CRGY

It has been about a month since the last earnings report for Crescent Energy (CRGY). Shares have added about 24.7% in that time frame, outperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Crescent Energy due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important drivers. Crescent Energy Company reported second-quarter 2026 adjusted earnings of 69 cents per share, beating the Zacks Consensus Estimate of 59 cents by 16.95%. The bottom line also increased from the year-ago adjusted earnings of 43 cents. The outperformance was supported by strong production, higher oil realizations and continued operating efficiencies. The Houston, TX-based oil and gas exploration and production company’s revenues of $1.4 billion beat the Zacks Consensus Estimate of $1.22 billion by 13.2%. The top line also increased sharply from $898 million in the year-ago quarter. The quarter was marked by solid production, lower operating costs and record cash generation. Crescent produced 335 thousand barrels of oil equivalent per day (MBoe/d), which beat our consensus mark of 331 MBoe/d, while adjusted operating expenses were about 9% below the prior annual guidance midpoint. Total production averaged 335 MBoe/d, up from 263 MBoe/d in the year-ago quarter. Oil production increased to 140 thousand barrels per day (MBbls/d) from 108 MBbls/d. The figure was also above our consensus estimate of 136 MBbls/d. Natural gas production rose to 715 million cubic feet per day (MMcf/d) from 644 MMcf/d, while NGL production increased to 76 MBbls/d from 48 MBbls/d. Natural gas production was 2.5% below our consensus estimate, while NGL production was 7.6% above our consensus estimate. During the quarter, Crescent drilled 43 gross operated wells and brought 32 gross operated wells online. Capital expenditures, excluding acquisitions, totaled $284 million. Crescent continued to make progress in the Permian, where it has moved from the stabilization phase following the acquisition into optimization. Permian production totaled 124 MBoe/d, with oil accounting for 42% of volumes. Capital spending in the basin was $104 million. Crescent drilled nine gross wells and turned 12 gross wells in line during the quarter. The company increased its Permian synergy target to $250-$300 million, roughly three times the original target of $90-$100 million. Approximately $190 million of annualized synergies have already been captured. The gains are being driven by lower well and operating costs, improved workover and artificial-lift programs, better field operations and commercial optimization. Management expects a large portion of the updated synergy target to be captured as the company exits 2026 and moves into 2027. The Eagle Ford business produced 169 MBoe/d, with oil representing 39% of volumes. Capital spending totaled $147 million. Crescent drilled 26 gross wells and brought 16 gross wells online during the quarter. Operational efficiencies remain a key driver in the basin. Well costs have declined more than 25% since 2023, while workover and artificial-lift optimization are supporting base production. CRGY is also seeing encouraging results from the Austin Chalk, which could expand its economic drilling inventory. CRGY continued to improve drilling and completion efficiency in the Uinta Basin. Year-to-date drilling efficiency increased to roughly 1,600 feet per day from about 1,300 feet in the 2025 program. Completion efficiency increased to approximately 3,000 lateral feet per day from about 1,600 feet. Simulfrac utilization reached 100% of gross wells turned in line, while drilling, completion and facilities costs declined to below $800 per foot from approximately $950 in the 2025 program. These efficiencies are helping CRGY lower development costs and improve returns across its portfolio. Oil remained the largest revenue contributor at $1.23 billion, more than doubling from $602.5 million in the year-ago quarter. The figure was also above our consensus estimate by 18.9%.Natural gas revenues declined to $33.8 million from $159 million, while NGL revenues increased to $129.4 million from $98.1 million. Midstream and other revenues totaled $5 million compared with $38.4 million a year earlier.  Natural gas revenues declined 61.2%, and NGL revenues declined 5.8%, while Midstream and other revenues declined 17% compared with our consensus estimates. Average realized oil prices before derivative settlements were $96.61 per barrel, up significantly from $61.47 a year ago. Natural gas realizations, however, declined to 52 cents per Mcf from $2.71. NGL prices fell to $18.67 per barrel from $22.59. The company's total realized price before derivative settlements increased to $45.63 per Boe from $35.96 a year ago. CRGY generated record adjusted EBITDAX of $798 million, up from $513.9 million in the year-ago quarter. Levered free cash flow reached a record $418 million, while operating cash flow totaled a record $707 million. The company ended June with approximately $2.2 billion of liquidity. Total debt was approximately $5.17 billion, while net debt stood at $4.9 billion. Consolidated net leverage was 1.6 times. CRGY further strengthened its balance sheet in July by redeeming the remaining $259 million of its 7.75% senior notes due 2029 at par. The transaction reduced interest expense and eliminated the company's nearest debt maturity. Pro forma liquidity following the redemption was expected to remain around $2 billion. CRGY's board of directors declared a fixed quarterly dividend of 12 cents per share. As of June 30, CRGY had approximately $336 million remaining under its share-repurchase authorization. The minerals and royalties business produced 13 MBoe/d, more than doubling from 6 MBoe/d in the prior-year quarter. Oil production from the business increased to 6 MBbls/d from 2 MBbls/d. Average realized prices before derivatives totaled $51.45 per Boe, compared with $34.95 a year earlier. Operating expenses were $4.26 per Boe compared with $5.40 in the prior-year period.  The business generated $49.4 million of adjusted EBITDAX during the quarter compared with $15.9 million a year earlier. The company raised its 2026 total production guidance to 327-335 MBoe/d from 320-335 MBoe/d. The expected oil mix remains 40-42%. The company lowered adjusted operating expense guidance to $11-$12 per Boe from $11.50-$12.50. Production tax guidance was reduced to 5-6% of commodity revenues from 6-7%. Crescent maintained its development capital guidance at $1.325-$1.425 billion, despite the higher production outlook. The combination of increased volumes and lower operating costs is expected to support additional free cash flow. At current commodity prices, management expects to generate more than $1 billion of levered free cash flow in 2026. Crescent intends to use its financial flexibility to maintain the dividend, reduce debt and pursue accretive acquisitions or opportunistic share repurchases. It turns out, estimates review have trended upward during the past month. The consensus estimate has shifted 12.5% due to these changes. At this time, Crescent Energy has a strong Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. However, the stock was allocated a grade of A on the value side, putting it in the top 20% for value investors. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Crescent Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Crescent Energy belongs to the Zacks Alternative Energy - Other industry. Another stock from the same industry, Expand Energy (EXE), has gained 7.4% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026. Expand Energy reported revenues of $1.83 billion in the last reported quarter, representing a year-over-year change of -9.5%. EPS of $1.33 for the same period compares with $1.10 a year ago. Expand Energy is expected to post earnings of $1.41 per share for the current quarter, representing a year-over-year change of +45.4%. Over the last 30 days, the Zacks Consensus Estimate has changed -4.4%. Expand Energy has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Crescent Energy Company (CRGY) : Free Stock Analysis Report Expand Energy Corporation (EXE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Monday, Aug. 3, 2026 at 8:00 a.m. ET Investor Relations - Reid Gallagher Chief Executive Officer - David Rockecharlie Chief Financial Officer - Brandi Kendall Chief Operating Officer - Jerome Hall Executive Vice President of Investments - John Rynd Operator: Hello, everyone. Thank you for joining us, and welcome to Crescent Energy Second Quarter 2026 Earnings Conference Call. [Operator Instructions] I will now hand the conference over to Reid Gallagher, Investor Relations. Reid, please go ahead. Unknown Executive: Good morning, and thank you for joining Crescent's Second Quarter 2026 Conference Call. Today's prepared remarks will come from our CEO, David Rockecharlie; and our CFO, Brandi Kendall. Our Chief Operating Officer and Executive Vice President of Investments will also be available during Q&A. Today's call may contain projections and other forward-looking statements within the meaning of federal securities laws. These statements are subject to risks and uncertainties, including commodity price volatility, global geopolitical conflict, our business strategies and other factors that may cause actual results to differ from those expressed or implied in these statements and our other disclosures. We have no obligation to update any forward-looking statements after today's call. In addition, today's discussion may include disclosure regarding non-GAAP financial measures. For reconciliations of historical non-GAAP financial measures to the most directly comparable GAAP measures, please reference our 10-Q and earnings release available in the Investors section of our website. With that, I'll hand it over to David. David Rockecharlie: Good morning, and thank you for joining us. Crescent delivered another record quarter, and I want to begin by thanking our talented colleagues across the company for the focus and execution that made these results possible. Our year-to-date results demonstrate continued positive momentum across Crescent. Higher production, structurally lower costs and record free cash flow reinforce both the strength of the business today and the long-term value creation opportunity ahead. Our business is better than it has ever been before and recent commodity tailwinds only amplify our outperformance. As always, I want to begin with 3 key takeaways. First, consistent execution across the portfolio drove another quarter of outperformance and supports an enhanced full year outlook. Oil and total production were ahead of our full year plan and adjusted operating expense was significantly better than expectations. As a result, we are raising guidance for both total production and oil production and improving guidance for operating expense. Second, momentum continues to build in the Permian. Asset performance is improving, operational efficiencies are becoming increasingly visible and synergy capture continues to exceed expectations. We are increasing our target range once again to approximately $250 million to $300 million, roughly 3x our original synergy target at announcement. And third, our differentiated combination of operating and investing expertise delivered record quarterly free cash flow, providing meaningful flexibility to accelerate deleveraging and return capital to our investors. Let me now discuss the quarter in more detail. We produced approximately 335,000 barrels of oil equivalent per day during the quarter, including approximately 140,000 barrels of oil per day and generated a record $418 million of levered free cash flow. Total production was approximately 2% above the midpoint of our original full year guidance. Oil production was approximately 4% above the midpoint and adjusted operating expense was nearly 10% better than the midpoint. With outperformance across production and operating costs, we are increasing our full year production guidance and improving operating expense guidance, while maintaining our development capital range. In the Eagle Ford, steady efficiency gains continue to drive strong returns and consistent free cash flow. Base production and new well performance remained strong, supported by optimized workover and artificial lift programs and solid field execution. Well costs improved approximately 5% year-over-year and are now more than 25% below 2023 levels, further improving breakevens and capital efficiency across the asset. In the Permian, early results demonstrate meaningful progress with significant upside still ahead. Following the acquisition in December, we completed the initial stabilization phase by integrating the organization, rightsizing capital intensity and implementing our returns-focused operating approach. We are now firmly in the optimization phase where the Crescent investing and operating model is translating into measurable improvements in costs, efficiency and free cash flow. When we announced the Permian acquisition, we identified an initial annual synergy opportunity of $90 million to $100 million. As we transition from integration to optimization, we continue to identify additional operational infrastructure and commercial opportunities. As a result, we have captured approximately $190 million of annualized synergies to date and are increasing our total target to $250 million to $300 million, approximately 3x our original target. On a 10-year PV-10 basis, the updated synergy range represents approximately half of the original headline purchase price, underscoring the significant value we are creating through execution alone. The incremental synergy opportunity continues to come from 3 primary areas: first, operational optimization. We are improving field execution through better operational planning, workover strategy, vendor management and standardized operating practices, while reducing well costs by approximately 20% to 25% versus the prior operator and materially improving capital efficiency. Second, infrastructure optimization. We continue to improve operating costs through artificial lift and facilities optimization, equipment rationalization and proactive field surveillance, creating a structurally lower and more sustainable operating cost structure. And third, commercial optimization. We are improving marketing terms, takeaway costs and equipment contracting by implementing a more holistic commercial strategy across the asset base and leveraging the full scale of the Crescent platform. Our message today is straightforward. In the first 6 months following our Permian acquisition, Crescent is delivering better performance, lower costs and more free cash flow. Importantly, the value captured to date does not include the significant commodity tailwinds relative to our underwriting or the additional upside in our reserve base, where we see potential for expanded economic inventory, improved recoveries and future resource delineation. What we're seeing in the Permian reinforces that the Crescent investing and operating model is repeatable. We make assets better. Over many years and even more acquisitions, we have consistently increased performance, improved costs and created meaningful long-term value for our shareholders. These results are consistent with what we said at announcement that the Permian assets would look materially different under Crescent's ownership. Our track record in the Eagle Ford gives us confidence in the remaining opportunity, and we believe we're still in the early days of unlocking the full value of the assets. In the Uinta, we are applying the same proven operating playbook. Workover and artificial lift optimization are improving base production, while drilling and completion efficiencies are driving a step change in development costs. Drilling efficiency is up approximately 25% year-over-year. Completion efficiency has nearly doubled and development costs are down nearly 20% to below $800 per foot. As we built this company through acquisition, we've implemented the Crescent investing and operating model on all of our acquired assets and driven clear and significant operational improvement across our portfolio. Through more efficient and lower-cost operations and an increasing focus on our broader resource base, we see tremendous organic opportunity to meaningfully enhance and expand Crescent's inventory across all of our core basins. Our expectation is simple, both more inventory and lower breakevens. We also want to highlight that our Minerals and Royalties business continues to deliver strong performance, producing approximately 13,000 barrels of oil equivalent per day during the quarter. The business provides high-margin, capital-free exposure to organic development. And at current prices, we expect the portfolio to generate approximately $200 million of EBITDA this year. Across the portfolio, consistent execution is translating into higher production, structurally lower costs and stronger free cash flow. That operating momentum supports an enhanced outlook, both in 2026 and beyond and gives us a greater opportunity to create value through free cash flow and disciplined capital allocation. With that, I'll turn the call over to Brandi. Brandi Kendall: Thanks, David. Crescent delivered another quarter of strong financial results, generating approximately $798 million of adjusted EBITDAX and approximately $418 million of levered free cash flow. These results reflect strong operating execution and a portfolio designed to generate substantial free cash flow through cycles. Given our stronger-than-expected first half performance, we are enhancing our 2026 outlook. We are increasing full year total production guidance to 327,000 to 335,000 barrels of oil equivalent per day. We are also improving our adjusted operating expense guidance by $0.50 to $11 to $12 per barrel of oil equivalent, reflecting structural improvements across field operations, workovers, procurement and infrastructure optimization. Development capital guidance remains unchanged at $1.325 billion to $1.425 billion. The combination of higher volumes and lower operating costs drive incremental free cash flow. Maintaining the capital range while raising production guidance reflects the capital efficiency gains being achieved across the portfolio. Our capital allocation framework remains consistent and focused on long-term per share value creation. First, the dividend. We declared a $0.12 per share dividend for the quarter, continuing our long history of returning cash to shareholders. Second, the balance sheet. We ended the quarter with approximately $2.2 billion of liquidity, no near-term maturities and a weighted average maturity of approximately 6 years. On July 31, we redeemed the remaining $259 million of our 2029 senior notes at par, reducing absolute debt and annual interest expense, while advancing our long-term leverage and investment-grade objectives. And third, our free cash flow provides significant flexibility. At current prices, we expect to generate more than $1 billion of levered free cash flow in 2026, giving us the ability to further reduce debt, fund accretive M&A and repurchase shares when appropriate. Our priorities remain clear: maintain the dividend, strengthen the balance sheet and allocate excess cash to the highest return opportunities available, including opportunistic share repurchases. With record quarterly free cash flow, significant liquidity and multiple avenues for value creation, Crescent is in its strongest financial position ahead. With that, I'll turn the call back to David. David Rockecharlie: Thanks, Brandi. Our year-to-date results demonstrate the continued progression of the Crescent story. We delivered strong operating results, enhanced our full year outlook and generated record free cash flow. In the Permian, stabilization is complete, optimization is underway, and we're beginning to see the benefits of the Crescent investing and operating model translate into stronger operating and financial performance. While we are pleased with the