8-K

0001193125-22-225305.txt : 20220819 0001193125-22-225305.hdr.sgml : 20220819 20220819161955 ACCESSION NUMBER: 0001193125-22-225305 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220819 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220819 DATE AS OF CHANGE: 20220819 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Crescent Energy Co CENTRAL INDEX KEY: 0001866175 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-41132 FILM NUMBER: 221181066 BUSINESS ADDRESS: STREET 1: 600 TRAVIS STREET STREET 2: SUITE 7200 CITY: HOUSTON STATE: TX ZIP: 77002 BUSINESS PHONE: (713) 481-7782 MAIL ADDRESS: STREET 1: 600 TRAVIS STREET STREET 2: SUITE 7200 CITY: HOUSTON STATE: TX ZIP: 77002 FORMER COMPANY: FORMER CONFORMED NAME: IE PubCo Inc. DATE OF NAME CHANGE: 20210607 8-K 1 d362628d8k.htm 8-K 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): August 19, 2022

Crescent Energy Company

(Exact Name of Registrant as Specified in Charter)


Delaware	001-41132	87-1133610
(State or Other Jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


600 Travis Street, Suite 7200 Houston, Texas		77002
(Address of Principal Executive Office)		(Zip Code)

(713) 337-4600

Registrant’s Telephone Number, including Area Code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per share	CRGY	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.

Results of Operations and Financial Condition.

As reported in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (“SEC”) by Crescent Energy Company (the “Company”) on April 5, 2022, as amended on a Form 8-K/A filed with the SEC on May 19, 2022, on March 30, 2022, the Company consummated the transactions contemplated by the Membership Interest Purchase Agreement (the “Purchase Agreement”) dated February 15, 2022, by and among Javelin VentureCo, LLC (the “Purchaser”), a subsidiary of the Company, Crescent Energy OpCo LLC, a Delaware limited liability company, and Verdun Oil Company II LLC, a Delaware limited liability company (the “Seller”), pursuant to which the Purchaser agreed to purchase from Seller all of the issued and outstanding membership interests of Javelin Uinta, LLC, a Texas limited liability company and wholly-owned subsidiary of the Seller that holds certain exploration and production assets located in the State of Utah (such transactions contemplated by the Purchase Agreement, collectively, the “Uinta Acquisition”).

This Current Report on Form 8-K provides a pro forma statement of operations of the Company, as described in Item 9.01 below and which is incorporated into this Item 2.02 by reference, giving effect to the Uinta Acquisition as if it has been consummated on January 1, 2021. This Current Report on Form 8-K should be read in connection with the Company’s April 5 and May 19 filings referenced above, which together provide a more complete description of the Uinta Acquisition.

In addition, to the extent required, the information contained in Item 8.01 of this Current Report on Form 8-K is incorporated into this Item 2.02 by reference.

The information contained in this Item 2.02 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.

Item 7.01.

Regulation FD Disclosure.

The information contained in Item 8.01 of this Current Report on Form 8-K is incorporated into this Item 7.01 by reference.

The information contained in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act or the Exchange Act.

Item 8.01

Other Events.

Pro Forma Financial Statements

This Current Report on Form 8-K provides a pro forma statement of operations, as described in Item 9.01 below, which is incorporated into this Item 8.01 by reference.

******

Registration Statement Disclosures

On or about the date of this Current Report on Form 8-K, the Company intends to file Amendment No. 4 to its Registration Statement on Form S-1 (“Amendment No. 4”) relating to the proposed offering by the Company and a selling stockholder of shares of Class A common stock, par value $0.0001 per share. In connection with the filing of Amendment No. 4, the Company is providing certain additional disclosures to potential investors, the relevant excerpts of which are set forth below. Capitalized terms used but not defined herein shall have the meaning assigned thereto in Amendment No. 4.

******

The Inflation Reduction Act of 2022 could accelerate the transition to a low carbon economy and will impose new costs on our operations.

