Crescent Energy Files 8-K on Operations and Financials

Ticker: CRGY · Form: 8-K · Filed: 2024-06-13T00:00:00.000Z

Sentiment: neutral

Topics: operations, financials, disclosure

Related Tickers: CRGY

TL;DR

CRGY dropped an 8-K detailing financials and operations - check it out.

AI Summary

On June 13, 2024, Crescent Energy Company (CRGY) filed an 8-K to disclose information regarding its financial condition and operations. The filing includes details on results of operations, regulatory disclosures, and other events, along with financial statements and exhibits. The company's principal executive offices are located at 600 Travis Street, Suite 7200, Houston, Texas.

Why It Matters

This 8-K filing provides investors with crucial updates on Crescent Energy's operational performance and financial standing, impacting their investment decisions.

Risk Assessment

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

Key Players & Entities

FAQ

What specific financial results are being disclosed in this 8-K?

The 8-K filing indicates 'Results of Operations and Financial Condition' are being disclosed, but the specific financial figures are detailed within the accompanying financial statements and exhibits, which are not fully provided in this text.

What is the primary purpose of this 8-K filing for Crescent Energy Company?

The primary purpose is to report on the company's Results of Operations and Financial Condition, Regulation FD Disclosure, Other Events, and to file Financial Statements and Exhibits.

When was this 8-K report filed?

This 8-K report was filed on June 13, 2024.

Where are Crescent Energy Company's principal executive offices located?

Crescent Energy Company's principal executive offices are located at 600 Travis Street, Suite 7200, Houston, Texas 77002.

What was Crescent Energy Company's former name?

Crescent Energy Company's former name was IE PubCo Inc., with a date of name change on June 7, 2021.

Filing Stats: 3,031 words · 12 min read · ~10 pages · Grade level 10.4 · Accepted 2024-06-13 09:04:51

Key Financial Figures

Filing Documents

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On June 13, 2024, in connection with the Notes Offering (as defined below), Crescent Energy Company (NYSE: CRGY) ("Crescent" or "CRGY" or "our," "us," or "we") provided certain updated disclosures to potential investors, the relevant excerpts of which are set forth below in Item 8.01 and are 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 "Securities Act"), or the Exchange Act.

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On June 13, 2024, Crescent Energy Finance LLC ("CE Finance"), a subsidiary of CRGY, issued a news release announcing that, subject to market conditions, CE Finance intends to offer (the "Notes Offering") for sale in a private placement pursuant to Rule 144A and Regulation S under the Securities Act to eligible purchasers $750 million aggregate principal amount of Senior Notes due 2033. A copy of the news release is attached hereto as Exhibit 99.1 and incorporated herein by reference. In addition, the information contained in Item 2.02 and Item 8.01 of this Current Report is incorporated into this Item 7.01 by reference. The information contained in this Item 7.01, including Exhibit 99.1, 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 June 13, 2024, in connection with the Notes Offering, CRGY provided certain updated disclosures to potential investors, the relevant excerpts of which are set forth below. ****** A key tenet of our focused risk management effort is an active economic hedging strategy to mitigate near-term price volatility while maintaining long-term exposure to underlying commodity prices. Our hedging program limits our near-term exposure to product price volatility and allows us to protect the balance sheet and corporate returns through commodity cycles and return capital to investors. Future transactions may include price swaps whereby we will receive a fixed price for our production and pay a variable market price to the contract counterparty. Additionally, we may enter into collars, whereby we receive the excess, if any, of the fixed floor over the floating rate or pay the excess, if any of the floating rate over the fixed ceiling. As of May 31, 2024, our derivative portfolio had an aggregate notional value of approximately $1.5 billion. We determine the fair value of our oil and natural gas commodity derivatives using valuation techniques that utilize market quotes and pricing analysis. Inputs include publicly available prices and forward price curves generated from a compilation of data gathered from third parties. In connection with the closing of the SilverBow Merger, we will assume SilverBow's outstanding hedging arrangements. As of May 31, 2024, such derivative portfolio had an aggregate notional value of approximately $1.4 billion. The fair values of SilverBow's swap contracts are computed using observable market data whereas SilverBow's collar contracts are valued using a Black-Scholes pricing model. The following table details our net volume positions by commodity as of May 31, 2024. Production Period Volumes Weighted Average Fixed Price (in thousands) Crude oil swaps – WTI (Bbls): 2024 5,496 $68.39 Crude oil swaps – Brent (Bbls)

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Description 99.1 Press Release, dated June 13 , 2024, announcing the Notes Offering. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). Legend Information No Offer or Solicitation This communication relates to the proposed Transaction between Crescent and SilverBow Resources, Inc. ("SilverBow"). This communication is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, in any jurisdiction, pursuant to the Transaction or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this document in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. Important Additional Information About the Transaction In connection with the Transaction, on June 13 2024, Crescent filed with the SEC a registration statement on Form S-4 (the "Registration Statement") to register the shares of Crescent Class A common stock to be issued in connection with the Transaction. The Registration Statement includes a joint proxy statement of Crescent and SilverBow and a prospectus of Crescent. The information in the Registration Statement is not complete and may be changed. Crescent and SilverBow may also file other documents with the SEC regarding the Transaction. After the Registration Statement is declared effective, a definitive joint proxy statement/prospectus will be mailed to the stockholders of Crescent and SilverBow. This document is not a substitute for the Registration Statement that has been and the joint proxy statement/prospectus that will be filed with the SEC or any other documents that Crescent or SilverBow may file with the SEC or mail to stockholders of Crescent or SilverBow in conne

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