Record Production and Free Cash Flow
Crescent Energy achieved record production of 263,000 barrels of oil equivalent per day, including 108,000 barrels of oil per day, generating approximately $171 million of free cash flow for the quarter, surpassing Wall Street expectations.
Operational Efficiency and Cost Savings
The company improved well costs by approximately 15% in both the Eagle Ford and Uinta Basins since last year, enhancing capital efficiency and reducing cash tax expectations for increased free cash flow.
Significant Debt Repayment and Stock Buyback
Crescent repaid approximately $200 million of debt, bringing liquidity to $1.750 billion, and repurchased $28 million worth of stock at a weighted average price of $7.88, about 12% below the current share price.
Accretive M&A Activities
The company acquired minerals assets expected to generate returns in excess of a 2x MOIC target, contributing roughly $100 million of annual cash flow, and divested non-core assets totaling $110 million year-to-date.