$CRGY
Crescent Energy Co

2024 Q3 Form 10-Q Financial Statement

#000186617524000106 Filed on November 04, 2024

View on sec.gov

Income Statement

Concept 2024 Q3
Revenue $744.9M
YoY Change 15.95%
Cost Of Revenue $326.5M
YoY Change 20.72%
Gross Profit $418.3M
YoY Change 12.48%
Gross Profit Margin 56.16%
Selling, General & Admin $106.6M
YoY Change 147.89%
% of Gross Profit 25.48%
Research & Development $14.57M
YoY Change
% of Gross Profit 3.48%
Depreciation & Amortization $251.5M
YoY Change 34.86%
% of Gross Profit 60.12%
Operating Expenses $752.3M
YoY Change 50.2%
Operating Profit -$7.422M
YoY Change -105.24%
Interest Expense $35.09M
YoY Change -16.86%
% of Operating Profit
Other Income/Expense, Net $203.0K
YoY Change -100.07%
Pretax Income -$7.219M
YoY Change -95.24%
Income Tax -$1.600M
% Of Pretax Income
Net Earnings -$9.945M
YoY Change -81.19%
Net Earnings / Revenue -1.34%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.07
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $136.2M
YoY Change -40.44%
Cash & Equivalents $136.2M
Short-Term Investments
Other Short-Term Assets $42.64M
YoY Change 586.11%
Inventory
Prepaid Expenses $46.74M
Receivables $508.6M
Other Receivables $0.00
Total Short-Term Assets $864.7M
YoY Change -4.25%
LONG-TERM ASSETS
Property, Plant & Equipment $8.208B
YoY Change 36.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $13.31M
YoY Change 23.43%
Other Assets $123.7M
YoY Change 109.72%
Total Long-Term Assets $8.386B
YoY Change 37.85%
TOTAL ASSETS
Total Short-Term Assets $864.7M
Total Long-Term Assets $8.386B
Total Assets $9.250B
YoY Change 32.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $84.54M
YoY Change -20.02%
Accrued Expenses $689.3M
YoY Change 49.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $3.719M
YoY Change -13.51%
Total Short-Term Liabilities $929.8M
YoY Change 5.56%
LONG-TERM LIABILITIES
Long-Term Debt $3.225B
YoY Change 68.66%
Other Long-Term Liabilities $65.94M
YoY Change 108.47%
Total Long-Term Liabilities $3.291B
YoY Change 69.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $929.8M
Total Long-Term Liabilities $3.291B
Total Liabilities $5.055B
YoY Change 45.66%
SHAREHOLDERS EQUITY
Retained Earnings $53.29M
YoY Change 4.68%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.860B
YoY Change
Total Liabilities & Shareholders Equity $9.250B
YoY Change 32.41%

Cashflow Statement

Concept 2024 Q3
OPERATING ACTIVITIES
Net Income -$9.945M
YoY Change -81.19%
Depreciation, Depletion And Amortization $251.5M
YoY Change 34.86%
Cash From Operating Activities $368.0M
YoY Change 94.38%
INVESTING ACTIVITIES
Capital Expenditures $547.2M
YoY Change -21.35%
Acquisitions
YoY Change
Other Investing Activities -$580.0K
YoY Change -113.18%
Cash From Investing Activities -$547.8M
YoY Change -20.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -429.4M
YoY Change -161.93%
NET CHANGE
Cash From Operating Activities 368.0M
Cash From Investing Activities -547.8M
Cash From Financing Activities -429.4M
Net Change In Cash -609.3M
YoY Change -418.31%
FREE CASH FLOW
Cash From Operating Activities $368.0M
Capital Expenditures $547.2M
Free Cash Flow -$179.3M
YoY Change -64.6%

