Crescent Energy Reports Third Quarter 2026 Results
Crescent Energy Co (CRGY) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Crescent Energy Reports Third Quarter 2026 Results Houston, November 2, 2026 – Crescent Energy Company (NYSE: CRGY) (“Crescent” or the “Company”), today announced financial and operating results for the third quarter of 2026. A supplemental slide deck can be found at
How this was made
The 30-second read
Why it matters
The release combines a quarterly performance datapoint with a large, definitive acquisition and an increased Permian synergy target, which can shift valuation expectations for cash generation, deleveraging pace, and capital allocation.
Market read
Traders can update models for CRGY’s near-term cash flow, capital returns, and deal-driven growth expectations ahead of the scheduled Nov 3 conference call.
What to watch
The filing emphasizes synergy capture to date and a close window, but does not provide deal-adjusted guidance here; traders may wait for additional detail on integration costs and post-close capital plans.
Crescent Energy Reports Third Quarter 2026 Results
Third-quarter production, operating cash flow, Levered Free Cash Flow and Adjusted EBITDAX were higher than the corresponding prior-year figures printed in the release, while the Company increased its Permian synergy target to more than $300 million. GAAP net income remained a loss of $591 thousand, primarily alongside a $405.833 million loss on derivatives.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30, 2026GAAP | $1.35B | – | – |
| Oil revenues, three months ended September 30, 2026GAAP | $1.04B | – | – |
| Natural gas revenues, three months ended September 30, 2026GAAP | $154.6M | – | – |
| Natural gas liquids revenues, three months ended September 30, 2026GAAP | $140.3M | – | – |
| Midstream and other revenues, three months ended September 30, 2026GAAP | $13.77M | – | – |
| Lease and asset operating expense, three months ended September 30, 2026GAAP | $229.4M | – | – |
| Workover expense, three months ended September 30, 2026GAAP | $30.89M | – | – |
| Gathering, processing and transportation expense, three months ended September 30, 2026GAAP | $90.19M | – | – |
| Production and other taxes, three months ended September 30, 2026GAAP | $78.41M | – | – |
| Depreciation, depletion and amortization, three months ended September 30, 2026GAAP | $374.9M | – | – |
| General and administrative expense, three months ended September 30, 2026GAAP | $65.28M | – | – |
| Total expenses, three months ended September 30, 2026GAAP | $872.5M | – | – |
| Income from operations, three months ended September 30, 2026GAAP | $478.7M | – | – |
| Gain (loss) on derivatives, three months ended September 30, 2026GAAP | −$405.8M | – | – |
| Interest expense, three months ended September 30, 2026GAAP | −$94.21M | – | – |
| Net income (loss), three months ended September 30, 2026GAAP | −$591K | – | – |
| Net income (loss) attributable to Crescent, three months ended September 30, 2026GAAP | −$2.17M | – | – |
| Class A common stock diluted net income (loss) per share, three months ended September 30, 2026GAAP | $ (0.01) | – | – |
| Adjusted EBITDAX, three months ended September 30, 2026non-GAAP | $785.8M | – | – |
| Levered Free Cash Flow, three months ended September 30, 2026non-GAAP | $366.7M | – | – |
| Net cash provided by operating activities, three months ended September 30, 2026GAAP | $608.5M | – | – |
| Adjusted Net Income, three months ended September 30, 2026non-GAAP | $254.0M | – | – |
| Adjusted EPS, three months ended September 30, 2026non-GAAP | $ 0.77 | – | – |
| Capital expenditures excluding acquisitions, third quarter 2026other | $326M | – | – |
| Total consolidated debt, September 30, 2026other | $4.72B | – | – |
| Cash and cash equivalents, September 30, 2026GAAP | $6.13M | – | – |
| Net Debt, September 30, 2026non-GAAP | $4.71B | – | – |
| Net Leverage, September 30, 2026non-GAAP | 1.5x | – | – |
| Total revenues, nine months ended September 30, 2026GAAP | $3.93B | – | – |
| Net income, nine months ended September 30, 2026GAAP | $73.94M | – | – |
| Net cash provided by operating activities, nine months ended September 30, 2026GAAP | $1.72B | – | – |
| Levered Free Cash Flow, nine months ended September 30, 2026non-GAAP | $976.2M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Total Consolidated average daily net sales volumesIncluded 134 MBo/d of oil production; the release states production was driven by consistent execution across the portfolio. | 328 MBoe/d | – | – |
| Working interest average daily net sales volumesIncluded 129 MBbls/d of oil, 692 MMcf/d of natural gas and 72 MBbls/d of NGLs. | 317 MBoe/d | – | – |
| Minerals and royalties average daily net sales volumesIncluded 5 MBbls/d of oil, 24 MMcf/d of natural gas and 2 MBbls/d of NGLs. | 11 MBoe/d | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- The Board approved a cash dividend of $0.12 per share for the third quarter of 2026.
