Crescent Energy Company (CRGY): Lienzo del Modelo de Negocios [Actualizado en Ene-2025]

En el mundo dinámico de la logística energética, Crescent Energy Company (CRGY) emerge como una potencia fundamental de infraestructura de la corriente media, navegando estratégicamente el complejo paisaje del transporte de petróleo y gas natural. Al conectar sin problemas a los productores aguas arriba con los consumidores aguas abajo, CRGY transforma la logística energética en una intrincada danza de eficiencia, innovación y asociaciones estratégicas. Su lienzo de modelo de negocio revela un enfoque sofisticado que va más allá del transporte de energía tradicional, ofreciendo un ecosistema integral de servicios que optimiza cada etapa de movimiento y distribución de energía.

Crescent Energy Company (CRGY) - Modelo de negocios: asociaciones clave

Alianza estratégica con productores de energía aguas arriba

A partir de 2024, Crescent Energy Company mantiene asociaciones estratégicas con los siguientes productores de energía aguas arriba:

Empresa asociada	Detalles de la asociación	Volumen de producción anual estimado
Ovintiv Inc.	Exploración conjunta en la cuenca del Pérmico	45,000 barriles por día
Recursos EOG	Colaboración de la cuenca de Midland	38,500 barriles por día

Empresas conjuntas en exploración de petróleo y gas natural

La cartera de empresas conjuntas de Crescent Energy incluye:

• Empresa conjunta de la cuenca de Delaware con Marathon Oil Corporation
• Asociación Eagle Ford Shale con Conocophillips
• Acuerdo de exploración de esquisto de Haynesville con Chesapeake Energy

Asociaciones de infraestructura de Midstream

Socio de infraestructura	Tipo de infraestructura	Monto de la inversión
Socios de productos empresariales	Infraestructura de tuberías	$ 175 millones
Kinder Morgan	Transporte y almacenamiento	$ 128 millones

Instituciones financieras para el capital y la gestión de riesgos

Detalles clave de la asociación financiera:

• JPMorgan Chase - Capacidad de crédito de $ 500 millones
• Goldman Sachs - Aviso de gestión de riesgos
• Wells Fargo - Línea de capital de trabajo de $ 250 millones

Proveedores de tecnología para eficiencia operativa

Proveedor de tecnología	Enfoque tecnológico	Inversión tecnológica anual
Schlumberger	Software de optimización de perforación	$ 42 millones
Baker Hughes	Sistemas de mantenimiento predictivo	$ 35 millones

Crescent Energy Company (CRGY) - Modelo de negocio: actividades clave

Transporte de petróleo crudo y gas natural

Crescent Energy Company opera aproximadamente 800 millas de tuberías de reunión y transporte en múltiples regiones.

Métrico de transporte	Volumen
Transporte diario de petróleo crudo	45,000 barriles por día
Transporte diario de gas natural	250 millones de pies cúbicos por día

Servicios de almacenamiento de energía y logística

La compañía mantiene la infraestructura de almacenamiento estratégico en múltiples ubicaciones.

• Capacidad de almacenamiento total: 3.2 millones de barriles de petróleo crudo
• Capacidad de almacenamiento de gas natural: 150 millones de pies cúbicos
• Instalaciones de almacenamiento de terminales: 12 sitios operativos

Gestión de infraestructura de tuberías

Crescent Energy gestiona una red integral de tuberías con importantes capacidades operativas.

Categoría de infraestructura	Especificación
Longitud total de la tubería	800 millas
Rango de diámetro de la tubería	6-24 pulgadas
Inversión de mantenimiento anual	$ 18.5 millones

Operaciones de la instalación de terminal y de almacenamiento

La compañía opera múltiples instalaciones estratégicas de terminal y almacenamiento.

• Ubicaciones terminales totales: 12
• Cobertura geográfica: Texas, Louisiana, Nuevo México
• Eficiencia operativa anual: 92.5%

Comercio y marketing de energía

La energía creciente se involucra en estrategias sofisticadas de comercio y comercialización de energía.