On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (“IRA 2022”) into law pursuant to the budget reconciliation process. The IRA 2022 contains hundreds of billions of dollars in incentives for the development of renewable energy, clean hydrogen, clean fuels, electric vehicles and supporting infrastructure and carbon capture and sequestration, amongst other provisions. These incentives could further accelerate the transition of the U.S. economy away from the use of fossil fuels towards lower- or zero-carbon emissions alternatives, which could decrease demand for the oil and gas we produce and consequently materially and adversely affect our business and results of operations. In addition, the IRA 2022 imposes the first ever federal fee on the emission of greenhouse gases (“GHGs”) through a methane emissions charge. The IRA 2022 amends the federal Clean Air Act to impose a fee on the emission of methane from sources required to report their GHG emissions to the U.S. Environmental Protection Agency (“EPA”), including those sources in the onshore petroleum and natural gas production and gathering and boosting source categories. The methane emissions charge will start in calendar year 2024 at $900 per ton of methane, increase to $1,200 in 2025, and be set at $1,500 for 2026 and each year thereafter. Calculation of the fee is based on certain thresholds established in the IRA 2022. The methane emissions charge could increase our operating costs and adversely affect our business and results of operations.

******

Summary Reserve Data based on NYMEX Pricing

The following table provides historical reserves, PV-0 and PV-10 as of December 31, 2021 for Crescent Energy Company and the reserves acquired in the Uinta Acquisition using average annual NYMEX forward-month contract pricing in effect as of June 30, 2022 (“NYMEX Pricing”). We have included this reserve sensitivity in order to provide an additional method of presentation of the fair value of our assets and the cash flows that we expect to generate from those assets based on the market’s forward-looking pricing expectations as of June 30, 2022. The historical 12-month pricing average in our 2021 disclosures under the heading “Summary Reserve Data based on SEC Pricing” does not reflect the oil and natural gas futures. We believe that the use of forward prices provides investors with additional useful information about our reserves, as the forward prices are based on the market’s forward-looking expectations of oil and natural gas prices as of a certain date, although we caution investors that this information should be viewed as a helpful alternative, not a substitute, for the data presented based on SEC Pricing. In addition, we believe strip pricing provides relevant and useful information because it is widely used by investors in our industry as a basis for comparing the relative size and value of our proved reserves to our peers and in particular addresses the impact of differentials compared with our peers. Our estimated historical reserves, PV-0 and PV-10 based on NYMEX Pricing, were otherwise prepared on the same basis as our estimations based on SEC Pricing reserves for the comparable period. Reserve estimates using NYMEX Pricing are calculated using the internal systems of the management of the Company and have not been prepared or audited by an independent, third-party reserve engineer, but otherwise contain the same parameters, except for price and minor system differences.


	Crescent Energy Company		Uinta Acquisition
	As of December 31, 2021(1)
Net Proved Reserves:
Oil (MBbls)		209,908		43,142
Natural gas (MMcf)		1,534,371		141,098
NGLs (MBbls) (3)		78,615		—
Total Proved Reserves (MBoe)		544,252		66,659
PV-0 (millions) (2)	$	12,183	$	2,110
PV-10 (millions) (2)	$	7,091	$	1,551
Net Proved Developed Reserves:
Oil (MBbls)		157,868		25,062
Natural gas (MMcf) (3)		1,468,815		93,735
NGLs (MBbls) (3)		68,499		—
Total Proved Developed Reserves (MBoe)		471,169		40,685
PV-0 (millions) (2)	$	9,930	$	1,362


	Crescent Energy Company		Uinta Acquisition
	As of December 31, 2021(1)
PV-10 (millions) (2)	$	5,939	$	1,091
Net Proved Undeveloped Reserves:
Oil (MBbls)		52,040		18,080
Natural gas (MMcf)		65,556		47,363
NGLs (MBbls) (3)		10,116		—
Total Proved Undeveloped Reserves (MBoe)		73,083		25,974
PV-0 (millions) (2)	$	2,253	$	748
PV-10 (millions) (2)	$	1,152	$	460

(1)

