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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Crescent Energy
Crescent Energy (CRGY) investor relations material
Crescent Energy Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Q3 production averaged 328 Mboe/d, including 134 Mbbl/d of oil; adjusted EBITDAX was $785.8 million and levered free cash flow was $366.7 million.
Revenue rose 56% YoY to $1.35 billion; adjusted EBITDAX rose 62% and levered free cash flow rose 79%.
Permian synergies reached ~$295 million, with the target raised to $300 million+ and estimated five-year PV-10 value of ~$1.1 billion.
Pending Devon Eagle Ford acquisition adds scale and Tier 1 inventory; pro forma production is ~400 Mboe/d and projected five-year levered FCF exceeds $7.5 billion at $70/bbl oil.
Financial highlights
Adjusted EBITDAX was $785.8 million versus $486.5 million YoY; levered free cash flow was $366.7 million versus $204.5 million.
Capital spending was $326 million, 9% below expectations; levered FCF was 23% above consensus, and production exceeded expectations.
Revenue was $1.351 billion versus $866.6 million YoY; operating income was $478.7 million versus $30.8 million.
GAAP net loss was $0.6 million; a $405.8 million derivative loss offset stronger operating results. Adjusted net income was $254.0 million.
Operating cash flow was $608.5 million; Q3 realized price after derivatives was $39.84/Boe, or $40.95/Boe excluding acquired derivative settlements.
Outlook and guidance
Pro forma production is ~400 Mboe/d after the pending acquisition; five-year levered FCF is projected above $7.5 billion at $70/bbl oil, with inventory exceeding 15 years.
The $1.8 billion pro forma capital framework remains in place, including legacy efficiencies and $100 million of expected Devon Eagle Ford D&C synergies; full-year capital spending is expected below the guidance midpoint.
Operating plan remains maintenance to low growth, with capital directed to best-performing areas; no change to the strategic growth plan.
Leverage targets are ~1.5x by YE'27 and ~1.0x by YE'28, pro forma for the acquisition; higher commodity prices could accelerate deleveraging.
2027 oil hedges are fully executed; reported pro forma coverage is ~60% in H1'27 and ~50% in H2'27, while another outlook cites ~70% and ~80%, respectively, at ~$75/Bbl swaps.
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Latest events from Crescent Energy
- Devon deal adds Eagle Ford scale, 600+ Tier 1 locations and ~$140M in annual synergies.CRGY
M&A announcement - Record Q2 2026 cash flow, income, and production drive raised guidance and capital returns.CRGYQ2 2026
- Record Q1 production, $192M FCF, $120M Permian synergies, but $419.8M net loss on derivatives.CRGYQ1 2026
- Scaled, free cash flow-focused operator with top-tier assets, strong returns, and disciplined growth.CRGYInvestor presentation
- Record 2025 cash flow, major acquisitions, and strong 2026 outlook with increased buyback.CRGYQ4 2025
- Q3 2024 delivered record production, higher revenue, and strong cash flow amid integration gains.CRGYQ3 2024
- Strong Q2 results, early SilverBow integration, and enhanced capital returns.CRGYQ2 2024
- Record Q1 2025 production, $950M revenue, and $242M free cash flow on acquisition-driven growth.CRGYQ1 2025
- Record production, robust cash flow, and accretive M&A drive strong 2025 growth outlook.CRGYQ4 2024
Next Crescent Energy earnings date
Q4 202625 Feb, 2027
Crescent Energy
Next Crescent Energy earnings date
Q4 202625 Feb, 2027
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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.