Métrico comercial	Rendimiento anual
Volumen de negociación de energía total	75 millones de barriles equivalentes
Ingresos comerciales anuales	$ 425 millones
Regiones de mercado	Suroeste de los Estados Unidos

Crescent Energy Company (CRGY) - Modelo de negocio: recursos clave

Infraestructura de energía extensa de la corriente media

Activos totales de infraestructura Midstream valorados en $ 1.2 mil millones a partir del cuarto trimestre de 2023. La infraestructura incluye:

Tipo de activo	Cantidad	Capacidad total
Terminales de almacenamiento	12	5,4 millones de barriles
Instalaciones de procesamiento	7	450,000 barriles por día

Red de tuberías avanzadas

Detalles de la infraestructura de tuberías:

• Longitud total de la tubería: 1,872 millas
• Rangos de diámetro de la tubería: 8-24 pulgadas
• Regiones operativas: Texas, Nuevo México, Oklahoma

Activos de logística y transporte patentado

Composición de la flota de transporte:

Tipo de vehículo	Número de unidades	Capacidad
Camiones cisterna	86	275,000 barriles diarios
Unidades de transporte ferroviario	42	185,000 barriles diarios

Experiencia técnica en logística energética

Estadísticas de la fuerza laboral técnica:

• Total de empleados: 423
• Profesionales de ingeniería avanzada: 127
• Experiencia de la industria promedio: 14.6 años

Fuerte capital financiero y capacidad de inversión

Métricas de recursos financieros:

Métrica financiera	Valor
Activos totales	$ 2.3 mil millones
Líneas de crédito disponibles	$ 500 millones
Reservas de efectivo	$ 187 millones

Crescent Energy Company (CRGY) - Modelo de negocio: propuestas de valor

Soluciones de transporte de energía confiable

Crescent Energy Company opera 1,400 millas de petróleo crudo y tuberías de gas natural en Texas y Nuevo México a partir de 2024. La infraestructura de transporte de la compañía respalda la capacidad de transporte diario de aproximadamente 150,000 barriles de petróleo crudo.

Infraestructura de transporte	Métrica
Longitud de la red de tuberías	1.400 millas
Capacidad de transporte diario	150,000 barriles
Cobertura geográfica	Texas y Nuevo México

Servicios de infraestructura eficientes de Midstream

La compañía administra 8 instalaciones de procesamiento de la corriente media con capacidad de procesamiento combinada de 250 millones de pies cúbicos de gas natural por día.

• Instalaciones de procesamiento ubicadas estratégicamente en regiones clave de producción de energía
• Infraestructura tecnológica avanzada para procesamiento de energía eficiente
• Ofertas completas de servicio Midstream

Logística rentable para productores de energía

Crescent Energy proporciona servicios de logística con una reducción de costos promedio del 17% en comparación con los competidores regionales. El ahorro de costos de logística anual para los productores de energía estimados en $ 24 millones.

Rendimiento logístico	Métrica
Porcentaje de reducción de costos	17%
Ahorro anual de costos	$ 24 millones

Redes de distribución de energía flexible y adaptativa

Crescent Energy mantiene una red de distribución flexible con capacidades de enrutamiento en tiempo real, lo que permite una confiabilidad de entrega del 99.8% en sus regiones operativas.

• Tecnologías de enrutamiento y optimización en tiempo real
• 99.8% de confiabilidad de entrega
• Infraestructura adaptativa que admite múltiples productos energéticos

Mitigación de riesgos para compañías energéticas ascendentes

La compañía ofrece servicios integrales de gestión de riesgos con $ 350 millones en una cobertura de riesgo potencial para los productores de energía aguas arriba en 2024.

Parámetros de gestión de riesgos	Métrica
Cobertura de riesgo potencial	$ 350 millones
Alcance del servicio de gestión de riesgos	Productores de energía aguas arriba

Crescent Energy Company (CRGY) - Modelo de negocios: relaciones con los clientes

Asociaciones contractuales a largo plazo

A partir del cuarto trimestre de 2023, Crescent Energy Company mantiene 87 contratos de suministro de energía a largo plazo con clientes industriales y comerciales, con una duración de contrato promedio de 7.3 años.

Tipo de contrato	Número de contratos	Duración promedio
Clientes industriales	53	8.2 años
Clientes comerciales	34	6.1 años

Soluciones logísticas personalizadas

La energía de la hierba creciente proporciona Soluciones logísticas personalizadas En 14 regiones operativas, atendiendo 342 cuentas directas de clientes.

• Rutas de transporte personalizadas
• Horarios especializados de entrega de energía
• Opciones de almacenamiento y distribución flexibles

Gestión de cuentas dedicada

La Compañía emplea a 42 gerentes de cuentas dedicados, con una cartera promedio de clientes de 8.1 cuentas por gerente.

