Crescent Energy Co Launches $1B Public Offering

By Greg Peters • Sunday, October 11 13:04 • Permanent Link

Crescent Energy said Oct. 8 it launched a public offering of $1.0 billion of class A common stock, with an option for underwriters to buy up to an additional $150 million of shares over 30 days.

An affiliate of KKR, Independence Energy Aggregator, which already owns about 7.9% of Crescent’s class A common stock, said it may buy up to $500 million of the offering on the same terms as other investors. If fully exercised, that would account for half of the base deal.

Crescent said it plans to use the proceeds to help fund the cash portion of its recently announced purchase of 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 repaying debt at its subsidiaries.

The transaction is being led by J.P. Morgan, KKR Capital Markets and Raymond James. 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.

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