- Crescent Energy (CRGY, Financial) completes the sale of non-operated Permian Basin assets for $83 million.
- The proceeds from the sale will be utilized to reduce the company's revolving credit facility.
- This sale is part of a broader $250 million non-core asset divestiture strategy announced earlier.
Crescent Energy Company (CRGY) has successfully finalized the sale of its non-operated Permian Basin assets to a private buyer for $83 million in cash. These assets, located in Reeves County, Texas, were projected to deliver a full-year 2025 production of approximately 3,000 barrels of oil equivalent per day, with oil comprising about 35% of the output.
The transaction, which has an effective date of December 31, 2024, is aimed at enhancing Crescent's financial flexibility. Proceeds from the sale are slated to reduce outstanding borrowings on the company’s revolving credit facility, reflecting the firm's commitment to optimizing its balance sheet and managing debt prudently.
This divestiture aligns with Crescent Energy’s ongoing $250 million pipeline of non-core asset divestitures, as previously announced in their year-end earnings. CEO David Rockecharlie emphasized that the sale is part of Crescent's broader strategy to streamline operations and maximize shareholder value.