Facts In Submission

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CY2024Q3 us-gaap Derivative Liability Statement Of Financial Position Extensible Enumeration
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http://fasb.org/us-gaap/2024#DerivativeLiabilitiesCurrent
CY2023Q4 us-gaap Derivative Asset Statement Of Financial Position Extensible Enumeration
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http://fasb.org/us-gaap/2024#DerivativeAssetsCurrent http://fasb.org/us-gaap/2024#DerivativeAssetsNoncurrent
CY2023Q4 us-gaap Derivative Liability Statement Of Financial Position Extensible Enumeration
DerivativeLiabilityStatementOfFinancialPositionExtensibleEnumeration
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dei Entity Registrant Name
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Crescent Energy Company
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CY2024Q3 us-gaap Treasury Stock Value Acquired Cost Method
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us-gaap Profit Loss
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Derivative Gain Loss On Derivative Net
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us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
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us-gaap Gain Loss On Sale Of Derivatives
GainLossOnSaleOfDerivatives
43011000 usd
us-gaap Gain Loss On Sale Of Derivatives
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us-gaap Share Based Compensation
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us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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us-gaap Gain Loss On Sale Of Oil And Gas Property
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19437000 usd
us-gaap Gain Loss On Sale Of Oil And Gas Property
GainLossOnSaleOfOilAndGasProperty
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us-gaap Payments To Explore And Develop Oil And Gas Properties
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
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us-gaap Use Of Estimates
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We use historical experience and various other assumptions and information that are believed to be reasonable under the circumstances in developing our estimates and judgments. Estimates and assumptions about future events and their effects cannot be predicted with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. While we believe that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results may differ from these estimates. Our significant estimates include the fair value of acquired assets and liabilities, oil and natural gas reserves, impairment of proved and unproved oil and natural gas properties and income taxes.</span></div>
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CY2024Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Income Tax Expense Benefit
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1656000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-1430000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
182308000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
71543000 usd
us-gaap Stock Issued1
StockIssued1
611423000 usd
us-gaap Stock Issued1
StockIssued1
0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
61515000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
23756000 usd
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
usd
us-gaap Restructuring Charges
RestructuringCharges
16529000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
8620000 usd
CY2024Q3 us-gaap Restructuring Reserve
RestructuringReserve
7909000 usd
CY2024Q3 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
170938000 usd
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
226924000 usd
CY2024Q3 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
55986000 usd
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
170938000 usd
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
55986000 usd
CY2024Q3 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
55986000 usd
CY2024Q3 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
0 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
116406000 usd
CY2023Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
54019000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountNotOffsetAgainstCollateral
62387000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
96070000 usd
CY2023Q4 us-gaap Derivative Liability Fair Value Gross Asset
DerivativeLiabilityFairValueGrossAsset
54019000 usd
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountNotOffsetAgainstCollateral
42051000 usd
CY2024Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
2700000000 usd
CY2023Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1800000000 usd
CY2024Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
21486000 usd
CY2024Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
47127000 usd
CY2024Q3 us-gaap Long Term Debt
LongTermDebt
3225173000 usd
CY2023Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
14408000 usd
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
29125000 usd
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
1694375000 usd
CY2023Q4 us-gaap Asset Retirement Obligation
AssetRetirementObligation
445060000 usd
us-gaap Asset Retirement Obligation Liabilities Incurred
AssetRetirementObligationLiabilitiesIncurred
27585000 usd
crgy Asset Retirement Obligation Retirements
AssetRetirementObligationRetirements
12519000 usd
us-gaap Asset Retirement Obligation Liabilities Settled
AssetRetirementObligationLiabilitiesSettled
18464000 usd
us-gaap Asset Retirement Obligation Accretion Expense
AssetRetirementObligationAccretionExpense
23182000 usd
CY2024Q3 us-gaap Asset Retirement Obligations Noncurrent
AssetRetirementObligationsNoncurrent
441838000 usd
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
88583000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
29492000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
139048000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
64648000 usd
CY2024Q3 us-gaap Tenant Improvements
TenantImprovements
1100000 usd
CY2024Q3 us-gaap Tenant Improvements
TenantImprovements
1100000 usd
CY2024Q3 crgy Lessee Operating Lease Annual Base Rent
LesseeOperatingLeaseAnnualBaseRent
400000 usd
crgy Number Of Class Of Equity
NumberOfClassOfEquity
2 class
CY2024Q3 us-gaap Profit Loss
ProfitLoss
-5579000 usd
CY2023Q3 us-gaap Profit Loss
ProfitLoss
-131102000 usd
us-gaap Profit Loss
ProfitLoss
32262000 usd
us-gaap Profit Loss
ProfitLoss
181983000 usd
CY2024Q3 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
-765000 usd
CY2023Q3 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
48000 usd
us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
916000 usd
us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
453000 usd
CY2024Q3 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
5131000 usd
CY2023Q3 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
-78280000 usd
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
27912000 usd
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
169455000 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-9945000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-52870000 usd
us-gaap Net Income Loss
NetIncomeLoss
3434000 usd
us-gaap Net Income Loss
NetIncomeLoss
12075000 usd
CY2024Q3 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-9945000 usd
CY2023Q3 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-52870000 usd
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
3580000 usd
us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
12408000 usd
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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