Crescent Energy Files Q3 2024 10-Q

TL;DR

CRGY Q3 10-Q is in. Check financials.

AI Summary

Crescent Energy Co. filed its 10-Q for the period ending September 30, 2024. The company reported its financial performance and position, including details on its assets and liabilities. Specific financial figures and operational data for the third quarter of 2024 are detailed within the filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Crescent Energy, crucial for understanding the company's operational health and future prospects in the energy sector.

Risk Assessment

Risk Level: medium — As an energy company, Crescent Energy is subject to commodity price volatility and regulatory changes, which can significantly impact its financial performance.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2023-12-31 — Previous Year End Date (Provides a comparative point to the prior fiscal year-end.)

Key Players & Entities

• Crescent Energy Co (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-11-04 (date) — Filing date
• IE PubCo Inc. (company) — Former company name

FAQ

Key Financial Figures

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

Filing Documents

• crgy-20240930.htm (10-Q) — 2116KB
• exhibit25comanche_4thamend.htm (EX-2.5) — 22KB
• exhibit414crgy-2028fourths.htm (EX-4.14) — 24KB
• exhibit416crgy-2032firstsu.htm (EX-4.16) — 23KB
• exhibit418crgy-2033firstsu.htm (EX-4.18) — 22KB
• exhibit104crgy-secondamend.htm (EX-10.4) — 16KB
• crgy-section302ex311certif.htm (EX-31.1) — 10KB
• crgy-section302ex312certif.htm (EX-31.2) — 10KB
• crgy-section906ex321certif.htm (EX-32.1) — 6KB
• 0001866175-24-000106.txt ( ) — 10429KB
• crgy-20240930.xsd (EX-101.SCH) — 72KB
• crgy-20240930_cal.xml (EX-101.CAL) — 113KB
• crgy-20240930_def.xml (EX-101.DEF) — 499KB
• crgy-20240930_lab.xml (EX-101.LAB) — 848KB
• crgy-20240930_pre.xml (EX-101.PRE) — 622KB
• crgy-20240930_htm.xml (XML) — 1498KB

- 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 33

. Q uantitative and Qualitative Disclosures About Market Risk

Item 3 . Q uantitative and Qualitative Disclosures About Market Risk 56

C ontrols and Procedures

Item 4. C ontrols and Procedures 57

- Other Information

Part II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 58

A. Risk Factors

Item 1 A. Risk Factors 58

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58

. Defaults Upon Senior Securities

Item 3 . Defaults Upon Senior Securities 58

. Mine Safety Disclosures

Item 4 . Mine Safety Disclosures 58

. Other Information

Item 5 . Other Information 58

. Exhibits

Item 6 . Exhibits 59

Signatures

Signatures 62 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 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 existing economic conditions, operating methods and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it wil

– 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 136,151 $ 2,974 Accounts receivable, net 507,657 504,630 Accounts receivable – affiliates 975 2,108 Derivative assets – current 130,543 54,321 Prepaid expenses 46,744 40,406 Other current assets 42,635 11,213 Total current assets 864,705 615,652 Property, plant and equipment: Oil and natural gas properties at cost, successful efforts method Proved 11,014,507 8,574,478 Unproved 481,344 283,324 Oil and natural gas properties at cost, successful efforts method 11,495,851 8,857,802 Field and other property and equipment, at cost 207,558 198,570 Total property, plant and equipment 11,703,409 9,056,372 Less: accumulated depreciation, depletion, amortization and impairment ( 3,495,131 ) ( 2,940,546 ) Property, plant and equipment, net 8,208,278 6,115,826 Derivative assets – noncurrent 40,395 8,066 Investments in equity affiliates 13,306 6,076 Other assets 123,745 57,715 TOTAL ASSETS $ 9,250,429 $ 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) September 30, 2024 December 31, 2023 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Current liabilities: Accounts payable and accrued liabilities $ 773,855 $ 613,543 Accounts payable – affiliates 16,376 52,607 Derivative liabilities – current — 42,051 Financing lease obligations – current 3,719 4,233 Acquired deferred acquisition consideration 76,550 — Other current liabilities 59,253 37,823 Total current liabilities 929,753 750,257 Long-term debt 3,225,173 1,694,375 Asset retirement obligations 441,838 418,319 Deferred tax liability 387,912 262,581 Finan