Quarterly ResultMay 4, 2026, 04:28 PM
Crescent Energy Q1 Production 341 MBoe/d; Operating Cash Flow $409M
AI Summary
Crescent Energy Company announced strong financial and operating results for the first quarter of 2026, exceeding expectations across key metrics. The company delivered record production of 341 MBoe/d and generated significant operating and levered free cash flow. Strategic actions included $355 million in Eagle Ford minerals acquisitions and a $690 million convertible bond offering to refinance existing debt, strengthening the balance sheet and lowering interest expense. Crescent also continued its shareholder return strategy with a $0.12 per share dividend and an active share repurchase program.
Key Highlights
- Crescent Energy reported record Q1 2026 production of 341 MBoe/d, with 140 Mbo/d of oil production.
- Generated $409 million in Operating Cash Flow and $192 million in Levered Free Cash Flow.
- Reported a net loss of $419 million, but Adjusted Net Income was $175 million.
- Achieved $690 million in Adjusted EBITDAX for the quarter.
- Completed $355 million in Eagle Ford minerals acquisitions in Q1 2026.
- Executed a $690 million 2.75% convertible bond offering, refinancing $500 million of 9.25% notes.
- Repurchased approximately $40 million of 7.75% notes due 2029.
- Declared a cash dividend of $0.12 per share, payable June 1, 2026.
- Approximately $336 million remains available under the share repurchase program.
- Captured ~$120 million in Permian synergies to date, exceeding original target.