Crescent Energy Expands Notes Offering and Acquires Texas Assets

Crescent Energy Company Class A (CRGY) has issued an announcement.

Crescent Energy Finance LLC plans to sell $250 million of 7.375% Senior Notes due 2033, expanding its existing $750 million notes under the same terms. Additionally, Crescent Energy is acquiring Texas-based oil and gas assets for roughly $168 million, anticipating a 2025 production of 4,000 barrels of oil equivalent per day. The company, post-merger with SilverBow Resources, boasts 994 million barrels of oil equivalent in proven reserves and has produced significant net income and adjusted EBITDAX in the past year. They maintain a hedging strategy to protect against price volatility and have substantial credit facility availability, ensuring robust financial health and strategic growth in the energy sector.

For detailed information about CRGY stock, go to TipRanks’ Stock Analysis page.