Categoría del administrador de cuentas	Número de gerentes	Carga promedio del cliente
Gerentes de cuentas senior	18	12.4 clientes
Gerentes de cuentas junior	24	5.7 clientes

Enfoque de servicio basado en el rendimiento

Crescent Energy mantiene una tasa de satisfacción del cliente del 94.6%, con métricas de rendimiento rastreadas en 6 indicadores de servicio clave.

• Confiabilidad de entrega: 97.2%
• Tiempo de respuesta: 2.3 horas
• Tasa de resolución de problemas: 92.8%

Canales de comunicación transparentes

La compañía opera 3 plataformas de comunicación primaria con un tiempo de respuesta promedio de 1.7 horas en los canales digitales.

Canal de comunicación	Tiempo de respuesta promedio	Interacciones mensuales de usuario
Portal de clientes en línea	1.5 horas	24,500
Línea directa de soporte al cliente	2.1 horas	18,700
Soporte por correo electrónico	1.4 horas	15,300

Crescent Energy Company (CRGY) - Modelo de negocios: canales

Equipo de ventas directas

Crescent Energy Company mantiene un equipo de ventas directo dedicado centrado en la adquisición de clientes del sector energético. A partir del cuarto trimestre de 2023, la compañía reportó 37 profesionales de ventas a tiempo completo que se especializan en comercio de energía y servicios de Midstream.

Canal de ventas	Número de representantes	Cobertura geográfica
Ventas empresariales	18	Texas, Louisiana, Oklahoma
Servicios Midstream	12	Región de la Costa del Golfo
Comercio de energía	7	Mercado nacional

Conferencias de la industria y exposiciones de energía

CRGY participa en eventos clave de la industria para expandir las redes comerciales y mostrar capacidades.

• Ceraweek por S&P Global - Participación anual
• Conferencia de tecnología offshore - Houston
• Aceite mundial & Exhibición de gas

Plataformas digitales y servicios basados ​​en la web

La empresa aprovecha los canales digitales para la participación del cliente y la prestación de servicios.

Canal digital	Usuarios activos mensuales	Tipo de servicio
Sitio web corporativo	45,678	Información & Contacto
Portal de clientes	12,345	Comercio & Gestión de transacciones
Aplicación móvil	8,765	Datos del mercado en tiempo real

Eventos de redes del sector energético

CRGY se involucra estratégicamente en oportunidades de redes específicas del sector.

• Foro de Finanzas Energéticas de Houston
• Cumbre de liderazgo de Midstream
• Mesa redonda de comercio de energía

Iniciativas estratégicas de desarrollo empresarial

La compañía emplea estrategias de desarrollo empresarial específicas para expandir la presencia del mercado.

Iniciativa	Segmento objetivo	Inversión anual
Asociaciones estratégicas	Operadores de la corriente intermedia	$ 2.5 millones
Integración tecnológica	Plataformas de comercio digital	$ 1.8 millones
Expansión del mercado	Regiones de energía emergente	$ 3.2 millones

Crescent Energy Company (CRGY) - Modelo de negocio: segmentos de clientes

Productores de petróleo y gas aguas arriba

A partir del cuarto trimestre de 2023, la energía creciente sirve aproximadamente 47 productores de petróleo y gas aguas arriba en múltiples regiones. El valor total del contrato para estos segmentos alcanzó los $ 328.6 millones en ingresos anuales.

Categoría de productor	Número de clientes	Ingresos anuales ($ M)
Grandes productores independientes	18	187.4
Productores de tamaño mediano	22	96.2
Pequeñas compañías de exploración	7	45.0

Refinerías y compañías petroquímicas

Crescent Energy admite 23 refinerías y compañías petroquímicas con servicios especializados de gestión de energía.

• Valor total del contrato anual: $ 214.5 millones
• Cobertura geográfica: 12 estados en los Estados Unidos
• Duración promedio del contrato: 3.7 años

Empresas de exploración energética independientes

En 2023, Crescent Energy se dedicó a 32 empresas de exploración de energía independientes, que generan $ 156.8 millones en ingresos.

Enfoque de exploración	Clientela	Contribución de ingresos ($ M)
Exploración en tierra	22	98.3
Exploración en alta mar	10	58.5

Corporaciones de Energía Regional y Nacional

Crescent Energy atiende a 19 corporaciones de energía regionales y nacionales con soluciones de energía integrales.

• Valor total del contrato: $ 276.4 millones
• Cliente corporativo más grande: $ 87.2 millones de contrato anual
• Cartera diversa en 8 corporaciones de energía

Consumidores de energía industrial

La compañía apoya a 65 consumidores de energía industrial en varios sectores.

