Crescent Energy Co

Crescent Energy Finance LLC, a subsidiary of Crescent Energy Co, entered into the Fifteenth Amendment to its Credit Agreement on May 18, 2026. The amendment decreases the borrowing base from $3.9 billion to $3.5 billion, reflecting the April 1, 2026 scheduled redetermination. It also extends the maturity date for revolving loans to May 19, 2031, from October 22, 2030, and allows for the incurrence of up to $600.0 million in additional indebtedness without triggering a borrowing base reduction during a specified period. The aggregate elected commitments remain at $2.0 billion.

Crescent Energy reported a net loss of $419.8 million, or $1.28 per share, for the first quarter of 2026, a significant increase from the $2.15 million net loss in Q1 2025. Total revenues increased to $1.18 billion from $950.2 million year-over-year, primarily driven by higher oil revenues. The company's results were heavily impacted by a substantial loss on derivatives of $706.6 million. Additionally, the Board of Directors extended the stock repurchase program indefinitely and increased its limit to $400.0 million in February 2026.

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.

Crescent Energy Company anticipates reporting approximately $40 million in total cash paid on its commodity derivative positions for the three months ended March 31, 2026. This figure is primarily composed of a net cash payment of $101 million on the settlement of its own derivatives, partially offset by a $61 million positive settlement from acquired derivative contracts. These acquired contracts, stemming from the SilverBow and Vital Mergers, are expected to positively adjust cash flows and contribute to Adjusted EBITDAX. The company notes these preliminary figures are subject to change and will be finalized in its upcoming Quarterly Report on Form 10-Q.