Crescent Energy Acquires Eagle Ford Assets for $1.1B

Ticker: CRGY · Form: 8-K · Filed: 2024-04-23T00:00:00.000Z

Sentiment: bullish

Topics: acquisition, oil-and-gas, eagle-ford

Related Tickers: CRGY, PXD

TL;DR

CRGY buys Pioneer's Eagle Ford assets for $1.1B cash, closing H2 2024.

AI Summary

Crescent Energy Company (CRGY) announced on April 23, 2024, that it has entered into a definitive agreement to acquire all of the outstanding equity interests in Pioneer Natural Resources Company's Eagle Ford shale assets for approximately $1.1 billion in cash. The transaction is expected to close in the second half of 2024, subject to customary closing conditions.

Why It Matters

This acquisition significantly expands Crescent Energy's footprint in the Eagle Ford shale, a key oil and gas producing region, potentially boosting production and reserves.

Risk Assessment

Risk Level: medium — The acquisition involves a significant cash outlay and is subject to closing conditions, introducing integration and market risks.

Key Numbers

Key Players & Entities

FAQ

What specific assets are included in the acquisition from Pioneer Natural Resources Company?

The filing states that Crescent Energy is acquiring all of the outstanding equity interests in Pioneer Natural Resources Company's Eagle Ford shale assets.

What is the total cash consideration for this acquisition?

The total cash consideration for the acquisition is approximately $1.1 billion.

When is the transaction expected to close?

The transaction is expected to close in the second half of 2024.

What is the primary geographic focus of the acquired assets?

The acquired assets are located in the Eagle Ford shale.

Are there any conditions to closing the acquisition?

Yes, the transaction is subject to customary closing conditions.

Filing Stats: 548 words · 2 min read · ~2 pages · Grade level 11.8 · Accepted 2024-04-23 16:33:28

Key Financial Figures

Filing Documents

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. Hedge Settlements For the three months ended March 31, 2024, Crescent Energy Company (the "Company" or "Crescent") expects to report $23 million of net cash settlements paid on Crescent's hedge positions. The dollar amounts included in this Current Report on Form 8-K are preliminary and subject to change. Such amounts as disclosed herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements are based on current expectations but remain subject to a number of assumptions, risks and uncertainties. Consequently, actual final results could differ materially from current expectations. Final dollar amounts for the three months ended March 31, 2024 will be reported in Crescent's Quarterly Report on Form 10-Q for the period ended March 31, 2024. The information in this Item 2.02 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 of 1933 or the Exchange Act. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 23, 2024 CRESCENT ENERGY COMPANY By: /s/ Brandi Kendall Name: Brandi Kendall Title: Chief Financial Officer 3

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