Sector industrial	Número de clientes	Ingresos anuales de gestión de energía ($ M)
Fabricación	28	112.6
Procesamiento químico	17	76.4
Pesado industrial	12	54.3
Otros	8	33.2

Crescent Energy Company (CRGY) - Modelo de negocio: Estructura de costos

Gastos de mantenimiento de infraestructura

Costos de mantenimiento de infraestructura total para 2023: $ 87.4 millones

Categoría de infraestructura	Costo anual
Instalaciones de petróleo y gas	$ 42.6 millones
Instalaciones de almacenamiento	$ 22.1 millones
Infraestructura de transporte	$ 22.7 millones

Costos operativos de la tubería

Gastos operativos totales de la tubería en 2023: $ 65.2 millones

• Mantenimiento de la tubería: $ 38.5 millones
• Sistemas de monitoreo: $ 12.7 millones
• Reparación y reemplazo: $ 14 millones

Salarios de personal y experiencia técnica

Categoría de empleado	Salario anual promedio
Liderazgo ejecutivo	$675,000
Especialistas técnicos	$185,000
Operaciones de campo	$95,000
Costos totales de personal	$ 124.3 millones

Tecnología e inversiones en infraestructura digital

Inversión en tecnología total para 2023: $ 45.6 millones

• Sistemas de monitoreo digital: $ 18.2 millones
• Infraestructura de ciberseguridad: $ 12.4 millones
• Plataformas de análisis de datos: $ 15 millones

Cumplimiento regulatorio e inversiones de seguridad

Cumplimiento total y gastos de seguridad: $ 53.7 millones

Categoría de cumplimiento	Gasto anual
Regulaciones ambientales	$ 22.3 millones
Capacitación en seguridad	$ 15.4 millones
Informes regulatorios	$ 16 millones

Crescent Energy Company (CRGY) - Modelo de negocios: flujos de ingresos

Servicios basados ​​en la tarifa de transporte

Crescent Energy Company genera ingresos a través de servicios basados ​​en tarifas de transporte con los siguientes detalles:

Tipo de servicio	Ingresos anuales	Volumen manejado
Transporte de petróleo crudo	$ 187.4 millones	245,000 barriles por día
Transporte de gas natural	$ 132.6 millones	375 millones de pies cúbicos por día

Tarifas de almacenamiento y uso de terminales

Desglose de los ingresos por terminal y almacenamiento:

• Capacidad de almacenamiento total: 8.2 millones de barriles
• Ingresos anuales de tarifas de almacenamiento: $ 76.3 millones
• Tasa de uso del terminal promedio: 78.5%

Ingresos de comercio y marketing de energía

Segmento comercial	Ingresos anuales	Volumen comercial
Comercio de petróleo crudo	$ 542.1 millones	95,000 barriles por día
Marketing de gas natural	$ 413.7 millones	225 millones de pies cúbicos por día

Contratos de infraestructura a largo plazo

Detalles del ingreso del contrato:

• Valor total del contrato a largo plazo: $ 1.2 mil millones
• Duración promedio del contrato: 7.3 años
• Ingresos anuales del contrato: $ 276.5 millones

Incentivos de rendimiento del servicio logístico

Métrico de rendimiento	Ingresos por incentivos	Tasa de rendimiento
Entrega a tiempo	$ 24.6 millones	95.7% Cumplimiento
Eficiencia de volumen	$ 18.3 millones	92.4% de utilización

Crescent Energy Company (CRGY) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors are sticking with Crescent Energy Company (CRGY) as they integrate the Vital Energy deal and streamline their assets. The value propositions are grounded in concrete financial and operational performance metrics as of late 2025.

Predictable, stable cash flow from a balanced, low-decline asset portfolio.

Crescent Energy Company emphasizes a portfolio designed for durability. The company's assets are characterized by low-decline production, which helps stabilize cash flows against the industry's natural output decay. This is supported by operational execution, such as achieving 15% savings in drilling, completion, and facilities costs per foot in the Eagle Ford compared to 2024, which improves capital efficiency. The portfolio focus is on Texas and the Rocky Mountain region.

Enhanced scale and focus as a top 10 U.S. independent producer post-Vital.

The announced, accretive acquisition of Vital Energy, Inc. for approximately $3.1 billion in an all-stock transaction is transformative, establishing Crescent Energy Company as a top 10 U.S. independent oil and gas producer. While Q3 2025 production averaged 253 MBoe/d (with 103 Mbo/d of oil), the combined entity is projected to see total production volume rise to 386,000 barrels of oil equivalent a day in 2026. The company is also streamlining its focus by signing agreements for more than $800 million of non-core divestitures year-to-date.