progress to date in the Permian and have delivered consistent outperformance on our Eagle Ford and Uinta assets, we believe we're still in the early stages of unlocking the full value that Crescent has to offer. We see tremendous upside across our nearly 1 million net acres to significantly enhance and expand our inventory with more locations and lower breakevens through best-in-class operations and a relentless focus on the opportunity ahead. With our outperformance demonstrating the strength and repeatability of our model and the significant upside opportunity in front of us, we believe Crescent has never been better positioned to deliver for our investors. With that, we'll open it up for Q&A. Operator? Operator: [Operator Instructions] Your first question comes from the line of Neal Dingmann with William Blair. Neal Dingmann: Very nice quarter. My first question, I think, has to be around the increased Permian synergy target, specifically. I'm just wondering how will it improve this material improvement we've seen, how will that continue to see really -- what -- I guess, David, what should that sort of translate into? I mean, obviously, it was such a material increase. Should we see the benefits of that not only this year, but well into '27? I'd just love to hear what we should see the upside there. David Rockecharlie: Yes, that's great. Thank you, Neel. Short answer is, our focus in the business is returns and free cash flow. When we made the acquisition, our expectation is we'd be able to significantly improve both over the prior operations. And early on, we had, I think, some pretty strong expectations around our initial synergy targets. And the punchline is what we've seen as we've been able to spend more time with the assets is an all of the above improvement approach. So you're starting to see those synergies show up in the financial statements. And that, at the end of the day, is better margins, better free cash flow. We'll continue to find more throughout the course of the year. And our expectation is, call it, quarterly and long-term improvement for the business. As you know, we think in terms of years, not days and months as we manage the business. The other thing I would say is that we're really just talking today about the operational improvements. So we're definitely lowering cost structure and improving free cash flow, but we think that's going to translate into a significant future around these assets and the resource that we bought and brought into the company that we think was underappreciated, and you're starting to see the potential value there. But it's pretty nice to be able to triple the expectation for run rate savings, which directly translates into long-term free cash flow. Neal Dingmann: Tremendous. And then you kind of led me into my second question. Just I couldn't help but see in the prepared remarks, you talked about a lot of the same. I think you called it your enhanced outlook. Specifically around that comment, are you referring to maybe confidence over continued free cash flow growth or continued improved well economics? Or what would you point to that best highlights this future enhanced outlook? Brandi Kendall: Neal, it's Brandi. What I'd say is all of the above. So more free cash flow, better well returns as well as to David's point, more economic inventory across the Permian. As we move throughout the course of 2026, we would expect to have realized the majority of our $250 million to $300 million of synergy target. But I think there's incremental upside as we move into 2027, in particular around cash flow generation for the business. Operator: Your next question comes from the line of Michael Furrow with Pickering Energy Partners. Michael Furrow: Congratulations on such a strong quarter. Brandi, quick one for you. Does CapEx still seem like it's going to come in at the upper end of guidance? Or do the cost reductions given to date make the midpoint seem more achievable? Brandi Kendall: Hey, Michael, I would guide you back towards the midpoint. So, the capital program is executing very well. Obviously, the second quarter was the lowest capital quarter of the year. So, we would expect to hit the midpoint of capital and for Q3, Q4 to be fairly ratable with respect to the remaining capital left to spend. Michael Furrow: Got it. That's great. Appreciate the color. And just piggybacking off the strong Permian update, I mean, particularly on the cost reductions, I'd also like to highlight, it seems like the efficiency gains and cost improvements are being realized outside the Permian as well. You're now over 90% simul-frac operations on the non-Permian assets. So, could you help us understand what other cost reduction initiatives are underway that would maybe help you continue improving well costs in both the Eagle Ford and Uinta? Jerome Hall: Hi, Michael, this is Joey. Thanks for the question and opportunity to highlight some of the great work taking place by the team. I mean it all kind of goes back to some of the same things we're working on in the synergies, and we continue to work on in our more mature Eagle Ford and Uinta assets. But at the end of the day, it's a mixed bag of letting our land operations and development planning teams work together to have longer laterals, more wells per pad. Whenever we're talking about the Permian, I'd like to continue to emphasize, don't underestimate the power slowing down. The previous operator was executing some pretty complicated pads, 18-mile pad with 12 stacked advanced trajectory wells. We're able through just better operational planning, able to do more executable strategies. Workovers is one of the areas where we've had tremendous success. We had noted that there were a lot of repeated failures and just working to see how we can minimize the number of failures or reduce the number of workovers, rightsizing the ESPs going from the biggest ESP you can put into a smaller, cheaper ESP that lasts longer, again, resulting in less workovers, scrubbing power bills and seeing how we can get our power costs down, route optimization, putting our lease operators on the locations that have the most impact. We're really developing our supply chain opportunities, gas lift compression, making sure we're fully utilizing it, combining it in some cases or eliminating it when not necessary. Chemicals is one of our biggest opportunities. We had one location where treating for H2S, we were able to reduce the chemical usage by over 50%, consolidating vendors. We had a number of vendors that we were getting our chemicals from, and we've reduced the number of vendors, generators. I mean, the list just goes on and on, on all the great work that our team is working on. If you go to the more mature asset like on Eagle Ford, you can see we reduced drilling efficiencies by 5% or increased drilling efficiencies by 5%, reduced cost by 5%. So that's not as much as the big impacts we're having in the Permian, but we're still chipping away on the more matured assets and taking chunks off the newer assets. Michael Furrow: Appreciate the comprehensive answer, Joey. It sounds like there is still lot of setting opportunities ahead. Operator: The next question comes from the line of Arun Jayaram with JPMorgan. Arun Jayaram: Arun Jayaram from JPMorgan. I wanted to get a little bit of color around the back half of this year. Kind of on a year-to-date basis, you guys have drilled about 17% more at least gross wells than you've placed under production. So, I was wondering how you think about till count of the balance of the year and perhaps maybe the trajectory of oil volumes because you have been exceeding Wall Street expectations the last couple of quarters. And maybe just any lead into how that second half makes you think about a trajectory into 2027? Sorry for the long answer question. Brandi Kendall: Arun, I'll start. So, to your point, we've had great execution across the board year-to-date. As we move into the back part of the year, we do expect both oil and total volumes to naturally decline. I would say, largely just due to the timing of the activity of tills. We are specifically in the Permian transitioning from 2-mile to 3-mile laterals, which is naturally push more completions back to the back part of the quarter. So, as we think specifically about Q3 volumes, I would expect us to be in the mid-130s range on oil. Arun Jayaram: Got it. Got it. That's helpful. And then I wanted to get -- I appreciate the color on minerals. We have seen a recent public market IPO in the mineral space. Dave, I would love to get your thoughts on your observation around that transaction from a peer and just in general, how you're thinking about potential strategic options just given the attractive valuation that the market does present on those unique assets like minerals? John Rynd: Arun, it's Clay. I'll take that. Yes. So, listen, take a step back, I think we're really excited about in the first quarter, we announced $350 million of mineral acquisitions and feel great about kind of where those assets are from a performance perspective. And obviously, the commodity helps us a bit. So really feel good about the mineral portfolio we own. And as you think about the scale and the quality of the assets at kind of $200 million of EBITDA for the year and really high-quality assets, we feel like we've got all the tools at our disposal in terms of value creation. And so certainly aware of what might not executed on. And I think part of our calculus in terms of where we go from here is how do we maximize value, both day 1 and long term for our shareholders. And so, I think that continues to be the focus, but super excited about the assets we own, how we acquired them and then performance year-to-date. Operator: Your next question comes from the line of John Freeman with Raymond James. John Freeman: Nice quarter. Just following up on Neal's question on synergies. When sort of looking at that, the increased synergy target of $250 million to $300 million versus the $190 million that you have captured to