The NYMEX reserves, PV-0 and PV-10 of Crescent Energy Company and the Uinta Acquisition were determined using index prices for oil and natural gas, respectively, without giving effect to derivative transactions and were calculated based on settlement prices to better reflect the market expectations as of that date, as adjusted for our estimates of quality, transportation fees, and market differentials. The NYMEX reserves calculations are based on NYMEX futures pricing at closing on June 30, 2022 for oil and natural gas. The average adjusted product prices over the remaining lives of the properties are $70.17 per barrel of oil, $4.45 per Mcf of natural gas and $29.40 per barrel of NGLs as of December 31, 2021. We believe that the use of forward prices provides investor with additional useful information about our reserves, as the forward prices are based on the market’s forward-looking expectations of oil and natural gas prices as of a certain date, although we caution investors that this information should be viewed as a helpful alternative, not as a substitute, for the data presented based on SEC Pricing. See “Item 1A. Risk Factors—Risks related to the oil and natural gas industry and our operations—Reserve estimates depend on many assumptions that may turn out to be inaccurate. Any material inaccuracies in reserve estimates or underlying assumptions will materially affect the quantities and present value of our reserves” in our Annual Report on Form 10-K for the year ended December 31, 2021.

(2)

Present value (discounted at PV-0 and PV-10) is not a financial measure calculated in accordance with GAAP because it does not include the effects of income taxes on future net revenues. Neither PV-0 nor PV-10 represent an estimate of the fair market value of our oil and natural gas properties. Our PV-0 measurement does not provide a discount rate to estimated future cash flows. PV-0 therefore does not reflect the risk associated with future cash flow projections like PV-10 does. PV-0 should therefore only be evaluated in connection with an evaluation of our PV-10 of discounted future net cash flows. We believe that the presentation of PV-0 and PV-10 is relevant and useful to our investors about the future net cash flows of our reserves in the absence of a comparable measure such as standardized measure. We and others in our industry use PV-0 and PV-10 as a measure to compare the relative size and value of proved reserves held by companies without regard to the specific tax characteristics of such entities. Investors should be cautioned that neither of PV-0 and PV-10 represent an estimate of the fair market value of our proved reserves. GAAP does not prescribe any corresponding measure for PV-10 of reserves based on pricing other than SEC Pricing. As a result, it is not practicable for us to reconcile our PV-10 using NYMEX Pricing to standardized measure as determined in accordance with GAAP.

(3)

Natural gas reserves acquired in the Uinta Acquisition are shown in “wet” MMcf, which includes NGLs. Crescent Energy Company uses three-stream reserve information, with NGL reserves reported separately. As a result, reserve estimates of Crescent Energy Company are not comparable to reserve estimates for the Uinta Acquisition.

* * * * *

On a pro forma basis for the Transactions, our capital expenditures, excluding acquisitions, incurred during the year ended December 31, 2021 and the six months ended June 30, 2022 totaled approximately $231.6 million and $278.9 million, respectively.

* * * * *

Item 9.01

Financial Statements and Exhibits.

(b)

Pro Forma Financial Information

The following unaudited pro forma condensed combined financial information of the Company, giving effect to the Uinta Acquisition, attached as Exhibit 99.1 hereto:

•

Unaudited Pro Forma Condensed Combined Statement of Operations for the six months ended June 30, 2022; and

•

Notes to the Unaudited Pro Forma Condensed Combined Financial Statements.

(d)

Exhibits.


Exhibit		Description

99.1*		Unaudited pro forma condensed combined statement of operations for the six months ended June 30, 2022.

104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

*	Filed herewith.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 19, 2022


CRESCENT ENERGY COMPANY

By:		/s/ Bo Shi
Name:		Bo Shi
Title:		General Counsel

EX-99.1 2 d362628dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

On March 30, 2022, Crescent Energy Company (“Crescent” or the “Company”), consummated the acquisition contemplated by the Membership Interest Purchase Agreement (the “Purchase Agreement”) dated February 15, 2022, by and among certain of the Company’s subsidiaries, including Crescent Energy OpCo LLC (“OpCo”), and Verdun Oil Company II LLC, a Delaware limited liability company, pursuant to which the Company purchased all of the issued and outstanding membership interests of Javelin Uinta, LLC, a Texas limited liability company that holds certain exploration and production assets (the “Uinta Basin Assets”) located in the State of Utah (such transactions contemplated by the Purchase Agreement, collectively, the “Uinta Acquisition”).

