CRGY — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-04

• Crescent is a differentiated U.S. energy company committed to delivering value through a disciplined, returns-driven growth through acquisition strategy and consistent return of capital. Our long-life, balanced portfolio combines significant cash flow from stable production with deep, high-quality d…

• During the last several years, prices of crude oil, natural gas and NGLs have experienced periodic downturns and sustained volatility, impacted by geopolitical events, such as Russia’s invasion of Ukraine and the related sanctions imposed on Russia, Hamas' attack against Israel and the ensuing confl…

• During the three months ended March 31, 2026, no impairment expense was incurred. During the three months ended March 31, 2025, we recorded an impairment expense of $45.6 million to write down the value of certain assets classified as held for sale to expected net proceeds. A decline of future commo…

• changes in assumptions in our fair value calculations is not practicable, given the numerous assumptions (e.g. reserves, pace and timing of development plans, commodity prices, capital expenditures, operating costs, drilling and development costs, inflation and discount rates) that can materially af…

• Due to the cyclical nature of the oil and gas industry, fluctuating demand for oilfield goods and services can put pressure on the pricing structure within our industry. As commodity prices rise, the cost of oilfield goods and services generally also increase, while during periods of commodity price…

Text removed vs the prior filing · source: 10-Q · 2025-11-03

• Crescent is a differentiated U.S. energy company committed to delivering value for shareholders through a disciplined growth through acquisition strategy and consistent return of capital. Our long-life, balanced portfolio combines stable cash flows from low-decline production with deep, high-quality…

• In August 2025, we entered into an Agreement and Plan of Merger (the "Merger Agreement") with Vital Energy, Inc., a Delaware corporation ("Vital"), pursuant to which we agreed to acquire Vital in an all-equity transaction through a series of mergers (collectively, the "Vital Energy Merger"). See NOT…

• During the last several years, prices of crude oil, natural gas and NGLs have experienced periodic downturns and sustained volatility, impacted by geopolitical events, such as Russia’s invasion of Ukraine and the related sanctions imposed on Russia, Hamas' attack against Israel and the ensuing confl…

• use derivative instruments to partially mitigate the impact of commodity price volatility, our revenues and operating results depend significantly upon the prevailing prices for oil and natural gas.

• During the three and nine months ended September 30, 2025, we recorded impairment expense of $73.5 million and $122.2 million, respectively, related to oil and natural gas properties. See NOTE 5 – Fair Value Measurements to the unaudited financial statements included in Part I. Item 1. Financial Sta…

Text added vs the prior filing · source: 10-Q · 2026-05-04

• At March 31, 2026, we had no variable rate borrowings outstanding under the Revolving Credit Facility. At March 31, 2026, we had $349.5 million of variable rate borrowings outstanding under the Crescent Royalty Finance Credit Facility. Assuming no change in the amounts outstanding, the impact on int…

Text removed vs the prior filing · source: 10-Q · 2025-11-03

• Additionally, our ISDAs allow us to net positions with the same counterparty to minimize credit risk exposure. The creditworthiness of our counterparties is subject to periodic review.

• At September 30, 2025, we had $72.0 million of variable rate debt outstanding. Assuming no change in the amount outstanding, the impact on interest expense of a 1% increase or decrease in the average interest rate would be an approximate $0.5 million increase or decrease in interest expense on our v…

Text added vs the prior filing · source: 10-Q · 2026-05-04

• The issuance of shares of our Class A Common Stock upon conversion of the 2031 Convertible Notes may dilute the ownership interests of our stockholders and could depress the trading price of our Class A Common Stock.

• Upon conversion of the 2031 Convertible Notes, we may satisfy part or all of our conversion obligations in shares of our Class A Common Stock, unless we elect to settle conversions solely in cash. The issuance of shares of our Class A Common Stock upon conversion of the 2031 Convertible Notes may di…

• The accounting method for the 2031 Convertible Notes could adversely affect our reported financial condition and results.

• The accounting method for the 2031 Convertible Notes on our consolidated balance sheet, accruing interest expense for the 2031 Convertible Notes and reflecting the underlying shares of our Class A Common Stock in our reported diluted earnings per share may adversely affect our reported earnings and …

• The 2031 Convertible Notes are reflected as a liability on our consolidated balance sheets, with the initial carrying amount equal to the principal amount of the 2031 Convertible Notes, net of issuance costs. The issuance costs are treated as deferred financing cost, which is amortized into interest…

Text removed vs the prior filing · source: 10-Q · 2025-11-03

• Tariffs and other trade measures could adversely affect our results of operations, financial position and cash flows.

• In April 2025, the U.S. government announced a baseline tariff of 10% on products from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits. As a result of the new administration's trade policy, tariffs have inc…

• The imposition of further tariffs by the United States on a broader range of imports, further retaliatory trade measures taken in response to additional tariffs, or a global recession could increase costs in our supply chain or reduce demand for oil and natural gas, which would adversely affect our …

• The ultimate impact of these trade measures on our business operations and financial results is uncertain and may be affected by various factors, including whether and when such trade measures are implemented, the timing when such measures may become effective, and the amount, scope, or nature of su…

• Failure to complete the Vital Energy Merger on the terms and timeline currently contemplated or at all, could negatively impact the price of shares of Crescent Class A Common Stock, as well as Crescent’s ongoing and future businesses and financial results.

Text added vs the prior filing · source: 10-Q · 2026-05-04

• Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

• On May 4, 2026, Ms. Bevin Brown provided the Company with notice of her decision not to seek reappointment to the Board of Directors, effective May 4, 2026. Ms. Brown’s departure was not the result of any dispute or disagreement with the Company or any member of our Board of Directors or senior mana…

• On May 4, 2026, Independence Energy Aggregator L.P., by a written consent as the sole holder of Series I preferred stock of the Company, fixed the size of the Board of Directors to eleven directors and elected David C. Rockecharlie, Brandi Kendall, John C. Goff, Robert G. Gwin, Claire S. Farley, Con…