Strong Financial and Operating Performance
Generated approximately $204 million of levered free cash flow and $487 million of adjusted EBITDA. Results exceeded expectations on all key metrics, enhancing the full-year outlook for the second consecutive quarter.
Transformative Acquisition of Vital Energy
Announced acquisition of Vital Energy, marking entry into the Permian Basin and establishing Crescent as a top 10 U.S. independent oil and gas producer. Expected to generate accretion across all key metrics and deliver cash-on-cash investment returns exceeding 2x multiple of invested capital.
Successful Noncore Divestiture Program
Over $700 million of noncore divestitures signed this quarter, bringing year-to-date divestiture total to more than $800 million. Streamlined portfolio while achieving 5.5x EBITDA sale value, representing a significant premium to year-end proved PV-10.
Increased Borrowing Base
Increased borrowing base by 50% to $3.9 billion, extended tenor to 5 years and improved pricing grid, capturing approximately $12 million in synergy value ahead of closing the Vital acquisition.
Operational Efficiency and Capital Savings
Achieved 15% savings per foot on capital in Eagle Ford and improved well productivity by over 20%. Enhanced outlook for the year with increased free cash flow and flat production from less capital.
Dividend and Debt Reduction
Announced a dividend of $0.12 per share for the quarter, equating to a 6% annualized yield, and repaid more than $150 million of debt during the quarter.