UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the securities exchange act of 1934 Date of report (Date of earliest event reported): September 4, 2024 Crescent Energy Company (Exact name of registrant as specified in its charter) | --- | --- | --- | |--------------------------------------------------------|-----------------------------------------------------------------|---------------------------------------------| | Delaw ...

Financial Data and Key Metrics Changes - Crescent Energy reported production of 165,000 barrels of oil equivalent per day, generating $320 million in adjusted EBITDA and $147 million in levered free cash flow for Q2 2024 [13] - The company increased standalone production guidance for the second time this year to 160,000 to 162,500 barrels of oil equivalents per day, while improving full-year capital guidance to $550 million to $600 million [14] Business Line Data and Key Metrics Changes - The Eagle Ford operations showed significant improvements, with average production per well roughly double the results seen by the prior operator [7] - Crescent has captured approximately $60 million in annual cash flow uplift from the Western Eagle Ford acquisitions, driven by improved capital execution and operational efficiencies [8] Market Data and Key Metrics Changes - Crescent's acquisition of SilverBow Resources positions it as one of the largest operators in the Eagle Ford, enhancing its overall business profile and operational capabilities [9][10] - The company expects to run four rigs across the combined business for the remainder of the year, with three in the Eagle Ford and one in the Uinta [11] Company Strategy and Development Direction - Crescent aims to leverage its growth-through-acquisition strategy, focusing on integrating SilverBow's assets and realizing synergies [12] - The company is positioned for further cost of capital improvements and plans to maintain a disciplined capital allocation framework [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue executing its strategy, highlighting the strong cash flow generation and operational efficiencies achieved [5][16] - The management team emphasized the importance of capturing synergies from the SilverBow acquisition and the potential for further growth in the fragmented Eagle Ford market [12][17] Other Important Information - Crescent announced a dividend of $0.12 per share, providing a peer-leading yield of around 4% [15] - The company has executed 15% of its total $150 million share buyback authorization to date, viewing share repurchases as an attractive tool for shareholder returns [15] Q&A Session Summary Question: Future efficiency gains in Eagle Ford - Management indicated optimism about future efficiencies from the combination of both companies, expecting to improve drilling and completion practices [20][21] Question: Shareholder return strategy - Management confirmed a focus on maintaining the base dividend and balance sheet strength while using share repurchases opportunistically when stock is undervalued [22] Question: Readiness for future M&A transactions - Management stated readiness to pursue further acquisitions when market opportunities arise, emphasizing their experience in integrating past acquisitions [25] Question: Leverage and potential divestitures - Management expressed confidence in their balance sheet, with a target leverage of 1 to 1.5 times, and mentioned the possibility of divesting non-core assets opportunistically [26][27] Question: Initial results from Austin Chalk development - Management reported encouraging early results from Austin Chalk wells, indicating plans for continued capital allocation in this area [30] Question: Cost per foot and efficiencies - Management noted that drilling and completion costs are generally consistent across operations, with ongoing efforts to improve efficiencies [36]

| --- | --- | --- | --- | --- | |----------------|-------|-------|-------|-------| | | | | | | | | | | | | | Q2'24 Earnings | | | | | | Presentation | | | | | | August 2024 | | | | | | | | | | | Disclaimer The information in this presentation relates to Crescent Energy Company (the "Company" or "CRGY") and contains information that includes or is based upon "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-41132 Crescent Energy Company (Exact name of registrant as specified in its charter) Delaware 87-1133610 (State or other jurisdic ...

The latest trading session saw Crescent Energy (CRGY) ending at $11.82, denoting a +0.42% adjustment from its last day's close. The stock outperformed the S&P 500, which registered a daily loss of 0.5%. On the other hand, the Dow registered a gain of 0.5%, and the technology-centric Nasdaq decreased by 1.28%. Investors will be eagerly watching for the performance of Crescent Energy in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 5, 2024. The company's upcom ...

Core Viewpoint - Crescent Energy is expected to report a year-over-year increase in earnings, with a consensus EPS estimate of $0.26, reflecting a 73.3% increase compared to the previous year [4][11]. Earnings Expectations - The upcoming earnings report is anticipated to be released on August 5, 2024, and could influence the stock price depending on whether the actual results meet or exceed expectations [12]. - Revenues for Crescent Energy are projected to be $611.25 million, representing a 24.2% increase from the same quarter last year [13]. Estimate Revisions - The consensus EPS estimate has been revised down by 8.62% over the last 30 days, indicating a reassessment by analysts [14]. - Crescent Energy's Earnings ESP is currently at 0%, suggesting no recent analyst views differ from the consensus estimate [7]. Historical Performance - In the last reported quarter, Crescent Energy exceeded the expected EPS of $0.18 by delivering $0.46, resulting in a surprise of +155.56% [18]. - The company has beaten consensus EPS estimates in each of the last four quarters [25]. Comparative Analysis - Crescent Energy's current Zacks Rank is 5 (Strong Sell), which complicates the prediction of an earnings beat [2][8]. - The combination of a negative Earnings ESP and a low Zacks Rank makes it challenging to predict a positive outcome for Crescent Energy's upcoming earnings [8][20].

