Crescent Energy (CRGY) Q3 2026 earnings summary

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.