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Crescent Energy Reports Pro Forma Financial and Operational Results for the Nine Month Period Ended September 30, 2021 Related to the Combination of Independence and Contango – Yahoo Finance

Posted on December 23, 2021 By Financial independence No Comments on Crescent Energy Reports Pro Forma Financial and Operational Results for the Nine Month Period Ended September 30, 2021 Related to the Combination of Independence and Contango – Yahoo Finance

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

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