Crescent Energy said Oct. 8 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, Independence Energy Aggregator, which owns about 7.9% of Crescent’s Class A stock, said it may buy up to $500 million of the offering on the same terms as other investors.
Crescent said it plans 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 Devon Energy. That acquisition is expected to close in the fourth quarter of 2026 or early 2027.
If the Devon asset deal does not close, Crescent said the money would be used for general corporate purposes, including repayment of debt at its subsidiaries.
The offering comes as Crescent moves to finance a major acquisition with equity capital, and the company has lined up JPMorgan, KKR Capital Markets and Raymond James as joint book-running managers. As a result of these announcements, the company's shares have moved -2.69% on the market, and are now trading at a price of $12.66. If you want to know more, read the company's complete 8-K report here.
