Crescent Energy (CRGY) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 production of 263,000 boe/d (41% oil, 59% liquids), exceeding expectations and driving robust cash flow and capital efficiency gains.

• Revenue for Q2 2025 rose 37% year-over-year to $898M, with net income of $162.5M and EPS of $0.61 basic.

• Enhanced 2025 guidance with increased free cash flow, reaffirmed production targets, and reduced capital expenditures and tax expectations.

• Strategic M&A included a $72M minerals acquisition and $110M in non-core divestitures year-to-date, boosting production and reserves.

• Simplified corporate structure by eliminating the Up-C structure and consolidating all common stock into a single class.

Financial highlights

• Adjusted EBITDAX for Q2 2025 was $514M, up 61% year-over-year; levered free cash flow was $171M.

• Q2 2025 net income was $162M, with adjusted net income of $110M; revenues totaled $897.98M.

• Operating expenses for Q2 2025 were $390M, with per Boe costs down 17% year-over-year to $16.31.

• Share repurchases totaled $28M at $7.88/share; quarterly dividend of $0.12 per share declared.

• Liquidity stood at ~$1.75B as of June 30, 2025, with net LTM leverage at 1.5x.

Outlook and guidance

• 2025 production guidance reaffirmed at 251–263 Mboe/d, with capital expenditures reduced to $910–$990M.

• Cash tax guidance updated to 0% of adjusted EBITDAX due to favorable legislative changes.

• Operating plan remains focused on maximizing free cash flow and returns on capital invested.

• 2025 capital program expected to be funded through operating cash flow, with flexibility to adjust spending.

• Management plans to continue active hedging to mitigate commodity price volatility and protect cash flows.