$CRGY

Crescent Energy Co

CIK:0001866175|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 1,394,954	$ 897,983	$ 2,577,784	$ 1,848,156
Expenses:
Lease and asset operating expense	207,122	180,465	441,278	372,469
Workover expense	32,905	19,360	63,245	35,381
Gathering, processing and transportation	94,479	106,074	196,554	211,362
Production and other taxes	69,008	55,105	124,707	115,487
Depreciation, depletion and amortization	358,004	297,056	712,129	579,629
Impairment of oil and natural gas properties	0	2,985	0	48,632
Exploration expense	366	5,574	6,885	5,880
Midstream and other operating expense	4,158	29,027	10,904	58,843
General and administrative expense	61,494	124,612	124,294	181,382
(Gain) loss on sale of assets	(13,568)	(1,910)	(10,690)	(12,772)
Total expenses	813,968	818,348	1,669,306	1,596,293
Income (loss) from operations	580,986	79,635	908,478	251,863
Other income (expense):
Gain (loss) on derivatives	181,883	198,585	(524,708)	107,557
Interest expense	(99,823)	(75,219)	(204,397)	(148,400)
Loss from extinguishment of debt	0	0	(17,397)	0
Other income (expense)	471	115	144	231
Income (loss) from equity affiliates	107	439	56	831
Total other income (expense)	82,638	123,920	(746,302)	(39,781)
Income (loss) before taxes	663,624	203,555	162,176	212,082
Income tax benefit (expense)	(169,920)	(41,057)	(87,648)	(43,670)
Net income (loss)	493,704	162,498	74,528	168,412
Less: net (income) loss attributable to noncontrolling interests	(939)	(1,299)	(1,610)	(3,288)
Less: net (income) loss attributable to redeemable noncontrolling interests	0	(7,978)	0	(14,050)
Net income (loss) attributable to Crescent Energy	$ 492,765	$ 153,221	$ 72,918	$ 151,074
Class A
Net income (loss) per share:
Basic (in USD per share)	$ 1.49	$ 0.61	$ 0.22	$ 0.68
Diluted (in USD per share)	$ 1.30	$ 0.60	$ 0.21	$ 0.67
Weighted average shares outstanding:
Basic (in shares)	330,283,000	253,174,000	329,283,000	222,405,000
Diluted (in shares)	381,751,000	255,447,000	366,832,000	225,285,000
Class B
Net income (loss) per share:
Basic (in USD per share)	$ 0	$ 0	$ 0	$ 0
Diluted (in USD per share)	$ 0	$ 0	$ 0	$ 0
Weighted average shares outstanding:
Basic (in shares)	0	2,077,000	0	33,494,000
Diluted (in shares)	0	2,077,000	0	33,494,000
Oil
Revenues:
Total revenues	$ 1,226,826	$ 602,488	$ 2,120,146	$ 1,222,147
Natural gas
Revenues:
Total revenues	33,776	159,001	192,141	346,441
Natural gas liquids
Revenues:
Total revenues	129,371	98,142	254,478	205,717
Midstream and other
Revenues:
Total revenues	$ 4,981	$ 38,352	$ 11,019	$ 73,851

