Crescent Energy Co. has reported a net loss of $169.9 million for the fourth quarter of 2024 and an annual net loss of $137.7 million.
The company said fourth-quarter production averaged a record of 255,000 barrels of oil equivalent per day (MBoe/d). Its full-year average production was also a record 201 MBoe/d.
“2024 was a transformational year for Crescent, defined by strong financial and operational execution, as well as significant and profitable growth through multiple accretive acquisitions. We delivered on our key priorities – generating attractive returns on our capital program and strong cash flow for our investors. We more than doubled the size of our Eagle Ford position through five complementary and value-enhancing transactions, and we’ve successfully integrated these assets, capturing meaningful synergies”, David Rockecharlie, Crescent CEO, said.
“Our 2024 performance and acquisitions have positioned us well for continued success in 2025, and we remain focused on disciplined execution, flexible capital allocation and maximizing free cash flow and returns from our high-quality assets. We are coming into this year a bigger, better business, and I am confident that we have the team, the assets, the balance sheet and the strategy to generate profitable growth and value creation for our shareholders over the long term”, Rockecharlie said.
The company said that during the fourth quarter it drilled 22 gross operated wells (18 in the Eagle Ford and 4 in the Uinta), brought online 20 gross operated wells (15 in the Eagle Ford and 5 in the Uinta) and incurred capital expenditures (excluding acquisitions) of $221 million.
Crescent anticipates roughly 30 percent growth in production compared to last year. The company intends to implement a flexible rig program consisting of 4 to 5 rigs, distributing its capital across various oil and gas assets to optimize returns and generate free cash flow. This projection includes an 11-month contribution from the recently acquired Ridgemar assets, which were successfully closed on January 31, 2025.
To contact the author, email andreson.n.paul@gmail.com
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