Acquisition StrategyCrescent announced the acquisition of struggling public E&P Vital Energy for a 20% premium, adding approximately 267,000 acres and 138 MBoepd (45% oil), granting Crescent a solid Permian foothold.
Asset SalesThere is upside from asset sales, as CRGY raised its non-core asset sale target to $1.0 billion, of which $110.0 million has been executed to date.
Financial PerformanceCRGY will boost FCF from the acquired assets, resulting in generally accretive metrics with pro forma leverage staying below its 1.5x net-debt/EBITDA target.