Company to report second quarter financial and
operating results August 5th
Crescent Energy Company (NYSE: CRGY) ("Crescent" or the
"Company"), today announced the closing of its acquisition of
SilverBow Resources, Inc. (“SilverBow”). The transaction was closed
ahead of schedule, and Crescent plans to provide pro forma second
half 2024 guidance reflecting the acquisition, as well as issue its
second quarter 2024 financial and operating results, after market
close on August 5, 2024. A conference call is planned for August 6,
2024.
The SilverBow integration is well underway with approximately
$35 million of the previously announced $65 – $100 million in
annual synergies captured to date through an improved cost of
capital resulting in reduced interest expense.
Crescent Energy is a leading growth through acquisition company
primed for sustainable value creation with a focused portfolio of
high-quality and long-life assets, an attractive, returns-driven
financial framework and strong balance sheet, led by a management
team executing on the same strategy for more than a decade. The
combined portfolio of assets positions the company for substantial
free cash flow generation with balanced and attractive exposure to
commodity price upside.
Crescent Energy Offers a Compelling
Value Proposition
– Combined company is the second largest
operator in the Eagle Ford
– Creates leading mid-cap E&P with
scaled, balanced portfolio of high-quality assets
– Substantial free cash flow generation with
disciplined capital allocation framework
– Well-positioned for further growth through
accretive, returns-driven M&A
“Today is an exciting day for Crescent. We are well positioned
to create value, and I am grateful for the trust from our original
Crescent and new SilverBow shareholders, each of whom voted with an
overwhelming majority to approve our merger and to take equity
consideration and participate in the go-forward company,” said
Crescent CEO David Rockecharlie. “Through disciplined investing and
operations, we have delivered profitable growth, tripling the size
of our business over the last four years. We have created a premier
growth through acquisition platform by executing on our cash flow
and returns-oriented strategy. Today, we are focused on rapidly
integrating our new assets and personnel and continuing to deliver
on the significant synergies we’ve identified to strengthen
returns. We are highly confident in our ability to execute and
demonstrate Crescent’s value proposition as a leading mid-cap
company.”
Transaction Details
Pursuant to the consideration election mechanics of the
transaction, SilverBow shareholders elected to receive in aggregate
approximately $358 million in total cash consideration as part of
the transaction. Crescent issued approximately 52 million shares of
Class A common stock to fund the non-cash portion of the
consideration. As of closing, former SilverBow shareholders own
approximately 23% of the combined company on a fully diluted
basis.
(Shares in MM)
CRGY Status Quo
SBOW
Acquisition
CRGY Pro Forma
Class A
(Public Shares)
112
52
164
Class B
(Private Shares)
66
--
66
Total Shares Outstanding
(Public and Private Shares)
177
52
230
Governance Update
Pursuant to the merger agreement, Marc Rowland and Michael
Duginski have been appointed to Crescent’s Board of Directors
effective as of closing of the acquisition. The additions expand
Crescent’s board to a total of eleven directors, of which nine are
considered independent directors. The new directors will complement
Crescent’s experienced and engaged board. Further detail on the
additional directors can be found on the Crescent website
(www.crescentenergyco.com).
Conference Call
Information
Crescent plans to host a conference call to discuss its second
quarter financial and operating results, as well as its pro forma
outlook for the remainder of 2024, at 10 a.m. CT on Tuesday, August
6, 2024. Complete details are below. A webcast replay will be
available on the website following the call.
Date: August 6, 2024 Time: 10 a.m. CT (11 a.m. ET) Conference
Dial-In: 877-407-0989 / 201-389-0921 (Domestic / International)
Webcast Link: www.crescentenergyco.com
About Crescent Energy
Company
Crescent is a differentiated U.S. energy company committed to
delivering value for shareholders through a disciplined growth
through acquisition strategy and consistent return of capital.
Crescent’s portfolio of low-decline, cash-flow oriented assets
comprises both mid-cycle unconventional and conventional assets
with a long reserve life and deep inventory of high-return
development locations in the Eagle Ford and Uinta basins.
Crescent’s leadership is an experienced team of investment,
financial and industry professionals that combines proven
investment and operating expertise. For more than a decade,
Crescent and its predecessors have executed on a consistent
strategy focused on cash flow, risk management and returns. For
additional information, please visit www.crescentenergyco.com.
Cautionary Statement Regarding
Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934, as amended.
These statements are based on current expectations. The words and
phrases “should”, “could”, “may”, “will”, “believe”, “plan”,
“intend”, “expect”, “potential”, “possible”, “anticipate”,
“estimate”, “forecast”, “view”, “efforts”, “goal” and similar
expressions identify forward-looking statements and express the
Company’s expectations about future events. All statements, other
than statements of historical facts, included in this communication
that address activities, events or developments that the Company
expects, believes or anticipates will or may occur in the future
are forward-looking statements. Such statements are subject to a
number of assumptions, risks and uncertainties, many of which are
beyond the Company’s control. Such risks and uncertainties include,
but are not limited to, weather, political, economic and market
conditions, including a decline in the price and market demand for
natural gas, natural gas liquids and crude oil, uncertainties
inherent in estimating natural gas and oil reserves and in
projecting future rates of production; the anticipated tax
treatment, unforeseen liabilities, future capital expenditures,
revenues, expenses, earnings, synergies, economic performance,
indebtedness, financial condition, losses, future prospects,
business and management strategies for the management, expansion
and growth of the combined company’s operations; the ability of
Crescent to integrate the business successfully and to achieve
anticipated synergies and value creation; the risk that cost
savings, synergies and growth may take longer to realize than
expected; potential litigation relating to the transaction; the
risk that disruptions from the transaction will harm Crescent’s
business, including current plans and operations and that
management’s time and attention will be diverted on
transaction-related issues; potential adverse reactions or changes
to business relationships, including with employees, suppliers,
customers, competitors or credit rating agencies, resulting from
the completion of the transaction; our hedging strategy and
results; federal and state regulations and laws; upcoming elections
and associated political volatility; the severity and duration of
public health crises; actions by the Organization of the Petroleum
Exporting Countries (“OPEC”) and non-OPEC oil-producing countries;
the impact of the armed conflict in Ukraine; continued hostilities
in the Middle East, including the Israel-Hamas conflict and rising
tensions with Iran; the impact of disruptions in the capital
markets; the timing and success of business development efforts,
including acquisition and disposition opportunities; our reliance
on our external manager, sustained cost inflation, elevated
interest rates and central bank policy changes associated therewith
and other uncertainties. Consequently, actual future results could
differ materially from expectations. The Company assumes no duty to
update or revise its respective forward-looking statements based on
new information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240729676293/en/
Crescent Energy Investor Relations
Contacts IR@crescentenergyco.com
Crescent Energy Media
Contacts Media@crescentenergyco.com
Grafico Azioni Crescent Energy (NYSE:CRGY)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Crescent Energy (NYSE:CRGY)
Storico
Da Feb 2024 a Feb 2025
