Crescent Energy Q2 net income $57M, raises 2023 outlook, closes Western Eagle Ford deal

Crescent Energy Co

Q2 net income $57M; Adjusted Net Income $25M; Adjusted EBITDAX $225M; operating cash flow $183M.
Production 139 MBoe/d (+1.5% QoQ); oil & liquids 46% and 60% of volumes; raised FY 2023 production guidance to 143-148 Mboe/d.
Lowered 2023 capex guidance to $575-625M (down ~10% at midpoint vs. initial $625-700M) on improved efficiencies.
Closed accretive Western Eagle Ford acquisition; declared $0.12/share quarterly dividend; public float increased to 45%.
Exited Q2 at 1.1x net LTM leverage; completed $300M notes offering in July, liquidity ~$800M; S&P upgrade.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Crescent Energy Co reported the quarter ended June 30, 2023 results: net income $57 million of net income. Guidance raised.

Period: the quarter ended June 30, 2023
Net income: $57 million of net income
Guidance: raised
Result: reported results

Exact text from the filing

announced its financial and operating results for the quarter ended June 30, 2023

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Crescent Energy Co filing history →

Source: SEC EDGAR

accession 0001866175-23-000052

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