Results Demonstrate Continued Strong Execution of Cash Flow Focused Investment Strategy
Crescent Remains Well-Positioned for Long-Term Value Creation Through Cycles
HOUSTON, December 21, 2021–(BUSINESS WIRE)–Crescent Energy Company (“Crescent” or the “Company”) (NYSE: CRGY) today announced pro forma financial and operational results for the nine-month period ended September 30, 2021 (the “Year to Date Period”) related to the business combination between Independence Energy LLC (“Independence”) and Contango Oil & Gas Company (“Contango”).
Highlights and Recent Developments
– Formed Crescent Energy on December 7, 2021 with the successful completion of the merger between Independence and Contango; stock is now trading on the NYSE under ticker symbol “CRGY”
– Delivered strong pro forma financial results underpinned by predictable, low-decline PDP Base
– Implemented a disciplined capex program focused on risk-adjusted returns
– Reduced risk via balance sheet strength and a consistent commodity hedging program
– Executed on its consolidation strategy, closing three acquisitions in 2H’21 including Contango
– Financial Highlights for the Year to Date and Annualized Period:
|
9 Months Ended 9/30/21 |
Annualized |
|
|
Production |
115 MBoe/d |
|
|
% Liquids |
57% |
|
|
% Hedged (Predecessor Only) |
81% |
|
|
Total Revenues (GAAP) |
$1,254 MM |
$1,672 MM |
|
Net Loss (GAAP)1 |
$(678) MM |
NM |
|
Adj. EBITDAX (non-GAAP)2 |
$467 MM |
$623 MM |
|
Levered Free Cash Flow (non-GAAP) 2 |
$286 MM |
$381 MM |
|
Unhedged Adj. EBITDAX (non-GAAP)2 |
$674 MM |
$899 MM |
|
Net Debt |
$830 MM |
|
|
Net Debt / Annualized Adj. EBITDAX |
1.3x |
|
|
Net Debt / Ann. Unhedged Adj. EBITDAX </……. Source: https://finance.yahoo.com/news/crescent-energy-reports-pro-forma-120000241.html Financial independence Tags:RSS FeedsRelated Posts | ||