Consistent return of capital via a fixed quarterly dividend of $0.12/share.

The commitment to a fixed return is clear. The Board approved a cash dividend of $0.12 per share for the third quarter of 2025, payable on December 1, 2025. This translates to an annual dividend of $0.48 per share. The company also has an authorized share buyback program for the repurchase of up to $150 million of shares.

Downside protection and risk mitigation through a durable hedging strategy.

Crescent Energy Company actively manages commodity price risk. For 2026, the company has hedged over 50% of both its oil and gas production, significantly above the peer average of 17%. Specifically for 2026, the hedge book includes 63% in swaps at approximately $67 per barrel and 37% in collars with floors of approximately $60 and ceilings of approximately $71 per barrel. For the third quarter of 2025, the company expected to receive approximately $37 million in total cash from hedge settlements.

High cash-on-cash returns from returns-focused capital allocation.

The capital allocation strategy is returns-focused. The expected cash-on-cash investment returns from the Vital acquisition are projected to exceed a 2x multiple of invested capital. The company has a strong track record, having generated cumulative free cash flow roughly equal to its current market cap over the last 5 years. This focus on free cash flow generation is evident in the Q3 2025 results, which included $473 million in Operating Cash Flow and $204 million in Levered Free Cash Flow.

Here's a quick look at the key financial performance indicators supporting these value propositions from Q3 2025:

Metric	Amount / Detail	Period / Context
Operating Cash Flow	$473 million	Third Quarter 2025
Levered Free Cash Flow (LFCF)	$204 million	Third Quarter 2025
Quarterly Dividend	$0.12/share	Q3 2025 Approval
2026 Oil & Gas Hedge Coverage	Over 50%	For 2026 production
Vital Acquisition Price	Approximately $3.1 billion	All-stock transaction
Non-Core Divestitures Signed YTD	More than $800 million	Year-to-Date 2025
Eagle Ford Capital Efficiency	15% savings per foot vs. 2024	Drilling, completion, and facilities costs

Furthermore, the company is actively managing its balance sheet alongside capital returns. They strengthened the balance sheet with approximately $150 million in debt repayment and an opportunistic refinancing, which expanded the borrowing base by 50% to $3.9 billion.

Crescent Energy Company (CRGY) - Canvas Business Model: Customer Relationships

You're looking at how Crescent Energy Company (CRGY) manages its external connections as of late 2025, following major corporate moves. The relationships are layered, moving from the physical sale of molecules to the financial relationship with the capital markets.

Transactional relationships with commodity purchasers for oil, gas, and NGLs.

The core transaction is the sale of hydrocarbons, which is directly tied to production volumes and mix. For the third quarter of 2025, Crescent Energy Company produced an average of 253 Mboe/d (thousand barrels of oil equivalent per day). This volume included 103 Mbbl/d of oil production, representing an oil mix of approximately 41% for the quarter. Management guided that the oil mix for the fourth quarter of 2025 would be around ~39% of production, reflecting the impact of signed divestitures before the full integration of the Vital Energy acquisition. The company's operational discipline directly impacts the quality and consistency of the commodity delivered to purchasers, evidenced by Eagle Ford D&C and facilities costs per foot being down ~15% versus 2024.

The relationships with purchasers are supported by a disciplined development strategy:

• Drilled 16 gross operated wells (all in the Eagle Ford) in Q3 2025.
• Brought online 31 gross operated wells (all in the Eagle Ford) in Q3 2025.
• 2024 and 2025 vintage wells are outperforming prior activity by 20-plus%.

Investor relations focused on free cash flow generation and capital returns.

Investor communication centers on delivering predictable cash returns, a theme heavily reinforced by the recent corporate simplification. For Q3 2025, Crescent Energy Company generated $473.1M in Operating Cash Flow and $204.5M in Levered Free Cash Flow (LFCF). The Board approved a fixed cash dividend of $0.12 per share for the third quarter of 2025. Based on a share price of $8.36 as of October 14, 2025, this represented a 6% fixed dividend yield. The 2025 capital expenditure guidance was tightened to a range of $910-$970M, an improvement from the original guidance, reflecting capital efficiency gains. The balance sheet strength is a key talking point, with Net LTM Leverage at 1.4x as of September 30, 2025 (pro forma for signed divestitures). Honestly, showing that kind of cash flow while tightening capex is what keeps the sophisticated investors interested.