The following unaudited pro forma condensed combined financial statements (the “pro forma financial statements”) have been prepared from the respective historical consolidated financial statements of Crescent for the six months ended June 30, 2022 and for the year ended December 31, 2021 and the statements of revenues and direct operating expenses of the Uinta Basin Assets for the period from January 1, 2022 through March 30, 2022 and for the year ended December 31, 2021, adjusted to give effect to the Uinta Acquisition as if it had been consummated on January 1, 2021.

The following pro forma financial statements are based on, and should be read in conjunction with, the historical unaudited consolidated financial statements for the three and six months ended June 30, 2022 included in the Company’s Quarterly Report on Form 10-Q and the historical audited combined and consolidated financial statements for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K and the statements of revenues and direct operating expenses of the Uinta Basin Assets for the period from January 1, 2022 through March 30, 2022 and for the year ended December 31, 2021 included as Exhibit 99.1 included in the Company’s Current Report on Form 8-K dated May 18, 2022. Additionally, the unaudited pro forma condensed combined statement of operations for the year ended December 31, 2021 is based on, and should be read in conjunction with, the unaudited pro forma condensed combined financial statement for the year ended December 31, 2021 included in the Company’s Current Report on Form 8-K dated April 8, 2022.

The accompanying pro forma financial statements were derived by making certain transaction accounting adjustments to the historical and pro forma financial statements noted above. The adjustments are based on currently available information and certain estimates and assumptions. Therefore, the actual impact of the Uinta Acquisition may differ from the adjustments made to the pro forma financial statements. However, management believes that the assumptions provide a reasonable basis for presenting the significant effects for the periods presented as if the Uinta Acquisition had been consummated earlier, and that all adjustments necessary to present fairly the pro forma financial statements have been made. The pro forma adjustments have been made solely for the purpose of providing the unaudited pro forma financial statements presented below.

The pro forma financial statements and related notes are presented for illustrative purposes only and should not be relied upon as an indication of the financial condition or the operating results that the Company would have achieved if the Purchase Agreement had been entered into and the Uinta Acquisition had taken place on January 1, 2021. The pro forma financial statements do not reflect future events that may occur after the consummation of the Uinta Acquisition, including, but not limited to, the anticipated realization of ongoing savings from potential operating efficiencies, asset dispositions, cost savings, or economies of scale that the Company may achieve with respect to the combined operations. As a result, future results may vary significantly from the results reflected in the pro forma financial statements and should not be relied on as an indication of the future results of the Company.

Unaudited Pro Forma Condensed Combined Statement of Operations

For the Six Months Ended June 30, 2022

(in thousands, except per share data)


	Crescent (Historical)			Uinta Basin Assets (Historical)		Uinta Acquisition Transaction Adjustments			Crescent Pro Forma Combined
Revenues:
Oil	$	975,076		$	132,160	$	—		$	1,107,236
Natural gas		350,488			15,664		—			366,152
Natural gas liquids		155,043			—		—			155,043
Midstream and other		26,737			—		—			26,737

Total revenues		1,507,344			147,824		—			1,655,168
Expenses:
Operating expense		468,530			17,407		—			485,937
Depreciation, depletion and amortization		230,592			—		25,537	(a)		256,129
Exploration expense		1,939			—		—			1,939
Midstream operating expense		6,422			—		—			6,422
General and administrative expense		42,178			—		—			42,178
(Gain) loss on sale of assets		(4,987	)		—		—			(4,987	)

Total expenses		744,674			17,407		25,537			787,618

Other income (expense):
Gain (loss) on derivatives		(850,695	)		—		—			(850,695	)
Interest expense		(41,461	)		—		—			(41,461	)
Other income (expense)		(1,802	)		—		—			(1,802	)
Income (loss) from equity affiliates		3,252			—		—			3,252

Total other income (expense)		(890,706	)		—		—			(890,706	)

Income (loss) before taxes		(128,036	)		130,417		(25,537	)		(23,156	)
Income tax benefit (expense)		3,927			—		(6,446	)(b)		(2,519	)

