Crescent Says Signed Over $900MM Non-Core Divestments

Crescent Energy Co has entered into more than $900 million worth of sales involving non-core assets this year, the Houston, Texas-based oil and gas producer said.

Crescent set a target of offloading non-core assets worth around $1 billion when it announced its acquisition of Vital Energy Inc on August 25.

The latest divestment involves its non-operated DJ Basin assets, which will be acquired by an unnamed private buyer for $90 million. Mostly located in Weld County, Colorado, the assets produce about 7,000 barrels of oil equivalent a day (boed), with oil accounting for about 20 percent, Crescent said in an online statement.

In its quarterly report November 2 Crescent said it had signed over $700 million worth of non-core divestitures including all its Barnett, conventional Rockies and Mid-Continent positions.

In its latest divestment update, Crescent said, "The company has recently closed its previously announced conventional Rockies and Barnett divestitures and expects the remainder of its announced non-core asset sales to close before year-end".

On April 22 Crescent said it had sold non-operated Permian Basin assets to an unnamed private buyer for $83 million. The assets, in Reeves County, Texas, had a projected 2025 production of approximately 3,000 boed, with oil comprising over 35 percent. 

On August 25 it announced its $3.1-billion all-stock, debt-inclusive purchase of Tulsa, Oklahoma-headquartered Vital. Expected to close before the year ends, the combination will create a "top-10 independent", a joint statement said.

The enlarged Crescent will have a "scaled and focused asset portfolio with flexible capital allocation across more than a decade of high-quality inventory in the Eagle Ford, Permian and Uinta Basins", the companies said.

Vital shareholders will receive 1.9062 Crescent shares for each Vital share. On a diluted basis, Crescent and Vital shareholders will own approximately 77 percent and 23 percent of the combined entity respectively, according to the statement.

Vital chief executive Jason Pigott said, "Our combination with Crescent Energy will create a premier, scaled, mid-cap operator with significant efficiencies across a larger asset base. The combined businesses will have more capital allocation flexibility across a vast development inventory and the ability to immediately transfer best operating practices across basins".

For the third quarter Crescent reported $9.51 million in company-attributed net losses (-$10.27 million including non-controlling stakes), hit by a $73.53 million impairment of oil and gas properties.

While Crescent's net result was negative, adjusted net profit was $88.33 million, up from $81.97 million for the same three-month period last year as sales volumes increased.

Crescent's adjusted earnings per share of $0.35 beat the Zacks Consensus Estimate of $0.3 per share.

Q3 2025 net sales volumes averaged 253,000 boed, up from 219,000 boed in Q3 2024. That consisted of 103,000 bpd of oil, 631 million cubic feet a day of gas and 45,000 bpd of natural gas liquids - all up year-on-year.

Revenue totaled $866.58 million, up from $744.87 million for Q3 2024. Income from operations came at $30.8 million, compared to -$7.42 million for Q3 2024. Operating cash flow was $204 million. Adjusted EBITDA landed at $486.54 million, up from $430.44 million for Q3 2024.

So far in 2025 Crescent has completed around $33 million of its share repurchase plan of up to $150 million.

As of the end of Q3 2025 Crescent had $702.71 million in current assets including $3.53 million in cash and cash equivalents and $5.35 million in restricted cash. Current liabilities stood at $864.2 million.

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