CRGY
Crescent Energy Company8.26
-0.66-7.4%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
Q&A details Q4, Vital capex cuts
Q&A largely reaffirmed prepared remarks on strong execution, Vital acquisition synergies, and $800M+ YTD divestitures, with management providing incremental Q4 details: 16,000 boe/d production drop from sales, 39% oil mix, minimal Vital contribution. They plan 60-70% capex reduction on Permian assets to 1-2 rigs post-close for higher FCF, aligning with historical low-reinvestment model (~50%). Divestitures improve margins, OpEx to ~$11.50/boe pro forma; program mostly complete, minerals stay core. No strategy shifts or walk-backs. Flexible, returns-focused allocation persists. Q&A added helpful color. Investors eye debt paydown and Permian integration.
Key Stats
Market Cap
2.10BP/E (TTM)
-Basic EPS (TTM)
-0.31Dividend Yield
0.05%Recent Filings
8-K
Debt exchange settles
Crescent Energy Finance settled its exchange offers on January 2, 2026, swapping $295M of Vital 7.75% 2029 notes and $237M of Vital 9.75% 2030 notes for matching Crescent notes, leaving $3M and $65M Vital notes outstanding. Amendments gutted restrictive covenants in Vital indentures. Debt rolls over seamlessly.
8-K
Vital merger closes
Crescent Energy closed its all-stock acquisition of Vital Energy on December 15, 2025, issuing 1.9062 shares of CRGY per Vital share. Crescent Finance assumed Vital's senior notes: $800M 7.875% due 2032, plus 2029 and 2030 issues at 7.75% and 9.75%. Deal adds scale; board expanded to twelve with two ex-Vital directors. Notes carry standard covenants, redemption terms.
8-K
Launches Vital notes exchange
Crescent Energy Finance launched exchange offers on December 1, 2025, for Vital's $298M 7.75% notes due 2029 and $302M 9.75% notes due 2030, swapping them for new Crescent notes while soliciting consents to gut restrictive covenants. Early tenders snag full $1,000 principal; all holders grab $2.50 consent fee if thresholds hit. Offers hinge on Vital acquisition closing.
8-K
Pro formas for acquisitions filed
Crescent Energy filed pro forma financials giving effect to its completed Ridgemar ($830M cash plus 5.5M shares, closed January 31, 2025) and SilverBow acquisitions alongside the pending all-equity Vital merger (announced August 25, 2025). Pro formas show combined 2024 revenues of $3.97B and net income to Crescent of $85M. Shareholder approvals and regulatory nods remain risks. Pro formas blend operations.
8-K
Q3 beat, Vital deal advances
Crescent Energy posted Q3 2025 results with 253 MBoe/d production (41% oil), $487M Adjusted EBITDAX, and $204M Levered Free Cash Flow, beating expectations via Eagle Ford efficiencies. Signed >$700M non-core divestitures to fund debt paydown while advancing $3.1B all-stock Vital Energy buy, set for Q4 close. Scale surges. Pro forma leverage dips to 1.4x.
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