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- **Strategic Expansion**: $800M+ divestitures and Vital acquisition create top 10 U.S. producer with 2x+ returns. 
- **Financial Strength**: $204M Q3 free cash flow, 5-year cumulative free cash flow > market cap. 
- **Operational Excellence**: 15% capital savings, 20%+ well performance improvement. 
- **Disciplined Capital Allocation**: 1-2 rig Permian program, 50% reinvestment rate.

### CEO Summary Section
- **Acquisition of Vital Energy**: Positions Crescent as a top 10 U.S. independent oil and gas producer, with accretive growth across key metrics and 2x+ cash-on-cash returns. 
- **Noncore Divestitures**: Over $800M year-to-date, enhancing balance sheet flexibility and reducing leverage. 
- **Operational Excellence**: 15% capital savings in Eagle Ford, 20%+ well productivity improvement, and 5.5x EBITDA valuation for divestitures. 
- **Free Cash Flow**: $204M Q3, with cumulative 5-year free cash flow exceeding market cap. 
- **Strategic Focus**: 1-2 rig program in Permian post-acquisition, maintaining 50% reinvestment rate and lower capital intensity. 

### CFO Financial Commentary
- **Financial Performance**: $487M adjusted EBITDA, $205M capex, $204M levered free cash flow. 
- **Capital Allocation**: $150M debt repayment Q3, 100% proceeds from divestitures used to reduce debt. 
- **Balance Sheet**: $3.9B borrowing base (50% increase), 5-year tenor extension, and 10%+ synergies captured pre-close. 
- **Dividend Policy**: $0.12/share quarterly dividend, 6% annualized yield. 

### Q&A Highlights
- **Capital Allocation**: No change to returns-focused strategy; 60-70% reduction in Permian capital spend. 
- **Production Impact**: Q4 2025 production down 16,000 Mboe/day from divestitures, with 39% oil mix. 
- **Operational Efficiency**: Continued well performance improvements (e.g., spacing, completion intensity) driving outperformance vs. industry trends. 
- **Tax Impact**: Divestitures broadly tax-neutral, with $30-40M tax gain on proceeds.

Crescent Energy Company (CRGY) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CRGY

CRGY fundamentals

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