raise borrowing costs, increase repayment risk if cash dries up, and signal how easily the company can fund operations without issuing new stock.

emerging growth company regulatory

"Emerging growth company"

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.

off-Balance Sheet Arrangement financial

"Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant"

An off-balance sheet arrangement is a financial commitment or asset that a company keeps out of its main financial statements so it does not show up as a direct asset or liability. Think of it like renting equipment or using a separate storage locker instead of putting the item in your home: the economic effects exist, but they aren’t listed on the company’s primary balance sheet. Investors care because these arrangements can hide risks, obligations or sources of cash flow that affect a company’s true financial strength and future performance.

material definitive agreement regulatory

"Item 1.01. Entry into a Material Definitive Agreement."

A material definitive agreement is a legally binding contract that creates major, long‑term obligations or rights for a company, such as loans, asset sales, mergers, or supplier deals. Think of it like a mortgage or lease for a business: it can change future cash flow, risk and control, so investors watch these agreements closely because they can materially affect a company’s value, financial health and stock price.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Crescent Energy (CRGY) change in its credit agreement?

Crescent Energy amended its main credit facility, cutting the borrowing base to $3.5 billion from $3.9 billion, extending revolving loan maturity to May 19, 2031, and preserving aggregate elected commitments at $2.0 billion under updated terms.

How much is Crescent Energy’s new borrowing base after the amendment?

The borrowing base is now $3.5 billion, reduced from $3.9 billion as part of the April 1, 2026 scheduled redetermination. This figure represents the maximum collateral-based capacity under the amended credit agreement, separate from the $2.0 billion elected commitments.

When do Crescent Energy’s revolving loans now mature under the new terms?

The amendment extends the maturity date for revolving loans to May 19, 2031, from the prior date of October 22, 2030. This gives Crescent Energy a longer timeframe before principal repayment on its revolver becomes due, easing shorter-term refinancing pressure.

What is the $600 million indebtedness carve-out in Crescent Energy’s amendment?

The amendment allows up to $600.0 million of specified additional indebtedness incurred between May 18, 2026 and the October 1, 2026 scheduled redetermination to be excluded from required borrowing base reductions. This exclusion applies only if total new debt within that window stays within the stated aggregate cap.

Did Crescent Energy change its elected commitments under the credit facility?

No, the amendment keeps aggregate elected commitments at $2.0 billion under the credit agreement. While the borrowing base decreases to $3.5 billion, Crescent Energy’s chosen level of committed revolving capacity remains unchanged according to the disclosed terms.

Who are the key counterparties in Crescent Energy’s amended credit agreement?

The facility is with Wells Fargo Bank, National Association as administrative and collateral agent and letter of credit issuer, plus other lenders and letter of credit issuers. Crescent Energy Finance LLC is borrower, with certain subsidiaries acting as guarantors under the amended credit agreement.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/22/2026 - 04:15 PM Learn about SEC filing dates

0001866175FALSE00018661752026-05-182026-05-18

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): May 18, 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 1.01.    Entry into a Material Definitive Agreement.

On May 18, 2026, Crescent Energy Finance LLC, a Delaware limited liability company (“Crescent Finance”) and a wholly owned subsidiary of Crescent Energy Company (NYSE: CRGY) (“Crescent”), entered into that certain Fifteenth Amendment to Credit Agreement (the “Credit Agreement Amendment”), which amended Crescent’s existing Credit Agreement, dated as of May 6, 2021 (as amended by the First Amendment to Credit Agreement, dated as of September 24, 2021, the Second Amendment to Credit Agreement, dated as of March 30, 2022, the Third Amendment to Credit Agreement, dated as of March 30, 2022, the Fourth Amendment to Credit Agreement, dated as of September 23, 2022, the Fifth Amendment to Credit Agreement, dated as of July 3, 2023, the Sixth Amendment to Credit Agreement, dated as of December 13, 2023, the Seventh Amendment to Credit Agreement, dated as of April 10, 2024, the Eighth Amendment to Credit Agreement, dated as of May 24, 2024, the Ninth Amendment to Credit Agreement, dated as of June 14, 2024, the Tenth Amendment to Credit Agreement, dated as of July 30, 2024, the Eleventh Amendment to Credit Agreement, dated as of December 17, 2024, the Twelfth Amendment to Credit Agreement, dated as of May 2, 2025, the Thirteenth Amendment to Credit Agreement, dated as of October 22, 2025, and the Fourteenth Amendment to Credit Agreement, dated as of February 23, 2026, and as further amended, modified, supplemented or restated from time to time, the “Credit Agreement”), by and among Crescent Finance, certain subsidiaries of Crescent Finance, as guarantors, Wells Fargo Bank, National Association, as administrative agent, collateral agent and a letter of credit issuer, and the other lenders and letter of credit issuers party thereto from time to time. Among other things, the Credit Agreement Amendment (i) provides for a decrease in the borrowing base from $3.9 billion to $3.5 billion, which constitutes the April 1, 2026 scheduled redetermination, (ii) provides for an extension of the maturity date for any revolving loans to May 19, 2031 from October 22, 2030 and (iii) provides that the incurrence of up to $600.0 million of certain additional indebtedness during the period beginning on May 18, 2026 and ending on the scheduled redetermination date for the October 1, 2026 scheduled redetermination will be excluded from the requirement for the borrowing base to be reduced by 0.25x of the principal amount of such new debt incurrences, so long as such debt is incurred during such period and does not exceed the $600.0 million aggregate threshold. The Credit Agreement Amendment maintains the aggregate elected commitments at $2.0 billion.

The foregoing description of the Credit Agreement Amendment does not purport to be complete and is qualified in its entirety by reference to the text of the Credit Agreement Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated into this Item 1.01 by reference.

Item 2.03.    Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description
10.1*						Fifteenth Amendment to Credit Agreement, dated May 18, 2026, by and among Crescent Energy Finance LLC, certain subsidiaries of Crescent Energy Finance LLC, as guarantors, Wells Fargo Bank, National Association, as administrative agent, collateral agent and a letter of credit issuer, and the other lenders and letter of credit issuers party thereto.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

* Certain of the schedules and exhibits to the agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule or exhibit will be furnished to the U.S. Securities and Exchange Commission upon request.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			CRESCENT ENERGY COMPANY
Date: May 22, 2026			By:						/s/ Bo Shi
			Name:						Bo Shi
			Title:						General Counsel

3

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

• EX-10.1 EX-10.1 134.4 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 22.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.8 KB