Crescent Energy Launches $1B Stock Offering

By Ahmed Jamerson • Sunday, October 11 01:46 • Permanent Link

Crescent Energy said it is launching a public offering of $1 billion of Class A common stock as it moves to help fund its recently announced purchase of Eagle Ford oil and gas assets from Devon Energy.

An affiliate of KKR, Independence Energy Aggregator L.P., which owns about 7.9% of Crescent’s Class A shares, said it may buy up to $500 million of the stock in the offering. Crescent also said it expects to grant underwriters a 30-day option to buy up to an additional $150 million of shares.

The company said the proceeds are intended to cover part of the cash needed for the Devon Eagle Ford asset acquisition, which it expects to close in the fourth quarter of 2026 or early 2027. If that deal does not close, Crescent said the money would be used for 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 sale. Following these announcements, the company's shares moved -3.42%, and are now trading at a price of $13.01. If you want to know more, read the company's complete 8-K report here.

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