- The third quarter dividend is payable on November 30, 2026, to shareholders of record as of the close of business on November 16, 2026.
- As of September 30, 2026, the Share Repurchase Program had approximately $336 million of availability remaining.
- Dividend to Class A common stock for the three months ended September 30, 2026 was $ 39,649 (in thousands).
- Adjusted Dividends Paid for the three months ended September 30, 2026 was $ 39,649 (in thousands).
What drove it
- Third-quarter average daily production was 328 MBoe/d, including 134 MBo/d of oil, with approximately 41% oil and 63% liquids.
- Crescent drilled 29 gross operated wells and brought online 37 gross operated wells during the third quarter.
- The Company increased its Permian synergy target to more than $300 million and reported approximately $295 million captured to date.
- The Company cited Permian marketing and midstream optimization intended to reduce costs, expand access to premium Gulf Coast markets, and achieve higher realizations and incremental free cash flow.
- The Company announced an agreement to acquire Eagle Ford assets from Devon Energy for an estimated net purchase price of approximately $3.85 billion.
Concerns
- GAAP net income (loss) was $ (591) (in thousands) for the third quarter, despite $ 254,047 (in thousands) of Adjusted Net Income.
- Gain (loss) on derivatives was $ (405,833) (in thousands) for the third quarter.
- Interest expense was $ (94,214) (in thousands) for the third quarter.
- The all-cash Eagle Ford transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2026 or early 2027.
- The release states that future dividend payments are subject to Board approval and other factors.
What to watch
- Closing timing and terms of the Eagle Ford assets transaction, which is expected in the fourth quarter of 2026 or early 2027.
- Progress toward the increased Permian synergy target of more than $300 million.
- Execution of Permian marketing and midstream optimization initiatives.
- Production, capital investment and Levered Free Cash Flow following the reported third-quarter capital expenditures of $326 million.
- Use of the approximately $336 million remaining Share Repurchase Program availability.
Balance sheet and cash flow
- Cash and cash equivalents were $ 6,126 (in thousands) as of September 30, 2026, compared with $ 10,157 (in thousands) as of December 31, 2025.
- Long-term debt was $ 4,717,703 (in thousands) as of September 30, 2026, compared with $ 5,524,128 (in thousands) as of December 31, 2025.
- Total assets were $ 11,759,216 (in thousands) as of September 30, 2026, compared with $ 12,443,207 (in thousands) as of December 31, 2025.
- Net cash provided by operating activities for the nine months ended September 30, 2026 was $ 1,724,474 (in thousands), compared with $ 1,309,140 (in thousands) for the prior-year period.
- Development of oil and natural gas properties for the nine months ended September 30, 2026 was $ (1,019,827) (in thousands).
- Acquisitions of oil and natural gas properties, net of cash acquired, for the nine months ended September 30, 2026 were $ (359,233) (in thousands).
- Net cash used in investing activities for the nine months ended September 30, 2026 was $ (1,361,835) (in thousands).
Analysis
Crescent reported third-quarter total revenues of $ 1,351,212 (in thousands), compared with $ 866,579 (in thousands) in the prior-year quarter. Oil revenues were $ 1,042,500 (in thousands), while natural gas revenues were $ 154,593 (in thousands) and natural gas liquids revenues were $ 140,345 (in thousands). Total consolidated production averaged 328 MBoe/d, including 134 MBo/d of oil, compared with 253 MBoe/d and 103 MBo/d, respectively, in the prior-year quarter.