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 74,528	$ 168,412
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation, depletion and amortization	712,129	579,629
Impairment expense	0	48,632
Deferred tax expense (benefit)	86,469	26,184
(Gain) loss on derivatives	524,708	(107,557)
Net cash (paid) received on settlement of derivatives	(343,169)	9,195
Non-cash equity-based compensation expense	44,709	119,493
Amortization of debt issuance costs, premium and discount	8,233	7,541
Loss from debt extinguishment	17,397	0
(Gain) loss on sale of oil and natural gas properties	(10,690)	(12,772)
Settlement of acquired derivative contracts	122,632	34,895
Other	(13,410)	(15,814)
Changes in operating assets and liabilities	(107,557)	(21,758)
Net cash provided by operating activities	1,115,979	836,080
Cash flows from investing activities:
Development of oil and natural gas properties	(651,334)	(476,052)
Acquisitions of oil and natural gas properties, net of cash acquired	(354,423)	(884,366)
Proceeds from the sale of oil and natural gas properties	12,756	91,372
Purchases of restricted investment securities – HTM	(14,543)	(8,969)
Maturities of restricted investment securities – HTM	14,577	8,904
Other	(10,683)	0
Net cash used in investing activities	(1,003,650)	(1,269,111)
Cash flows from financing activities:
Proceeds from the issuance of Senior Notes, after premium, discount and underwriting fees	671,025	0
2031 Convertible Notes capped call	(56,649)	0
Repurchase of Senior Notes, including extinguishment costs	(551,258)	0
Proceeds from issuance of CRF Term Loan	135,000	0
Repayments of CRF Term Loan	(89,500)	0
Payment of debt issuance costs	(9,682)	(1,777)
Settlement of Ridgemar contingent earn-out consideration	(18,718)	0
Dividends	(78,979)	(54,011)
Distributions to redeemable noncontrolling interests	0	(16,587)
Repurchase of noncontrolling interest	(32,196)	0
Noncontrolling interest distributions	(1,501)	(2,062)
Cash paid for treasury stock acquired for equity-based compensation tax withholding	(1,386)	0
Repurchases of Class A common stock	0	(33,828)
Other	0	(1,855)
Net cash provided by (used in) financing activities	(576,492)	213,380
Net change in cash, cash equivalents and restricted cash	(464,163)	(219,651)
Cash, cash equivalents and restricted cash, beginning of period	753,310	240,908
Cash, cash equivalents and restricted cash, end of period	289,147	21,257
Prior Credit Agreement
Cash flows from financing activities:
Revolving Credit Facility borrowings	2,255,500	1,783,000
Revolving Credit Facility repayments	(3,028,148)	(1,459,500)
Crescent Royalty Finance Credit Facility
Cash flows from financing activities:
Revolving Credit Facility borrowings	$ 230,000	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 264,882	$ 10,157
Restricted cash	5,467	725,702
Derivative assets – current	53,759	322,784
Prepaid expenses	49,642	46,309
Other current assets	60,027	13,271
Total current assets	1,102,612	1,861,057
Oil and natural gas properties at cost, successful efforts method
Proved	14,132,507	13,264,097
Unproved	567,174	413,444
Oil and natural gas properties at cost, successful efforts method	14,699,681	13,677,541
Field and other property and equipment, at cost	177,134	157,031
Total property, plant and equipment	14,876,815	13,834,572
Less: accumulated depreciation, depletion, amortization and impairment	(4,245,505)	(3,558,601)
Property, plant and equipment, net	10,631,310	10,275,971
Derivative assets – noncurrent	22,024	2,829
Investments in equity affiliates	9,149	8,146
Deferred tax asset	73,086	143,706
Other assets	170,195	151,498
TOTAL ASSETS	12,008,376	12,443,207
Current liabilities:
Derivative liabilities – current	28,345	0
Financing lease obligations – current	4,225	4,860
Other current liabilities	136,752	86,603
Total current liabilities	1,167,335	1,259,420
Long-term debt	5,166,022	5,524,128
Derivative liabilities – noncurrent	9,854	13,421
Asset retirement obligations	379,933	383,057
Deferred tax liability	15,127	11,671
Financing lease obligations – noncurrent	1,435	3,228
Other liabilities	109,081	82,847
Total liabilities	6,848,787	7,277,772
Commitments and contingencies (Note 9)
Equity:
Preferred stock, $0.0001 par value; 500,000,000 shares authorized and 1,000 Series I preferred shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Treasury stock, at cost; 7,190,582 and 7,079,021 shares of Class A common stock as of June 30, 2026 and December 31, 2025, respectively	(72,441)	(71,054)
Additional paid-in capital	5,191,073	5,228,928
Retained earnings (accumulated deficit)	33,287	0
Noncontrolling interests	7,637	7,528
Total equity	5,159,589	5,165,435
TOTAL LIABILITIES AND EQUITY	12,008,376	12,443,207
Nonrelated Party
Current assets:
Accounts receivable, net	664,936	738,333
Current liabilities:
Accounts payable and accrued liabilities	977,199	1,121,678
Affiliated Entity
Current assets:
Accounts receivable, net	3,899	4,501
Current liabilities:
Accounts payable and accrued liabilities	20,814	46,279
Class A Common Stock
Equity:
Common stock	33	33
Class B Common Stock
Equity:
Common stock	$ 0	$ 0