Crescent Energy Announces Fourth Quarter and Full Year 2022 Financial and Operating Results, Year-End Reserves and 2023 Guidance
Continues to Build Scale Accretively Through Acquire and Exploit Investment Strategy
Reports Strong Year-Over-Year Growth in Production, Cash Flow and Reserves
Declares Cash Dividend of $0.17 per Share
HOUSTON–(BUSINESS WIRE)–$CRGY–Crescent Energy Company (NYSE: CRGY), (“Crescent” or the “Company”), today announced its financial and operating results for the fourth quarter and full year 2022 as well as a quarterly cash dividend of $0.17 per share for the period. Crescent has provided a supplemental slide deck on its results, which can be found at www.crescentenergyco.com. The Company plans to host a conference call and webcast to discuss its fourth quarter and full year 2022 results, as well as its 2023 outlook, at 10 a.m. CT, Wednesday, March 8, 2023. Details can be found in this release.
Full Year 2022 Highlights
– Completed the year within guidance on production, cash flow and capital expenditures when adjusted for commodity prices and divestitures
– Reported $481 million of net income and $582 million of Adjusted Net Income(1)
– Generated $1.2 billion of Adjusted EBITDAX(1), $1.0 billion of Operating Cash Flow and $484 million of Levered Free Cash Flow(1)
– Produced 138 MBoe/d; oil and liquids comprised 44% and 58% of volumes, respectively
– Operated two rigs and successfully integrated newly acquired assets
– Continued focus on strong return of capital to shareholders through quarterly dividends and opportunistic share buybacks, which represented $143 million or a 7% yield(2) on a full year basis
– Reduced Net LTM Leverage(1) to 1.0x, in-line with the Company’s long-term target
– Paid down approximately $300 million of net debt subsequent to closing the Uinta basin acquisition in Q1 2022, extended debt maturities and divested approximately $100 million of assets
– Increased public float by 15% and reduced shares outstanding by 2%
– Disclosed year-end proved reserves of 573 MMBoe, up 8% over prior year, with a SEC PV-10 value of $9.6 billion(1)(3). Approximately 80% were proved developed and 56% were liquids
– Announced 2023 outlook: maintenance program with planned capital investments of $575 – $650 million, excluding acquisitions, slightly lower than 2022 levels at the midpoint
Crescent CEO David Rockecharlie said, “Our team executed extremely well in 2022. Consistent with our priorities, we generated significant cash flow, returned capital to investors and further strengthened the balance sheet. We closed and integrated accretive acquisitions, accessed the capital markets on multiple occasions and unlocked significant value by investing in high-return oil development. We closed out our first year as a public company and entered 2023 with a disciplined investment plan designed to maintain flexibility and create value for our shareholders by executing our proven acquire and exploit strategy in what we see as an attractive market backdrop.”
Fourth Quarter 2022 Results
Crescent reported $49 million of net income and $114 million of Adjusted Net Income(1) in the fourth quarter. The Company generated $290 million of Adjusted EBITDAX(1), $215 million of Operating Cash Flow and $113 million of Levered Free Cash Flow(1) for the period.
Fourth quarter production was in-line with expectations and averaged 139 MBoe/d (45% oil and 58% liquids). The decrease quarter-over-quarter was primarily related to the sale of Permian assets, fewer planned completions and winter weather impacts in late 2022. Average realized price for the fourth quarter, including and excluding the effect of commodity derivatives, totaled $42.74 and $52.50 per Boe, respectively. Operating expense and operating expense excluding production and other taxes, stated on a per Boe basis, were $19.92 and $15.63 for the quarter, respectively. G&A expense and Adjusted Recurring Cash G&A(1) (includes manager compensation and excludes non-cash equity-based compensation) totaled $1.99 and $1.73 per Boe, respectively.
Crescent operated one rig in the Uinta and one rig in the Eagle Ford during the fourth quarter and incurred capital investments of $156 million. The Company drilled 5 and 10 gross operated wells and brought online 7 and 5 gross operated wells in the Uinta and Eagle Ford, respectively, during the quarter.
Full Year 2022 Results
Crescent reported $481 million of net income and $582 million of Adjusted Net Income(1) for the year. The Company generated $1.2 billion of Adjusted EBITDAX(1), $1.0 billion of Operating Cash Flow and $484 million of Levered Free Cash Flow(1) in 2022. Full year production averaged 138 MBoe/d (44% oil and 58% liquids). Full year results were in-line with beginning of the year guidance when adjusted for divestitures and commodity prices.
Average realized price for the full year 2022, including and excluding the effect of commodity derivatives, totaled $44.16 and $59.62 per Boe, respectively. Operating expense and operating expense excluding production and other taxes, stated on a per Boe basis, were $20.11 and $15.38 for the year, respectively, reflecting commodity-linked costs, inflationary impacts and opportunistic workover activities. G&A expense and Adjusted Recurring Cash G&A(1) (includes manager compensation and excludes non-cash equity-based compensation) totaled $1.69 and $1.55 per Boe, respectively.
Full year 2022 capital investments, excluding acquisitions, were $625 million, below the mid-point of guidance. Crescent continued to find safe and innovative ways to offset certain industry wide inflationary pressures with operational improvements and capital efficiencies. The Company drilled 22 and 29 gross operated wells and brought online 26 and 24 gross operated wells the Uinta and Eagle Ford, respectively, during the year.
Financial Position
Crescent maintains a strong balance sheet and a low leverage profile. In December, Crescent closed its previously announced sale of Permian assets for $80 million in cash. Proceeds were used to reduce outstanding borrowings on the Company’s revolving credit facility (the “Credit Facility”). In February 2023, the Company issued $400 million aggregate principal amount of 9.250% Senior Unsecured Notes due 2028 (the “Notes Offering”) and used net proceeds to repay amounts outstanding on its Credit Facility. As of December 31, 2022, on a pro forma basis for the Notes Offering, the Company had total long-term debt of $1.3 billion, a Net LTM Leverage(1) ratio of 1.0x, in-line with its stated long-term target and $1.1 billion of liquidity.
Return of Capital
The Company maintained a consistent cash return strategy during 2022 through a mix of quarterly dividends and opportunistic share buybacks. Crescent returned $143 million to shareholders in 2022, or a 7% yield(2) on a full year basis, through its dividend and share repurchases. The Company intends to continue returning capital to shareholders through cash dividends and opportunistic repurchases of Class B common stock and OpCo Units concurrent with future secondary equity offerings or in other privately negotiated transactions. Any such actions are subject to the Company’s Board of Directors (the “Board”) approval and other factors.
On March 7, 2023, the Board approved a fourth quarter cash dividend of $0.17 per share, payable on March 31, 2023, to shareholders of record as of the close of business on March 20, 2023.
Stewardship
Crescent strives to be good stewards of others’ assets: our investors’ capital, the environment and the communities in which we operate. In 2022, Crescent joined the Oil & Gas Methane Partnership 2.0 Initiative to enhance reporting of methane emissions (submission was rated the highest level, “Gold Standard”) and released its 2021 ESG report that included benchmarks and targets for measuring future performance, notably to reduce absolute Scope 1 greenhouse gas emissions by 50% by 2027, relative to 2021 asset levels.
2023 Outlook
Crescent’s 2023 outlook is in-line with the Company’s historical focus on generating significant free cash flow, exercising prudent risk management and delivering attractive returns on investment, and assumes pricing of $70/Bbl WTI and $3.50/MMBtu Henry Hub. Crescent’s capital program is allocated approximately 85% to its operated assets in the Eagle Ford and Uinta. Non-operated activity and other capital expenditures are expected to comprise approximately 15% of total investment predominately focused on non-operated assets in the Eagle Ford, Permian and DJ basins. Approximately $25 million of capex is carried over from the fourth quarter of 2022.
|
|
2023 Guidance ($70/Bbl & $3.50/MMBtu) |
|
Total Production (MBoe/d) |
130 – 138 |
|
% Oil / % Liquids (%) |
~45% / ~58% |
|
|
|
|
Capital Expenditures (Excl. Acquisitions) ($MM) |
$575 – $650 |
|
Adj. Operating Expense Excl. Prod. & Other Taxes ($/Boe)(1)(4) |
$14.75 – $15.75 |
|
Production Taxes (% of Commodity Revenue) |
7.5% – 8.0% |
|
Adj. Recurring Cash G&A Incl. Manager Comp ($MM)(1)(5) |
$78 – $83 |
|
Non-Recurring Transaction Expenses ($MM)(6) |
$5 – $10 |
|
Cash Taxes ($MM) |
$0 – $30 |
Note: All amounts are approximations based on currently available information and estimates and are subject to change based on events and circumstances after the date hereof. Please see “Cautionary Statement Regarding Forward-Looking Information.”
Risk Management
Crescent utilizes hedges to manage commodity price risks, protect the balance sheet and ensure returns on invested capital. Crescent is approximately 45% hedged in 2023 at the midpoint of its production guidance. Roughly half of the Company’s current hedge book was entered into in connection with prior acquisitions. As certain acquisition hedges roll off, the Company will more fully participate at market pricing. Complete details on the Company’s derivative positions can be found in its investor presentation located at https://ir.crescentenergyco.com/events-presentations/.
2022 Year-End Reserves
Crescent’s year-end 2022 proved reserves totaled 573 MMBoe, of which 80% were proved developed and 56% were liquids. The first year decline rate of Crescent’s proved developed producing reserves, based on production decline curves used in the Company’s reserve report, is 22%.
Crescent’s proved reserves and associated PV-0 and PV-10 estimates as of December 31, 2022 were prepared by Ryder Scott in accordance with applicable rules and guidelines of the Securities and Exchange Commission (“SEC”). At year-end, the Company’s standardized measure of discounted future cash flows of proved reserves was $9.1 billion and PV-10(1)(3), utilizing SEC pricing, was $9.6 billion. Complete details on the Company’s year-end 2022 reserves can be found in its investor presentation located at https://ir.crescentenergyco.com/events-presentations/.
Fourth Quarter and Full Year 2022 Conference Call Information
Crescent plans to host a conference call to discuss its fourth quarter and full year 2022 financial and operating results at 10 a.m. CT on Wednesday, March 8, 2023. Complete details are below. A webcast replay will be available on the website following the call. Crescent has provided an investor presentation on its fourth quarter and full year 2022 results on its website, www.crescentenergyco.com.
Date: Wednesday, March 8, 2023
Time: 10 a.m. CT (11 a.m. ET)
Conference Dial-In: 877-407-0989 / 201-389-0921 (Domestic / International)
Webcast Link: https://ir.crescentenergyco.com/events-presentations/
About Crescent Energy Company
Crescent is a well-capitalized, U.S. independent energy company with a portfolio of low-decline assets in proven regions across the lower 48 states that generate substantial cash flow supported by a predictable base of production. Crescent’s core leadership team is a group of experienced investment, financial and industry professionals who continue to execute on the strategy management has employed since 2011. The Company’s mission is to invest in energy assets and deliver better returns through strong operations and stewardship. For additional information, please visit www.crescentenergyco.com.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations, including with respect to the Uinta Acquisition. The words and phrases “should”, “could”, “may”, “will”, “believe”, “plan”, “intend”, “expect”, “potential”, “possible”, “anticipate”, “estimate”, “forecast”, “view”, “efforts”, “goal” and similar expressions identify forward-looking statements and express the Company’s expectations about future events. All statements, other than statements of historical facts, included in this communication that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the Company’s control. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, uncertainties inherent in estimating natural gas and oil reserves and in projecting futures rates of production, our hedging strategy and results, federal and state regulations and laws, the impact of pandemics such as COVID-19, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, the impact of armed conflict, including in Ukraine, the timing and success of business development efforts, including acquisition and disposition opportunities, our reliance on our external manager, sustained cost inflation and central bank policy changes associated therewith, and other uncertainties. Consequently, actual future results could differ materially from expectations. The Company assumes no duty to update or revise its respective forward-looking statements based on new information, future events or otherwise.
Financial Presentation
On December 7, 2021, Crescent was formed through the merger of Independence Energy (“Independence”), and Contango Oil and Gas (“Contango”) and the related restructuring of Crescent (the “Merger Transactions”). Referenced results for the three months and year ended December 31, 2022, as well as the three months ended September 30, 2022, reflect the combined Company. Referenced results for the three months and year ended December 31, 2021, reflect legacy Independence, Crescent’s predecessor for financial reporting purposes from January 1 through December 6, 2021 and 25 days of Crescent results beginning December 7, 2021.
While OpCo Units and corresponding shares of Class B common stock are outstanding in our “Up-C” structure, and in accordance with the terms of our Management Agreement under which Class A shareholders bear only their proportionate share of Manager Compensation, portions of Manager Compensation, income tax provision (benefit) amounts and dividends paid corresponding to such ownership are required to be classified as distributions to redeemable noncontrolling interests rather than G&A expense, income tax provision (benefit), and dividends paid to Class A Common Stock, respectively. We define those redeemable noncontrolling interest (“RNCI”) distributions made by OpCo related to (i) Manager Compensation as “Manager Compensation RNCI Distributions,” (ii) income tax provision (benefit) as “Income Tax RNCI Distributions,” and (iii) dividends paid as “Dividend RNCI Distributions.”
To facilitate comparison of our G&A expense, dividends paid to Class A Common Stock, and income tax provision (benefit) to peer companies with varying corporate and management structures, Adjusted EBITDAX and Levered Free Cash Flow, for both (i) historical periods since the Merger Transaction and (ii) periods for which we provide guidance, are presented assuming the full redemption of all outstanding OpCo Units for shares of our Class A common stock and a corresponding cancellation of all shares of our Class B Common Stock. Management believes this presentation is most useful to investors, as the full amounts of Manager Compensation as G&A expense, dividends paid to Class A Common Stock and income tax provision (benefit) are thereby reflected as such.
|
Crescent Operational Summary |
|||||||||||
|
|
Year ended |
|
For the three months ended |
||||||||
|
|
December 31, 2022 |
|
December 31, 2022 |
|
September 30, 2022 |
|
December 31, 2021 |
||||
|
Average daily net sales volumes: |
|
|
|
|
|
|
|
||||
|
Oil (MBbls/d) |
|
60 |
|
|
63 |
|
|
69 |
|
|
37 |
|
Natural gas (MMcf/d) |
|
352 |
|
|
352 |
|
|
367 |
|
|
267 |
|
NGLs (MBbls/d) |
|
19 |
|
|
18 |
|
|
20 |
|
|
18 |
|
Total (MBoe/d) |
|
138 |
|
|
139 |
|
|
150 |
|
|
99 |
|
Average realized prices, before effects of derivative settlements: |
|
|
|
|
|
|
|
||||
|
Oil ($/Bbl) |
$ |
90.06 |
|
$ |
77.06 |
|
$ |
86.77 |
|
$ |
75.73 |
|
Natural gas ($/Mcf) |
|
5.97 |
|
|
5.58 |
|
|
6.99 |
|
|
5.06 |
|
NGLs ($/Bbl) |
|
37.72 |
|
|
29.15 |
|
|
35.22 |
|
|
39.68 |
|
Total ($/Boe) |
|
59.62 |
|
|
52.50 |
|
|
61.65 |
|
|
48.87 |
|
Average realized prices, after effects of derivative settlements: |
|
|
|
|
|
|
|
||||
|
Oil ($/Bbl) |
$ |
71.98 |
|
$ |
66.97 |
|
$ |
72.55 |
|
$ |
56.31 |
|
Natural gas ($/Mcf) |
|
3.42 |
|
|
3.48 |
|
|
3.56 |
|
|
2.80 |
|
NGLs ($/Bbl) |
|
29.70 |
|
|
29.85 |
|
|
32.04 |
|
|
25.01 |
|
Total ($/Boe) |
|
44.16 |
|
|
42.74 |
|
|
46.32 |
|
|
32.95 |
|
Expense (per Boe) |
|
|
|
|
|
|
|
||||
|
Operating expense, excluding production and other taxes |
$ |
15.38 |
|
$ |
15.63 |
|
$ |
15.33 |
|
$ |
15.79 |
|
Production and other taxes |
|
4.73 |
|
|
4.29 |
|
|
5.18 |
|
|
3.17 |
|
Depreciation, depletion and amortization |
|
10.58 |
|
|
12.29 |
|
|
10.50 |
|
|
8.78 |
|
General and administrative expense |
|
1.69 |
|
|
1.99 |
|
|
1.25 |
|
|
4.91 |
|
Non-GAAP expense (per Boe) |
|
|
|
|
|
|
|
||||
|
Adjusted Recurring Cash G&A(1) |
$ |
1.55 |
|
$ |
1.73 |
|
$ |
1.40 |
|
$ |
0.89 |
|
(1) |
Non-GAAP financial measure. Please see “Reconciliation of Non-GAAP Measures” for discussion and reconciliations of such measures to their most directly comparable financial measures calculated and presented in accordance with U.S. generally accepted accounting principles (“GAAP”). |
|
|
(2) |
Based on CRGY share price of $11.88 and aggregate shares outstanding as of February 27, 2023. Includes dividends and repurchase of Class B common stock and OpCo Units in September 2022. |
|
|
(3) |
Estimate based on SEC pricing, which is calculated using the simple average of the first-of-the month commodity prices, adjusted for location and quality differentials, with consideration of known contractual price changes. The average benchmark prices per unit, before location and quality differential adjustments, used to calculate the related reserve category was $93.67 / bbl for oil and $6.36 / MMBtu for gas. |
|
|
(4) |
Adjusted operating expense excluding production and other taxes includes lease operating expense, workover expense, asset operating expense, gathering, transportation and marketing and midstream and other revenue net of expense. |
|
|
(5) |
Crescent defines Adjusted Recurring Cash G&A as General and Administrative Expense, excluding non-cash equity-based compensation and transaction and nonrecurring expenses, and including Manager Compensation RNCI Distributions. Management believes Adjusted Recurring Cash G&A is a useful performance measure because it excludes transaction and nonrecurring expenses and non-cash equity-based compensation and includes Manager Compensation RNCI Distributions, facilitating the ability for investors to compare Crescent’s cash G&A expense against peer companies.Crescent does not provide a reconciliation of this measure because the Company believes such reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items included in or excluded from the GAAP financial measure without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company’s control or cannot be reasonably predicted. Non-GAAP forward-looking measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. |
|
|
(6) |
Expenses primarily related to systems integration. |
| Crescent Income Statement | |||||||||||||||
|
|
|||||||||||||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
|
(in thousands, except per share data) |
|
2022 |
|
|
|
2021 |
|
2022 |
|
|
|
2021 |
|
||
|
Revenues: |
|
|
|
|
|
|
|
||||||||
|
Oil |
$ |
443,170 |
|
|
$ |
255,270 |
|
|
$ |
1,969,070 |
|
|
$ |
883,087 |
|
|
Natural gas |
|
180,643 |
|
|
|
124,027 |
|
|
|
766,962 |
|
|
|
354,298 |
|
|
Natural gas liquids |
|
48,339 |
|
|
|
63,917 |
|
|
|
268,192 |
|
|
|
185,530 |
|
|
Midstream and other |
|
12,610 |
|
|
|
20,045 |
|
|
|
52,841 |
|
|
|
54,062 |
|
|
Total revenues |
|
684,762 |
|
|
|
463,259 |
|
|
|
3,057,065 |
|
|
|
1,476,977 |
|
|
Expenses: |
|
|
|
|
|
|
|
||||||||
|
Lease operating expense |
|
116,001 |
|
|
|
67,535 |
|
|
|
438,753 |
|
|
|
243,501 |
|
|
Workover expense |
|
10,762 |
|
|
|
3,019 |
|
|
|
66,864 |
|
|
|
10,842 |
|
|
Asset operating expense |