Net income (loss)		(124,109	)		130,417		(31,983	)		(25,675	)
Less: net (income) loss attributable to noncontrolling interests		(1,183	)		—		—			(1,183	)
Less: net (income) loss attributable to redeemable noncontrolling interests		94,815			—		(78,919	)(c)		15,896

Net income (loss) attributable to Crescent	$	(30,477	)	$	130,417	$	(110,902	)	$	(10,962	)

Net Loss per Share:
Class A - basic and diluted	$	(0.73	)						$	(0.26	)(d)
Class B - basic and diluted	$	—							$	—
Weighted Average Common Shares Outstanding
Class A - basic and diluted		41,954								41,954
Class B - basic and diluted		127,536								127,536

Unaudited Pro Forma Condensed Combined Statement of Operations

For the Year Ended December 31, 2021

(in thousands, except per share data)


	Crescent Pro Forma Combined Prior to Uinta Acquisition			Uinta Basin Assets (Historical)		Uinta Acquisition Transaction Adjustments			Crescent Pro Forma Combined
Revenues:
Oil	$	1,112,024		$	292,034	$	—		$	1,404,058
Natural gas		550,791			37,925		—			588,716
Natural gas liquids		235,600			—		—			235,600
Midstream and other		69,421			—		—			69,421

Total revenues		1,967,836			329,959		—			2,297,795
Expenses:
Operating expense		795,466			48,456		—			843,922
Depreciation, depletion and amortization		416,160			—		79,613	(a)		495,773
Impairment and abandonment of oil and natural gas properties		761			—		—			761
Exploration expense		1,661			—		—			1,661
Midstream operating expense		15,355			—		—			15,355
General and administrative expense		171,327			—		—			171,327
Gain on sale of assets		(9,232	)		—		—			(9,232	)

Total expenses		1,391,498			48,456		79,613			1,519,567

Other income (expense):
Loss on derivatives		(970,659	)		—		—			(970,659	)
Interest expense		(73,698	)		—		—			(73,698	)
Gain on extinguishment of debt		3,369			—		—			3,369
Other income (expense)		5,926			—		—			5,926
Income (loss) from equity method investments		(1,529	)		—		—			(1,529	)

Total other income (expense)		(1,036,591	)		—		—			(1,036,591	)

Income (loss) before taxes		(460,253	)		281,503		(79,613	)		(258,363	)
Income tax benefit (expense)		25,561			—		(12,408	)(b)		13,153

Net income (loss)		(434,692	)		281,503		(92,021	)		(245,210	)
Less: net (income) loss attributable to noncontrolling interests		3,570			—		—			3,570
Less: net (income) loss attributable to redeemable noncontrolling interests		333,598			—		(151,916	)(c)		181,682

Net income (loss) attributable to Crescent	$	(97,524	)	$	281,503	$	(243,937	)	$	(59,958	)

Net Loss per Share:
Class A - basic and diluted	$	(2.32	)						$	(1.43	)(d)
Class B - basic and diluted	$	—							$	—
Weighted Average Common Shares Outstanding
Class A - basic and diluted		41,954								41,954
Class B - basic and diluted		127,536								127,536

Notes to unaudited pro forma condensed combined financial statements

NOTE 1 – Basis of pro forma presentation

The pro forma financial statements have been derived from the historical financial statements of Crescent and statements of revenues and direct operating expenses for the Uinta Basin Assets. Additionally, the pro forma statement of operations for the year ended December 31, 2021 has been derived from certain pro forma financial statements included in the Company’s Current Report on Form 8-K dated April 8, 2022. The pro forma statements of operations for the six months ended June 30, 2022 and for the year ended December 31, 2021 give effect to the Uinta Acquisition as if it occurred on January 1, 2021.

The statements of revenues and direct operating expenses for the Uinta Basin Assets, which are being presented in accordance with Article 3-05 of Regulation S-X, represent abbreviated financial statements that include less information about the historical business associated with the Uinta Basin Assets or about our current and future results as the owner of the Uinta Basin Assets than full financial statements. For example, the statements of revenues and direct operating expenses do not include information about capital structure, interest expense, entity-level taxes, or depreciation, depletion and amortization.

The pro forma financial statements reflect pro forma adjustments that are based on available information and certain assumptions that management believes are reasonable. However, actual results may differ from those reflected in these statements. In management’s opinion, all adjustments known to date that are necessary to present fairly the pro forma information have been made. The pro forma financial statements do not purport to represent what the combined entity’s results of operations would have been if the Uinta Acquisition had actually occurred on the date indicated above, nor are they indicative of Crescent’s future results of operations.

These pro forma financial statements should be read in conjunction with Crescent’s historical financial statements for the three and six months ended June 30, 2022 and for the year ended December 31, 2021 included in the Company’s Quarterly Report on Form 10-Q and Annual Report on Form 10-K, respectively.

NOTE 2 – Purchase price allocation

In March 2022, Crescent consummated the acquisition contemplated by the Purchase Agreement, pursuant to which Crescent purchased all of the issued and outstanding membership interests of Javelin Uinta, LLC, a Texas limited liability company that holds the Uinta Basin Assets. Upon closing of the Uinta Acquisition, Crescent paid $621.3 million in cash consideration and transaction fees and assumed certain commodity derivatives. The Uinta Acquisition was funded with cash on hand and borrowings under Crescent’s Revolving Credit Facility. The Uinta Acquisition was accounted for as an asset acquisition, with Crescent recording $852.5 million of property, plant and equipment, net of acquired commodity derivative liabilities of $179.7 million, accounts payable of $14.3 million and asset retirement liability of $37.2 million.

NOTE 3 – Adjustments to the pro forma financial statement

The pro forma financial statements have been prepared to illustrate the effect of the Uinta Acquisition and have been prepared for informational purposes only.

The preceding pro forma financial statements have been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786 “Amendments to Financial Disclosures about Acquired and Disposed Businesses.” Release No. 33-10786 replaces the existing pro forma adjustment criteria with simplified requirements to depict the accounting for the transaction (“Transaction Accounting Adjustments”) and allows for supplemental disclosure of the reasonably estimable synergies and other transaction effects that have occurred or are reasonably expected to occur (“Management Adjustments”). Management has elected not to disclose Management Adjustments.

The pro forma provision for income taxes does not necessarily reflect the amounts that would have resulted had the combined company filed consolidated income tax returns during the periods presented.

The pro forma net income (loss) per share amounts presented in the pro forma statements of operations are based upon the number of shares of Crescent Class A Common Stock and Crescent Class B Common Stock outstanding, assuming the Uinta Acquisition occurred on January 1, 2021.

Pro forma statement of operations adjustments

The adjustments included in the pro forma statements of operations for the six months ended June 30, 2022 and for the year ended December 31, 2021 are as follows:

(a)	Reflects the pro forma depletion expense calculated in accordance with the successful efforts method of accounting for oil and gas properties totaled $25.5 million and $79.6 million for the six months ended June 30, 2022 and for the year ended December 31, 2021, respectively.

(b)

Reflects the income tax effect of the pro forma adjustments presented. The tax rate applied to the pro forma adjustments was the estimated combined federal and state statutory rate after the effect of noncontrolling interests of 6.1% for the six months ended June 30, 2022 and for the year ended December 31, 2021. The effective rate of the Company could be significantly different (either higher or lower) depending on a variety of factors.

(c)	Reflects the impact of the allocation of net income (loss) attributable to redeemable noncontrolling interests for the portion of OpCo not owned by Crescent.

(d)	Reflects the impact of the allocation of net income (loss) attributable to Crescent on the computation of basic and diluted net income (loss) per share.

NOTE 4 – Supplemental pro forma oil and natural gas reserves information

Oil and natural gas reserves

The following tables present the estimated pro forma combined net proved developed and undeveloped oil, natural gas, and NGLs reserves information as of December 31, 2021 for our consolidated operations, along with a summary of changes in quantities of net remaining proved reserves for the year ended December 31, 2021 for our consolidated operations. Immaterial amounts for proved developed oil, natural gas, and NGLs of our equity affiliates totaling 3,665 MBoe as of December 31, 2021 have been omitted from presentation below. The estimates below are in certain instances presented on a “barrels of oil equivalent or “Boe” basis. To determine Boe in the following tables, natural gas is converted to a crude oil equivalent at the ratio of six Mcf of natural gas to one barrel of crude oil equivalent.