date. Can you sort of give us maybe the visibility or some rough timeline on when you think you could achieve that new target? I mean there'll be some parts of that synergy drivers that seem like things that could happen pretty quickly and others that maybe take a little bit longer to occur like marketing. But just any additional color on maybe from a timeline perspective. Brandi Kendall: Hi, John, it's Brandi. I would expect as we exit 2026 and move into 2027 that we've captured the large portion of the $250 million to $300 million. John Freeman: Perfect. And then just following up on Arun's question on the minerals. Maybe, Clay, when you look at how you've built the minerals business the past couple of years and with your minerals kind of spread across a handful of different basins, is the strategy going forward, are you sort of like, I don't know, basin kind of agnostic between where you've got it? Are you trying to like buy minerals in areas underneath where -- around where Crescent operates? Just maybe a little bit more color on sort of maybe how you think about the strategy going forward on the M&A side? John Rynd: Yes, John, listen, I think David said it out of the jump on the call. I think we're always going to be kind of free cash flow returns oriented as our North Star. So, I mean that's going to be the driver. As I think about where we expect we will be most competitive and where we see our opportunity to win, I think naturally, it's going to be in and around the assets we own today, where we have a clear view on performance and value. So, I would certainly expect that as you see us grow the business, you'd see it in logical places consistent with our portfolio and where you're seeing kind of our ability to perform, give us an advantage and an ability to kind of drive differentiated returns. Operator: Your next question comes from the line of Oliver Huang with TPH Research. Hsu-Lei Huang: Congrats on the nice quarter. Maybe for my first question, any sort of early 2027 color you're able to provide at this time as to how production and CapEx levels might shake out on a run rate basis as we just think about accounting for the stronger start to the year on oil volumes, costs, synergies. It just feels like there's potential for improvement for how 2027 might be shaping up. Brandi Kendall: Yes. I would say early to give maybe too much detail on 2027. But as we've talked about on prior quarters, just with respect to longer-term maintenance for the business, we do expect '27 to be a slight decline over 2026, really as a function of us just resetting the capital intensity of the Permian assets. I would expect in particular, on oil, just given the shape of oil volumes over the course of 2026, I would expect us to more or less exit at our expected longer-term maintenance level. Hsu-Lei Huang: Okay. Makes sense. And for my second question, I just wanted to kind of hit on the resource upside. It looks like you all have taken the opportunity to call out some organic resource expansion with the Austin Chalk in the slide deck. You hit on it a couple of times in the prepared remarks, David, on the organic upside opportunity there. So, just could you speak to it in a bit more detail? Would these be incremental to the total locations you all have highlighted in the recent material? Or is that kind of shifting some of those into the low-risk bucket? David Rockecharlie: Yes. Great question and I think I'd highlight a couple of things at the start. One, kind of just following on your question about '27 guidance, I would just say, generally, the future of the company today from our perspective looks a lot better with a lot more clarity. And so what you think about first is, we've had time now to integrate the Permian assets. We also went through a very significant and important divestiture program last year that just allowed us to become a much more focused company. And we've also -- now what you're seeing in the financial statements is we're able to execute every day, as Joey talked through, and just make the business better. So to hit your question directly, we control a lot of resource, 1 million acres in really core plays in the U.S. onshore. We're finally getting a chance to invest the time and effort in a way that is much more thoughtful and planning than the businesses that we acquired and especially even ourselves going through a really high acquisition period in a lower commodity price environment. So, we're thrilled about the positions we've built and you're seeing the results in the early days of us getting the time to work on them. And the punchline is we're lowering costs. We're improving margins on the base business. We're getting more efficient on the development side, and that all lowers breakevens. So the existing inventory, as you mentioned, is going to be more profitable and have effectively lower breakevens. And then we're also getting the time now to go invest our efforts and our intellect and some dollars in trying to understand the resource potential that exists all around us in other formations. And so across the Permian, Eagle Ford and the Uinta, we see significant upside, which would not only increase locations and increase reserve and inventory life, also at lower cost. So that's the future that we're looking at. It's going to take us some time to continue to get all of that, but you're just starting to see a lot of it come through in the operating side on the financial statements and more to come as we move into the end of this year and into 2027 and beyond. Operator: Your next question comes from the line of Charles Meade with Johnson Rice. Charles Meade: Good morning, David, Brandi to the rest of the Crescent team there. David or perhaps or Clay, can you tell us what the acquisition opportunity set, what that landscape looks for you like right now? And also maybe give some thoughts on what's your current appetite and posture for more E&P acquisitions? John Rynd: Yes. Hey, Charles, it's Clay. Well, obviously, we're super excited about what we acquired over the past few years, right? You've heard a lot about the momentum in the Permian on the call today and then continued execution in the Eagle Ford. So, I think the business we've built through acquisition over the past few years, I think we're really excited about and clearly, different commodity environment where those assets were acquired versus where we're sitting in today. As we look at the market today, I think we've clearly seen some recent transactions where there were some assets that buyers felt like they needed to own. I think our strategy has tended to be more opportunistic and value-driven in terms of the assets we want to acquire and where we see opportunity. So, I think as we look at the market today versus the internal opportunity set, the bar remains high. We just see such a unique opportunity to drive value with internal value creation. But then I'd also highlight the same execution you're seeing on the Permian as we think our opportunity to win longer term. And so, I do think continued execution and continued confidence on that strategy longer term is there. But right now, pretty high bar and super excited about what our opportunity set is internally. Charles Meade: That is helpful. And then maybe that dovetails nicely into my next question. The Eagle Ford or more specifically, you -- I think it's on one of the slides, you specifically call out the encouraging Austin Chalk results. And I wonder if you could just say where in your footprint you're seeing those strong Austin Chalk results and what they are relative to, say, your baseline Eagle Ford type curves? Brandi Kendall: Charles, I mean with respect to the Chalk, we are one of the most active Chalk developers in the Eagle Ford today. And as we noted, we see a tremendous opportunity, I would say, largely on the western side of our asset base. Jerome Hall: And Charles, just from a total well perspective, it's kind of exciting to see that by the end of this year, we'll be about 50-50 on the Eagle Ford and Austin Chalk wells, which just shows our expanding optimism over Austin Chalk. And for every new successful Austin Chalk well we drill, it just increases our optimism and encourages us to continue to look across all of our acreage to see what other opportunities exist. Operator: Your next question comes from the line of Philip Jungwirth with BMO Capital Markets. Ajay Bakshani: This is Ajay Bakshani on for Phil. The Permian cost improvements have been pretty impressive this year. Wondering how the well productivity is trending across the Midland and Delaware. Is there also an improvement story here? Or is that something that is going to require more of an end-to-end Cresent design drill complete well? Jerome Hall: Yes. I think if you just look at how the program is playing out when we initially started right after we took over the asset in mid-December, we are, in essence, executing how the previous operator's plan. And I would say, largely, we're doing that through the first half of the year. So you could expect to see more of the same. And then as we go into the second half of the year and particularly into 2027, you'll start to see some of the influences of the development planning changes that we've implemented based on our review of the acreage and our team's assessment. And so the expectation should be that we could see some benefits from the changes that we'll make, both from a development planning perspective, again, the longer laterals, more pads or more wells per pad. And then any particular completion design changes that we may implement would be impactful at that point in time, too. So that's the long answer. The short answer is first half of the year, not much feathering in second half of the year and fully implemented in 2027, we should start to see the impact. Ajay Bakshani: Awesome. And for my follow-up, you guys have made significant progress on lowering Permian well costs from vital levels versus peers are already better than average in the Delaware. I was just