Crescent Energy Co(CRGY) - 2024 Q4 - Annual Results

Production and Financial Performance - Crescent Energy reported a record fourth quarter production of 255 MBoe/d, with 38% oil and 56% liquids[5]. - For the full year 2024, Crescent reported $1.6 billion in Adjusted EBITDAX and$1.2 billion in Operating Cash Flow, with an average production of 201 MBoe/d, a greater than 30% increase year-over-year[6]. - The company forecasts approximately 30% year-over-year production growth for 2025, with total production guidance of 254 - 264 MBoe/d[7][8]. - Total revenues for Q4 2024 reached $875.3 million, a 33.1$657.7 million in Q4 2023[19]. - Net income for 2024 was a loss of $137.683 million, a significant decrease from a profit of$321.991 million in 2023[24]. - Net cash provided by operating activities increased to $1.223 billion in 2024, up from$935.769 million in 2023, reflecting improved operational efficiency[24]. - Adjusted EBITDAX for 2024 was $1.598 billion, compared to$1.022 billion in 2023, indicating a 56% year-over-year increase[30]. - Levered Free Cash Flow for 2024 was $630.168 million, up from$310.204 million in 2023, representing a 103% increase[30]. Cash Flow and Liquidity - The company generated $1.2 billion in Operating Cash Flow and$630 million in Levered Free Cash Flow for the fourth quarter[6]. - Cash and cash equivalents rose to $132.8 million in 2024, compared to$2.97 million in 2023, indicating improved liquidity[20]. - Cash, cash equivalents, and restricted cash at the end of the period increased to $240.908 million in 2024, compared to$8.729 million in 2023[24]. - Net cash provided by operating activities for Q4 2024 was $384,434,000, up from$322,869,000 in Q4 2023, representing a 19.1% increase[32]. - Levered Free Cash Flow for Q4 2024 was $259,422,000, compared to$102,451,000 in Q4 2023, indicating a significant increase of 153.5%[32]. Expenses and Liabilities - The company’s total expenses for Q4 2024 were $902.8 million, up from$689.1 million in Q4 2023, marking a 31.0% increase[19]. - Long-term debt increased to $3.05 billion in 2024, compared to$1.69 billion in 2023, reflecting a significant rise in leverage[22]. - The company reported a depreciation, depletion, and amortization expense of $949.480 million in 2024, up from$675.782 million in 2023[24]. - The company’s total liabilities reached $4.79 billion in 2024, compared to$3.17 billion in 2023, indicating increased financial obligations[22]. Shareholder Returns and Dividends - Crescent's Board approved a cash dividend of $0.12 per share for the fourth quarter of 2024, payable on March 26, 2025[9]. - The company utilized approximately 20$10.07 during 2024[10]. - Adjusted Dividends Paid for Q4 2024 totaled $27,396,000, compared to$21,919,000 in Q4 2023, marking an increase of 24.5%[42]. M&A Activity - Crescent executed over 3 billion in accretive M&A transactions in the Eagle Ford region during 2024[5]. General and Administrative Expenses - General and administrative expenses for Q4 2024 were 86,687,000, compared to $34,683,000 in Q4 2023, showing an increase of 149.2$92,820,000, up from $82,512,000 in 2023, reflecting a 12.8% increase[38].