Crescent Energy Co Launches $1 Billion Stock Offering

By Greg Peters • Saturday, October 10 01:46 • Permanent Link

Crescent Energy Company said it is launching a public offering of $1.0 billion of Class A common stock, with an option for underwriters to buy up to an additional $150 million of shares.

An affiliate of KKR & Co. has indicated it may buy as much as $500 million of stock in the offering. The affiliate, Independence Energy Aggregator L.P., already holds about 7.9% of Crescent’s Class A common stock.

Crescent said it expects to use the proceeds to help fund the cash portion of its recently announced purchase of certain Eagle Ford oil and natural gas assets from a Devon Energy subsidiary. That acquisition is expected to close in the fourth quarter of 2026 or early 2027. If the asset deal does not close, Crescent said the money would go toward general corporate purposes, including repayment of debt at its subsidiaries.

J.P. Morgan, KKR Capital Markets and Raymond James are serving as joint book-running managers for the offering. As a result of these announcements, the company's shares have moved -3.42% on the market, and are now trading at a price of $13.01. For more information, read the company's full 8-K submission here.

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