curious how you see future progress across the Midland and any reason you couldn't close more of the gap with peers here? And what steps would you need to take in order to do that? Jerome Hall: I'll give you the simple answer. Whenever I look at the slide that we included on where the journey has gone, the expectations for me and from my team is that we will continue to progress towards the top quartile of the peer set. So, the answer is a simple yes. We expect to continue the journey and to become a top-tier operator in the Permian. Operator: Your next question comes from the line of John Abbott with Wolfe Research. John Abbott: First question is going to be on the base decline rate. The expectation is that you're going to return to 25% in 2027. Not too long ago, there was a sell-side lunch in Houston, Joey, where we had the conversation that there's opportunities to improve upon the base. I guess, can you provide us an update on where you are in terms of the opportunity to improve the base? I mean, is 25% still a good number for 2027? And then how does that base sort of decline beyond change beyond 2027? Jerome Hall: Yes, I'll start off with a simple answer to your question on, do we still have the expectation to go from 29% to 25%? The answer is yes. As to how we do that, I think it's important to emphasize, we're talking about changing the math here, not necessarily the physics. That's a whole different conversation. But we've got well over 8,000 wells between our South Texas and Permian asset. And how do we go about this, just evaluate the potential of all those wells, ask it for why is a well not producing at its potential, do the cost benefit of closing the gaps and then execute. That could simply mean potentially shutting in a well and just taking it out of the equation. But typically, it means optimizing artificial lift to tweak the production upward. Same thing on compression. A lot of times, we have some midstream constraints that we need to eliminate. And then don't underestimate the impact of technology. Once was a one-off well here and one-off well there, we're able to deploy tools across the enterprise where we can look at all 8,000 of our wells in unison and be able to make whole change or whole shift changes to a number of wells to make an immediate impact. So that's -- as we kind of go through our execution strategy of acquire assets and operating them better, that just has to be a basic skill set of ours. We have to be as good or better than anybody at it. And I would say that we're well on our way in our journey to make that happen. John Abbott: Appreciate it. And then for a follow-up question, just sort of -- given the efficiency gains that you're seeing in the Permian and the cost benefits, I guess, what are the latest thoughts on the optimal rig count longer term for the Permian? David Rockecharlie: Yes. John, it's David. I'll take that one. As you know, our sort of oil-weighted inventory generally across the company competes pretty comparably for capital. As Joey has mentioned a number of times and as we announced a year ago, our expectation was to reduce activity as we brought on new assets in the Permian. I think we're seeing the benefit of that now, and we're still in what I would call the planning and improvement stages. So there's definitely a huge amount of opportunity, and we can allocate more rigs there, but I think that will be a what I would call, evolving assessment based on the market and our kind of readiness to just move rigs around the company. But generally, we feel really good about the opportunity and the inventory in the Permian. And so there's absolutely an ability and it's in our planning scenarios to consider adding more rigs there over time. But as of now, you should assume everything is kind of steady state. Operator: Your next question comes from the line of Michael Scialla with Stephens. Michael Scialla: I wanted to see your latest thoughts on free cash flow priorities and see where you just redeemed some notes, you don't really have any near-term maturities. Your balance sheet is looking pretty strong. You've talked about aspirations to get to investment grade in the past. I guess, given that, do you stay focused on debt reduction here? Or are you willing to buy back shares at this level? Brandi Kendall: I would say no change fundamentally in how we think about capital allocation. Every dollar competes, whether that's we're repaying debt or buying back shares or drilling a well. I think in the near term, I think it's fair to assume that we're continuing to be focused on rapid deleveraging with the excess cash flow that we're generating. Michael Scialla: Okay. And I want to ask, I know you talked about your resource expansion opportunities. Have you tested any of these new zones like the Barnett, Woodford, Wolfcamp D or I guess, in the other basins, Chalk, you obviously have in the upper Cube in the Uinta. I guess, when would you anticipate we hear more about those? When would you be able to talk about what the change might be for your overall resource base there? David Rockecharlie: Yes, great question. David, the simple answer is you're starting to see that capital allocation and the results of it already. So, Austin Chalk is a place we really weren't drilling a few years ago, and now it's a very significant part of the program as we've gotten more resource development and expansion and confidence there. We will be doing similar things in the Permian over the next 6 to 12 months. And also you're seeing us following up later this year and into next year in the Uinta following on the heels of the really strong performance from the McMullin well last year, where we took some opportunity to step out further across the acreage. So, I think the resource potential is a tremendously underappreciated part of the company. But I would say in the second half of this year and into 2027, you'll start seeing a lot more from us over there. Operator: We have now reached the end of the Q&A session. I will turn the call back to David Rockecharlie, CEO, for closing remarks. David Rockecharlie: Great. Thank you all again for the support and participation in the call this quarter. Again, hopefully, what you're seeing is just the results of what I'll call a disciplined strategy, strong focus on returns, free cash flow and just building a better business. I'd like to thank everybody at Crescent who has contributed really tremendously to the results that we're continuing to deliver, and we've got a lot more ahead to do, but we feel very strongly about the performance of the company today and into the future. So, looking forward to keeping in touch in the coming quarters. Operator: This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in Crescent Energy, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Crescent Energy wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $399,832!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,374,595!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 10, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Crescent Energy (CRGY) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Crescent Energy’s second quarter results reflected strong operational execution and meaningful improvements across its core basins. Management attributed the outperformance to higher oil production, significant cost reductions, and enhanced free cash flow generation, particularly following the integration of recent Permian acquisitions. CEO David Rockecharlie highlighted that “consistent execution across the portfolio drove another quarter of outperformance and supports an enhanced full year outlook,” with the company noting both production and cost targets were surpassed due to efficiency initiatives and synergy realization. Is now the time to buy CRGY? Find out in our full research report (it’s free). Revenue: $1.39 billion vs analyst estimates of $1.31 billion (55.3% year-on-year growth, 6.3% beat) Adjusted EPS: $0.69 vs analyst estimates of $0.59 (16.5% beat) Operating Margin: 41.6%, up from 8.9% in the same quarter last year Oil production per day: up 29.6% year on year Market Capitalization: $3.82 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Neal Dingmann (William Blair) asked about the sustainability of increased Permian synergy targets. CEO David Rockecharlie responded that improvements should continue to benefit free cash flow and margins through 2027. Michael Furrow (Pickering Energy Partners) pressed on the drivers of ongoing cost reductions outside the Permian. COO Jerome Hall provided detail on operational and supply chain initiatives across the Eagle Ford and Uinta. Arun Jayaram (JPMorgan) inquired about expected oil volume trends in the second half and into 2027. CFO Brandi Kendall indicated that volumes may decline slightly in the near term, normalizing at longer-term maintenance levels by late 2026. John Freeman (Raymond James) sought clarity on the timeline for achieving the updated synergy targets. Kendall stated that most gains are expected by the end of 2026 or early 2027. Charles Meade (Johnson Rice) questioned the company’s appetite for additional M&A. EVP John Rynd replied that Crescent remains value-driven, with a high bar for new acquisitions and a focus on internal optimization. In the coming quarters, the StockStory team will closely monitor (1) the pace and magnitude of synergy realization in the Permian, (2) Crescent’s ability to expand its resource base through delineation of new formations, and (3) the company’s capital allocation decisions as it balances debt reduction, M&A, and shareholder returns. Successful execution on cost optimization and resource expansion will be key signposts for sustained performance. Crescent Energy currently trades at $11.56, up from $11.43 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members). WHILE YOU’RE HERE: Top 9 Market-Beating Stocks. The best stocks don’t just beat the market once. They do it again. And again. Robust revenue growth, rising free cash flow, returns on capital that leave their competition in the dust. The market has already rewarded these businesses. But our AI platform says the party isn’t over. Find out which 9 stocks made the cut this week — FREE. Get Our Top 9 Market-Beating Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Exlservice (+271% between June 2020 and June 2025). Find your next big winner with StockStory today.