|
24,057 |
|
|
|
21,634 |
|
|
|
78,709 |
|
|
|
45,940 |
|
|
Gathering, transportation and marketing |
|
45,807 |
|
|
|
51,003 |
|
|
|
177,078 |
|
|
|
187,059 |
|
|
Production and other taxes |
|
54,890 |
|
|
|
28,716 |
|
|
|
238,381 |
|
|
|
108,992 |
|
|
Depreciation, depletion and amortization |
|
157,326 |
|
|
|
79,665 |
|
|
|
532,926 |
|
|
|
312,787 |
|
|
Impairment expense |
|
142,902 |
|
|
|
— |
|
|
|
142,902 |
|
|
|
— |
|
|
Exploration expense |
|
(424 |
) |
|
|
347 |
|
|
|
3,425 |
|
|
|
1,180 |
|
|
Midstream operating expense |
|
3,541 |
|
|
|
4,541 |
|
|
|
13,513 |
|
|
|
13,389 |
|
|
General and administrative expense |
|
25,501 |
|
|
|
44,567 |
|
|
|
84,990 |
|
|
|
78,342 |
|
|
(Gain) loss on sale of assets |
|
472 |
|
|
|
624 |
|
|
|
(4,641 |
) |
|
|
(8,794 |
) |
|
Total expenses |
|
580,835 |
|
|
|
301,651 |
|
|
|
1,772,900 |
|
|
|
993,238 |
|
|
Income (loss) from operations |
|
103,927 |
|
|
|
161,608 |
|
|
|
1,284,165 |
|
|
|
483,739 |
|
|
Other income (expense): |
|
|
|
|
|
|
|
||||||||
|
Interest expense |
|
(27,418 |
) |
|
|
(12,930 |
) |
|
|
(95,937 |
) |
|
|
(50,740 |
) |
|
Other income (expense) |
|
5,421 |
|
|
|
174 |
|
|
|
949 |
|
|
|
120 |
|
|
Income (loss) from equity affiliates |
|
530 |
|
|
|
368 |
|
|
|
4,616 |
|
|
|
368 |
|
|
Gain (loss) on derivatives |
|
(31,338 |
) |
|
|
19,012 |
|
|
|
(676,902 |
) |
|
|
(866,020 |
) |
|
Total other income (expense) |
|
(52,805 |
) |
|
|
6,624 |
|
|
|
(767,274 |
) |
|
|
(916,272 |
) |
|
Income (loss) before taxes |
|
51,122 |
|
|
|
168,232 |
|
|
|
516,891 |
|
|
|
(432,533 |
) |
|
Income tax benefit (expense) |
|
(1,764 |
) |
|
|
713 |
|
|
|
(36,291 |
) |
|
|
306 |
|
|
Net income (loss) |
|
49,358 |
|
|
|
168,945 |
|
|
|
480,600 |
|
|
|
(432,227 |
) |
|
Less: net (income) loss attributable to Predecessor |
|
— |
|
|
|
(246,636 |
) |
|
|
— |
|
|
|
339,168 |
|
|
Less: net (income) loss attributable to noncontrolling interests |
|
(582 |
) |
|
|
(446 |
) |
|
|
(2,669 |
) |
|
|
14,922 |
|
|
Less: net (income) loss attributable to redeemable noncontrolling interests |
|
(39,988 |
) |
|
|
58,761 |
|
|
|
(381,257 |
) |
|
|
58,761 |
|
|
Net income (loss) attributable to Crescent |
$ |
8,788 |
|
|
$ |
(19,376 |
) |
|
$ |
96,674 |
|
|
$ |
(19,376 |
) |
|
Net income (loss) per share: |
|
|
|
|
|
|
|
||||||||
|
Class A – basic |
$ |
0.18 |
|
|
$ |
(0.46 |
) |
|
$ |
2.20 |
|
|
$ |
(0.46 |
) |
|
Class A – diluted |
$ |
0.18 |
|
|
$ |
(0.46 |
) |
|
$ |
2.20 |
|
|
$ |
(0.46 |
) |
|
Class B – basic and diluted |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
||||||||
|
Class A – basic |
|
48,282 |
|
|
|
41,954 |
|
|
|
43,865 |
|
|
|
41,954 |
|
|
Class A – diluted |
|
48,531 |
|
|
|
41,954 |
|
|
|
44,112 |
|
|
|
41,954 |
|
|
Class B – basic and diluted |
|
118,645 |
|
|
|
127,536 |
|
|
|
124,857 |
|
|
|
127,536 |
|
|
Crescent Consolidated Balance Sheet |
|
|
|
||||
|
December 31, |
|
December 31, |
|||||
|
|
(in thousands, except share data) |
||||||
|
ASSETS |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
— |
|
|
$ |
128,578 |
|
|
Accounts receivable, net |
|
457,071 |
|
|
|
321,855 |
|
|
Accounts receivable – affiliates |
|
2,681 |
|
|
|
20,341 |
|
|
Derivative assets – current |
|
14,878 |
|
|
|
— |
|
|
