Crescent Energy Co. Files 10-Q for Q1 2024

TL;DR

<b>Crescent Energy Co. has submitted its Q1 2024 10-Q filing, detailing its financial performance and operational status.</b>

AI Summary

Crescent Energy Co (CRGY) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Crescent Energy Co. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31. Crescent Energy Co. is involved in Crude Petroleum & Natural Gas extraction. The company was formerly known as IE PubCo Inc. until June 7, 2021.

Why It Matters

For investors and stakeholders tracking Crescent Energy Co, this filing contains several important signals. This filing provides investors with an updated view of Crescent Energy's financial health and operational activities for the first quarter of 2024, crucial for investment decisions. Understanding the company's performance in the Crude Petroleum & Natural Gas sector is key, as this filing offers specific data points on production and reserves.

Risk Assessment

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

Analyst Insight

Monitor Crescent Energy's production volumes and reserve data in this 10-Q filing for insights into its operational performance and future growth potential.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-05-06 — Filing Date (As of Date)
• 1231 — Fiscal Year End (Fiscal Year End)
• 001-41132 — SEC File Number (SEC File Number)

Key Players & Entities

• Crescent Energy Co (company) — Filer name
• CRGY (company) — Ticker symbol
• IE PubCo Inc. (company) — Former company name
• 2024-03-31 (date) — Period of report
• 2024-05-06 (date) — Filing date
• 1311 (industry_code) — Standard Industrial Classification for Crude Petroleum & Natural Gas

FAQ

Industry Context

Crescent Energy Co. operates within the Crude Petroleum & Natural Gas industry, a sector characterized by commodity price volatility and significant capital investment.

Regulatory Implications

As a publicly traded company in the US, Crescent Energy Co. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for revenue, net income, and cash flow trends.
2. Analyze any disclosed risk factors related to commodity prices, operational challenges, or regulatory changes.
3. Compare key performance indicators with previous quarters and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition between annual reports.)

Crude Petroleum & Natural Gas

Industry classification for companies involved in the exploration and extraction of oil and natural gas. (Indicates Crescent Energy's primary business sector and the market dynamics it operates within.)

Year-Over-Year Comparison

This is the initial 10-Q filing for the first quarter of 2024, providing a baseline for future comparisons.

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 CRGY New York Stock Exchange Indicate

Filing Documents

• crgy-20240331.htm (10-Q) — 1397KB
• crgy-section302ex311certif.htm (EX-31.1) — 10KB
• crgy-section302ex312certif.htm (EX-31.2) — 10KB
• crgy-section906ex321certif.htm (EX-32.1) — 6KB
• 0001866175-24-000053.txt (&nbsp;) — 7482KB
• crgy-20240331.xsd (EX-101.SCH) — 53KB
• crgy-20240331_cal.xml (EX-101.CAL) — 83KB
• crgy-20240331_def.xml (EX-101.DEF) — 389KB
• crgy-20240331_lab.xml (EX-101.LAB) — 648KB
• crgy-20240331_pre.xml (EX-101.PRE) — 500KB
• crgy-20240331_htm.xml (XML) — 989KB

- Financial Information

Part I - Financial Information

F inancial Statements

Item 1. F inancial Statements 5

. M anagement's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 . M anagement's Discussion and Analysis of Financial Condition and Results of Operations 27

. Q uantitative and Qualitative Disclosures About Market Risk

Item 3 . Q uantitative and Qualitative Disclosures About Market Risk 43

C ontrols and Procedures

Item 4. C ontrols and Procedures 44

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 45

A. Risk Factors

Item 1 A. Risk Factors 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45

. Defaults Upon Senior Securities

Item 3 . Defaults Upon Senior Securities 45

. Mine Safety Disclosures

Item 4 . Mine Safety Disclosures 45

. Other Information

Item 5 . Other Information 45

. Exhibits

Item 6 . Exhibits 46

Signatures

Signatures 48 1 GLOSSARY The following are abbreviations and definitions of certain terms used in this document, which are commonly used in the oil and natural gas industry: barrel or Bbl — One stock tank barrel, or 42 United States gallons liquid volume. Boe — One barrel of oil equivalent determined using the ratio of six Mcf of natural gas to one barrel of crude oil or condensate. Boe/d — Barrels of oil equivalent per day. Brent — the reference price paid in U.S. dollars for a barrel of light sweet crude oil produced from the Brent field in the UK sector of the North Sea. Btu — British thermal unit, which is the heat required to raise the temperature of a one-pound mass of water one degree Fahrenheit. Henry Hub — Henry Hub is the major exchange for pricing natural gas futures on the New York Mercantile Exchange. It is frequently referred to as the Henry Hub index. MBbls — One thousand Bbls or other liquid hydrocarbons. MBbl/d — One thousand Bbls or other liquid hydrocarbons per day. MBoe — One thousand Boe. MBoe/d — One thousand Boe per day. Mcf — One thousand cubic feet of natural gas. Mcf/d — One thousand Mcf per day. MMBoe — One million Boe. MMBtu — One million Btus. MMcf — One million Mcf. MMcf/d — One million Mcf per day. NYMEX — The New York Mercantile Exchange. Proved developed reserves — Proved reserves that can be expected to be recovered through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared with the cost of a new well or through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well. Proved reserves — Proved reserves are those quantities of oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs and under

– Financial Information

Part I – Financial Information

Financial Statements

Item 1. Financial Statements CRESCENT ENERGY COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share data) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 5,321 $ 2,974 Accounts receivable, net 461,836 504,630 Accounts receivable – affiliates 7,873 2,108 Derivative assets – current 36,513 54,321 Prepaid expenses 39,501 40,406 Other current assets 12,721 11,213 Total current assets 563,765 615,652 Property, plant and equipment: Oil and natural gas properties at cost, successful efforts method Proved 8,781,571 8,574,478 Unproved 290,904 283,324 Oil and natural gas properties at cost, successful efforts method 9,072,475 8,857,802 Field and other property and equipment, at cost 202,887 198,570 Total property, plant and equipment 9,275,362 9,056,372 Less: accumulated depreciation, depletion, amortization and impairment ( 3,108,052 ) ( 2,940,546 ) Property, plant and equipment, net 6,167,310 6,115,826 Derivative assets – noncurrent 4,305 8,066 Investments in equity affiliates 6,203 6,076 Other assets 56,334 57,715 TOTAL ASSETS $ 6,797,917 $ 6,803,335 The accompanying notes to financial statements are an integral part of these condensed consolidated financial statements 5 CRESCENT ENERGY COMPANY CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share data) March 31, 2024 December 31, 2023 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Current liabilities: Accounts payable and accrued liabilities $ 574,633 $ 613,543 Accounts payable – affiliates 35,983 52,607 Derivative liabilities – current 101,220 42,051 Financing lease obligations – current 4,148 4,233 Other current liabilities 32,092 37,823 Total current liabilities 748,076 750,257 Long-term debt 1,749,226 1,694,375 Derivative liabilities – noncurrent 2,059 — Asset retirement obligations 424,232 418,319 Deferred tax liability 288,369 262,581 Financing lease obligation