Crescent Energy Files 8-K on Financials and Operations

TL;DR

CRGY dropped an 8-K detailing financials & ops - check it out!

AI Summary

Crescent Energy Company (CRGY) filed an 8-K on March 6, 2024, reporting on its results of operations and financial condition. The filing also included Regulation FD disclosures, other events, and financial statements and exhibits. The company is incorporated in Delaware and headquartered in Houston, Texas.

Why It Matters

This filing provides investors with crucial updates on Crescent Energy's financial performance and operational status, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine filing providing financial and operational updates, not indicating any immediate or significant new risks.

Key Players & Entities

• Crescent Energy Company (company) — Registrant
• CRGY (company) — Ticker Symbol
• March 6, 2024 (date) — Filing Date
• Delaware (jurisdiction) — State of Incorporation
• Houston, Texas (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share CRGY The New York Stock Excha
• $5.3 billion — net proved standardized measure totaled $5.3 billion as of December 31, 2023. The table belo
• $78.22 — olumes, the average WTI posted price of $78.22 per barrel as of December 31, 2023, was
• $2.64 — e average Henry Hub Index spot price of $2.64 per MMBtu as of December 31, 2023, was
• $74.71 — e remaining lives of the properties are $74.71 per barrel of oil, $2.36 per Mcf of nat
• $2.36 — roperties are $74.71 per barrel of oil, $2.36 per Mcf of natural gas and $27.33 per b
• $27.33 — f oil, $2.36 per Mcf of natural gas and $27.33 per barrel of NGLs. (2) Reflects the n
• $62.88 — e remaining lives of the properties are $62.88 per barrel of oil, $3.30 per Mcf of nat
• $3.30 — roperties are $62.88 per barrel of oil, $3.30 per Mcf of natural gas and $22.83 per b
• $22.83 — f oil, $3.30 per Mcf of natural gas and $22.83 per barrel of NGLs as of January 31, 20
• $1.6 billion — gregate notional value of approximately $1.6 billion. We determine the fair value of our oil
• $67.75 B — ude oil swaps (Bbls): WTI 2024 10,669 $67.75 Brent 2024 244 $69.24 Crude oil collars
• $69.24 — TI 2024 10,669 $67.75 Brent 2024 244 $69.24 Crude oil collars – WTI (Bbls): 2024
• $79.54 — ars – WTI (Bbls): 2024 3,588 $ 64.62 — $79.54 2025 (1) 1,460 $ 60.00 — $85.00 Crud
• $85.00 — .62 — $79.54 2025 (1) 1,460 $ 60.00 — $85.00 Crude oil collars – Brent (Bbls): 202

Filing Documents

• crgy-20240306.htm (8-K) — 114KB
• exhibit991-8xkmar2024.htm (EX-99.1) — 270KB
• 0001628280-24-009386.txt ( ) — 534KB
• crgy-20240306.xsd (EX-101.SCH) — 2KB
• crgy-20240306_lab.xml (EX-101.LAB) — 22KB
• crgy-20240306_pre.xml (EX-101.PRE) — 13KB
• crgy-20240306_htm.xml (XML) — 3KB

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. As reported in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission ("SEC") by Crescent Energy Company (the "Company") on July 10, 2023, as amended on a Form 8-K/A filed with the SEC on September 6, 2023, on July 3, 2023, the Company consummated the acquisition contemplated by the Purchase and Sale Agreement (the "Purchase Agreement") dated as of May 2, 2023, by and among Javelin EF L.P. (the "Purchaser"), a subsidiary of the Company, Mesquite Comanche Holdings, LLC ("Comanche Holdings") and SN EF Maverick, LLC ("SN EF Maverick," and collectively with Comanche Holdings, the "Seller"), pursuant to which the Purchaser agreed to acquire from the Seller certain interests in oil and gas properties, rights and related assets (such assets, the "Western Eagle Ford Assets," and such transactions contemplated by the Purchase Agreement, collectively, the "Western Eagle Ford Acquisition"). This Current Report on Form 8-K provides a pro forma statement of operations of the Company, as described in Item 9.01 below and which is incorporated into this Item 2.02 by reference, giving effect to the Western Eagle Ford Acquisition as if it has been consummated on January 1, 2023. This Current Report on Form 8-K should be read in connection with the Company's July 10 and September 6 filings referenced above, which together provide a more complete description of the Western Eagle Ford Acquisition. In addition, to the extent required, the information contained in Item 8.01 of this Current Report on Form 8-K is incorporated into this Item 2.02 by reference. The information contained in this Item 2.02 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (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 of 1933, as amended (the "Securitie

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. The information contained in Item 8.01 of this Current Report on Form 8-K is incorporated into this Item 7.01 by reference. The information contained in this Item 7.01 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.

01. Other Events

Item 8.01. Other Events. On March 6, 2024, the Company provided certain updates to potential investors, the relevant excerpts of which are set forth below. ***** Our reserves are generally long-lived and characterized by relatively low production decline rates, affording us significant capital flexibility and an ability to efficiently hedge material quantities of future expected production. Based on forecasts used in our reserve report, our PDP reserves as of December 31, 2023 have estimated average five-year and ten-year annual decline rates of approximately 13% and approximately 12%, respectively, and an estimated 2024 PDP decline rate of approximately 19%. As a result of this overall low decline profile, we require relatively minimal capital expenditures to maintain our production and cash flows, while supporting our dividend policy. Our properties located in the Eagle Ford and Rockies represent approximately 76% of our proved reserves as of December 31, 2023, and provide us with diversification from both a regional location and commodity price perspective, which provides us certain downside protection as it relates to commodity-specific pressures, isolated infrastructure constraints or severe weather events. Our net proved standardized measure totaled $5.3 billion as of December 31, 2023. The table below illustrates the aggregate reserve volumes associated with our proved assets as of December 31, 2023. Operating Area Net Proved Reserves (1) % Oil & Liquids (1) Net PD Reserves (1) 2023 Total Net Production SEC (1) Net PD PV-10 (1)(2) NYMEX (3) Net PD PV-10 (1)(2) (MMBoe) (MMBoe) (MBoe) (MM) (MM) Eagle Ford 231 73 % 187 16,191 $ 2,175 $ 2,263 Rockies 434 62 % 121 23,051 1,313 $ 1,525 Other (4) 661 49 % 128 15,291 887 $ 790 Total 1,326 64 % 436 54,533 $ 4,375 $ 4,578 __________________ (1) Our reserves and PV-10 were determined using average first-day-of-the-month prices for the prior 12 months in accordance with guidance from the SEC. Fo

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (b) Pro Forma Financial Information The following unaudited pro forma condensed combined financial information of the Company, giving effect to the Western Eagle Ford Acquisition, attached as Exhibit 99.1 hereto: Unaudited Pro Forma Condensed Combined Statement of Operations for the year ended December 31, 2023; and Notes to the Unaudited Pro Forma Condensed Combined Financial Statements. (d) Exhibits Exhibit No. Description 99.1 Unaudited Pro Forma Condensed Combined Statement of Operations for the year ended December 31, 2023 104 Cover Page Interactive Data File (embedded within Inline XBRL document).

SIGNATURES

SIGNATURES 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: March 6, 2024 By: /s/ Bo Shi Name: Bo Shi Title: General Counsel

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View this 8-K filing on SEC EDGAR