Crescent Energy launched a public offering of $1 billion of Class A common stock, with the company saying it expects to grant underwriters a 30-day option to buy up to another $150 million of shares.
An affiliate of KKR, Independence Energy Aggregator L.P., which holds about 7.9% of Crescent’s Class A stock, said it may buy up to $500 million of shares in the offering on the same terms as other investors.
Crescent said it plans to use the proceeds to help fund the cash portion of its recently announced purchase of certain Eagle Ford oil and natural gas assets from Devon Energy Production Co. The acquisition is expected to close in the fourth quarter of 2026 or early 2027.
If that deal does not close, Crescent said the money would go toward general corporate purposes, including repayment of debt at its subsidiaries.
The offering comes as Crescent moves to add to its Eagle Ford position, where it already has a core focus, alongside operations in the Permian and Uinta basins and minerals and royalty interests across U.S. oil and gas basins. As a result of these announcements, the company's shares have moved -3.42% on the market, and are now trading at a price of $13.01. Check out the company's full 8-K submission here.