The following estimated pro forma oil and natural gas reserves information is not necessarily indicative of the results that might have occurred had the Uinta Acquisition been completed on January 1, 2021 and is not intended to be a projection of future results. Future results may vary significantly from the results reflected because of various factors, including those discussed in “Risk Factors” included in the Company’s Annual Report on Form 10-K.


	Oil and Condensate (MBbls)
	Crescent Pro Forma Combined Prior To Uinta Acquisition			Uinta Basin Assets (Historical)			Crescent Pro Forma Combined
Proved Developed and Undeveloped Reserves as of:
December 31, 2020		208,978			24,785			233,763
Revisions of previous estimates		11,137			5,737			16,874
Extensions, discoveries, and other additions		7,763			17,394			25,157
Sales of reserves in place		(854	)		—			(854	)
Purchases of reserves in place		—			—			—
Production		(16,864	)		(4,992	)		(21,856	)

December 31, 2021		210,160			42,924			253,084

Proved Developed Reserves as of:
December 31, 2020		127,038			13,877			140,915
December 31, 2021		158,091			24,871			182,962

Proved Undeveloped Reserves as of:
December 31, 2020		81,940			10,908			92,848
December 31, 2021		52,069			18,054			70,122


	Natural Gas (MMcf)
	Crescent Pro Forma Combined Prior To Uinta Acquisition			Uinta Basin Assets (Historical)			Crescent Pro Forma Combined
Proved Developed and Undeveloped Reserves as of:
December 31, 2020		1,266,894			64,985			1,331,879
Revisions of previous estimates		343,306			30,165			373,471
Extensions, discoveries, and other additions		17,705			59,517			77,222
Sales of reserves in place		(26,226	)		—			(26,226	)
Purchases of reserves in place		—			—			—
Production		(131,726	)		(15,338	)		(147,064	)

December 31, 2021		1,469,953			139,329			1,609,282

Proved Developed Reserves as of:
December 31, 2020		1,192,020			46,038			1,238,058
December 31, 2021		1,404,570			92,094			1,496,664

Proved Undeveloped Reserves as of:
December 31, 2020		74,874			18,947			93,821
December 31, 2021		65,383			47,235			112,618


	NGLs (MBbls)
	Crescent Pro Forma Combined Prior To Uinta Acquisition			Uinta Basin Assets (Historical)		Crescent Pro Forma Combined
Proved Developed and Undeveloped Reserves as of:
December 31, 2020		64,838			—		64,838
Revisions of previous estimates		19,046			—		19,046
Extensions, discoveries, and other additions		2,179			—		2,179
Sales of reserves in place		(1,972	)		—		(1,972	)
Purchases of reserves in place		—			—		—
Production		(7,598	)		—		(7,598	)

December 31, 2021		76,493			—		76,493

Proved Developed Reserves as of:
December 31, 2020		52,936			—		52,936
December 31, 2021		66,402			—		66,402

Proved Undeveloped Reserves as of:
December 31, 2020		11,902			—		11,902
December 31, 2021		10,091			—		10,091


	Total (Mboe)
	Crescent Pro Forma Combined Prior To Uinta Acquisition			Uinta Basin Assets (Historical)			Crescent Pro Forma Combined
Proved Developed and Undeveloped Reserves as of:
December 31, 2020		484,950			35,615			520,565
Revisions of previous estimates		87,401			10,765			98,166
Extensions, discoveries, and other additions		12,893			27,314			40,207
Sales of reserves in place		(7,197	)		—			(7,197	)
Purchases of reserves in place		—			—			—
Production		(46,402	)		(7,548	)		(53,950	)

December 31, 2021		531,645			66,146			597,791

Proved Developed Reserves as of:
December 31, 2020		378,628			21,549			400,177
December 31, 2021		458,588			40,220			498,808

Proved Undeveloped Reserves as of:
December 31, 2020		106,322			14,066			120,388
December 31, 2021		73,057			25,926			98,983

