Record Production and Free Cash Flow
Crescent Energy achieved record production of 263,000 barrels of oil equivalent per day, with 108,000 barrels of oil per day, generating approximately $171 million of free cash flow, exceeding Wall Street expectations.
Operational Excellence and Cost Efficiency
The company improved well costs by approximately 15% in both the Eagle Ford and Uinta Basins since last year, driving capital efficiency gains and cost savings across its asset base.
Successful Asset Management
Crescent Energy acquired attractive minerals assets expected to generate returns in excess of a 2x MOIC target and contribute roughly $100 million of annual cash flow. Additionally, they divested non-core assets totaling roughly $110 million year-to-date.
Strong Financial Position and Shareholder Returns
The company repurchased approximately $28 million worth of stock and announced a dividend of $0.12 per share, equating to a 7% annualized yield. They also paid down approximately $200 million of debt, increasing liquidity to $1.750 billion.