KKR Affiliates Adjust Stake in Crescent Energy Co.

TL;DR

KKR group filing update on Crescent Energy Co. - ownership details changing.

AI Summary

On August 7, 2024, Independence Energy Aggregator L.P. filed an SC 13D/A amendment concerning Crescent Energy Co. The filing indicates a change in beneficial ownership, with KKR & Co. Inc. and its affiliates, including George R. Roberts and Henry R. Kravis, being key entities involved. The filing does not specify dollar amounts or exact dates of transactions but pertains to a significant stake in Crescent Energy Co.

Why It Matters

This filing signals a potential shift in control or influence over Crescent Energy Co. by major investment firm KKR and its associated entities.

Risk Assessment

Risk Level: medium — Changes in beneficial ownership filings can indicate strategic moves by large investors, potentially impacting stock price and corporate strategy.

Key Players & Entities

• Independence Energy Aggregator L.P. (company) — Filing entity
• Crescent Energy Co (company) — Subject company
• KKR & Co. Inc. (company) — Affiliated entity
• George R. Roberts (person) — Group member associated with KKR
• Henry R. Kravis (person) — Group member associated with KKR

FAQ

Key Financial Figures

• $0.0001 — er) Class A Common Stock, Par Value of $0.0001 Per Share (Title of Class of Securitie

Filing Documents

• ef20033662_sc13da.htm (SC 13D/A) — 422KB
• 0001140361-24-036203.txt ( ) — 424KB

From the Filing

SC 13D/A 1 ef20033662_sc13da.htm SC 13D/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 8)* Crescent Energy Company (Name of Issuer) Class A Common Stock, Par Value of $0.0001 Per Share (Title of Class of Securities) 44952J 104 (CUSIP Number) Brandi Kendall Vice President Independence Energy Aggregator L.P. 600 Travis Street, Suite 7200 Houston, TX 77002 (713) 481-7782 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) With copies to: Christopher Lee, Esq. Kohlberg Kravis Roberts & Co. L.P. 30 Hudson Yards New York, New York 10001 Telephone: (212) 750-8300 August 5, 2024 (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box: Note : Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See 240.13d-7 for other parties to whom copies are to be sent. * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (the " Act ") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). (Continued on following pages) CUSIP No. 44952J 104 1 NAMES OF REPORTING PERSONS Independence Energy Aggregator L.P. 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (b) 3 SEC USE ONLY 4 SOURCE OF FUNDS (SEE INSTRUCTIONS) OO (see Item 3) 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 7 SOLE VOTING POWER 29,134,496 shares (1) 8 SHARED VOTING POWER 0 shares 9 SOLE DISPOSITIVE POWER 29,134,496 shares (1) 10 SHARED DISPOSITIVE POWER 0 shares 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 29,134,496 shares (1) 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 15.2% (2) 14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) PN (1) Consists of shares of Class B Common Stock, par value $0.0001 per share, of Crescent Energy Company, a Delaware corporation (the "Issuer" and such stock, "Class B Common Stock") and an equivalent number of units representing limited liability company interests of Crescent Energy OpCo LLC (f/k/a IE OpCo LLC, "OpCo", and such units, "OpCo LLC Units"), which together are exchangeable for shares of Class A Common Stock, par value $0.0001 per share of the Issuer ("Class A Common Stock") on a one-for-one basis pursuant to the Amended and Restated LLC Agreement of OpCo ("OpCo LLC Agreement"). (2) Based on a combined total of approximately 192,251,097 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 111,516,601 shares of Class A Common Stock outstanding as of July 29, 2024, (b) approximately 51.6 million shares of Class A Common Stock issued in connection with the Transaction (as defined in Item 5 of this Schedule 13D) and (c) assumes that all 29,134,496 shares of Class B Common Stock beneficially owned by Independence Energy Aggregator L.P., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder. CUSIP No. 44952J 104 1 NAMES OF REPORTING PERSONS Independence Energy Aggregator GP LLC 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (b) 3 SEC USE ONLY 4 SOURCE OF FUNDS (SEE INSTRUCTIONS) OO (see Item 3) 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 7 SOLE VOTING POWER 29,134,496 shares (1) 8 SHARED VOTING POWER 0 shares 9 SOLE DISPOSITIVE POWER 29,134,496 shares (1) 10 SHARED DISPOSITIVE POWER 0 shares 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH