Crescent Energy Bumps Up Production Forecast

Crescent Energy Co now expects its full-year production to range from 327,000 barrels of oil equivalent a day (boed) to 335,000 boed, of which 40-42 percent would be oil.

That represents a one percent increase at midpoint, compared to the prior guidance of 320,000-335,000 boed, the United States oil and gas producer said in its statement of results for the second quarter (Q2).

The higher projection comes despite Q2 output falling to 335,000 boed (42 percent oil) from 341,000 boed (41 percent oil) in the first three months of 2026.

Crescent cited "stronger-than-expected first-half performance and continued operational execution across the portfolio". It said it had started production at 32 gross operated wells in the April-June quarter: 16 in the Eagle Ford, 12 in the Permian and four in the Uinta).

"Crescent continued to advance the optimization of the Permian assets during the second quarter", it noted. "Based on accelerated synergy capture and continued operating improvements, the Company increased its synergy target to approximately $250 million to $300 million, roughly three times its original target, with approximately $190 million captured to date".

Crescent registered $494 million in net profit and $263 million in net profit adjusted for nonrecurring items for Q2. There are significant increases from Q1's net loss of $419 million and adjusted net income of $175 million, as higher realized oil prices offset lower realized gas prices and lower volumes.

"The company generated record adjusted EBITDAX of $798 million, record operating cash flow of $707 million and record levered free Cash flow of $418 million for the period, supported by disciplined capital investment and strong operational execution", it said.

Crescent is maintaining its dividend at $0.12 per share for Q2. It said it had $336 million remaining in its share repurchase program at the end of the quarter.

Liquidity stood at $2.2 billion as of June. Crescent expects to maintain $2 billion in liquidity after it redeemed last month $259 million remaining from senior notes due 2029, "reducing cash interest expense and eliminating the company's nearest maturity".

Crescent had $264.88 million in cash and cash equivalents at the end of Q2. Current assets totaled $1.1 billion. Current liabilities stood at $1.17 billion.

"Across the portfolio, consistent execution is translating into higher production, structurally lower costs and stronger free cash flow", said chief executive David Rockecharlie. "That operating momentum supports an enhanced outlook, both in 2026 and beyond, and gives us a greater opportunity to create value through free cash flow and disciplined capital allocation".

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