Crescent Energy Company today announced financial and operating results for the fourth quarter and full year 2024, as well as its 2025 
capital budget and production outlook.

Full Year 2024 Highlights

• Delivered strong financial performance, with all key metrics meeting or exceeding guidance expectations
• Enhanced operations, improving D&C costs approximately 10% and increasing well productivity approximately 30% year-over-year, resulting in a significant rate-of-change in the Eagle Ford
• Generated $1.2 billion in Operating Cash Flow and $630 million in Levered Free Cash Flow(1)
• Achieved record annual production of 201 MBoe/d, a greater than 30% increase year-over-year, driven by acquired volumes and increased well productivity Executed over $3 billion of accretive Eagle Ford M&A across five transactions
• Divested approximately $50 million of non-core assets, with a continued focus on portfolio optimization
• Utilized approximately 20% of the authorized Share Repurchase Program at a weighted average share price of $10.07
• Added to the S&P SmallCap 600 Index, recognizing greater scale, market liquidity and industry standing

Crescent CEO David Rockecharlie said, 
“2024 was a transformational year for Crescent, defined by strong financial and operational execution, as well as significant and profitable growth through multiple accretive acquisitions. We delivered on our key priorities – generating attractive returns on our capital program and strong cash flow for our investors. We more than doubled the size of our Eagle Ford position through five complementary and value-enhancing transactions, and we've successfully integrated these assets, capturing meaningful synergies. 

Our 2024 performance and acquisitions have positioned us well for continued success in 2025, and we remain focused on disciplined execution, flexible capital allocation and maximizing free cash flow and returns from our high-quality assets. We are coming into this year a bigger, better business, and I am confident that we have the team, the assets, the balance sheet and the strategy to generate profitable growth and value creation for our shareholders over the long-term.”

Fourth Quarter 2024 Results 

Fourth quarter production averaged a record 255 MBoe/d (38% oil and 56% liquids). The Company drilled 22 gross operated wells (18 in the Eagle Ford and 4 in the Uinta), brought online 20 gross operated wells (15 in the Eagle Ford and 5 in the Uinta) and incurred capital expenditures (excluding acquisitions) of $221 million during the quarter.

Crescent reported $170 million of net loss and $132 million of Adjusted Net Income(1) in the fourth quarter. The Company generated $535 million of Adjusted EBITDAX(1), $384 million of Operating Cash Flow and $259 million of Levered Free Cash Flow(1) for the period.

Full Year 2024 Results 

Crescent reported $138 million of net loss and $357 million of Adjusted Net Income(1) for the year. The Company generated $1.6 billion of Adjusted EBITDAX(1), $1.2 billion of Operating Cash Flow and $630 million of Levered Free Cash Flow(1) for the period. Full year production averaged 201 MBoe/d (41% oil and 59% liquids). Full year results met or exceeded previously announced 2024 guidance expectations, which were increased multiple times in 2024 to reflect acquisitions and continued operational outperformance. 

As of December 31, 2024, the Company had a Net LTM Leverage(1) ratio of 1.4x and approximately $2.1 billion of liquidity. During the fourth quarter, the Company repaid approximately $572 million of outstanding borrowings under its revolving credit facility and had no amounts outstanding on its $2 billion elected commitment. Pro forma for the Ridgemar transaction that closed on January 31, 2025, the Company had approximately $600 million drawn on its revolving credit facility.

2025 Outlook 

Crescent released its full-year 2025 outlook, forecasting approximately 30% year-over-year production growth. The Company plans to operate a flexible 4 - 5 rig program, allocating capital across its oil and gas assets to maximize returns and free cash flow. The outlook incorporates an 11-month contribution from the recently acquired Ridgemar assets, following the successful closing on January 31, 2025.

(1) Non-GAAP financial measure