Standardized measure of discounted future net cash flows

The following tables present the estimated pro forma standardized measure of discounted future net cash flows (the “pro forma standardized measure”) at December 31, 2021. The pro forma standardized measure information set forth below gives effect to the Uinta Acquisition as if it had been completed on January 1, 2021. Uinta Acquisition Transaction Adjustments reflect adjustments related to the tax effects resulting from the Uinta Acquisition. The disclosures below were determined by referencing the “Standardized Measure of Discounted Future Net Cash Flows” for the year ended December 31, 2021 reported in the Company’s Current Report on Form 8-K dated April 8, 2022. An explanation of the underlying methodology applied, as required by SEC regulations, can be found within the historical financial statements. The calculations assume the continuation of existing economic, operating and contractual conditions at December 31, 2021. Immaterial amounts for the pro forma standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves of our equity affiliates totaling $23.2 million as of December 31, 2021 have been omitted from presentation below.

The following estimated pro forma standardized measure is not necessarily indicative of the results that might have occurred had the Uinta Acquisition been completed on January 1, 2021 and is not intended to be a projection of future results. Future results may vary significantly from the results reflected because of various factors, including those discussed in “Risk Factors” included in the Company’s Annual Report on Form 10-K.

The pro forma standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves of our consolidated operations as of December 31, 2021 is as follows:


	(in thousands)
	Crescent Pro Forma Combined Prior To Uinta Acquisition			Uinta Basin Assets (Historical)			Uinta Acquisition Transaction Adjustments			Crescent Pro Forma Combined
Future cash inflows	$	21,063,117		$	2,707,561		$	—		$	23,770,678
Future production costs		(10,194,648	)		(620,982	)		—			(10,815,630	)
Future development costs (1)		(1,477,562	)		(562,182	)		—			(2,039,744	)
Future income taxes		(352,136	)		—			(39,750	)		(391,886	)

Future net cash flows		9,038,771			1,524,397			(39,750	)		10,523,418
Annual discount of 10% for estimated timing		(4,080,471	)		(470,276	)		12,612			(4,538,135	)

Standardized measure of discounted future net cash flows as of December 31, 2021	$	4,958,300		$	1,054,121		$	(27,138	)	$	5,985,283

⁽¹⁾	Future development costs include future abandonment and salvage costs.

Changes in standardized measure

The changes in the pro forma standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves of our consolidated operations for the year ended December 31, 2021 are as follows:


	(in thousands)
	Crescent Pro Forma Combined Prior To Uinta Acquisition			Uinta Basin Assets (Historical)			Uinta Acquisition Transaction Adjustments			Crescent Pro Forma Combined
Balance at December 31, 2020	$	1,713,753		$	192,031		$	—		$	1,905,784
Net change in prices and production costs		4,153,142			397,038			—			4,550,180
Net change in future development costs		97,435			(1,740	)		—			95,695
Sales and transfers of oil and natural gas produced, net of production expenses		(1,148,889	)		(281,503	)		—			(1,430,392	)
Extensions, discoveries, additions and improved recovery, net of related costs		190,585			460,629			—			651,214
Purchases of reserves in place		—			—			—			—
Sales of reserves in place		(53,004	)		—			—			(53,004	)
Revisions of previous quantity estimates		(209,591	)		210,529			—			938
Previously estimated development costs incurred		95,879			23,447			—			119,326
Net change in taxes		835			—			(27,138	)		(26,303	)
Accretion of discount		169,784			19,203			—			188,987
Changes in timing and other		(51,629	)		34,487			—			(17,142	)

Balance at December 31, 2021	$	4,958,300		$	1,054,121		$	(27,138	)	$	5,985,283

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Document and Entity Information	Aug. 19, 2022
Cover [Abstract]
Entity Registrant Name	Crescent Energy Co
Amendment Flag	false
Entity Central Index Key	0001866175
Document Type	8-K
Document Period End Date	Aug. 19, 2022
Entity Incorporation State Country Code	DE
Entity File Number	001-41132
Entity Tax Identification Number	87-1133610
Entity Address, Address Line One	600 Travis Street
Entity Address, Address Line Two	Suite 7200
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	(713)
Local Phone Number	337-4600
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Class A Common Stock, par value $0.0001 per share
Trading Symbol	CRGY
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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