Crescent finalizes Vital Energy deal, becoming top-ten liquids-weighted U.S. operator

Crescent Energy has closed its previously announced all-stock acquisition of Vital Energy, a deal that elevates the company into the ranks of the top ten U.S. liquids-weighted independents. The combined company will focus on free cash flow generation, disciplined capital allocation and long-term value creation across its expanded footprint. 

Crescent CEO David Rockecharlie said the transaction strengthens scale and improves the company’s opportunity set. “Through disciplined investing and operations, we have nearly tripled the size of our business over the last four years,” he noted. “Today we are focused on efficiently integrating our new assets and personnel, executing on identified synergies and demonstrating the full value proposition of Crescent as a leading mid-cap company.”

The company expects to issue pro forma 2026 guidance alongside its fourth-quarter and full-year 2025 results.

As part of closing, Crescent added two former Vital Energy directors—William Albrecht and Jarvis Hollingsworth—to its board, while Michael Duginski has stepped down. Crescent’s board now comprises 12 directors, 10 of whom are independent.

Crescent’s portfolio spans the Eagle Ford, Permian and Uinta basins, with an emphasis on stable production, long-life reserves and high-quality development inventory.