Crescent Energy Company CRGY reported second-quarter 2026 adjusted earnings of 63 cents per share, beating the Zacks Consensus Estimate of 45 cents by 40%. The bottom line also increased from the year-ago adjusted earnings of 43 cents. The outperformance was supported by strong production, higher oil realizations and continued operating efficiencies. Houston, TX-based oil and gas exploration and production company’s revenues of $1.4 billion beat the Zacks Consensus Estimate of $1.22 billion by 14.25%. The top line also increased sharply from $898 million in the year-ago quarter. Crescent Energy Company price-consensus-eps-surprise-chart | Crescent Energy Company Quote The quarter was marked by solid production, lower operating costs and record cash generation. Crescent produced 335 thousand barrels of oil equivalent per day (MBoe/d), which beat our consensus mark of 331 MBoe/d, while adjusted operating expenses were about 9% below the prior annual guidance midpoint. Total production averaged 335 MBoe/d, up from 263 MBoe/d in the year-ago quarter. Oil production increased to 140 thousand barrels per day (MBbls/d) from 108 MBbls/d. The figure was also above our consensus estimate of 136 MBbls/d. Natural gas production rose to 715 million cubic feet per day (MMcf/d) from 644 MMcf/d, while NGL production increased to 76 MBbls/d from 48 MBbls/d. Natural gas production was 2.5% below our consensus estimate, while NGL production was 7.6% above our consensus estimate. During the quarter, Crescent drilled 43 gross operated wells and brought 32 gross operated wells online. Capital expenditures, excluding acquisitions, totaled $284 million. Crescent continued to make progress in the Permian, where it has moved from the stabilization phase following the acquisition into optimization. Permian production totaled 124 MBoe/d, with oil accounting for 42% of volumes. Capital spending in the basin was $104 million. Crescent drilled nine gross wells and turned 12 gross wells in line during the quarter. Importantly, the company increased its Permian synergy target to $250-$300 million, roughly three times the original target of $90-$100 million. Approximately $190 million of annualized synergies have already been captured. The gains are being driven by lower well and operating costs, improved workover and artificial-lift programs, better field operations and commercial optimization. Management expects a large portion of the updated synergy target to be captured as the company exits 2026 and moves into 2027. The Eagle Ford business produced 169 MBoe/d, with oil representing 39% of volumes. Capital spending totaled $147 million. Crescent drilled 26 gross wells and brought 16 gross wells online during the quarter. Operational efficiencies remain a key driver in the basin. Well costs have declined more than 25% since 2023, while workover and artificial-lift optimization are supporting base production. CRGY is also seeing encouraging results from the Austin Chalk, which could expand its economic drilling inventory. CRGY continued to improve drilling and completion efficiency in the Uinta Basin. Year-to-date drilling efficiency increased to roughly 1,600 feet per day from about 1,300 feet in the 2025 program. Completion efficiency increased to approximately 3,000 lateral feet per day from about 1,600 feet. Simulfrac utilization reached 100% of gross wells turned in line, while drilling, completion and facilities costs declined to below $800 per foot from approximately $950 in the 2025 program. These efficiencies are helping CRGY lower development costs and improve returns across its portfolio. Oil remained the largest revenue contributor at $1.23 billion,more than doubling from $602.5 million in the year-ago quarter. The figure was also above our consensus estimate by 18.9%.Natural gas revenues declined to $33.8 million from $159 million, while NGL revenues increased to $129.4 million from $98.1 million. Midstream and other revenues totaled $5 million compared with $38.4 million a year earlier.  Natural gas revenues declined 61.2%, and NGL revenues declined 5.8%, while Midstream and other revenues declined 17% compared with our Consensus estimates. Average realized oil prices before derivative settlements were $96.61 per barrel, up significantly from $61.47 a year ago. Natural gas realizations, however, declined to 52 cents per Mcf from $2.71. NGL prices fell to $18.67 per barrel from $22.59. The company's total realized price before derivative settlements increased to $45.63 per Boe from $35.96 a year ago. CRGY generated record adjusted EBITDAX of $798 million, up from $513.9 million in the year-ago quarter. Levered free cash flow reached a record $418 million, while operating cash flow totaled a record $707 million. The company ended June with approximately $2.2 billion of liquidity. Total debt was approximately $5.17 billion, while net debt stood at $4.9 billion. Consolidated net leverage was 1.6 times. CRGY further strengthened its balance sheet in July by redeeming the remaining $259 million of its 7.75% senior notes due 2029 at par. The transaction reduced interest expense and eliminated the company's nearest debt maturity. Pro forma liquidity following the redemption was expected to remain around $2 billion. CRGY's board of directors declared a fixed quarterly dividend of 12 cents per share. As of June 30, CRGY had approximately $336 million remaining under its share-repurchase authorization. The minerals and royalties business produced 13 MBoe/d, more than doubling from 6 MBoe/d in the prior-year quarter. Oil production from the business increased to 6 MBbls/d from 2 MBbls/d. Average realized prices before derivatives totaled $51.45 per Boe, compared with $34.95 a year earlier. Operating expenses were $4.26 per Boe compared with $5.40 in the prior-year period.  The business generated $49.4 million of adjusted EBITDAX during the quarter compared with $15.9 million a year earlier. This Zacks Rank #3 (Hold) company raised its 2026 total production guidance to 327-335 MBoe/d from 320-335 MBoe/d. The expected oil mix remains 40-42%. The company lowered adjusted operating expense guidance to $11-$12 per Boe from $11.50-$12.50. Production tax guidance was reduced to 5-6% of commodity revenues from 6-7%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Importantly, Crescent maintained its development capital guidance at $1.325-$1.425 billion, despite the higher production outlook. The combination of increased volumes and lower operating costs is expected to support additional free cash flow. At current commodity prices, management expects to generate more than $1 billion of levered free cash flow in 2026. Crescent intends to use its financial flexibility to maintain the dividend, reduce debt and pursue accretive acquisitions or opportunistic share repurchases. While we have discussed CRGY’s second-quarter results in detail, let us take a look at three other key reports in this space. San Antonio, TX-based oil and gas refining and marketing service provider, Valero Energy Corporation VLO, reported second-quarter 2025 adjusted earnings of $2.28 per share, which beat the Zacks Consensus Estimate of $1.73. However, the bottom line declined from the year-ago quarter’s level of $2.71. The better-than-expected quarterly results can be attributed to an increase in refining margins per barrel of throughput and lower total cost of sales. The positives were partially offset by a decline in refining throughput volumes and renewable diesel sales volumes. The company had cash and cash equivalents of $4.5 billion at the end of the second quarter. As of June 30, 2025, it had a total debt of $8.4 billion and finance-lease obligations of $2.3 billion. Houston, TX-based oil and gas equipment and services provider, Halliburton Company HAL, reported second-quarter 2025 adjusted net income of 55 cents per share, which was in line with the Zacks Consensus Estimate but below the year-ago quarter’s profit of 80 cents (adjusted). The numbers reflect softer activity in the North American region, partly offset by international growth. As of June 30, 2025, the company had approximately $2 billion in cash/cash equivalents and $7.2 billion in long-term debt, representing a debt-to-capitalization ratio of 40.4. Halliburton reported second-quarter capital expenditure of $354 million, up from our projection of $338.2 million. Norway-based integrated oil and gas operator, Equinor ASA EQNR, reported second-quarter 2025 adjusted earnings per share of 64 cents, which missed the Zacks Consensus Estimate of 66 cents. The bottom line declined 25% from the year-ago quarter’s level of 84 cents. Weak quarterly results can be attributed to lower liquids production across major segments and reduced liquids prices. Natural declines and portfolio divestments in Nigeria and Azerbaijan also contributed to the decrease in overall production. As of June 30, 2025, the company reported $9,472 million in cash and cash equivalents. Its long-term debt was $24,505 million. During the same time, Equinor generated a negative net cash flow of $2,579 million compared with $4,022 million in the year-ago period. Equinor’s capital expenditures amounted to $3.4 billion in the second quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Crescent Energy Company (CRGY) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Valero Energy Corporation (VLO) : Free Stock Analysis Report Equinor ASA (EQNR) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Crescent Energy Company CRGY centered its second-quarter 2026 earnings call on higher production, lower costs and sharply expanded Permian synergies without a higher development budget. Management also tied