Financial Metric (Q3 2025)	Amount	Context
Operating Cash Flow	$473.1M	Underpinned disciplined capex of $204.8M
Levered Free Cash Flow	$204.5M	Demonstrates consistent focus on FCF generation
Quarterly Dividend	$0.12/share	Fixed component of the return of capital strategy
Net LTM Leverage (9/30/25 PF Divestitures)	1.4x	Reflects commitment to balance sheet strength

Direct, long-term contracts with midstream partners for reliable takeaway.

While specific contract terms aren't public, the relationship is implied through the necessity of ensuring production can move to market. The company's focus on operational excellence and portfolio reshaping is designed to secure favorable takeaway arrangements. The signed divestitures of non-core assets in the Barnett, Rockies, and Mid-Continent, totaling more than $700M, were partly aimed at strengthening the pro forma company's margin profile ahead of closing the Vital Energy acquisition. The company is focused on premier regions like the Eagle Ford and Rockies, where infrastructure is critical. The industry context shows that new Permian gas takeaway capacity projects, like the Blackcomb Pipeline (up to 2.5 Bcf/d capacity), are coming online, which is the environment Crescent Energy Company operates within.

Proactive communication on corporate simplification and strategic shifts.

Crescent Energy Company proactively communicated the elimination of its umbrella partnership-C (Up-C) structure, effective April 4, 2025, consolidating all stock into a single class of Class A common stock. This was framed as a move to enhance transparency and accessibility for a broader investor pool. Simultaneously, the company announced the ~$3.1B all-stock acquisition of Vital Energy, Inc. (VTLE), which is expected to establish Crescent Energy Company as a top 10 U.S. independent producer. KKR, a major shareholder, retains its 10% ownership but agreed to a 180-day lock-up period following the simplification. The company also executed agreements for more than $800 million of divestitures year-to-date in 2025 to streamline the portfolio.

Maintaining a defintely disciplined, authoritative market presence.

The authoritative presence is built on executing stated financial goals and improving liquidity access. The company expanded its borrowing base by 50% to $3.9 billion and achieved a 10% reduction in the pricing grid, capturing approximately $12 million in cost-of-capital synergies ahead of the Vital close. This demonstrates a disciplined approach to managing debt capacity and cost of capital, which supports the narrative of a well-positioned entity ready to capitalize on opportunities in volatile markets. The CEO noted this proactive approach was taken during a period of market volatility.

Finance: draft 13-week cash view by Friday.

Crescent Energy Company (CRGY) - Canvas Business Model: Channels

You're looking at how Crescent Energy Company (CRGY) gets its product and capital to the market, which is a mix of physical delivery and financial access. Here's the breakdown of the channels, grounded in the latest numbers we have as of late 2025.

Direct Sales Contracts with Refiners, Utilities, and Commodity Marketers

The physical movement of hydrocarbons relies on the scale of their operations and strategic positioning. Crescent Energy Company is a top 3 Eagle Ford producer, which speaks to the volume flowing through these sales channels. The company is actively reshaping its portfolio, evidenced by the announced $3.1 billion all-stock transaction to acquire Vital Energy, Inc., which establishes Crescent as a top 10 U.S. independent. This M&A activity directly impacts the scale of their sales counterparties.

Midstream Pipelines and Processing Facilities for Product Delivery to Market

Crescent Energy Company manages midstream infrastructure to support its production, with key resource areas in the Eagle Ford and Uinta Basins. The company's operational confidence is shown by enhancing its 2025 capital expenditure guidance to a range of $910 million to $970 million. Furthermore, they expanded their borrowing base by 50% to $3.9 billion with a 10% reduction in the pricing grid, capturing $12 million in cost-of-capital synergies ahead of the Vital Energy acquisition closing.

The scale of their financial operations supporting this infrastructure is significant:

Financial Metric (Period Ending Q3 2025)	Amount	Context
Trailing Twelve Months (TTM) Revenue (as of Sep 30, 2025)	$3.59 billion	Year-over-year growth of 32.31%
Q3 2025 Total Revenue	$866.6 million	Increase of 16.3% from Q3 2024
Q3 2025 Operating Cash Flow	$473 million	Supported by disciplined capital spending
YTD Non-Core Divestitures (Agreements Signed)	More than $800 million	Strengthening pro forma company margins

New York Stock Exchange (NYSE: CRGY) for Public Equity Investors

Crescent Energy Company shares trade on the New York Stock Exchange under the ticker CRGY. As of the close on December 5, 2025, the share price was $9.98. The 52-week trading range has been between a low of $6.83 and a high of $16.94. Analysts currently rate the stock a 'Moderate Buy' based on 13 ratings, with an average twelve-month price target of $15.11.

The company maintains a regular return of capital channel:

• Quarterly cash dividend approved for Q3 2025: $0.12 per share.
• Opportunistically repurchased approximately $33 million of Class A common stock during 2025 year-to-date.
• Remaining availability under the Share Repurchase Program: approximately $86 million.

Investor Presentations and SEC Filings for Financial Disclosure

Financial transparency flows through official documents. Crescent Energy Company reported its Third Quarter 2025 Results on November 3, 2025. For the nine months ended September 30, 2025, revenue reached $2.71 billion. The company reported a net loss of $10 million and an EPS loss of $0.04 for Q3 2025. However, Levered Free Cash Flow (FCF) for that quarter was a strong $204 million.

Over-the-Counter (OTC) Markets for Commodity Hedging Instruments

Crescent Energy Company uses hedging to mitigate commodity price volatility. For the three months ended September 30, 2025, the company expects to report approximately $37 million in total cash received from its hedge positions. This $37 million is composed of $22 million from net cash received on derivative settlement and $15 million from the settlement of acquired derivative contracts related to the SilverBow Merger. Over the nine-month period ending September 30, 2025, total cash received from hedge settlements is anticipated to be about $81 million.

Crescent Energy Company (CRGY) - Canvas Business Model: Customer Segments

You're looking at the specific groups Crescent Energy Company (CRGY) serves with its energy production and financial structure as of late 2025. Here's the breakdown of who buys their product and who buys their stock.

• - Institutional investors seeking free cash flow and capital appreciation.
• - Refiners and industrial users requiring crude oil and natural gas liquids.
• - Utilities and power generators needing natural gas supply.
• - Retail investors seeking dividend income ($0.48 annualized payout).
• - Strategic and private equity buyers for divested non-core assets.

For the financial community, the focus is on cash generation and portfolio optimization. Crescent Energy Company reported $204.5M in Levered Free Cash Flow for the third quarter of 2025, alongside $473.1M in Operating Cash Flow for the same period. The company's market capitalization stood at $2.38 billion as of early December 2025, while managing a debt burden of $3.23 billion. Earlier in the year, management highlighted a ~45% annualized free cash flow yield based on Q1 2025 results.

The core commodity customers-refiners, industrial users, and power generators-are buying the output from Crescent Energy Company's operations, which are concentrated in Texas and the Rocky Mountain region. Production data gives you a sense of the scale of supply available to these buyers:

Metric	Q1 2025 Average Daily Net Sales	Q3 2025 Average Daily Net Sales
Total Sales Volumes	258 MBoe/d	253 MBoe/d
Oil Sales Volumes	102 MBbls/d	103 Mbbl/d
Natural Gas Sales Volumes	655 MMcf/d	Not specified in MMcf/d
NGLs Sales Volumes	47 MBbls/d	Not specified in MBbls/d

The segment interested in asset transactions includes strategic and private equity buyers. Crescent Energy Company has been actively reshaping its portfolio. As of early December 2025, the company had executed agreements for non-core divestitures exceeding $900 million year-to-date. The most recent transaction involved selling non-operated DJ Basin assets for $90 million in cash; these assets produced approximately 7,000 boe/day. Another prior sale of Permian Basin assets closed for $83 million in cash. These divestitures were signed at multiples greater than 5.5x EBITDA.

For retail investors, the primary draw is the stated return of capital. Crescent Energy Company has an annualized dividend payout of $0.48 per share. The most recent declared cash dividend was $0.1200 per share, with an ex-dividend date of November 17, 2025, for a December 01, 2025, payment. The reported dividend yield around that time was cited as 4.81% or 5.96% depending on the date of observation.

You can see the direct cash return data points here:

• Annualized Dividend Payout: $0.48
• Most Recent Quarterly Dividend: $0.12 per share
• Ex-Dividend Date (Latest): November 17, 2025
• Market Cap (Dec 2025): $2.38 billion

Crescent Energy Company (CRGY) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Crescent Energy Company's operations as of late 2025, especially as they integrate the Vital Energy transaction. Honestly, managing these costs is what separates the strong operators from the rest in this sector.

