Crescent Energy closes Eagle Ford acquisition for $600 million
(WO) – Crescent Energy Company announced the closing of its acquisition of operatorship and incremental working interest in its existing Western Eagle Ford assets for a total cash consideration of approximately $600 million.
Following closing, Crescent assumed operatorship of its existing Western Eagle Ford acreage and plans to maintain a one-rig development program on the asset through the remainder of the year. For the second half of 2023, the company estimates the acquisition will increase net production by 19 – 21 Mboed and capital investments by approximately $45 – $55 million.
Crescent CEO David Rockecharlie said, “We continue to execute on our long-term strategy, which includes opportunistically growing our footprint in the Eagle Ford through accretive M&A while maintaining financial strength and enhancing our capital markets presence. These transactions demonstrate our continued focus on delivering long-term value to investors through increased scale and improved trading liquidity.”