Crescent Energy Co. 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Crescent Energy Company on October 22, 2024. The filing discloses preliminary results regarding hedge settlements for the three and nine months ended September 30, 2024. The company operates in the oil and gas sector and trades on the New York Stock Exchange under the symbol CRGY.
Key Financial Metrics: Hedge Settlements
The filing provides preliminary cash flow data specifically related to derivative settlements. The filing text does not provide comprehensive revenue, profit, total debt, or liquidity metrics for the period.
| Period | Net Cash (Paid) Received on Settlement | Settlement of Acquired Derivatives | Total Cash (Paid) Received |
|---|---|---|---|
| Three Months Ended Sept 30, 2024 | $5 million | $26 million | $31 million |
| Nine Months Ended Sept 30, 2024 | $(43) million | $26 million | $(17) million |
Note: The $26 million settlement of acquired derivative contracts relates to oil, gas, and natural gas liquids contracts acquired during the SilverBow Merger. These amounts are expected to be reported as positive adjustments on the Statements of Cash Flows and as additions to Adjusted EBITDAX.
Material Changes and Outlook
The filing does not explicitly detail material changes versus prior periods beyond the specific hedge settlement figures provided. Management commentary is limited to the classification of these settlements within financial statements. The company notes that final dollar amounts will be reported in the upcoming Quarterly Report on Form 10-Q for the period ended September 30, 2024.
Risks and Contingencies
The disclosed dollar amounts are preliminary and subject to change. The filing explicitly states that these figures constitute forward-looking statements based on current expectations and are subject to assumptions, risks, and uncertainties. Actual final results could differ materially from the current expectations presented in this report.
Key Facts for Investor Verification
- Verify the final hedge settlement figures in the upcoming Form 10-Q for the quarter ended September 30, 2024.
- Confirm the impact of the $26 million SilverBow Merger-related derivative settlement on Adjusted EBITDAX.
- Review the full cash flow statement to understand the net cash position beyond derivative settlements.
- Monitor for any material revisions to the preliminary $31 million (3-month) and $(17) million (9-month) totals.