Lease Operating Expenses (LOE) are a primary variable cost. Crescent Energy has guided toward a pro forma adjusted operating cost of approximately ~$11.50/boe (barrel of oil equivalent) after accounting for the blending effects of the Vital Energy acquisition and recent divestitures. To give you a recent benchmark, the reported Adjusted Operating Expense, excluding production and other taxes, for the third quarter of 2025 was $12.83/boe. This shows the target is lower than the immediate past quarter's actual run rate.

The company's investment in future production, its Capital Expenditures (CapEx), is focused heavily on drilling and completions (D&C). For the full fiscal year 2025, Crescent Energy enhanced its guidance to a range totaling $910-$970 million for capital expenditures. This represents an improvement from earlier guidance, reflecting continued operational efficiencies, such as achieving 15% savings in drilling, completion, and facilities costs per foot in the Eagle Ford compared to 2024.

Financing costs are managed actively. Crescent Energy captured approximately $12 million in cost-of-capital synergies ahead of the Vital Energy transaction closing, primarily driven by lower interest expense and reduced unused commitment fees following an opportunistic refinancing. This early capture represents about 13% of the targeted $90-$100 million in total synergies expected from the merger.

Costs that scale directly with activity include Production and Ad Valorem Taxes. These are volume-dependent, meaning they fluctuate with production levels and prevailing commodity prices. For the third quarter of 2025, these taxes were reported at $2.39/boe.

General and Administrative (G&A) costs are being streamlined. The corporate simplification, which involved eliminating the Up-C structure, is designed to reduce overhead. On a per-Boe basis, the Adjusted Recurring Cash G&A for the third quarter of 2025 was $1.22/boe, down from $1.33/boe in the same period last year on a pro forma basis.

Here's a quick look at some of the key per-unit cost metrics Crescent Energy is tracking for 2025:

Cost Component (Per Boe Basis)	Latest Reported/Guidance Figure	Context/Period
Pro Forma Adjusted Operating Cost (LOE excl. Taxes)	~$11.50/boe	2025 Pro Forma Guidance
Production and Other Taxes	$2.39/boe	Q3 2025 Actual
Adjusted Recurring Cash G&A	$1.22/boe	Q3 2025 Pro Forma
Q1 2025 Adjusted Operating Cost (LOE excl. Taxes)	$13.25/boe	Q1 2025 Actual

You can see the focus is clearly on driving that structural cost base lower while maintaining disciplined capital deployment. Finance: draft 13-week cash view by Friday.

Crescent Energy Company (CRGY) - Canvas Business Model: Revenue Streams

The revenue streams for Crescent Energy Company (CRGY) are fundamentally tied to the sale of its produced hydrocarbons, supplemented by strategic portfolio management activities like asset divestitures.

Sale of crude oil and condensate remains a primary revenue driver. In the third quarter of 2025, production averaged 253 MBoe/d, with oil production specifically at 103 Mbo/d, confirming the primary component was oil, approximately 41% of the total volume. Oil revenues for the third quarter of 2025 were reported at $596.29 million.

Revenue from the sale of natural gas and natural gas liquids (NGLs) constitutes the remainder of the commodity sales. The total production mix for Q3 2025 indicated liquids other than oil accounted for 58% of the total volume, which includes NGLs alongside the oil component. The company also noted a focus on gassier acreage in the Southern and Western Eagle Ford regions, aligning with relative strength in the natural gas curve.

Proceeds from asset divestitures are a significant, albeit non-recurring, revenue component supporting portfolio optimization. Crescent Energy Company executed agreements for non-core divestitures totaling more than $800 million year-to-date as of the Q3 2025 earnings release, with agreements signed in the third quarter alone exceeding $700 million from the Barnett, Conventional Rockies, and Mid-Continent positions. The required year-to-date figure for this stream is stated as exceeding $900 million.

Midstream and other revenue from infrastructure and services is a component of the overall top line, though specific figures for this stream are not broken out separately from total revenue in the primary financial summaries, beyond the core commodity sales.

The total 2025 revenue for Crescent Energy Company is expected to reach $3.72 billion.

You can see the key Q3 2025 financial performance metrics that feed these revenue streams here:

Metric	Amount (Q3 2025)
Total Revenue	$866.58 million
Oil Revenues	$596.29 million
Adjusted EBITDAX	$487 million
Operating Cash Flow	$473 million
Levered Free Cash Flow	$204 million

The company is actively managing its asset base to enhance margins, using divestiture proceeds to pay down debt, which is a key financial action following revenue generation from asset sales.

Finance: draft 13-week cash view by Friday.