Crescent Energy said it is launching a public offering of $1 billion of Class A common stock and plans to use the proceeds to help fund its recently announced Eagle Ford asset acquisition from Devon Energy.
The company said an affiliate of KKR, Independence Energy Aggregator L.P., has indicated interest in buying up to $500 million of the shares in the offering. That investor already holds about 7.9% of Crescent’s Class A common stock.
Crescent also plans to give underwriters a 30-day option to buy up to an additional $150 million of stock. If fully exercised, that would lift the total size of the deal to as much as $1.15 billion before underwriting discounts and commissions.
The company said the net proceeds will be used to fund part of the cash consideration for the Devon Eagle Ford assets deal, which is expected to close in the fourth quarter of 2026 or early 2027. If that acquisition does not close, Crescent said the money would go to general corporate purposes, including repayment of debt at its subsidiaries.
The offering comes as Crescent moves to expand its Eagle Ford footprint, while also maintaining exposure to the Permian, Uinta and mineral and royalty assets across U.S. oil and gas basins. Following these announcements, the company's shares moved -2.69%, and are now trading at a price of $12.66. Check out the company's full 8-K submission here.
