Crescent Energy to Strengthen Eagle Ford Presence With New Acquisition

Acquisition Details - Crescent Energy Company (CRGY) has announced the acquisition of Ridgemar Energy's Eagle Ford assets in Texas, valued at $905 million, with a potential additional payment of$170 million based on future oil prices, expected to close in Q1 2025 [1][2] - Ridgemar Energy, supported by Carnelian Energy Capital, is one of the largest private oil-producing companies in the Eagle Ford, producing approximately 20,000 barrels of oil equivalent per day [3] Strategic Implications - The acquisition will expand CRGY's footprint in the Eagle Ford basin, a highly productive area in the U.S., following the successful integration of SilverBow Resources, which was acquired for about $2.1 billion earlier this year [2] - The ongoing consolidation trend in the U.S. energy sector has led to over$250 billion in deals in 2023, benefiting private equity firms as companies seek to enhance their oil and gas reserves [4]