Crescent Energy files for IPO of royalty subsidiary

Crescent Energy Company has confidentially submitted a draft registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of its indirect subsidiary, Crescent Royalty Company.

The filing, submitted on Form S-1 under provisions of the Jumpstart Our Business Startups Act, would create and issue Class A common stock with a par value of $0.0001 per share. The number of shares and the price range for the offering have not yet been determined.

According to the press release, the assets being considered for initial contribution to Crescent Royalties include mineral and royalty interests in the Eagle Ford basin, with additional exposure to the Permian, Appalachian, and Denver-Julesburg basins.

The stated purpose of the proposed offering is to create a public market for the Class A common stock and provide Crescent Royalties with access to capital markets. The offering remains subject to completion of the SEC review process, further authorization by Crescent's board of directors, and market conditions. Crescent noted there is no assurance the offering will be completed.

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