Crescent Energy (CRGY) Q4 2024 earnings summary

Executive summary

• 2024 marked a transformational year with record production, robust financial and operational achievements, and accretive acquisitions exceeding $3 billion, more than doubling the Eagle Ford position and establishing a top-three producer status in the basin.

• Consistent execution led to outperformance in production and capital efficiency, with seamless integration of major acquisitions such as SilverBow and Ridgemar, delivering realized annual synergies exceeding $100 million.

• Returned capital to shareholders via fixed dividends (~3% yield) and share buybacks (~4% yield inclusive), with $30 million repurchased at an average price of $10.07.

• Added to the S&P SmallCap 600 Index, increasing trading liquidity and market standing.

• Focus remains on disciplined investing, maximizing free cash flow, and maintaining flexibility to capitalize on market opportunities.

Financial highlights

• Q4 2024 Adjusted EBITDAX reached $535 million and Levered Free Cash Flow was $259 million; full-year Adjusted EBITDAX was $1.6 billion.

• Generated $1.2 billion in Operating Cash Flow and $630 million in Levered Free Cash Flow for 2024.

• Capital expenditures for Q4 were $221 million, with FY 2H'24 Capex at $432 million, both below guidance due to improved D&C costs.

• Net leverage exited the year at 1.4x, within the target range, and liquidity stood at $1.4–$2.1 billion pro forma for acquisitions.

• Revenues for 2024 totaled $2.93 billion, up from $2.38 billion in 2023.

Outlook and guidance

• 2025 operating plan targets production of 254,000–264,000 BOE/d and capital spending of $925 million–$1.025 billion.

• Significant free cash flow generation expected in 2025 (> $1.1 billion at $75 oil / $2.50 gas), supporting dividends, debt paydown, and further M&A.

• Plans to operate a flexible 4–5 rig program, with capital allocated to maximize returns and free cash flow.

• Active hedge program in place to reduce cash flow variability.

• 2025 outlook includes 11-month contribution from recently acquired Ridgemar assets.