• Maintains Strong Financial Position with Reaffirmation of Revolving Credit Facility Terms
• Completes Previously Announced Class A Share Conversion Increasing Public Float to 46%

Crescent Energy has announced the closing of its previously announced acquisition of operatorship and incremental working interest in its existing Western Eagle Ford assets for a total cash consideration of approximately $600 million, subject to customary purchase price adjustments. In addition the Company’s public float increased to 46% from 29% with the previously announced conversion of approximately 28 million private shares to Class A public shares. Both transactions closed on July 3, 2023.

Crescent CEO David Rockecharlie said, 
“We continue to execute on our long-term strategy, which includes opportunistically growing our footprint in the Eagle Ford through accretive M&A while maintaining financial strength and enhancing our capital markets presence. These transactions demonstrate our continued focus on delivering long-term value to investors through increased scale and improved trading liquidity.”

Western Eagle Ford Acquisition

Following closing, Crescent assumed operatorship of its existing Western Eagle Ford acreage and plans to maintain a one-rig development program on the asset through the remainder of the year. For the second half of 2023, the Company estimates the acquisition will increase net production by 19 – 21 MBoe/d and capital investments by approximately $45 – $55 million. Crescent plans to provide detailed pro forma guidance for 2023 in conjunction with its second quarter earnings release in August.

Financial Position Update

Concurrent with closing, Crescent’s lenders reaffirmed the borrowing base under its revolving credit facility (the “Revolving Credit Facility”) at $2.0 billion with an elected commitment amount of $1.3 billion. As of June 30, 2023, the Company had $250 million of outstanding borrowings under the Revolving Credit Facility. Pro forma for the closing of the acquisition, Crescent has approximately $790 million outstanding under the Revolving Credit Facility and over $500 million of liquidity.

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