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Crescent Energy
Crescent Energy (CRGY) investor relations material
Crescent Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
2025 marked a transformational year with strong financial performance, exceeding expectations across all key metrics, generating $1.7B in operating cash flow and $856M in levered free cash flow, and achieving a ~31% yield.
Nearly $5B in M&A activity upgraded the portfolio, with $4B in acquisitions (under 3x EBITDA) and $1B in divestitures (over 5x EBITDA), focusing on scalable, higher-return assets in Eagle Ford, Permian, and Uinta.
Integration of Permian assets is ahead of plan, with synergy targets doubled to $190M and $40M+ captured.
Crescent Royalties platform launched, contributing $160M–$180M annual cash flow and enhancing strategic flexibility.
Strengthened balance sheet with ~$2B liquidity and a six-year weighted average maturity at year-end 2025.
Financial highlights
Q4 2025 production: 268 MBoe/d (106 MBopd, 39% oil, 58% liquids); full-year average: 260 MBoe/d.
Q4 Adjusted EBITDAX: $536M; Q4 Levered Free Cash Flow: $239M; full-year LFCF: $856M (~31% yield).
Declared $0.12/share dividend (approx. 5% yield); 14 consecutive years of dividend payments.
Over $700M of debt repaid in Q4; net LTM leverage at 1.5x; ~$2B liquidity.
Buyback authorization increased to $400M, with ~$336M remaining.
Outlook and guidance
2026 plan targets maximizing free cash flow, capital discipline, and operational flexibility, with a 6–7 rig program (4 Eagle Ford, 1 Uinta, 1–2 Permian).
2026 production guidance: 320–335 MBoe/d (40–42% oil, 36–39% gas); development capital: $1.325–$1.425B.
Adjusted opex (excl. taxes): $11.50–$12.50/Boe; cash taxes: ~6–7% of Adj. EBITDAX.
Dividend and buyback framework maintained; targeting 25% or below corporate base decline rate in 12–18 months.
Permian asset synergy target increase drivers
Triggers for expanded $400M buyback use
What drives 2026 operating expense reduction?
Crescent Royalties monetization strategy
Permian well cost reduction opportunities
Future M&A strategy and market approach
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Next Crescent Energy earnings date
Q1 20265 May, 2026
Crescent Energy
Next Crescent Energy earnings date
Q1 20265 May, 2026
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Frequently asked questions
Crescent Energy Company is an independent energy company focused on the acquisition, exploration, and production of oil and natural gas. The company operates across various basins in the United States, with a diversified portfolio of assets that include both conventional and unconventional resources. Crescent Energy aims to optimize resource development and maximize long-term value through efficient operational practices and strategic investments. The company serves the energy sector by providing a reliable supply of hydrocarbons, contributing to both energy security and the broader energy market. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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