Operating profitability improved sharply on the reported figures. Income from operations was $ 478,689 (in thousands), compared with $ 30,801 (in thousands) a year earlier, while Adjusted EBITDAX was $ 785,829 (in thousands), compared with $ 486,539 (in thousands). GAAP results nevertheless remained negative, with net income (loss) of $ (591) (in thousands), as the quarter included a $ (405,833) (in thousands) gain (loss) on derivatives and $ (94,214) (in thousands) of interest expense. Adjusted Net Income was $ 254,047 (in thousands), and Adjusted EPS was $ 0.77.
Cash generation supported both investment and capital returns. Net cash provided by operating activities was $ 608,495 (in thousands), compared with $ 473,060 (in thousands) in the prior-year quarter, and Levered Free Cash Flow was $ 366,654 (in thousands), compared with $ 204,467 (in thousands). Capital expenditures excluding acquisitions were $326 million. The Board approved a $0.12 per-share cash dividend, and the Share Repurchase Program had approximately $336 million of availability remaining as of September 30, 2026.
The balance-sheet presentation showed $ 4,717,703 (in thousands) of long-term debt and $ 6,126 (in thousands) of cash and cash equivalents at September 30, 2026. The Company reported Net Debt of $ 4,712 (in millions) and Net Leverage of 1.5x. Management also reported approximately $2.0 billion of liquidity and no near-term maturities in the release highlights.
The principal strategic development was the announced agreement to acquire Eagle Ford assets from Devon Energy for an estimated net purchase price of approximately $3.85 billion. The transaction is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions. Separately, Crescent raised its Permian synergy target to more than $300 million, reporting approximately $295 million captured to date. The release did not provide formal financial guidance for a future reporting period.
Management, verbatim
Our market-leading operational execution continues to drive strong results and differentiated value creation. We delivered higher production, lower capital and higher free cash flow than market expectations this quarter.
David Rockecharlie, CEO
Not in the filing
stated, not guessed- Formal financial guidance for a future period, including revenue, gross margin, operating expenses and tax rate.
- Previous-release outlook for comparison with actual results.
- Gross margin or gross profit.
- Quarterly free cash flow under a GAAP definition.
- Share repurchases executed during the third quarter of 2026.
- Segment revenue, as the Company identified one reportable segment and did not provide revenue by the operational Working interest and other or Minerals and royalties presentations.
- Explicit year-over-year and quarter-over-quarter percentage changes for the reported financial statement line items.
- Tax rate.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Crescent furnished its Q3 2026 results under SEC 8-K Item 2.02 and Regulation FD disclosure, including operating cash flow, free cash flow, and a definitive Eagle Ford asset purchase agreement.
Ticker impact
Crescent reported Q3 2026 operating cash flow of $608M and levered free cash flow of $367M, plus an Eagle Ford acquisition from Devon Energy.
Shares likely face upward pressure as investors price in improved free cash flow and the expected Q4 2026 to early 2027 deal close.
The filing discloses both a detailed quarterly cash-flow/production print and a definitive $3.85B all-cash Eagle Ford acquisition with a stated close window, which are direct valuation catalysts.
Market effects
Reinforces consolidation and capital discipline themes in US shale, potentially affecting sentiment around Eagle Ford and Permian operators’ M&A appetite.
Could modestly influence Gulf Coast midstream and marketing expectations tied to Crescent’s stated optimization and access expansion.
Limited direct global impact, but adds to the broader US upstream M&A and cash-return narrative.
Counterpoint
The acquisition’s value depends on integration and realized synergies; near-term execution risk could offset the headline cash-flow strength.
Key entities
- issuerCrescent Energy Company
NYSE-listed upstream operator reporting Q3 2026 results and announcing an Eagle Ford acquisition from Devon Energy.
- counterpartyDevon Energy
Seller of Eagle Ford assets to Crescent under a definitive all-cash transaction.
