Crescent Energy prices 80M share offering at $12.50 per share

Crescent Energy Company (NYSE: CRGY) has priced an underwritten public offering of 80,000,000 shares of its Class A common stock at $12.50 per share, according to a company statement.

Independence Energy Aggregator L.P., an affiliate of KKR & Co. Inc. that holds approximately 7.9% of Crescent's Class A common stock, has agreed to purchase 40,000,000 of those shares at the same public offering price and on the same terms as other shares in the offering.

Crescent said it intends to use the net proceeds to fund a portion of the cash consideration for its previously announced acquisition of Eagle Ford oil and natural gas assets from Devon Energy Production Company, L.P., a subsidiary of Devon Energy Corporation. That acquisition is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions and regulatory approvals.

The offering is not contingent on the completion of the Devon Energy asset acquisition. If the deal does not close, Crescent said proceeds will be used for general corporate purposes, including repayment of subsidiary debt.

The company has also granted underwriters a 30-day option to purchase up to 12,000,000 additional shares at the public offering price, less underwriting discounts and commissions. The offering is expected to close on October 13, 2026, subject to customary closing conditions.

J.P. Morgan, KKR Capital Markets LLC, Raymond James, Evercore ISI, and Wells Fargo Securities are among the joint book-running managers for the offering.

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