Crescent Energy Company (NYSE: CRGY) announced the commencement of an underwritten public offering of $1 billion of its Class A common stock, with proceeds intended to partially fund 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.

The company expects to grant underwriters a 30-day option to purchase up to $150 million in additional shares at the public offering price, less underwriting discounts and commissions.

Independence Energy Aggregator L.P., an affiliate of KKR & Co. Inc. and a holder of approximately 7.9% of Crescent's Class A common stock, has indicated an interest in purchasing up to $500 million of shares at the public offering price on the same terms as other investors.

The Devon Eagle Ford 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 that deal. If the acquisition does not close, Crescent said proceeds would be used for general corporate purposes, including repayment of subsidiary indebtedness.

J.P. Morgan, KKR Capital Markets LLC, and Raymond James are serving as joint book-running managers for the offering. Crescent noted the offering is subject to market and other conditions, with no assurance as to whether, when, or at what size it may be completed.

Crescent Energy is a U.S. energy company with operations focused in the Eagle Ford, Permian, and Uinta Basins, as well as minerals and royalty interests across U.S. oil and natural gas basins.