Crescent Energy has a price-to-earnings ratio (P/E) of 6.74 compared with 37.70 for the industry. The company possesses a Value Scoreof A. Greenland Technologies Holding Corporation (GTEC) : This material handling equipment company carries a Zacks Rank #1, and has witnessed the Zacks Consensus Estimate for its next year earnings increasing 18.2% over the last 60 days. Learn more about the Value score and how it is calculated here. Crescent Energy Company (CRGY) : This oil and gas company carries a Zacks Ran ...

[Results of Operations and Financial Condition (Item 2.02)](index=3&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition.) Crescent Energy's subsidiary plans a private offering of **$750 million** in Senior Notes due 2033, with updated disclosures provided to investors [Senior Notes Offering](index=3&type=section&id=Senior%20Notes%20Offering) Crescent Energy Finance LLC intends to offer **$750 million** in Senior Notes due 2033 via private placement, providing updated disclosures to potential investors - Crescent Energy Finance LLC intends to offer **$750 million** aggregate principal amount of Senior Notes due 2033 in a private placement[4](index=4&type=chunk) - In connection with the notes offering, the company provided updated disclosures to potential investors, with relevant excerpts detailed in Item 8.01[23](index=23&type=chunk)[25](index=25&type=chunk) [Other Events (Item 8.01)](index=3&type=section&id=Item%208.01%20Other%20Events.) This section details Crescent Energy's hedging strategy, derivative positions, and pro forma reserve data, including the SilverBow merger [Hedging Strategy and Derivative Positions](index=3&type=section&id=Hedging%20Strategy%20and%20Derivative%20Positions) Crescent Energy actively hedges commodity price volatility, managing a **$1.5 billion** derivative portfolio and assuming SilverBow's **$1.4 billion** portfolio - The company utilizes an active hedging strategy with swaps and collars to limit near-term exposure to price volatility. As of May 31, 2024, the derivative portfolio had an aggregate notional value of approximately **$1.5 billion**[5](index=5&type=chunk) - Upon closing the merger, Crescent will assume SilverBow's outstanding hedging arrangements, which had an aggregate notional value of approximately **$1.4 billion** as of May 31, 2024[26](index=26&type=chunk) Crescent Energy Net Volume Derivative Positions (as of May 31, 2024) | Commodity / Instrument | Period | Volume (in thousands) | Fixed Price / Floor | Ceiling | | :--- | :--- | :--- | :--- | :--- | | **Crude oil swaps – WTI (Bbls)** | 2024 | 5,496 | $68.39 | - | | **Crude oil collars – WTI (Bbls)** | 2024 | 5,244 | $63.16 | $81.71 | | **Crude oil collars – WTI (Bbls)** | 2025 | 4,198 | - | - | | **Natural gas swaps (MMBtu)** | 2024 | 24,012 | $3.69 | - | | **Natural gas collars (MMBtu)** | 2024 | 10,700 | $3.38 | $4.56 | | **Natural gas collars (MMBtu)** | 2025 | 58,765 | $3.00 | $6.03 | SilverBow Net Volume Derivative Positions (as of May 31, 2024) | Commodity / Instrument | Period | Volume (in thousands) | Fixed Price / Floor | Ceiling | | :--- | :--- | :--- | :--- | :--- | | **Crude oil swaps – WTI (Bbls)** | 2024 | 3,055 | $76.60 | - | | **Crude oil swaps – WTI (Bbls)** | 2025 | 4,069 | $72.61 | - | | **Natural gas swaps (MMBtu)** | 2024 | 32,200 | $3.87 | - | | **Natural gas swaps (MMBtu)** | 2025 | 55,205 | $3.98 | - | | **Natural gas swaps (MMBtu)** | 2026 | 41,745 | $3.98 | - | [Pro Forma Reserve Data (with SilverBow)](index=5&type=section&id=Pro%20Forma%20Reserve%20Data%20(with%20SilverBow)) Pro forma combined proved reserves for Crescent and SilverBow total **1,027,763 MBoe** with a PV-10 of **$7,775 million** as of December 31, 2023, using NYMEX forward pricing - The company presents reserve data using NYMEX forward pricing to provide investors with an alternative view based on the market's forward-looking expectations, which differs from the historical 12-month SEC pricing average[29](index=29&type=chunk)[15](index=15&type=chunk) Pro Forma Net Proved Reserves (NYMEX Pricing) as of Dec 31, 2023 | Metric | Crescent | SilverBow | Total Combined | | :--- | :--- | :--- | :--- | | **Total Proved Reserves (MBoe)** | 577,159 | 450,604 | 1,027,763 | | **PV-10 (millions)** | $4,924 | $2,851 | $7,775 | | **Total Proved Developed Reserves (MBoe)** | 466,267 | 207,413 | 673,680 | | **PV-10 Proved Developed (millions)** | $4,067 | $1,948 | $6,015 | [Regulation FD Disclosure (Item 7.01)](index=3&type=section&id=Item%207.01.%20Regulation%20FD%20Disclosure.) This section clarifies that the furnished information, including Exhibit 99.1, is not deemed 'filed' under Section 18 of the Exchange Act [Disclosure Status](index=3&type=section&id=Disclosure%20Status) Information in this report, including Exhibit 99.1, is furnished, not filed, under Section 18 of the Exchange Act, thus not subject to its liabilities - The information contained in Item 7.01, including Exhibit 99.1, is not considered "filed" for purposes of Section 18 of the Exchange Act and is not subject to its liabilities[11](index=11&type=chunk) - Information from Items 2.02 and 8.01 of this Current Report is incorporated by reference into this Item 7.01[24](index=24&type=chunk) [Financial Statements and Exhibits (Item 9.01)](index=7&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits.) This section provides a comprehensive list of exhibits filed with the Form 8-K, including the press release for the notes offering [List of Exhibits](index=7&type=section&id=List%20of%20Exhibits) This section details the exhibits filed with the Form 8-K, primarily a press release announcing the Senior Notes offering Exhibits Filed | Exhibit No. | 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). | [Important Information Regarding the SilverBow Transaction](index=7&type=section&id=Important%20Additional%20Information%20About%20the%20Transaction) This section provides crucial legal notices and investor guidance concerning the proposed merger transaction with SilverBow Resources, Inc [Investor Guidance and Disclosures](index=7&type=section&id=Investor%20Guidance%20and%20Disclosures) This section provides legal notices for the SilverBow merger, clarifying it is not a securities offer and directing investors to the Form S-4 registration statement - This communication relates to the proposed transaction between Crescent and SilverBow and is not a solicitation or offer of securities[16](index=16&type=chunk) - Crescent filed a registration statement on Form S-4 with the SEC on June 13, 2024, which includes a joint proxy statement and a prospectus for the transaction[17](index=17&type=chunk) - Investors and security holders are strongly urged to read the registration statement and joint proxy statement/prospectus as they contain important information about the transaction[34](index=34&type=chunk) - Directors and executive officers of both Crescent and SilverBow may be deemed participants in the solicitation of proxies regarding the transaction[19](index=19&type=chunk)[39](index=39&type=chunk)