stronger free cash flow to faster deleveraging. Attention now shifts to how quickly the savings reach results, how production trends through the second half and whether Crescent Energy-led development changes improve the 2027 setup. In the second quarter of 2026, CRGY’s adjusted EPS of $0.69 topped the Zacks Consensus Estimate of $0.59. Revenues of $1.39 billion also beat the $1.23 billion consensus, providing supporting financial context. Crescent Energy Company price-consensus-eps-surprise-chart | Crescent Energy Company Quote Second-quarter execution produced 335,000 barrels of oil equivalent per day, including 140,000 barrels of oil per day, while levered free cash flow reached a record $418 million. CFO Brandi Kendall raised 2026 total production guidance to 327,000-335,000 barrels of oil equivalent per day, also lifted oil guidance and lowered adjusted operating expense guidance to $11-$12 per barrel. Development capital remained $1.325-$1.425 billion. CEO David Rockecharlie said Crescent Energy has captured about $190 million of annualized Permian synergies and raised the target to $250-$300 million, roughly three times the original $90-$100 million range. The CEO attributed the increase to operating, infrastructure and commercial improvements. Permian well costs are about 20%-25% below the prior operator’s levels, while field planning, workovers and marketing terms continue to improve. Kendall said during Q&A that Crescent Energy expects to capture most of the new target as 2026 ends and 2027 begins. She also identified additional 2027 cash flow benefits as the savings are realized. Rockecharlie said Eagle Ford well costs improved about 5% year over year and now stand more than 25% below 2023 levels. In the Uinta, development costs fell nearly 20% to below $800 per foot. Chief operating officer Jerome Hall detailed the work behind those gains, including longer laterals, more wells per pad, better workover planning, smaller electric submersible pumps and tighter vendor consolidation. Hall also highlighted lower chemical use, compression optimization and route planning. His comments framed the savings as repeatable field-level actions rather than a single cost-cutting program. Kendall said Crescent Energy expects more than $1 billion of levered free cash flow in 2026 at current commodity prices, providing flexibility for debt reduction, acquisitions and share repurchases. Crescent Energy redeemed the remaining $259 million of its 2029 senior notes at par after the quarter. It ended June with about $2.2 billion of liquidity and declared a 12-cent quarterly dividend. When a Stephens analyst asked about capital priorities, Kendall said the near-term focus remains rapid deleveraging. She emphasized that debt repayment, repurchases and drilling must compete for each incremental dollar. A JPMorgan analyst asked about second-half production. Kendall said oil volumes should move into the mid-130,000-barrel-per-day range in the third quarter as completion timing and a shift toward three-mile Permian laterals affect the cadence. A Pickering Energy Partners analyst asked whether capital spending would land near the upper end of guidance. Kendall instead directed expectations toward the midpoint, with third- and fourth-quarter spending expected to be relatively even. A Wolfe Research analyst pressed management on the base decline rate. Hall maintained the target of reducing it from 29% to 25% in 2027 through artificial-lift optimization, compression improvements and technology across more than 8,000 wells. Rockecharlie’s closing emphasis remained on returns, free cash flow and improving acquired assets. He also pointed to resource expansion across the Permian, Eagle Ford and Uinta as a longer-term inventory opportunity. Kendall kept the priorities unchanged: protect the dividend, strengthen the balance sheet and direct excess cash toward the highest-return alternatives. The tone was confident on execution while disciplined on spending. CRGY currently carries a Zacks Rank #3 (Hold), indicating a neutral near-term estimate-revision signal. Its A scores for Value and Growth, B for Momentum and A VGM Score reflect favorable characteristics across the three styles. The Style Scores complement the Zacks Rank, with the strongest historical combinations centered on Zacks Rank #1 (Strong Buy) and #2 (Buy) stocks carrying A or B scores. CRGY’s Zacks Rank can change as analysts revise estimates after the reported results. You can see the complete list of today’s Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Crescent Energy Company (CRGY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Crescent Energy Company? Here are five stocks we like better. Record cash flow and higher guidance: Crescent Energy generated a quarterly-record $418 million in levered free cash flow and raised its 2026 production outlook to 327,000–335,000 barrels of oil equivalent per day. It also lowered adjusted operating expense guidance to $11–$12 per Boe while keeping development capital guidance unchanged. Permian synergies significantly increased: The company raised its annual synergy target from the Permian acquisition to $250 million–$300 million, up from the original $90 million–$100 million estimate, with approximately $190 million already captured. Management expects most of the savings to be realized by the end of 2026 and into 2027. Deleveraging remains the priority: Crescent ended the quarter with about $2.2 billion in liquidity and redeemed its remaining $259 million of 2029 senior notes, reducing debt and interest expense. Despite potential uses including acquisitions and share repurchases, near-term excess free cash flow will primarily support rapid debt reduction. 3 Dividend Stocks Defying the Market Downturn Amid the Iran Conflict Crescent Energy (NYSE:CRGY) reported record quarterly levered free cash flow in the second quarter of 2026 and raised its full-year production outlook, citing higher volumes, lower operating costs and accelerating savings from its Permian acquisition. Chief Executive Officer David Rockecharlie said the company produced about 335,000 barrels of oil equivalent per day during the quarter, including approximately 140,000 barrels of oil per day. Crescent generated $418 million of levered free cash flow, a quarterly record, and $798 million of adjusted EBITDAX. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control 3 Mid-Cap Energy Firms Analysts See Moving Up to the Big Leagues “Higher production, structurally lower costs, and record free cash flow reinforce both the strength of the business today and the long-term value creation opportunity ahead,” Rockecharlie said. Management increased 2026 total production guidance to a range of 327,000 to 335,000 Mboe/d and raised oil production expectations, though it did not provide a revised numerical oil guidance range during the call. The company also improved its adjusted operating expense outlook to $11 to $12 per Boe, a $0.50-per-Boe improvement. → Why Rare Earth Processing Could Be the Real 2027 Opportunity 3 Mid-Cap Stocks Under $20 With Insider Buying and Major Upside Development capital guidance was unchanged at $1.325 billion to $1.425 billion. Chief Financial Officer Brandi Kendall said maintaining the capital range while increasing production expectations reflects capital-efficiency improvements across Crescent’s portfolio. Kendall told analysts that capital spending is expected to land near the midpoint of the annual range. While the second quarter represented the company’s lowest capital quarter of the year, spending in the third and fourth quarters is expected to be relatively even. → 3 Drone Stocks That Should Soar After the Summer Slump Management expects oil and total production to decline naturally during the second half of 2026, largely because of the timing of wells placed on production. In the Permian, Crescent is transitioning from two-mile to three-mile laterals, which is expected to move more completions later in the quarter. Kendall said third-quarter oil production is expected to be in the mid-130,000-barrel-per-day range. Crescent increased its estimated annual synergy opportunity from its December Permian acquisition to $250 million to $300 million, roughly three times the original $90 million to $100 million target announced with the deal. The company said it had captured approximately $190 million of annualized synergies to date. Rockecharlie said the company has completed the initial stabilization phase for the acquired assets and has moved into optimization. He said the savings are being driven by operational, infrastructure and commercial changes. Operational optimization: Crescent said it has reduced well costs by approximately 20% to 25% compared with the prior operator through planning, workover strategies, vendor management and standardized operating practices. Infrastructure optimization: The company cited artificial-lift and facilities improvements, equipment rationalization and field surveillance as contributors to a lower operating-cost structure. Commercial optimization: Crescent said it is improving marketing terms, takeaway costs and equipment contracting across the asset base. Kendall said Crescent expects to realize the majority of the $250 million to $300 million synergy target by the end of 2026 and into 2027. She said the company sees further upside to free cash flow generation in 2027. Chief Operating Officer Joey Hall said the company expects to see more impact from its own development planning in the latter half of 2026 and especially in 2027. During the first half, Crescent was largely executing the prior operator’s plan, he said. The company expects longer laterals, more wells per pad and potential completion-design changes to influence future well results. In the Eagle Ford, Crescent said well costs improved approximately 5% year over year and are now more than 25% below 2023 levels. The company attributed the performance to workover and artificial-lift programs, field execution and efficiency gains. In the Uinta