On November 6, 2023, Crescent Energy Co (CRGY, Financial) announced its third-quarter results for 2023, which included a record production and cash flow. The company also declared a quarterly cash dividend of $0.12 per share.
Financial Highlights
The company reported a net loss of $131 million and Adjusted Net Income of $59 million. Crescent Energy Co (CRGY, Financial) generated $290 million of Adjusted EBITDAX, strong Operating Cash Flow of $189 million, and a record quarterly Levered Free Cash Flow of $160 million.
Operational Performance
The company achieved a record production of 157 Mboe/d, a 13% increase over the prior quarter, driven by acquired volumes and strong well performance. Oil and liquids comprised 46% and 62% of volumes, respectively. The company also completed the Western Eagle Ford integration ahead of schedule, realizing a 20% improvement in well costs since assuming operatorship.
Sustainability Efforts
Crescent Energy Co (CRGY, Financial) has shown commitment towards improving its environmental footprint. The company improved its Absolute Scope 1 GHG Emissions by 27% relative to its 2021 baseline. The company's 2022 Sustainability Report highlights these efforts and their commitment to transparent reporting on key initiatives.
Outlook
Despite increased activity driven by operational efficiencies, the company re-affirmed its full-year capital guidance of $580 - $630 million. The company's CEO, David Rockecharlie, expressed confidence in the company's ability to grow accretively and maintain a strong balance sheet.
Financial Position
As of September 30, 2023, Crescent Energy Co (CRGY, Financial) had total long-term debt of $1.9 billion, net debt of $1.7 billion, a Net LTM Leverage ratio of 1.4x, and $1.1 billion of liquidity. The company maintains a strong balance sheet and a low leverage profile.
Explore the complete 8-K earnings release (here) from Crescent Energy Co for further details.
