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Dec 31, 2025
Crescent Energy Q4 2025 Earnings Report
Crescent Energy Q4 2025 Earnings Report
Key Takeaways
Crescent Energy completed a transformational year in 2025, closing approximately $5 billion in acquisitions and divestitures, including the $3.1 billion acquisition of Vital Energy. The company achieved record production and strong free cash flow, exiting the year with a strengthened balance sheet and a significantly expanded footprint in the Permian and Eagle Ford basins.
Achieved record Q4 production of 268 MBoe/d, with oil production averaging 106 Mbo/d.
Generated $239 million in Levered Free Cash Flow and $536 million in Adjusted EBITDAX during the fourth quarter.
Transformed the portfolio through $5 billion in A&D activity, including the major acquisition of Vital Energy in the Permian.
Strengthened liquidity to approximately $2 billion and increased the share repurchase authorization to $400 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Crescent Energy's 2026 outlook focuses on maximizing free cash flow and integrating the Permian assets while maintaining capital discipline.
Positive Outlook
- Expected total production increase to 320 - 335 MBoe/d.
- Oil production percentage expected to rise to 40% - 42%.
- Implementation of operational playbook on new Permian assets to drive synergies.
- Flexible 6-7 rig program allowing for capital allocation to highest-return opportunities.
- Increased share repurchase authorization to $400 million for opportunistic buybacks.
Challenges Ahead
- Anticipated development capital expenditures of $1.325 - $1.425 billion.
- Non-recurring transaction G&A expected to be approximately $25 million.
- Realized natural gas prices projected at only 55% - 65% of HHUB.
- Adjusted operating expenses expected to remain between $11.50 - $12.50 per Boe.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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