CRGY · Crescent Energy Company

Crescent Energy delivered a robust first quarter in 2026, characterized by record production and strong cash generation. Total production averaged 341 MBoe/d, a significant increase from 258 MBoe/d in the same quarter last year, driven by strong operational execution across its Eagle Ford, Permian, and Uinta basins. This operational success translated into $409 million of Operating Cash Flow and $192 million of Levered Free Cash Flow. The company highlighted that Permian synergies are ahead of plan, with approximately $120 million captured to date, surpassing original targets. While the company reported a GAAP net loss of $419 million, largely attributable to a $706 million loss on derivatives, Adjusted Net Income came in at $175 million and Adjusted EBITDAX reached $690 million. Management emphasized disciplined capital spending and improved capital efficiency gains across its operating regions.

Strategically, Crescent continued to optimize its portfolio and balance sheet. The company closed two Eagle Ford minerals acquisitions for approximately $355 million in cash, enhancing its high-margin cash flow stream. On the financing front, Crescent executed a $690 million 2.75% convertible bond offering, utilizing proceeds to retire $500 million of higher-cost 9.25% notes due 2028. This refinancing initiative reduced interest expense by approximately 50 basis points and extended maturities. The company maintained a strong liquidity position of approximately $2.0 billion as of quarter-end. Reflecting its commitment to shareholder returns, the Board approved a quarterly dividend of $0.12 per share, and the company noted $336 million remaining under its share repurchase authorization. CEO David Rockecharlie stated that the company is well-positioned to deliver long-term value, citing consistent strategy and successful integration of Permian assets.