Key Highlights

  • CRGY reported third quarter 2026 Revenue of $1.35 billion, up 56% from $866.6 million a year earlier.
  • Income from operations was $478.7 million, but a $405.8 million derivative loss left a net loss of $0.6 million.
  • Adjusted EBITDAX rose 62% to $785.8 million, and levered free Cash Flow climbed 79% to $366.7 million.
  • Production averaged 328 MBoe per day, up from 253 MBoe per day a year earlier.
  • The board approved a quarterly Dividend of $0.12 per share, payable Nov 30, 2026.

Derivative Losses Erase a $478.7 Million Operating Profit

Crescent Energy (NYSE:CRGY) reported results for the third quarter ended Sep 30, 2026, in a quarterly filing dated Nov 2, 2026. Revenue rose 56% to $1.35 billion, and income from operations jumped to $478.7 million from $30.8 million a year earlier.

Below the operating line, a loss on Derivatives of $405.8 million compared with a gain of $55.7 million in the prior-year quarter, and interest expense rose 30% to $94.2 million. Net loss was $0.6 million, against a loss of $10.3 million, and the loss attributable to Crescent was $2.2 million, or $0.01 per share.

Houston-based Crescent produces oil, Natural Gas and natural gas liquids in the Eagle Ford, Permian and Uinta basins and owns mineral and Royalty interests across other U.S. basins. Nine-month Net Income was $73.9 million, or $0.21 per diluted Class A share, versus $158.1 million, or $0.60.

Higher Oil Prices and Merger Volumes Drive Production to 328 MBoe Per Day

Oil revenue rose 75% to $1.04 billion, helped by a 34% increase in the realized oil price to $84.52 per barrel and 30% higher volumes. Natural gas revenue gained 7% to $154.6 million despite a 6% lower realized price, while NGL revenue grew 52% to $140.3 million.

Sales volumes totaled 30,135 MBoe, up 30%, mainly from a December 2025 merger with another producer, partly offset by 2025 asset sales. The all-in realized price was $44.38 per Boe, compared with $35.87.

Operating expense per Boe fell 13% to $14.41. Total general and administrative expense declined 12% to $65.3 million on lower transaction costs.

Cash Flow Strengthens and Debt Declines Ahead of a $4.2 Billion Acquisition

Adjusted EBITDAX increased 62% to $785.8 million, and levered free cash flow rose 79% to $366.7 million after $326.1 million of development spending. Operating Cash Flow was $608.5 million in the quarter and $1.72 billion over nine months, up 32%.

Long-term debt was $4.72 billion on Sep 30, 2026, against $5.52 billion at the end of 2025, with cash of $6.1 million. In July 2026 the company redeemed the remaining 2029 notes for $258.7 million.

On Oct 8, 2026, Crescent agreed to buy Eagle Ford Assets from a large producer for about $4.2 billion in cash, with closing expected in the fourth quarter of 2026 or early 2027. Funding includes net proceeds of roughly $1.1 billion from an October offering of 92.0 million shares at $12.50 and a $1.5 billion term loan.

Dividend Dates, Royalty IPO Filing and the Acquisition Close Set the Next Milestones

The quarterly dividend of $0.12 per share is payable Nov 30, 2026, to holders of record on Nov 16, 2026. No shares were repurchased in the quarter, leaving about $336.0 million of authorization, and a draft registration statement for a possible initial public offering of Crescent Royalty was submitted confidentially in November 2026. Investors can watch for closing of the Eagle Ford purchase, which remains subject to antitrust Waiting Period conditions.