Crescent Energy Reports Strong Q3 2026 Results and Progress on Devon Energy Acquisition
Crescent Energy (CRGY) delivered a robust third quarter in 2026, characterized by production and free cash flow that significantly outperformed market expectations. The company reported levered free cash flow of $367 million, which was 23% higher than anticipated, alongside an adjusted EBITDAX of $786 million. Operational efficiencies were evident as capital expenditures came in 9% below internal targets. A central theme of the quarter is the transformative $3.85 billion acquisition of Devon Energy's Eagle Ford assets. This deal is expected to boost pro forma production to approximately 400,000 barrels of oil equivalent per day. Management also highlighted significant synergy captures in the Permian Basin, reaching $295 million—nearly triple their original guidance. Despite inflationary pressures on steel and diesel, the company maintains a strong liquidity position of $2 billion and clear deleveraging targets.
Topics: capital expenditures EBITDAX free cash flow mergers and acquisitions oil and gas production
Read the full article at Motley Fool
Part of the story DeFi Technologies Schedules Shareholder Call for Q3 2026 Financial Results (51 articles)