Crescent Energy completes acquisition of Vital Energy; exchange ratio 1.9062 shares per Vital share

Crescent Energy Co

Completed acquisition of Vital Energy; each Vital share converted into 1.9062 shares of Crescent Class A common stock.
Crescent Finance assumed Vital's senior notes: $800M 7.875% 2032, plus 7.75% 2029 and 9.75% 2030 notes.
Board expanded to 12; appointed William Albrecht and Jarvis Hollingsworth (former Vital directors); Michael Duginski resigned.
Stockholders approved share issuance with ~82.96% quorum; 207M votes for, 3.8M against.
Merger closed on December 15, 2025; internal reorganization transferred Vital assets to Crescent Finance.

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