Core Insights - The article emphasizes the importance of identifying the right entry point for fast-moving stocks, as they can lose momentum when future growth potential does not justify high valuations [1] - Crescent Energy (CRGY) is highlighted as a strong candidate for investment due to its recent price performance and favorable momentum indicators [2][3] Group 1: Stock Performance and Valuation - CRGY has shown a price increase of 8.4% over the past 12 weeks, indicating strong momentum [2] - The stock is currently trading at a Price-to-Sales ratio of 0.90, suggesting it is undervalued as investors pay only 90 cents for each dollar of sales [4] - CRGY has a Momentum Score of A, indicating a high probability of success for investors looking to capitalize on its momentum [3] Group 2: Market Dynamics and Investor Sentiment - The stock has a beta of 2.2, meaning it moves 120% higher than the market in either direction, reflecting its fast-paced momentum [10] - An upward trend in earnings estimate revisions has contributed to CRGY earning a Zacks Rank 1 (Strong Buy), which typically attracts more investor interest [11] - A recent price change of 0.1% over the past four weeks indicates growing investor interest in CRGY [9] Group 3: Investment Strategy - The article suggests that momentum investors prefer a strategy of "buying high and selling higher," rather than waiting for cheap stocks to recover [7] - The Zacks Momentum Style Score and the 'Fast-Paced Momentum at a Bargain' screen are tools that can help identify attractive momentum stocks [8]

Crescent Energy (CRGY) closed the last trading session at $12.20, gaining 0.3% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $17.50 indicates a 43.4% upside potential. While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely ...