0001866175FALSEQ12025December 31http://fasb.org/us-gaap/2024#DerivativeAssetsCurrent http://fasb.org/us-gaap/2024#DerivativeAssetsNoncurrenthttp://fasb.org/us-gaap/2024#DerivativeLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#DerivativeAssetsCurrent http://fasb.org/us-gaap/2024#DerivativeAssetsNoncurrenthttp://fasb.org/us-gaap/2024#DerivativeLiabilitiesCurrentP1Yxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:pureutr:bbliso4217:USDutr:bblutr:MMBTUiso4217:USDutr:MMBTUcrgy:tranchecrgy:classcrgy:segment00018661752025-01-012025-03-3100018661752025-04-3000018661752025-03-3100018661752024-12-310001866175us-gaap:NonrelatedPartyMember2025-03-310001866175us-gaap:NonrelatedPartyMember2024-12-310001866175srt:AffiliatedEntityMember2025-03-310001866175srt:AffiliatedEntityMember2024-12-310001866175us-gaap:CommonClassAMember2025-03-310001866175us-gaap:CommonClassAMember2024-12-310001866175us-gaap:CommonClassBMember2024-12-310001866175us-gaap:CommonClassBMember2025-03-310001866175srt:OilReservesMember2025-01-012025-03-310001866175srt:OilReservesMember2024-01-012024-03-310001866175us-gaap:NaturalGasProductionMember2025-01-012025-03-310001866175us-gaap:NaturalGasProductionMember2024-01-012024-03-310001866175srt:NaturalGasLiquidsReservesMember2025-01-012025-03-310001866175srt:NaturalGasLiquidsReservesMember2024-01-012024-03-310001866175crgy:MidstreamAndOtherMember2025-01-012025-03-310001866175crgy:MidstreamAndOtherMember2024-01-012024-03-3100018661752024-01-012024-03-310001866175us-gaap:CommonClassAMember2025-01-012025-03-310001866175us-gaap:CommonClassAMember2024-01-012024-03-310001866175us-gaap:CommonClassBMember2025-01-012025-03-310001866175us-gaap:CommonClassBMember2024-01-012024-03-310001866175us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-12-310001866175us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-12-310001866175us-gaap:PreferredStockMember2023-12-310001866175us-gaap:TreasuryStockCommonMember2023-12-310001866175us-gaap:AdditionalPaidInCapitalMember2023-12-310001866175us-gaap:RetainedEarningsMember2023-12-310001866175us-gaap:NoncontrollingInterestMember2023-12-3100018661752023-12-310001866175us-gaap:RetainedEarningsMember2024-01-012024-03-310001866175us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001866175us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001866175us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-01-012024-03-310001866175us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-01-012024-03-310001866175us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-03-310001866175us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-03-310001866175us-gaap:PreferredStockMember2024-03-310001866175us-gaap:TreasuryStockCommonMember2024-03-310001866175us-gaap:AdditionalPaidInCapitalMember2024-03-310001866175us-gaap:RetainedEarningsMember2024-03-310001866175us-gaap:NoncontrollingInterestMember2024-03-3100018661752024-03-310001866175us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-12-310001866175us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-12-310001866175us-gaap:PreferredStockMember2024-12-310001866175us-gaap:TreasuryStockCommonMember2024-12-310001866175us-gaap:AdditionalPaidInCapitalMember2024-12-310001866175us-gaap:RetainedEarningsMember2024-12-310001866175us-gaap:NoncontrollingInterestMember2024-12-310001866175us-gaap:RetainedEarningsMember2025-01-012025-03-310001866175us-gaap:NoncontrollingInterestMember2025-01-012025-03-310001866175us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001866175us-gaap:CommonStockMemberus-gaap:CommonClassAMember2025-01-012025-03-310001866175us-gaap:CommonStockMemberus-gaap:CommonClassBMember2025-01-012025-03-310001866175us-gaap:TreasuryStockCommonMember2025-01-012025-03-310001866175us-gaap:CommonStockMemberus-gaap:CommonClassAMember2025-03-310001866175us-gaap:CommonStockMemberus-gaap:CommonClassBMember2025-03-310001866175us-gaap:PreferredStockMember2025-03-310001866175us-gaap:TreasuryStockCommonMember2025-03-310001866175us-gaap:AdditionalPaidInCapitalMember2025-03-310001866175us-gaap:RetainedEarningsMember2025-03-310001866175us-gaap:NoncontrollingInterestMember2025-03-310001866175crgy:PriorCreditAgreementMember2025-01-012025-03-310001866175crgy:PriorCreditAgreementMember2024-01-012024-03-310001866175crgy:RepurchasedInConjunctionWithEquityTransactionMember2025-01-012025-03-310001866175crgy:RepurchasedInConjunctionWithEquityTransactionMember2024-01-012024-03-310001866175crgy:CrescentEnergyOpCoLLCMemberus-gaap:CommonClassBMember2025-03-012025-03-310001866175us-gaap:CommonClassAMember2025-03-012025-03-310001866175us-gaap:CommonClassBMember2025-03-012025-03-310001866175crgy:CrescentEnergyCompanyMember2025-01-012025-03-310001866175crgy:A2025EquityTransactionMembercrgy:CrescentEnergyCompanyMember2025-03-310001866175us-gaap:CommonClassBMember2024-03-012024-03-310001866175us-gaap:CommonClassAMember2024-03-012024-03-310001866175crgy:IndependenceEnergyAggregatorLPMembersrt:AffiliatedEntityMemberus-gaap:CommonClassAMember2024-03-310001866175crgy:CrescentEnergyOpCoLLCMember2024-03-012024-03-310001866175crgy:CrescentEnergyCompanyMember2024-03-012024-03-310001866175crgy:CrescentEnergyCompanyMember2024-03-310001866175crgy:CrescentEnergyOpCoLLCMemberus-gaap:CommonClassAMember2024-03-040001866175crgy:CrescentEnergyOpCoLLCMemberus-gaap:CommonClassAMember2024-03-042024-03-040001866175crgy:CrescentEnergyOpCoLLCMemberus-gaap:SubsequentEventMember2025-04-300001866175crgy:CrescentEnergyOpCoLLCMemberus-gaap:CommonClassAMember2024-01-012024-12-310001866175crgy:CrescentEnergyOpCoLLCMemberus-gaap:CommonClassAMember2025-01-012025-03-310001866175crgy:CrescentEnergyOpCoLLCMember2025-01-012025-03-310001866175crgy:CrescentEnergyOpCoLLCMembercrgy:IndependenceMineralsHoldingsLLCAndCrescentEnergyFinanceLLCMember2025-01-012025-03-310001866175crgy:A2025EquityTransactionMemberus-gaap:CommonClassBMember2025-01-012025-03-310001866175crgy:A2024EquityTransactionMemberus-gaap:CommonClassBMember2024-01-012024-03-310001866175crgy:A2024EquityTransactionMemberus-gaap:CommonClassAMember2024-01-012024-03-310001866175crgy:A2024EquityTransactionMembercrgy:CrescentEnergyOpCoLLCMember2024-01-012024-03-310001866175crgy:A2024EquityTransactionMembercrgy:CrescentEnergyOpCoLLCMember2024-03-310001866175crgy:RidgemarAcquisitionMember2025-01-012025-03-310001866175us-gaap:CommonClassAMembercrgy:RidgemarAcquisitionMember2025-01-012025-03-310001866175crgy:RidgemarAcquisitionMember2024-12-032024-12-030001866175crgy:SilverBowMergerMemberus-gaap:CommonStockMember2024-07-300001866175crgy:SilverBowMergerMembercrgy:ConsiderationFormAMemberus-gaap:CommonClassAMember2024-07-300001866175crgy:SilverBowMergerMembercrgy:ConsiderationFormBMemberus-gaap:CommonClassAMember2024-07-300001866175crgy:SilverBowMergerMembercrgy:ConsiderationFormBMember2024-07-300001866175crgy:SilverBowMergerMembercrgy:ConsiderationFormCMember2024-07-300001866175crgy:SilverBowMergerMember2024-07-302024-07-300001866175crgy:SilverBowMergerMemberus-gaap:CommonClassAMember2024-07-302024-07-300001866175crgy:SilverBowMergerMember2025-01-012025-03-310001866175crgy:SilverBowMergerMember2024-01-012024-12-310001866175crgy:SilverBowMergerMembercrgy:ProductionAndOtherTaxesMember2024-01-012024-12-310001866175crgy:SilverBowMergerMemberus-gaap:GeneralAndAdministrativeExpenseMember2024-01-012024-12-310001866175crgy:SilverBowMergerMember2024-01-012024-03-310001866175us-gaap:OneTimeTerminationBenefitsMember2024-01-012024-12-310001866175crgy:LeaseTerminationAndOtherCostsMember2024-01-012024-12-310001866175us-gaap:OneTimeTerminationBenefitsMember2024-12-310001866175crgy:LeaseTerminationAndOtherCostsMember2024-12-310001866175us-gaap:OneTimeTerminationBenefitsMember2025-01-012025-03-310001866175crgy:LeaseTerminationAndOtherCostsMember2025-01-012025-03-310001866175us-gaap:OneTimeTerminationBenefitsMember2025-03-310001866175crgy:LeaseTerminationAndOtherCostsMember2025-03-310001866175crgy:WebbGasAcquisitionMember2025-01-012025-01-310001866175crgy:CentralEagleFordAcquisitionMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-10-012024-10-310001866175crgy:CentralEagleFordAcquisitionMember2024-10-012024-12-310001866175crgy:CentralEagleFordAcquisitionMemberus-gaap:GeneralAndAdministrativeExpenseMember2024-01-012024-12-310001866175us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMembercrgy:EagleFordMineralsAcquisitionMember2024-02-012024-02-290001866175crgy:WebbGasAcquisitionMember2025-01-012025-03-310001866175crgy:EagleFordMineralsAcquisitionMember2025-01-012025-03-310001866175crgy:CentralEagleFordAcquisitionMember2025-01-012025-03-310001866175crgy:SilverBowMergerMembercrgy:CommonStockHeldBySellersMember2025-01-012025-03-310001866175crgy:SilverBowMergerMembercrgy:CommonStockForEquityAwardsAtAcquireeMember2025-01-012025-03-310001866175crgy:RidgemarAcquisitionMember2025-03-310001866175crgy:WebbGasAcquisitionMember2025-03-310001866175crgy:EagleFordMineralsAcquisitionMember2025-03-310001866175crgy:SilverBowMergerMember2025-03-310001866175crgy:CentralEagleFordAcquisitionMember2025-03-310001866175crgy:RidgemarAcquisitionMembercrgy:ProvedOilAndNaturalGasPropertiesMember2025-03-310001866175crgy:WebbGasAcquisitionMembercrgy:ProvedOilAndNaturalGasPropertiesMember2025-03-310001866175crgy:EagleFordMineralsAcquisitionMembercrgy:ProvedOilAndNaturalGasPropertiesMember2025-03-310001866175crgy:SilverBowMergerMembercrgy:ProvedOilAndNaturalGasPropertiesMember2025-03-310001866175crgy:CentralEagleFordAcquisitionMembercrgy:ProvedOilAndNaturalGasPropertiesMember2025-03-310001866175crgy:RidgemarAcquisitionMembercrgy:UnprovedOilAndNaturalGasPropertiesMember2025-03-310001866175crgy:WebbGasAcquisitionMembercrgy:UnprovedOilAndNaturalGasPropertiesMember2025-03-310001866175crgy:EagleFordMineralsAcquisitionMembercrgy:UnprovedOilAndNaturalGasPropertiesMember2025-03-310001866175crgy:SilverBowMergerMembercrgy:UnprovedOilAndNaturalGasPropertiesMember2025-03-310001866175crgy:CentralEagleFordAcquisitionMembercrgy:UnprovedOilAndNaturalGasPropertiesMember2025-03-310001866175us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercrgy:ArkomaBasinMember2025-01-012025-03-310001866175us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercrgy:ArkomaBasinMember2025-03-012025-03-310001866175us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMembercrgy:ArkomaBasinMember2025-03-310001866175srt:CrudeOilMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodOneMembercrgy:WTIIndexMember2025-01-012025-03-310001866175srt:CrudeOilMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodOneMembercrgy:WTIIndexMember2025-03-310001866175srt:CrudeOilMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodOneOutstandingAndExercisableByCounterpartyUntilJune2025Membercrgy:WTIIndexMember2025-01-012025-03-310001866175srt:CrudeOilMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodOneOutstandingAndExercisableByCounterpartyUntilJune2025Membercrgy:WTIIndexMember2025-03-310001866175srt:CrudeOilMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodTwoMembercrgy:WTIIndexMember2025-01-012025-03-310001866175srt:CrudeOilMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodTwoMembercrgy:WTIIndexMember2025-03-310001866175srt:CrudeOilMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodTwoOutstandingAndExercisableByCounterpartyUntilDecember2025Membercrgy:WTIIndexMember2025-01-012025-03-310001866175srt:CrudeOilMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodTwoOutstandingAndExercisableByCounterpartyUntilDecember2025Membercrgy:WTIIndexMember2025-03-310001866175srt:CrudeOilMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodFourOutstandingAndExercisableByCounterpartyUntilDecember2026Membercrgy:WTIIndexMember2025-01-012025-03-310001866175srt:CrudeOilMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodFourOutstandingAndExercisableByCounterpartyUntilDecember2026Membercrgy:WTIIndexMember2025-03-310001866175srt:CrudeOilMembercrgy:CollarMembercrgy:DerivativeContractPeriodOneMembercrgy:WTIIndexMember2025-01-012025-03-310001866175srt:CrudeOilMembersrt:MinimumMembercrgy:CollarMembercrgy:DerivativeContractPeriodOneMembercrgy:WTIIndexMember2025-03-310001866175srt:CrudeOilMembersrt:MaximumMembercrgy:CollarMembercrgy:DerivativeContractPeriodOneMembercrgy:WTIIndexMember2025-03-310001866175srt:CrudeOilMembercrgy:CollarMembercrgy:DerivativeContractPeriodOneMembercrgy:WTIIndexMember2025-03-310001866175srt:CrudeOilMembercrgy:CollarMembercrgy:DerivativeContractPeriodTwoMembercrgy:WTIIndexMember2025-01-012025-03-310001866175srt:CrudeOilMembersrt:MinimumMembercrgy:CollarMembercrgy:DerivativeContractPeriodTwoMembercrgy:WTIIndexMember2025-03-310001866175srt:CrudeOilMembersrt:MaximumMembercrgy:CollarMembercrgy:DerivativeContractPeriodTwoMembercrgy:WTIIndexMember2025-03-310001866175srt:CrudeOilMembercrgy:CollarMembercrgy:DerivativeContractPeriodTwoMembercrgy:WTIIndexMember2025-03-310001866175srt:CrudeOilMembercrgy:CollarMembercrgy:DerivativeContractPeriodTwoOutstandingAndExercisableByCounterpartyUntilDecember2025Membercrgy:WTIIndexMember2025-01-012025-03-310001866175srt:CrudeOilMembersrt:MinimumMembercrgy:CollarMembercrgy:DerivativeContractPeriodTwoOutstandingAndExercisableByCounterpartyUntilDecember2025Membercrgy:WTIIndexMember2025-03-310001866175srt:CrudeOilMembersrt:MaximumMembercrgy:CollarMembercrgy:DerivativeContractPeriodTwoOutstandingAndExercisableByCounterpartyUntilDecember2025Membercrgy:WTIIndexMember2025-03-310001866175srt:CrudeOilMembercrgy:CollarMembercrgy:DerivativeContractPeriodTwoOutstandingAndExercisableByCounterpartyUntilDecember2025Membercrgy:WTIIndexMember2025-03-310001866175srt:CrudeOilMembercrgy:CollarMembercrgy:DerivativeContractPeriodOneMembercrgy:BrentIndexMember2025-01-012025-03-310001866175srt:CrudeOilMembersrt:MinimumMembercrgy:CollarMembercrgy:DerivativeContractPeriodOneMembercrgy:BrentIndexMember2025-03-310001866175srt:CrudeOilMembersrt:MaximumMembercrgy:CollarMembercrgy:DerivativeContractPeriodOneMembercrgy:BrentIndexMember2025-03-310001866175srt:CrudeOilMembercrgy:CollarMembercrgy:DerivativeContractPeriodOneMembercrgy:BrentIndexMember2025-03-310001866175srt:NaturalGasReservesMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodOneMember2025-01-012025-03-310001866175srt:NaturalGasReservesMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodOneMember2025-03-310001866175srt:NaturalGasReservesMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodTwoMember2025-01-012025-03-310001866175srt:NaturalGasReservesMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodTwoMember2025-03-310001866175srt:NaturalGasReservesMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodFourOutstandingAndExercisableByCounterpartyUntilDecember2026Member2025-01-012025-03-310001866175srt:NaturalGasReservesMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodFourOutstandingAndExercisableByCounterpartyUntilDecember2026Member2025-03-310001866175srt:NaturalGasReservesMembercrgy:CollarMembercrgy:DerivativeContractPeriodOneMember2025-01-012025-03-310001866175srt:NaturalGasReservesMembercrgy:CollarMembercrgy:DerivativeContractPeriodOneMembersrt:MinimumMember2025-03-310001866175srt:NaturalGasReservesMembercrgy:CollarMembercrgy:DerivativeContractPeriodOneMembersrt:MaximumMember2025-03-310001866175srt:NaturalGasReservesMembercrgy:CollarMembercrgy:DerivativeContractPeriodOneMember2025-03-310001866175srt:NaturalGasReservesMembercrgy:CollarMembercrgy:DerivativeContractPeriodTwoMember2025-01-012025-03-310001866175srt:NaturalGasReservesMembercrgy:CollarMembercrgy:DerivativeContractPeriodTwoMembersrt:MinimumMember2025-03-310001866175srt:NaturalGasReservesMembercrgy:CollarMembercrgy:DerivativeContractPeriodTwoMembersrt:MaximumMember2025-03-310001866175srt:NaturalGasReservesMembercrgy:CollarMembercrgy:DerivativeContractPeriodTwoMember2025-03-310001866175srt:NaturalGasLiquidsReservesMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodOneMember2025-01-012025-03-310001866175srt:NaturalGasLiquidsReservesMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodOneMember2025-03-310001866175srt:CrudeOilMemberus-gaap:BasisSwapMembercrgy:DerivativeContractPeriodOneMember2025-01-012025-03-310001866175srt:CrudeOilMemberus-gaap:BasisSwapMembercrgy:DerivativeContractPeriodOneMember2025-03-310001866175srt:CrudeOilMemberus-gaap:BasisSwapMembercrgy:DerivativeContractPeriodTwoMember2025-01-012025-03-310001866175srt:CrudeOilMemberus-gaap:BasisSwapMembercrgy:DerivativeContractPeriodTwoMember2025-03-310001866175srt:NaturalGasReservesMemberus-gaap:BasisSwapMembercrgy:DerivativeContractPeriodOneMember2025-01-012025-03-310001866175srt:NaturalGasReservesMemberus-gaap:BasisSwapMembercrgy:DerivativeContractPeriodOneMember2025-03-310001866175srt:NaturalGasReservesMemberus-gaap:BasisSwapMembercrgy:DerivativeContractPeriodTwoMember2025-01-012025-03-310001866175srt:NaturalGasReservesMemberus-gaap:BasisSwapMembercrgy:DerivativeContractPeriodTwoMember2025-03-310001866175srt:NaturalGasReservesMemberus-gaap:BasisSwapMembercrgy:DerivativeContractPeriodThreeMember2025-01-012025-03-310001866175srt:NaturalGasReservesMemberus-gaap:BasisSwapMembercrgy:DerivativeContractPeriodThreeMember2025-03-310001866175srt:CrudeOilMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodOneMember2025-01-012025-03-310001866175srt:CrudeOilMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodOneMember2025-03-310001866175srt:CrudeOilMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodTwoMember2025-01-012025-03-310001866175srt:CrudeOilMemberus-gaap:SwapMembercrgy:DerivativeContractPeriodTwoMember2025-03-310001866175srt:CrudeOilMembersrt:ScenarioForecastMembercrgy:CollarMembercrgy:WTIIndexMembercrgy:RidgemarAcquisitionMember2026-04-012026-06-300001866175srt:CrudeOilMembersrt:ScenarioForecastMembercrgy:CollarMembercrgy:WTIIndexMembercrgy:RidgemarAcquisitionMember2026-07-012026-09-300001866175srt:CrudeOilMembersrt:ScenarioForecastMembercrgy:CollarMembercrgy:WTIIndexMembercrgy:RidgemarAcquisitionMember2026-10-012026-12-310001866175srt:CrudeOilMembersrt:ScenarioForecastMembercrgy:CollarMembercrgy:WTIIndexMembercrgy:RidgemarAcquisitionMember2026-01-012026-03-310001866175srt:CrudeOilMembersrt:ScenarioForecastMembercrgy:CollarMembercrgy:WTIIndexMembercrgy:RidgemarAcquisitionMember2027-01-012027-03-310001866175srt:CrudeOilMembersrt:ScenarioForecastMembercrgy:CollarMembercrgy:WTIIndexMembercrgy:RidgemarAcquisitionMember2027-07-012027-09-300001866175srt:CrudeOilMembersrt:ScenarioForecastMembercrgy:CollarMembercrgy:WTIIndexMembercrgy:RidgemarAcquisitionMember2027-04-012027-06-300001866175srt:CrudeOilMembersrt:ScenarioForecastMembercrgy:CollarMembercrgy:WTIIndexMembercrgy:RidgemarAcquisitionMember2027-10-012027-12-310001866175crgy:CurrentDerivativeAssetsMember2025-03-310001866175crgy:NonCurrentDerivativeAssetsMember2025-03-310001866175crgy:CurrentDerivativeLiabilitiesMember2025-03-310001866175us-gaap:OtherCurrentLiabilitiesMember2025-03-310001866175crgy:NoncurrentDerivativeLiabilitiesMember2025-03-310001866175us-gaap:OtherLiabilitiesMember2025-03-310001866175crgy:CurrentDerivativeAssetsMember2024-12-310001866175crgy:NonCurrentDerivativeAssetsMember2024-12-310001866175crgy:CurrentDerivativeLiabilitiesMember2024-12-310001866175crgy:NoncurrentDerivativeLiabilitiesMember2024-12-310001866175srt:OilReservesMemberus-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMember2025-01-012025-03-310001866175srt:OilReservesMemberus-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMember2024-01-012024-03-310001866175srt:NaturalGasReservesMemberus-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMember2025-01-012025-03-310001866175srt:NaturalGasReservesMemberus-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMember2024-01-012024-03-310001866175srt:NaturalGasLiquidsReservesMemberus-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMember2025-01-012025-03-310001866175srt:NaturalGasLiquidsReservesMemberus-gaap:EnergyRelatedDerivativeMemberus-gaap:NondesignatedMember2024-01-012024-03-310001866175us-gaap:NondesignatedMember2025-01-012025-03-310001866175us-gaap:NondesignatedMember2024-01-012024-03-310001866175us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2025-01-012025-03-310001866175us-gaap:CommodityContractMemberus-gaap:NondesignatedMember2024-01-012024-03-310001866175us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2025-01-012025-03-310001866175us-gaap:InterestRateContractMemberus-gaap:NondesignatedMember2024-01-012024-03-310001866175us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001866175us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001866175us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001866175us-gaap:FairValueMeasurementsRecurringMember2025-03-310001866175us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001866175us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001866175us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001866175us-gaap:FairValueMeasurementsRecurringMember2024-12-310001866175crgy:A7.375SeniorNotesDue2033Memberus-gaap:SeniorNotesMember2024-06-300001866175crgy:A7.375SeniorNotesDue2033Memberus-gaap:SeniorNotesMember2024-09-300001866175crgy:A7.375SeniorNotesDue2033Memberus-gaap:SeniorNotesMember2024-06-012024-06-300001866175crgy:SilverBowMergerMembercrgy:A7.375SeniorNotesDue2033Memberus-gaap:SeniorNotesMember2024-06-012024-06-300001866175crgy:SilverBowMergerMembercrgy:A7.375SeniorNotesDue2033Memberus-gaap:SeniorNotesMember2024-06-300001866175crgy:A7.375SeniorNotesDue2033Memberus-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodOneMember2024-06-012024-06-300001866175crgy:A7.375SeniorNotesDue2033Memberus-gaap:SeniorNotesMembersrt:MinimumMember2024-06-012024-06-300001866175crgy:A7.625SeniorNotesDue2032Memberus-gaap:SeniorNotesMember2024-03-310001866175crgy:A7.625SeniorNotesDue2032Memberus-gaap:SeniorNotesMember2024-12-310001866175crgy:A7.625SeniorNotesDue2032Memberus-gaap:SeniorNotesMember2024-03-012024-03-310001866175us-gaap:SeniorNotesMember2024-03-310001866175crgy:A7.625SeniorNotesDue2032Memberus-gaap:SeniorNotesMemberus-gaap:DebtInstrumentRedemptionPeriodOneMember2024-03-012024-03-310001866175crgy:A9250SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2023-02-280001866175crgy:A9250SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2023-07-310001866175crgy:SeniorNotesDueJuly2028Membercrgy:IndependenceEnergyFinanceLLCMemberus-gaap:SeniorNotesMember2023-07-310001866175crgy:A9250SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2023-09-300001866175crgy:SeniorNotesDueSeptember2028Membercrgy:IndependenceEnergyFinanceLLCMembercrgy:NewNotesMember2023-09-300001866175crgy:A9250SeniorNotesDue2028Membercrgy:IndependenceEnergyFinanceLLCMemberus-gaap:SeniorNotesMember2023-12-310001866175crgy:SeniorNotesDueDecember2028Membercrgy:IndependenceEnergyFinanceLLCMembercrgy:NewNotesMember2023-12-310001866175us-gaap:SeniorNotesMember2023-02-280001866175crgy:A9250SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2025-03-310001866175us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2025-03-310001866175us-gaap:LineOfCreditMemberus-gaap:LetterOfCreditMember2025-03-310001866175us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2021-05-310001866175us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2025-01-012025-03-310001866175us-gaap:LineOfCreditMemberus-gaap:RevolvingCreditFacilityMember2024-12-310001866175us-gaap:LineOfCreditMemberus-gaap:LetterOfCreditMember2024-12-310001866175us-gaap:RevolvingCreditFacilityMemberus-gaap:LetterOfCreditMember2025-03-310001866175crgy:A7.625SeniorNotesDue2032Memberus-gaap:SeniorNotesMember2025-03-310001866175crgy:A7.375SeniorNotesDue2033Memberus-gaap:SeniorNotesMember2025-03-310001866175us-gaap:RevolvingCreditFacilityMemberus-gaap:LetterOfCreditMember2024-12-310001866175crgy:A9250SeniorNotesDue2028Memberus-gaap:SeniorNotesMember2024-12-310001866175crgy:A7.375SeniorNotesDue2033Memberus-gaap:SeniorNotesMember2024-12-310001866175crgy:LiabilityClassifiedProfitsInterestAwardsMember2025-01-012025-03-310001866175crgy:LiabilityClassifiedProfitsInterestAwardsMember2024-01-012024-03-310001866175crgy:EquityClassifiedProfitsInterestAwardsMember2025-01-012025-03-310001866175crgy:EquityClassifiedProfitsInterestAwardsMember2024-01-012024-03-310001866175crgy:EquityClassifiedLTIPRSUAwardsMember2025-01-012025-03-310001866175crgy:EquityClassifiedLTIPRSUAwardsMember2024-01-012024-03-310001866175crgy:EquityClassifiedLTIPPSUAwardsMember2025-01-012025-03-310001866175crgy:EquityClassifiedLTIPPSUAwardsMember2024-01-012024-03-310001866175crgy:EquityClassifiedManagerPSUsMember2025-01-012025-03-310001866175crgy:EquityClassifiedManagerPSUsMember2024-01-012024-03-310001866175us-gaap:RestrictedStockUnitsRSUMembercrgy:DirectorsOfficersAndEmployeesMember2025-01-012025-03-310001866175us-gaap:RestrictedStockUnitsRSUMembercrgy:DirectorsOfficersAndEmployeesMemberus-gaap:CommonClassAMember2025-01-012025-03-310001866175us-gaap:RestrictedStockUnitsRSUMembercrgy:DirectorsOfficersAndEmployeesMembersrt:MinimumMember2025-01-012025-03-310001866175us-gaap:RestrictedStockUnitsRSUMembercrgy:DirectorsOfficersAndEmployeesMembersrt:MaximumMember2025-01-012025-03-310001866175us-gaap:CommonClassAMembercrgy:RidgmarAcquisitionMember2025-01-012025-03-310001866175crgy:EquityClassifiedManagerPSUAwardsMemberus-gaap:CommonClassAMember2025-01-012025-03-310001866175crgy:EquityClassifiedManagerPSUAwardsMember2025-01-012025-03-310001866175srt:AffiliatedEntityMembercrgy:ManagementAgreementMember2025-01-012025-03-310001866175srt:AffiliatedEntityMembercrgy:ManagementAgreementManagerCompensationMember2025-01-012025-03-310001866175srt:AffiliatedEntityMembercrgy:ManagementAgreementBaseInputMember2025-01-012025-03-310001866175crgy:CrescentEnergyOpCoLLCMembersrt:AffiliatedEntityMembercrgy:ManagementAgreementBaseInputMember2025-01-012025-03-310001866175us-gaap:PhantomShareUnitsPSUsMemberus-gaap:SubsequentEventMember2025-04-012025-04-300001866175srt:AffiliatedEntityMemberus-gaap:SubsequentEventMembercrgy:ManagementAgreementBaseInputMember2025-04-012025-04-300001866175srt:AffiliatedEntityMembercrgy:ManagementAgreementMember2024-01-012024-03-310001866175crgy:CrescentEnergyOpCoLLCMembersrt:AffiliatedEntityMembercrgy:ManagementAgreementMember2025-03-310001866175srt:AffiliatedEntityMembercrgy:ManagementAgreementMember2024-12-310001866175srt:AffiliatedEntityMembercrgy:ManagementAgreementMember2025-03-310001866175srt:AffiliatedEntityMembercrgy:ManagementAgreementIncentiveCompensationMember2025-01-012025-03-310001866175srt:AffiliatedEntityMembercrgy:ManagementAgreementIncentiveCompensationMember2025-03-310001866175srt:AffiliatedEntityMembersrt:MinimumMembercrgy:ManagementAgreementIncentiveCompensationMember2025-03-310001866175srt:AffiliatedEntityMembersrt:MaximumMembercrgy:ManagementAgreementIncentiveCompensationMember2025-03-310001866175srt:AffiliatedEntityMembercrgy:ManagementAgreementIncentiveCompensationMember2024-01-012024-03-310001866175us-gaap:RelatedPartyMembercrgy:ManagementAgreementOilAndGasInvestmentsMember2025-03-310001866175us-gaap:RelatedPartyMembercrgy:ManagementAgreementOilAndGasInvestmentsMember2024-12-310001866175crgy:KKRCapitalMarketsLLCMember2025-01-012025-03-310001866175crgy:KKRCapitalMarketsLLCMember2024-01-012024-03-310001866175srt:AffiliatedEntityMembercrgy:DistributionsToPayIncomeTaxesMember2025-01-012025-03-310001866175srt:AffiliatedEntityMembercrgy:DistributionsToPayIncomeTaxesMember2024-01-012024-03-310001866175srt:AffiliatedEntityMember2025-01-012025-03-310001866175srt:AffiliatedEntityMember2024-01-012024-03-310001866175srt:AffiliatedEntityMembercrgy:DistributionForTaxesPaidInPriorPeriodsMember2025-03-310001866175srt:AffiliatedEntityMembercrgy:DistributionForTaxesPaidInPriorPeriodsMember2024-12-310001866175srt:AffiliatedEntityMembercrgy:JohnCGoffMember2023-03-310001866175srt:MaximumMember2024-12-310001866175crgy:ChamaEnergyLLCMembersrt:BoardOfDirectorsChairmanMember2025-01-012025-03-310001866175crgy:EquityClassifiedPSUAwardsMember2025-01-012025-03-310001866175crgy:EquityClassifiedPSUAwardsMember2024-01-012024-03-310001866175us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-03-310001866175us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-03-310001866175us-gaap:PhantomShareUnitsPSUsMember2025-01-012025-03-310001866175us-gaap:PhantomShareUnitsPSUsMember2024-01-012024-03-310001866175crgy:ReportableSegmentMember2025-01-012025-03-310001866175crgy:ReportableSegmentMember2024-01-012024-03-310001866175us-gaap:SubsequentEventMembersrt:ScenarioForecastMember2025-06-022025-06-020001866175us-gaap:SubsequentEventMember2025-05-052025-05-050001866175crgy:CrescentEnergyOpCoLLCMemberus-gaap:CommonClassAMemberus-gaap:SubsequentEventMember2025-04-012025-04-30

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

As of April 30, 2025, there were approximately 255,246,489 shares outstanding of the registrant's Class A common stock.

The following are abbreviations and definitions of certain terms used in this document, which are commonly used in the oil and natural gas industry:

Barrel or Bbl — One stock tank barrel, or 42 United States gallons liquid volume.

Boe — One barrel of oil equivalent determined using the ratio of six Mcf of natural gas to one barrel of crude oil or condensate.

Boe/d — Barrels of oil equivalent per day.

Brent — the reference price paid in U.S. dollars for a barrel of light sweet crude oil produced from the Brent field in the UK sector of the North Sea.

Btu — British thermal unit, which is the heat required to raise the temperature of a one-pound mass of water one degree Fahrenheit.

Henry Hub — Henry Hub is the major exchange for pricing natural gas futures on the New York Mercantile Exchange. It is frequently referred to as the Henry Hub index.

MBbls — One thousand Bbls or other liquid hydrocarbons.

MBbl/d — One thousand Bbls or other liquid hydrocarbons per day.

MBoe — One thousand Boe.

MBoe/d — One thousand Boe per day.

Mcf — One thousand cubic feet of natural gas.

Mcf/d — One thousand Mcf per day.

MMBoe — One million Boe.

MMBtu — One million Btus.

MMcf — One million Mcf.

MMcf/d — One million Mcf per day.

NYMEX — The New York Mercantile Exchange.

Proved reserves — Proved reserves are those quantities of oil and natural gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs and under existing economic conditions, operating methods and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.

Working interest — The operating interest that gives the owner the right to drill, produce and conduct operating activities on the property and a share of production.

WTI — A light crude oil produced in the United States with an American Petroleum Institute gravity of approximately 38-40 and sulfur content of approximately 0.3%.

The information in this Quarterly Report on Form 10-Q (this "Quarterly Report") contains or incorporates by reference information that includes or is based upon "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical facts, included herein concerning, among other things, planned capital expenditures, increases in oil, natural gas and natural gas liquids (“NGL”) production, the number of anticipated wells to be drilled or completed after the date hereof, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, business strategy and other plans and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,” “will,” “continue,” “potential,” “should,” “could,” and similar terms and phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. Our results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, among others:

•commodity price volatility;

•our business strategy;

•our ability to integrate operations or realize any anticipated operational or corporate synergies and other benefits of our acquisitions, including the Ridgemar Acquisition and SilverBow Merger;

•the risk that each of the SilverBow Merger and the Ridgemar Acquisition may not be accretive, and may be dilutive, to Crescent’s earnings per share, which may negatively affect the market price of Crescent common stock;

•capital requirements and uncertainty of obtaining additional funding on terms acceptable to us;

•risks and restrictions related to our debt agreements and the level of our indebtedness;

•our reliance on KKR Energy Assets Manager LLC as our external manager;

•our hedging strategy and results;

•realized oil, natural gas and NGL prices;

•political and economic conditions and events in the U.S. and in foreign oil, natural gas and NGL producing countries, including embargoes, political and regulatory changes implemented by the Trump Administration, continued hostilities in the Middle East, including the Israel-Hamas conflict, and heightened tensions with Iran, and other sustained military campaigns, the armed conflict in Ukraine and associated economic sanctions on Russia, conditions in South America, Central America and China and acts of terrorism or sabotage;

•changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements, including such changes that may be implemented by the Trump Administration;

•general economic conditions, including the impact of inflation, elevated interest rates and associated changes in monetary policy;

•the impact of central bank policy actions and disruptions in the banking industry and in the capital markets;

•the severity and duration of public health crises and any resultant impact on governmental actions, commodity prices, supply and demand considerations, and storage capacity;

•timing and amount of our future production of oil, natural gas and NGLs;

•a decline in oil, natural gas and NGL production, and the impact of general economic conditions on the demand for oil, natural gas and NGLs and the availability of capital;

•unsuccessful drilling and completion (“D&C”) activities and the possibility of resulting write downs;

•our ability to meet our proposed drilling schedule and to successfully drill wells that produce oil, natural gas and NGLs in commercially viable quantities;

•shortages of equipment, supplies, services and qualified personnel and increased costs for such equipment, supplies, services and personnel, including any delays and/or supply chain disruptions due to increased hostilities in the Middle East and international trade rules and regulations;

•adverse variations from estimates of reserves, production, prices and expenditure requirements, and our inability to replace our reserves through exploration and development activities;

•incorrect estimates associated with properties we acquire relating to estimated proved reserves, the presence or recoverability of estimated oil, natural gas and NGL reserves and the actual future production rates and associated costs of such acquired properties;

•hazardous, risky drilling operations, including those associated with the employment of horizontal drilling techniques, and adverse weather and environmental conditions;

•limited control over non-operated properties;

•title defects to our properties and inability to retain our leases;

•our ability to successfully develop our large inventory of undeveloped acreage;

•our ability to retain key members of our senior management and key technical employees;

•risks relating to managing our growth, particularly in connection with the integration of significant acquisitions;

•our ability to successfully execute our growth strategies;

•impact of environmental, occupational health and safety, and other governmental regulations, and of current or pending legislation that may negatively impact the future production of oil and natural gas or drive the substitution of renewable forms of energy for oil and natural gas;

•federal and state regulations and laws, including the Inflation Reduction Act of 2022 (the "IRA 2022"), taxes, tariffs and international trade, safety and the protection of the environment;

•our ability to predict and manage the effects of actions of OPEC and agreements to set and maintain production levels, including as a result of recent production cuts by OPEC, which may be exacerbated by the increased hostilities in the Middle East and heightened tensions with Iran;

•information technology failures or cyberattacks;

•changes in tax laws;

•effects of competition; and

•seasonal weather conditions.

We caution you that these forward-looking statements are subject to all of the risks and uncertainties incident to the development, production, gathering and sale of oil, natural gas and NGLs, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability and cost of drilling and production equipment and services, project construction delays, environmental risks, drilling and other operating risks, lack of availability or capacity of midstream gathering and transportation infrastructure, regulatory changes, including the impact of tariffs and international trade, the uncertainty inherent in estimating reserves and in projecting future rates of production, cash flow and access to capital, including restrictions due to elevated interest rates, the timing of development expenditures and the other risks described under “Risk Factors” in this Quarterly Report, in "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024 ("Annual Report") and our reports and registration statements filed from time to time with the SEC.

Reserve engineering is a process of estimating underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any reserve estimates depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development program. Accordingly, reserve estimates may differ significantly from the quantities of oil, natural gas and NGLs that are ultimately recovered.

Should one or more of the risks or uncertainties described in this Quarterly Report occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, included in this Quarterly Report are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this Quarterly Report.

Our Class A Common Stock is listed on the New York Stock Exchange under the symbol “CRGY.” Crescent is a holding company, the sole material asset of which is units ("OpCo Units") of Crescent Energy OpCo LLC ("OpCo"). The assets and liabilities of OpCo represent substantially all of our consolidated assets and liabilities, with the exception of certain current and deferred taxes and certain liabilities under the Management Agreement, as defined within NOTE 11 – Related Party Transactions. Certain restrictions and covenants related to the transfer of assets from OpCo are discussed further in NOTE 7 – Debt. Shares of Crescent Class A common stock, par value $0.0001 per share ("Class A Common Stock") have both voting and economic rights with respect to Crescent. Previously, Crescent was structured as an “Up-C,” pursuant to which holders of Crescent Class B common stock, par value $0.0001 per share ("Class B Common Stock"), which shares of Class B Common Stock had voting (but no economic) rights with respect to Crescent, held a corresponding amount of economic, non-voting OpCo Units. OpCo Units were redeemable or exchangeable for Class A Common Stock or, at our election, cash on the terms and conditions set forth in the Amended and Restated Limited Liability Company Agreement of OpCo (“OpCo LLC Agreement”). Additionally, an affiliate of KKR & Co. Inc. (together with its subsidiaries, the "KKR Group") is the sole holder of Crescent's non-economic Series I preferred stock, par value $0.0001 per share, which entitles the holder thereof to appoint the Board of Directors of Crescent and to certain other approval rights.

On April 8, 2025, we announced that our corporate structure had been simplified through the elimination of the Company’s Up-C structure through the exercise, effective April 4, 2025, by the holders of all remaining shares of Class B common stock of their redemption rights with respect to all of their OpCo Units (the “Corporate Simplification”). Pursuant to such exercise, all of their OpCo Units were exchanged for an equivalent number of shares of Class A common stock and all outstanding shares of Class B common stock were cancelled. As a result of the Corporate Simplification, all of the Company’s stockholders now hold Class A common stock. Except as otherwise stated herein, the information in this Quarterly Report does not give effect to the Corporate Simplification, which occurred after the period covered by this report. See NOTE 11 – Related Party Transactions for more information.

In March 2025, Independence Energy Aggregator L.P., the entity through which certain private investors in affiliated KKR entities hold their interests in us, exercised its redemption right with respect to 2.9 million OpCo Units, and such OpCo Units were exchanged for an equivalent number of shares of Class A Common Stock and a corresponding number of shares of Class B Common Stock were cancelled (the "March 2025 Class A Redemption"). The shares of Class A Common Stock were sold by Independence Energy Aggregator L.P. at a price per share of $9.91, pursuant to Rule 144, through a broker-dealer. We did not receive any proceeds or incur any material expenses related to the March 2025 Class A Redemption.

In March 2024, 16.1 million OpCo Units were acquired from Independence Energy Aggregator L.P. and we cancelled a corresponding number of shares of Class B Common Stock (the "March 2024 Redemption"). Of the total OpCo Units acquired, 13.8 million were exchanged for shares of Class A Common Stock, which were subsequently sold in an underwritten public offering at a price to the public of $10.50 per share, or a net price of $9.87 per share after deducting the underwriters' discounts and commissions, from which we did not receive any proceeds, nor incur any material expenses with respect to such acquisition. In connection with the underwritten public offering, we repurchased 2.3 million OpCo Units from Independence Energy Aggregator L.P. for $22.7 million in cash and we cancelled a corresponding number of shares of Class B Common Stock (the "March 2024 Repurchase," together with the March 2024 Redemption, the "March 2024 Equity Transactions").

As a result of the March 2024 Equity Transactions, the total number of shares of our Class A Common Stock increased by 13.8 million shares and the total number of shares of our Class B Common Stock decreased by 16.1 million shares. Redeemable noncontrolling interests decreased by $341.7 million while APIC increased by $319.0 million as a result of the March 2024 Equity Transactions.

Our Board of Directors authorized a stock repurchase program on March 4, 2024 with an approved limit of $150.0 million and a two-year term. Such repurchases may be made from time to time in the open market, in privately negotiated transactions, through purchases made in accordance with the Rule 10b5-1 of the Exchange Act or by such other means as will comply with applicable state and federal securities laws. The timing of any repurchases under the stock repurchase program will depend on market conditions, contractual limitations and other considerations. The program may be extended, modified, suspended or discontinued at any time, and does not obligate us to repurchase any dollar amount or number of securities. The 1% U.S. federal excise tax on certain repurchases of stock by publicly traded U.S. corporations enacted as part of the IRA 2022 applies to repurchases of our Class A Common Stock pursuant to our stock repurchase program. After share repurchases in early April 2025, the remaining amount under the authorized plan is approximately $91.0 million as of April 30, 2025.

We record treasury stock purchases at cost, which includes incremental direct transaction costs. Amounts are recorded as a reduction to equity on our condensed consolidated balance sheets. During 2024, we repurchased 0.7 million shares of our Class A Common Stock for $7.8 million, at an average price of $10.70 per share (the "2024 Class A Repurchases"), and in connection therewith, we cancelled a corresponding number of OpCo units held by us. For the three months ended March 31, 2025, we repurchased 0.5 million shares of our Class A Common Stock for $5.3 million, at an average price of $10.58 per share (the "2025 Class A Repurchases," and together with the 2024 Class A Repurchases, the "Class A Repurchases"), and in connection therewith, we cancelled a corresponding number of OpCo units.

Our unaudited condensed consolidated financial statements (the “financial statements”) include the accounts of the Company and its subsidiaries after the elimination of intercompany transactions and balances, are presented in accordance with U.S. general accepted accounting principles (“GAAP”) and reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective interim periods. We have no elements of other comprehensive income for the periods presented. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report.

Crescent is a holding company that conducts substantially all of its business through its consolidated subsidiaries, including (i) OpCo, which as of March 31, 2025 was owned approximately 76% by Crescent and approximately 24% by holders of our redeemable noncontrolling interests, and (ii) Crescent Energy Finance LLC, OpCo's wholly owned subsidiary. Crescent and OpCo have no operations, or material cash flows, assets or liabilities other than their investment in Crescent Energy Finance LLC. The assets and liabilities of OpCo represent substantially all of our consolidated assets and liabilities with the exception of certain current and deferred taxes and certain liabilities under the Management Agreement (as defined within NOTE 11 – Related Party Transactions). Certain restrictions and covenants related to the transfer of assets from OpCo are discussed further in NOTE 7 – Debt.

The financial statements include undivided interests in oil and natural gas properties. We account for our share of oil and natural gas properties by reporting our proportionate share of assets, liabilities, revenues, costs and cash flows within the accompanying condensed consolidated balance sheets, condensed consolidated statements of operations, and condensed consolidated statements of cash flows.

The preparation of financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We use historical experience and various other assumptions and information that are believed to be reasonable under the circumstances in developing our estimates and judgments. Estimates and assumptions about future events and their effects cannot be predicted with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. While we believe that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results may differ from these estimates. Our significant estimates include the fair value of acquired assets and liabilities, oil and natural gas reserves, impairment of proved and unproved oil and natural gas properties, valuation of derivative instruments and income taxes.

Restricted cash consists of funds earmarked for a special purpose and therefore not available for immediate and general use. The majority of our restricted cash is composed of cash that is contractually required to be restricted to fund acquisitions or to pay for the future abandonment of certain wells. Restricted cash is included in Other current assets and Other assets on our condensed consolidated balance sheets.

The following table provides a reconciliation of cash and restricted cash presented on our balance sheets to amounts shown in our condensed consolidated statements of cash flows:

Pursuant to the OpCo LLC Agreement, holders of OpCo Units, other than the Company, may redeem all or a portion of their OpCo Units for either (a) shares of Class A Common Stock or (b) at the election of the Company, an approximately equivalent amount of cash as determined pursuant to the terms of the OpCo LLC Agreement. In connection with such redemption, a corresponding number of shares of Class B Common Stock will be cancelled. The cash redemption election is not considered to be within the control of the Company because the holders of Class B Common Stock and their affiliates control the Company through direct representation on the Board of Directors. As a result, we present the noncontrolling interests in OpCo as redeemable noncontrolling interests outside of permanent equity. Redeemable noncontrolling interests are recorded at the greater of the carrying value or redemption amount with a corresponding adjustment to Additional paid-in capital. The cash redemption amount for OpCo Units for this purpose is based on the 10-day volume-weighted average closing price of Class A Common Stock at the end of the reporting period. Changes in the redemption value are recognized immediately as they occur, as if the end of the reporting period was also the redemption date for the instrument, with an offsetting entry to Additional paid-in capital.

For the three months ended March 31, 2025, the March 2025 Class A Redemption reduced the number of shares of our Class B Common Stock by 2.9 million shares. As a result of the transfer of additional OpCo Units to Crescent, we reclassified $34.1 million from Redeemable noncontrolling interests to Additional paid-in capital.

For the three months ended March 31, 2024, the 2024 Equity Transactions reduced the number of shares of our Class B Common Stock by 16.1 million shares. In addition, the 2024 Equity Transactions resulted in the transfer of 13.8 million OpCo Units to Crescent and the repurchase, by OpCo, of 2.3 million OpCo Units for $22.7 million in cash.

As a result of the transfer of additional OpCo Units to Crescent, we reclassified $319.0 million from Redeemable noncontrolling interests to Additional paid-in capital.

From December 31, 2024 through March 31, 2025, we recorded adjustments to the value of our redeemable noncontrolling interests as shown below:

Crescent is a holding company and its sole material asset is OpCo Units. OpCo is a partnership and is generally not subject to U.S. federal and certain state taxes. Crescent is subject to U.S. federal and certain state taxes on its allocable share of any taxable income of OpCo. For the three months ended March 31, 2025, we recognized income tax expense of $2.6 million for an effective tax rate of 30.7%, respectively. For the three months ended March 31, 2024, we recognized income tax benefit of $4.2 million for an effective tax rate of 11.5%. Our effective tax rate has typically been lower than the U.S. federal statutory income tax rate of 21% primarily due to effects of removing income and losses related to our noncontrolling interests and redeemable noncontrolling interests. Our effective tax rate for the three months ended March 31, 2025 was driven higher primarily due to our increased ownership of OpCo in 2025, temporary timing difference of certain deductions, and a higher state tax rate due to the apportionment changes created by the Ridgemar Acquisition.

We evaluate and update the estimated annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Consequently, based upon the mix and timing of our actual earnings compared to annual projections, our effective tax rate may vary quarterly and may make quarterly comparisons not meaningful. The quarterly income tax provision is generally composed of tax expense on income or benefit on loss at the most recent estimated annual effective tax rate. The tax effect of discrete items is recognized in the period in which they occur at the applicable statutory rate.

We continually assess the available positive and negative evidence to determine if sufficient future taxable income will be generated to use the existing deferred tax assets. On the basis of this evaluation a valuation allowance is recorded to recognize only the portion of the deferred tax assets that are more likely than not to be realized. The amount of the deferred tax asset considered realizable; however, could be adjusted in the future.

We have U.S. federal net operating loss ("NOL") carryforwards and recognized built-in-loss ("RBIL") property that are subject to limitation under Section 382. Pursuant to Sections 382 and 383 of the U.S. Internal Revenue Code of 1986, as amended, utilization of our NOL and RBIL carryforwards is subject to an annual limitation. These annual limitations may result in the expiration of NOL and RBIL carryforwards prior to utilization; accordingly we have maintained a valuation allowance related to U.S. federal NOL and RBIL carryforwards that we do not believe are recoverable due to these Section 382 limitations. As part of the Corporate Simplification that occurred in April 2025, see NOTE 11 – Related Party Transactions, we are evaluating the impact to any additional Section 382 limitations.

As of March 31, 2025 and December 31, 2024, we did not have any uncertain tax positions.

The following are our supplemental cash flow disclosures for the three months ended March 31, 2025 and 2024:

On July 30, 2024, we consummated the transactions contemplated by the Agreement and Plan of Merger, dated May 15, 2024 (the transactions contemplated therein, the "SilverBow Merger"), between Crescent, SilverBow, Artemis Acquisition Holdings Inc. ("Artemis Holdings"), Artemis Merger Sub Inc. ("Merger Sub Inc.") and Artemis Merger Sub II LLC ("Merger Sub LLC"). The SilverBow Merger has been accounted for as a business combination using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”), with Crescent being identified as the accounting acquirer.

Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of Crescent, merged with and into SilverBow (the "Initial Merger"), with SilverBow surviving the merger (the "Initial Surviving Corporation"), and immediately following the Initial Merger, the Initial Surviving Corporation merged with and into Merger Sub LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of Artemis Holdings, a Delaware corporation and a direct wholly owned subsidiary of Crescent (the "Subsequent Merger" and together with the Initial Merger, the "Mergers"), with Merger Sub LLC continuing as the surviving company of the Subsequent Merger (the "Subsequent Surviving Company") as a direct wholly owned subsidiary of Artemis Holdings. Promptly following the completion of the Mergers, Artemis Holdings contributed the Subsequent Surviving Company to Crescent Energy OpCo LLC, a Delaware limited liability company, of which Crescent is the managing member, which in turn contributed the Subsequent Surviving Company to its wholly owned subsidiary, Crescent Energy Finance, a Delaware limited liability company.

Subject to the terms and conditions of the Merger Agreement, each share of SilverBow's common stock, par value $0.01 per share ("SilverBow Common Stock") issued and outstanding immediately prior to the merger close date, was converted into the right to receive, pursuant to an election made and not revoked, one of the following forms of consideration: (A) 3.125 shares of Crescent Class A Common Stock, (B) a combination of 1.866 shares of Crescent Class A Common Stock and $15.31 in cash or (C) $38.00 in cash, subject to an aggregate cap of $400.0 million on the total cash consideration payable for the SilverBow Common Stock in the SilverBow Merger. The Merger Agreement also provided that each outstanding SilverBow restricted stock unit, performance-based stock unit (assuming maximum performance) and in-the money stock option, whether vested or unvested, held by certain employees and directors of SilverBow (collectively, the "SilverBow Equity Awards") became fully vested and was canceled and converted into a right to receive a cash payment (less the exercise price in the case of stock options) or, in the case of the restricted stock units and performance-based stock units, a partial cash payment and partial settlement in shares of Crescent Class A Common Stock. Each stock option with an exercise price that equaled or exceeded the amount of such cash payment was cancelled for no consideration. See the table below for consideration transferred and preliminary purchase price allocation. Certain data necessary to complete the purchase price allocation is not yet available, including final tax returns that provide the underlying tax basis of SilverBow’s assets and liabilities. We expect to complete the purchase price allocation during the 12-month period following the acquisition date. Crescent issued 51.6 million shares of Class A Common Stock in the SilverBow Merger and paid $382.4 million in cash to former SilverBow shareholders, including amounts payable in respect of outstanding SilverBow equity awards. See Note 10 - Equity-Based Compensation Awards.

During the three months ended March 31, 2025, we recognized revenue and net income associated with operations acquired through the SilverBow Merger were $271.6 million and $90.7 million, respectively. We recognized total transaction related expenses of $46.4 million on the condensed consolidated statements of operations, of which $3.6 million were recognized within Production and other taxes during the three months ended March 31, 2025 and $42.8 million were recognized within General and administrative expense during the second half of 2024.

The following table summarizes our unaudited pro forma financial information for the three months ended March 31, 2024 as if the SilverBow Merger and Central Eagle Ford Acquisition, as defined below, occurred on January 1, 2024 (unaudited):

During 2024 we reorganized our business, primarily as a result of the SilverBow Merger, which included one-time termination costs and exit costs for the closure of one of our offices. We expect the total amount of one-time employee termination benefits incurred to be $11.4 million and lease termination and other costs of $5.5 million, all of which was recognized on the condensed consolidated statements of operations during the second half of 2024. The following is a reconciliation of our restructuring liability, which is included within Accounts payable and accrued liabilities on the condensed consolidated balance sheets.

In October 2024, we acquired from unaffiliated third parties certain interests in oil and gas properties, rights and related assets located in Atascosa, Frio, La Salle and McMullen Counties, Texas for aggregate consideration of approximately $156.0 million, including certain customary purchase price adjustments (the “Central Eagle Ford Acquisition”).

The Central Eagle Ford Acquisition has been accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805, with Crescent being identified as the accounting acquirer. From the date of the Central Eagle Ford Acquisition through December 31, 2024, revenues and net income associated with operations acquired through the Central Eagle Ford Acquisition were $10.4 million and $3.1 million, respectively. We recognized transaction related expenses of $5.6 million within General and administrative expense on the condensed consolidated statements of operations for the year ended December 31, 2024.

The following table summarizes the consideration transferred and the net assets acquired for our acquisitions during 2025 and 2024 that impact the periods presented: