Crescent Energy has announced financial and operating results for the fourth quarter and full year 2025.

Full Year 2025 Highlights

• Strong financial performance, exceeding expectations across all key metrics; $1.7 billion of Operating Cash Flow and $856 million in Levered Free Cash Flow(1)
• Transformed the Crescent portfolio through approximately $5 billion of acquisitions and divestitures, recycling capital into higher-return, scalable assets at compelling valuations and establishing attractive positions across three premier basins
• Achieved record annual production of 260 MBoe/d and approximately 15% year-over-year improvement in well costs, reflecting our proven model of buying assets and making them better– Implemented Crescent's proven operational playbook on the acquired Permian assets, right-sizing capital intensity and increasing annual synergy target by 100%
• Introduced Crescent Royalties, enhancing capital allocation and financial flexibility for our minerals and royalties portfolio; announced two complementary Eagle Ford acquisitions, further strengthening and scaling the platform– Strengthened the balance sheet, exiting the year with approximately $2 billion of liquidity and a six year weighted average maturity
• Announced updated $400 MM buyback authorization to provide flexibility to act opportunistically during periods of market dislocation

"2025 was a transformational year, and our value proposition has never been more compelling," said Crescent CEO David Rockecharlie. "Today, we operate scaled positions across three premier basins – the Eagle Ford, the Permian and the Uinta, complemented by a world-class minerals platform, and we believe there is significant upside embedded in our business.”

Fourth Quarter 2025 Financial and Operating Results

Fourth quarter production averaged 268 MBoe/d (approximately 39% oil and 58% liquids), with 106 Mbo/d of oil production. The Company drilled 33 gross operated wells (25 in the Eagle Ford, 6 in the Permian and 2 in the Uinta), brought online 22 gross operated wells (all in the Eagle Ford) and incurred capital expenditures (excluding acquisitions) of $226 million during the quarter.

Crescent reported $9 million of net income and $131 million of Adjusted Net Income(1) in the fourth quarter. The Company generated $536 million of Adjusted EBITDAX(1), $371 million of Operating Cash Flow and $239 million of Levered Free Cash Flow(1) for the period, supported by disciplined capital spending and strong operational execution.

Full Year 2025 Financial and Operating Results

Crescent reported $167 million of net income and $470 million of Adjusted Net Income(1) for the year. The Company generated $2.1 billion of Adjusted EBITDAX(1), $1.7 billion of Operating Cash Flow and $856 million of Levered Free Cash Flow(1) for the year, supported by disciplined capital spending and strong operational execution. Full year 2025 production averaged 260 MBoe/d (approximately 40% oil and 58% liquids), with 104 Mbo/d of oil production. Full year results exceeded previously announced 2025 guidance expectations, which were enhanced multiple times in 2025 to reflect acquisitions, non-core divestitures and continued operational outperformance.

As of December 31, 2025, the Company had a Net LTM Leverage(1) ratio of 1.5x and approximately $2 billion of liquidity, inclusive of divestiture proceeds reflected in Restricted Cash. Subsequent to year end, the Company utilized the $714 million of divestiture proceeds to reduce borrowings under its revolving credit facility, resulting in no material borrowings outstanding on its $2.0 billion elected commitment.

Acquisitions and Divestitures

Crescent transformed its portfolio through approximately $5 billion of acquisitions and divestitures in 2025. Our investing and divesting activity materially upgraded the quality and scale of the Company's portfolio, demonstrating our ability to compound value by recycling capital out of non-core positions into higher-return, scalable assets where we can apply our operational playbook.

In 2025, Crescent completed approximately $4 billion of accretive acquisitions. On January 31, 2025, Crescent closed the accretive acquisition of the Central Eagle Ford assets for upfront consideration of $905 million, consisting of $830 million in cash and approximately 5.5 million shares of Common Stock, plus future oil price contingent consideration, subject to customary purchase price adjustments. On July 31, 2025, Crescent closed the accretive acquisition of complementary minerals assets for approximately $72 million, further scaling Crescent's existing minerals portfolio. On December 15, 2025, Crescent closed the accretive acquisition of Vital Energy in the Permian for approximately $3.1 billion, inclusive of net debt assumed in the acquisition, through an all-stock transaction that was accretive across all key metrics and delivered immediate and sustainable value for shareholders. 

On February 25, 2026, Crescent announced two Eagle Ford minerals acquisitions for a total of approximately $355 million in cash, further strengthening Crescent's minerals portfolio with durable cash flow and increased exposure to world class undeveloped resource in a core Crescent operating basin. The transactions closed in the first quarter of 2026.

In 2025, Crescent closed more than $900 million in accretive non-core divestitures, including the whole of Crescent's Barnett, conventional Rockies, Mid-Continent and DJ positions. With these asset sales, Crescent has successfully executed its non-core divestiture program announced alongside the Permian Acquisition announcement, reinforcing the Company's commitment to portfolio focus, simplification and long-term value creation.

2026 Outlook

Crescent's 2026 plan reflects its continued focus on maximizing free cash flow, maintaining capital discipline and allocating capital to the highest-return opportunities across the portfolio. The Company expects to operate a flexible 6-7 rig program, including a 1-2 rig program in the Permian as it implements its operational playbook and right-sizes capital and operational intensity on the newly acquired assets. The outlook incorporates contributions from the recently announced minerals acquisitions, following the successful 
closings in the first quarter of 2026.

(1) Non-GAAP financial measure

KeyFacts Energy Industry Directory: Crescent Energy