Drilling advances |
|
14,655 |
|
|
|
200 |
|
|
Prepaid and other current assets |
|
27,454 |
|
|
|
8,644 |
|
|
Total current assets |
|
516,739 |
|
|
|
479,618 |
|
|
Property, plant and equipment: |
|
|
|
||||
|
Oil and natural gas properties at cost, successful efforts method |
|
|
|
||||
|
Proved |
|
7,113,819 |
|
|
|
6,043,602 |
|
|
Unproved |
|
314,255 |
|
|
|
308,721 |
|
|
Oil and natural gas properties at cost, successful efforts method |
|
7,428,074 |
|
|
|
6,352,323 |
|
|
Field and other property and equipment, at cost |
|
176,831 |
|
|
|
144,318 |
|
|
Total property, plant and equipment |
|
7,604,905 |
|
|
|
6,496,641 |
|
|
Less: accumulated depreciation, depletion, amortization and impairment |
|
(2,167,135 |
) |
|
|
(1,941,528 |
) |
|
Property, plant and equipment, net |
|
5,437,770 |
|
|
|
4,555,113 |
|
|
Goodwill |
|
— |
|
|
|
76,564 |
|
|
Derivative assets – noncurrent |
|
— |
|
|
|
579 |
|
|
Investment in equity method affiliates |
|
15,038 |
|
|
|
15,415 |
|
|
Other assets |
|
50,302 |
|
|
|
30,173 |
|
|
Total assets |
$ |
6,019,849 |
|
|
$ |
5,157,462 |
|
|
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable and accrued liabilities |
$ |
524,690 |
|
|
$ |
337,881 |
|
|
Accounts payable – affiliates |
|
27,652 |
|
|
|
8,675 |
|
|
Derivative liabilities – current |
|
312,975 |
|
|
|
253,525 |
|
|
Financing lease obligations – current |
|
3,341 |
|
|
|
1,606 |
|
|
Other current liabilities |
|
25,091 |
|
|
|
14,438 |
|
|
Total current liabilities |
|
893,749 |
|
|
|
616,125 |
|
|
Long-term debt |
|
1,247,558 |
|
|
|
1,030,406 |
|
|
Derivative liabilities – noncurrent |
|
63,737 |
|
|
|
133,471 |
|
|
Deferred tax liability |
|
147,348 |
|
|
|
82,537 |
|
|
Asset retirement obligations |
|
346,868 |
|
|
|
258,102 |
|
|
Financing lease obligations – noncurrent |
|
7,412 |
|
|
|
3,512 |
|
|
Other liabilities |
|
14,183 |
|
|
|
13,652 |
|
|
Total liabilities |
|
2,720,855 |
|
|
|
2,137,805 |
|
|
Commitments and contingencies |
|
|
|
||||
|
Redeemable noncontrolling interests |
|
2,436,703 |
|
|
|
2,325,013 |
|
|
Equity: |
|
|
|
||||
|
Class A common stock, $0.0001 par value; 1,000,000,000 shares authorized, 49,433,154 and 43,105,376 shares issued, and 48,282,163 and 41,954,385 shares outstanding as of December 31, 2022 and 2021, respectively |
|
5 |
|
|
|
4 |
|
|
Class B common stock, $0.0001 par value; 500,000,000 shares authorized and 118,645,323 and 127,536,463 shares issued and outstanding as of December 31, 2022 and 2021, respectively |
|
12 |
|
|
|
13 |
|
|
Preferred stock, $0.0001 par value; 500,000,000 shares authorized and 1,000 Series I preferred shares issued and outstanding as of December 31, 2022 and 2021 |
|
— |
|
|
|
— |
|
|
Treasury stock, at cost; 1,150,991 shares of Class A common stock as of December 31, 2022 and 2021 |
|
(18,448 |
) |
|
|
(18,448 |
) |
|
Additional paid-in capital |
|
804,587 |
|
|
|
720,016 |
|
|
Retained earnings (accumulated deficit) |
|
61,957 |
|
|
|
(19,376 |
) |
|
Noncontrolling interests |
|
14,178 |
|
|
|
12,435 |
|
|
Total equity |
|
862,291 |
|
|
|
694,644 |
|
|
Total liabilities, redeemable noncontrolling interests and equity |
$ |
6,019,849 |
|
|
$ |
5,157,462 |
|
Contacts
Emily Newport
IR@crescentenergyco.com
