Crescent Energy Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Crescent Energy Co. has filed its annual 10-K report for fiscal year 2023, detailing its financial performance and operational activities in the oil and gas sector.</b>

AI Summary

Crescent Energy Co (CRGY) filed a Annual Report (10-K) with the SEC on March 4, 2024. Crescent Energy Co. filed its 10-K report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is Crude Petroleum & Natural Gas. Crescent Energy Co. was formerly known as IE PubCo Inc. until June 7, 2021. The company is incorporated in Delaware and headquartered in Houston, Texas.

Why It Matters

For investors and stakeholders tracking Crescent Energy Co, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Crescent Energy's financial health, operational results, and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. Understanding the details within this report allows stakeholders to evaluate the company's reserves, production levels, and financial stability in the dynamic energy market.

Risk Assessment

Risk Level: medium — Crescent Energy Co shows moderate risk based on this filing. The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and regulatory changes, as indicated by its SIC code for Crude Petroleum & Natural Gas.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Crescent Energy's performance and outlook in the energy sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-04 — Filing Date (Filed as of date)
• 2021-06-07 — Date of Name Change (From IE PubCo Inc. to Crescent Energy Co.)

Key Players & Entities

• Crescent Energy Co. (company) — Filer name
• IE PubCo Inc. (company) — Former company name
• DE (jurisdiction) — State of incorporation
• Houston, Texas (location) — Business and mailing address city and state
• 0001866175 (company) — Central Index Key
• 1311 (industry_code) — Standard Industrial Classification code for Crude Petroleum & Natural Gas

FAQ

Risk Factors

• Commodity Price Volatility [high — market]: The company's financial performance is significantly impacted by fluctuations in the prices of crude oil, natural gas, and natural gas liquids.
• Environmental and Regulatory Compliance [medium — regulatory]: Operations are subject to extensive federal, state, and local environmental laws and regulations, which can increase costs and affect operations.
• Operational Risks [medium — operational]: Risks include the successful exploration, development, and production of oil and gas reserves, as well as potential operational disruptions.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-04: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and operational overview of Crescent Energy Co.)

Crude Petroleum & Natural Gas

The industry sector focused on the extraction and production of oil and natural gas. (This is the primary industry in which Crescent Energy Co. operates, indicating its core business activities.)

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 CRGY New York Stock Exchange Indicate
• $10.42 — 30, 2023, based on the closing price of $10.42 for shares of the registrant's Class A

Filing Documents

• crgy-20231231.htm (10-K) — 3773KB
• a_ex24comanchexfirstamendm.htm (EX-2.4) — 27KB
• a_ex25comanchexsecondamend.htm (EX-2.5) — 19KB
• a_ex211crescentenergycompa.htm (EX-21.1) — 49KB
• deloitte2023form10-kconsent.htm (EX-23.1) — 2KB
• crgy-ryderscottconsent10xk.htm (EX-23.2) — 6KB
• secexhibit-exx3112023.htm (EX-31.1) — 11KB
• secexhibit-exx3122023.htm (EX-31.2) — 11KB
• secexhibit-xexx3212023.htm (EX-32.1) — 6KB
• a10-k_ex971clawbackpolicy.htm (EX-97.1) — 23KB
• crgy-20231231_g1.jpg (GRAPHIC) — 40KB
• image_0.jpg (GRAPHIC) — 93KB
• image_1.jpg (GRAPHIC) — 79KB
• 0001866175-24-000015.txt (&nbsp;) — 17508KB
• crgy-20231231.xsd (EX-101.SCH) — 96KB
• crgy-20231231_cal.xml (EX-101.CAL) — 156KB
• crgy-20231231_def.xml (EX-101.DEF) — 732KB
• crgy-20231231_lab.xml (EX-101.LAB) — 1265KB
• crgy-20231231_pre.xml (EX-101.PRE) — 929KB
• crgy-20231231_htm.xml (XML) — 2736KB

Risk Factors

Item 1A. Risk Factors 35

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 66 I tem 1C. Cybers ecurity 66

Legal Proceedings

Item 3. Legal Proceedings 67

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 67 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 68

Reserved

Item 6. Reserved 68

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 68

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 86

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 88

Changes in and Disagreements With Accountants on Accounting and Financial Disclosures

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosures 142

Controls and Procedures

Item 9A. Controls and Procedures 142

Other Information

Item 9B. Other Information 143

Disclosure Regarding Foreign Jurisdiction that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections 144 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 145

Executive Compensation

Item 11. Executive Compensation 149

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 162

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 165

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 167 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 169

Form 10-K Summary

Item 16. Form 10-K Summary 172

Signatures

Signatures 173 3 Table of Contents Cautionary Statement Regarding Forward-Looking Statements The information in this Annual Report contains or incorporates by reference information that includes or is based upon "forward-looking statements" within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. All statements, other than statements of historical facts, included herein concerning, among other things, planned capital expenditures, increases in oil, natural gas and natural gas liquids ("NGL") production, the number of anticipated wells to be drilled or completed after the date hereof, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, business strategy and other plans and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as "may," "expect," "estimate," "project," "plan," "believe," "intend," "achievable," "anticipate," "will," "continue," "potential," "should," "could," and similar terms and phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. Our results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, among others: commodity price volatility; our business strategy; our ability to identify and select possible additional acquisition and disposition opportunities; capital requirements and uncertainty of obtaining additional funding on terms acceptable to us; risks and restrictions related to our debt agreements and the level of our indebtedness; our reliance on KKR Energy Assets Manager LLC as our external manager; our hedging strategy and results; realized oil, natural gas and NGL prices; political and economic conditions and events in the U.S. and in foreign oi

View Full Filing

View this 10-K filing on SEC EDGAR