Crescent Energy Receives Overwhelming Stockholder Approval

By Bobby Samwell • Sunday, August 04 15:17 • Permanent Link

Crescent Energy Company (NYSE: CRGY) has announced that it received overwhelming stockholder approval for the issuance of Crescent Class A common stock in connection with its proposed merger with SilverBow Resources Inc. (NYSE: SBOW). The preliminary vote count from the special meeting shows that approximately 99.94% of the Crescent common stock voted in favor of the merger, resulting in approximately 87.94% of the outstanding Crescent common stock voting in favor of the merger.

Crescent Energy, a differentiated U.S. energy company, is committed to delivering value for shareholders through a disciplined growth strategy and consistent return of capital. The company's portfolio of low-decline, cash-flow oriented assets includes both mid-cycle unconventional and conventional assets with a long reserve life and deep inventory of high-return development locations in the Eagle Ford and Uinta Basins.

The merger with SilverBow Resources Inc. is expected to close on July 30, 2024. The transaction is aimed at creating one of the largest operators in the Eagle Ford with high-quality and long-life assets, an attractive, returns-driven financial framework, and a strong balance sheet. This merger is led by a management team and board with significant operating and investing expertise.

Crescent's leadership team comprises experienced investment, financial, and industry professionals who have executed a consistent strategy focused on cash flow, risk management, and returns for more than a decade. The company's consecutive focus on these key areas has positioned it as a leading player in the energy sector.

This decisive vote from stockholders underscores the strong support for the complementary transaction and the potential value it is expected to unlock for both Crescent Energy and SilverBow Resources Inc.

No further details about the financial metrics, operational changes, or other specific impacts of the merger were provided. Following these announcements, the company's shares moved -9.4%, and are now trading at a price of $10.81. Check out the company's full 8-K submission here.

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