0001193125-23-003629.txt : 20230106 0001193125-23-003629.hdr.sgml : 20230106 20230106164458 ACCESSION NUMBER: 0001193125-23-003629 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20230106 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: 20230106 DATE AS OF CHANGE: 20230106 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: 23515607 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 d424205d8k.htm 8-K 8-K
Crescent Energy Co false 0001866175 0001866175 2023-01-06 2023-01-06

 

 

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): January 6, 2023

 

 

Crescent Energy Company

(Exact Name of Registrant as Specified in its 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.

This Current Report on Form 8-K (this “Current Report”) provides a pro forma statements of operations of Crescent Energy Company (the “Company”) for the nine months ended September 30, 2022 and the year ended December 31, 2021, as described in Item 9.01 below and which is incorporated into this Item 2.02 by reference, giving effect to the acquisition contemplated by the Membership Interest Purchase Agreement, dated February 15, 2022, by and among certain of the Company’s subsidiaries, including Crescent Energy OpCo LLC 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 located in the State of Utah (such transaction, the “Uinta Acquisition”), as if it has been consummated on January 1, 2021.

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 statements of operations, as described in Item 9.01 below, which is incorporated into this Item 8.01 by reference.

Registration Statement

On or about the date of this Current Report on Form 8-K, the Company intends to file a Registration Statement on Form S-3 (the “Registration Statement”) relating to the proposed offering by the Company and certain selling stockholders of shares of Class A common stock, par value $0.0001 per share, and other securities described therein. The Registration Statement will incorporate this Current Report, including the pro forma statements of operations, as described in Item 9.01, by reference.

 

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 nine months ended September 30, 2022;

 

  •  

Unaudited Pro Forma Condensed Combined Statement of Operations for the year ended December 31, 2021; and

 

  •  

Notes to the Unaudited Pro Forma Condensed Combined Financial Statements.

 

2

  (d)

Exhibits.

 

Exhibit
No.

   

Description

99.1    Unaudited pro forma condensed combined statements of operations for the nine months ended September 30, 2022 and the year ended December 31, 2021.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

3

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: January 6, 2023

 

    CRESCENT ENERGY COMPANY
    By:  

/s/ Bo Shi

    Name:   Bo Shi
    Title:   General Counsel

 

4

EX-99.1 2 d424205dex991.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 nine months ended September 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 nine months ended September 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 Nine Months Ended September 30, 2022

(in thousands, except per share data)

 

     Crescent
(Historical)		     Uinta Basin
Assets
(Historical)		      Uinta Acquisition
Transaction
Adjustments		     Crescent Pro
Forma
Combined		  

Revenues:

          

Oil

    $ 1,525,899     $ 132,160      $ —       $ 1,658,059  

Natural gas

      586,318       15,664        —         601,982  

Natural gas liquids

      219,853       —          —         219,853  

Midstream and other

      40,231       —          —         40,231  
  

 

 

    

 

 

     

 

 

    

 

 

  

Total revenues

      2,372,301       147,824        —         2,520,125  

Expenses:

          

Operating expense

      748,269       17,407        —         765,676  

Depreciation, depletion and amortization

      375,600       —          25,537   (a)      401,137  

Exploration expense

      3,848       —          —         3,848  

Midstream operating expense

      9,972       —          —         9,972  

General and administrative expense

      59,489       —          —         59,489  

(Gain) loss on sale of assets

      (5,114 )      —          —         (5,114 ) 
  

 

 

    

 

 

     

 

 

    

 

 

  

Total expenses

      1,192,064       17,407        25,537       1,235,008  
  

 

 

    

 

 

     

 

 

    

 

 

  

Other income (expense):

          

Gain (loss) on derivatives

      (645,565 )      —          —         (645,565 ) 

Interest expense

      (68,518 )      —          —         (68,518 ) 

Other income (expense)

      (4,472 )      —          —         (4,472 ) 

Income (loss) from equity affiliates

      4,086       —          —         4,086  
  

 

 

    

 

 

     

 

 

    

 

 

  

Total other income (expense)

      (714,469 )      —          —         (714,469 ) 
  

 

 

    

 

 

     

 

 

    

 

 

  

Income (loss) before taxes

      465,768       130,417        (25,537 )      570,648  

Income tax benefit (expense)

      (34,528 )      —          (6,446 )  (b)      (40,974 ) 
  

 

 

    

 

 

     

 

 

    

 

 

  

Net income (loss)

      431,240       130,417        (31,983 )      529,674  

Less: net (income) loss attributable to noncontrolling interests

      (2,087 )      —          —         (2,087 ) 

Less: net (income) loss attributable to redeemable noncontrolling interests

      (341,269 )      —          (78,919 )  (c)      (420,188 ) 
  

 

 

    

 

 

     

 

 

    

 

 

  

Net income (loss) attributable to Crescent

    $ 87,884     $ 130,417      $ (110,902 )    $ 107,399  
  

 

 

    

 

 

     

 

 

    

 

 

  

Net Loss per Share:

          

Class A common stock – basic

    $ 2.07          $ 2.53   (d) 

Class A common stock – diluted

    $ 2.07          $ 2.53  

Class B common stock – basic and diluted

    $ —            $ —    

Weighted Average Common Shares Outstanding

          

Class A common stock – basic

      42,377            42,377  

Class A common stock – diluted

      42,382            42,382  

Class B common stock – basic and diluted

      126,950            126,950  

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 nine months ended September 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 nine months ended September 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 nine months ended September 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 nine months ended September 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 nine months ended September 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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