Crescent Energy Co on Monday reported $9.51 million in company-attributed net loss (-$10.27 million including non-controlling stakes) for the third quarter, hit by a $73.53 million impairment of oil and gas properties.
The Houston, Texas-based producer said in its quarterly report it has entered into agreements to divest over $800 million worth of non-core assets including the whole of its Barnett, conventional Rockies and Mid-Continent positions. Crescent expects to complete the transactions by yearend.
“With these asset sales, Crescent has successfully executed its non-core divestiture program announced alongside the Vital Energy acquisition announcement, demonstrating the company’s commitment to continually evaluate opportunities to enhance the portfolio, simplify the business and deliver value for investors”, Crescent said.
On August 25 it announced its $3.1-billion all-stock purchase of Vital Energy Inc. Expected to close this year, the combination will create a “top-10 independent”, the parties said.
While Crescent’s net result was negative, adjusted net profit was $88.33 million, up from $81.97 million for the same three-month period last year as sales volumes increased. Realized prices fell for oil but rose for natural gas.
Crescent’s adjusted earnings per share of $0.35 beat the Zacks Consensus Estimate of $0.3 per share.
Q3 2025 net sales volumes averaged 253,000 barrels of oil equivalent per day (boepd), up from 219,000 boed in Q3 2024. That consisted of 103,000 bpd of oil, 631 million cubic feet a day of gas and 45,000 bpd of natural gas liquids – all up year-on-year.
Revenue totaled $866.58 million, up from $744.87 million for Q3 2024. Income from operations came at $30.8 million, compared to -$7.42 million for Q3 2024. Operating cash flow was $204 million. Adjusted EBITDA landed at $486.54 million, up from $430.44 million for Q3 2024.
So far in 2025 Crescent has completed around $33 million of its share repurchase plan of up to $150 million.
“The combination of our continued operational performance, our Vital acquisition and our successful divestiture program positions Crescent with more scale, more focus and an even greater opportunity than ever before”, said chief executive David Rockecharlie.
As of the end of Q3 2025 Crescent had $702.71 million in current assets including $3.53 million in cash and cash equivalents and $5.35 million in restricted cash. Current liabilities stood at $864.2 million.
Crescent said it has “strengthened the balance sheet with approximately $150 million of debt repayment and an opportunistic refinancing to extend maturities and reduce interest expense”, as well as “expanded the borrowing base by 50 percent to $3.9 billion with a 10 percent reduction in the pricing grid, capturing $12 million in cost-of-capital synergies ahead of the closing of the Vital Energy acquisition”.
To contact the author, email jov.onsat@rigzone.com
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