Crescent Energy sells non-operated DJ Basin assets to private buyer for $90M

Crescent Energy (CRGY) Company announced the sale of its non-operated DJ Basin assets to a private buyer for $90M in cash, subject to customary post-closing purchase price adjustments. The assets, primarily located in Weld County, Colorado, have current production of approximately 7 Mboe/d. This transaction is the latest update to Crescent’s previously announced non-core divestiture program. Including this sale, Crescent has executed agreements exceeding $900 million year-to-date. The Company has recently closed its previously announced conventional Rockies and Barnett divestitures and expects the remainder of its announced non-core asset sales to close before year-end. Proceeds from these transactions will be used to reduce outstanding borrowings on the Company’s revolving credit facility, further strengthening the Company’s balance sheet and enhancing financial flexibility.