basin, drilling efficiency improved about 25% year over year, completion efficiency nearly doubled, and development costs declined nearly 20% to less than $800 per foot, according to Rockecharlie. The company’s minerals and royalties business produced approximately 13,000 Mboe/d during the quarter. At current prices, Crescent expects the portfolio to generate about $200 million of EBITDA in 2026. Management also highlighted potential to expand its inventory and improve breakeven economics across its nearly 1 million net acres. Rockecharlie said Crescent is spending more time evaluating additional formations and resource opportunities in the Permian, Eagle Ford and Uinta. In the Eagle Ford, he said the company expects its drilling program to be approximately evenly split between Eagle Ford and Austin Chalk wells by year-end. Crescent ended the quarter with approximately $2.2 billion of liquidity, no near-term debt maturities and a weighted average debt maturity of about six years. On July 31, the company redeemed the remaining $259 million of its 2029 senior notes at par, reducing debt and annual interest expense. The company declared a quarterly dividend of $0.12 per share. At current commodity prices, Kendall said Crescent expects to generate more than $1 billion of levered free cash flow in 2026. While the company said its free cash flow can support debt reduction, acquisitions and share repurchases, Kendall said near-term excess cash flow is expected to remain focused on “rapid de-leveraging.” Crescent continues to evaluate acquisitions through a returns- and free-cash-flow-focused framework, but Executive Vice President of Investments Clay Rynd said the bar for additional deals remains high given the company’s internal value-creation opportunities. Crescent Energy Co (NYSE: CRGY) is an independent exploration and production company focused on the acquisition, development and production of oil and natural gas resources in North America. Headquartered in Oklahoma City, the company's core business activities include the identification and appraisal of prospective acreage, the design and execution of drilling and completion programs, and the ongoing operation and optimization of producing wells. Crescent Energy's integrated approach emphasizes capital efficiency, reservoir quality and operational reliability to support sustainable cash flow generation over the commodity cycle. Crescent Energy's operations are concentrated in the Permian Basin, with a particular focus on the Delaware Basin's stacked pay intervals. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Crescent Energy Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance outperformance was driven by consistent execution across the portfolio, leading to higher production and structurally lower costs that exceeded full-year plan expectations. The Permian integration has transitioned from a stabilization phase to an optimization phase, where rightsizing capital intensity and implementing returns-focused operating models are yielding measurable efficiency gains. Management tripled the Permian synergy target to $250 million to $300 million, citing better-than-expected progress in operational planning, infrastructure rationalization, and commercial marketing terms. Operational improvements in the Eagle Ford and Uinta basins, including a 25% reduction in well costs since 2023 in the Eagle Ford, demonstrate the repeatability of the Crescent investing and operating model. Strategic positioning is focused on organic resource expansion across 1 million net acres, aiming to lower breakevens and expand economic inventory through technical delineation and best-in-class operations. Record quarterly levered free cash flow of $418 million was achieved by combining operating expertise with disciplined capital allocation, providing flexibility for deleveraging and shareholder returns. Full-year 2026 production guidance was increased to 327,000 to 335,000 boe/d, while adjusted operating expense guidance was improved by $0.50 per boe due to structural field improvements. Management expects to generate more than $1 billion of levered free cash flow in 2026 at current prices, prioritizing debt reduction and the maintenance of the dividend. The 2027 outlook assumes a slight production decline as the company resets Permian capital intensity to a longer-term maintenance level, with oil volumes expected to exit 2026 at maintenance rates. Future inventory expansion will focus on underappreciated formations like the Austin Chalk and potential Permian zones, with more detailed resource updates expected in late 2026 and 2027. Capital allocation remains flexible, with excess cash flow earmarked for rapid deleveraging, accretive M&A, and opportunistic share repurchases as the company pursues investment-grade objectives. The company redeemed $259 million of 2029 senior notes at par on July 31, reducing annual interest expense and advancing long-term leverage targets. Permian well costs have been reduced by approximately 20% to 25% compared to the prior operator through standardized operating practices and improved vendor management. The Minerals and Royalties business is projected to generate approximately $200 million of EBITDA in 2026, providing high-margin exposure to organic development without incremental capital requirements. Management highlighted that current synergy captures do not yet include potential upside from commodity tailwinds or expanded economic inventory from future resource delineation. Management expects the majority of the $250 million to $300 million synergy target to be realized as the company exits 2026 and moves into 2027. The improvements are 'all of the above,' encompassing better margins, free cash flow, and the identification of more economic inventory that was previously underappreciated. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Despite raising production guidance, development capital guidance remains unchanged, with management now steering toward the midpoint of the range due to efficiency gains. Q3 and Q4 capital spending is expected to be relatively ratable following a lower-spend second quarter. Crescent aims to reduce its base decline rate from 29% to 25% by 2027 through artificial lift optimization, compression management, and deploying technology across its 8,000-well database. Management characterized this as 'changing the math' of the decline through better field management rather than changing the underlying physics of the reservoirs. Management is aware of recent public market valuations for mineral assets and is focused on maximizing value for shareholders, whether through continued ownership or other strategic options. Future mineral acquisitions will likely focus on areas in and around existing operations where the company has a clear view of performance and value. Oil and total volumes are expected to decline naturally in the second half of 2026 due to the timing of activity and a transition from 2-mile to 3-mile laterals in the Permian. This transition pushes more completions toward the end of the year, with Q3 oil volumes expected to be in the mid-130,000 barrels per day range.

This article first appeared on GuruFocus. Release Date: August 04, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record quarterly production of 335,000 boe/d and 140,000 bbl/d of oil, exceeding guidance. Record levered free cash flow of $418 million in Q2 2026. Raised full-year production guidance and improved operating expense guidance while maintaining capital range. Permian synergy target increased to $250-$300 million, roughly three times the original target. Strong balance sheet with $2.2 billion liquidity and no near-term maturities; redeemed $259 million of 2029 notes. Eagle Ford well costs improved 5% year-over-year and are 25% below 2023 levels. Uinta drilling efficiency up 25% and completion efficiency nearly doubled year-over-year. Minerals and royalties business generating ~$200 million EBITDA at current prices. Expect to generate over $1 billion in levered free cash flow in 2026. Significant resource upside identified in Austin Chalk and other zones across the portfolio. Q3 oil volumes expected to decline to mid-130s bbl/d due to timing of completions and transition to longer laterals. 2027 production expected to slightly decline from 2026 as capital intensity is reset in the Permian. Base decline rate expected to remain at 25% in 2027, requiring ongoing optimization efforts. Permian well productivity improvements are not yet fully realized; benefits from new development plans won't be seen until 2027. Capital expenditure guidance remains unchanged, indicating no increase despite higher production and cost savings. Potential for higher costs or delays as the company transitions to three-mile laterals in the Permian. M&A market remains competitive, with high bar for acquisitions; internal opportunities may limit external growth. Commodity price volatility and geopolitical risks could impact future results. The company is still in early stages of unlocking full Permian value, with significant work remaining. No immediate plans to increase Permian rig count, limiting near-term production growth. Warning! GuruFocus has detected 8 Warning Signs with CRGY. Is CRGY fairly valued? Test your thesis with our free DCF calculator. Q: How will the increased Permian synergy targets translate into benefits, and should we see these benefits not only this year but also in 2027?A: David Rockacarli (CEO): The focus is on returns and free cash flow. We've seen an "all of the above" improvement approach, with synergies showing up in better margins and free cash flow. We expect quarterly and long-term improvement, and we're just talking about operational improvements today. Tripling the expectation for run-rate savings directly translates into long-term free cash flow, and we believe the resource potential was underappreciated. Q: Does CapEx still seem like it will come in at the upper end of guidance, or do cost reductions make the midpoint more achievable?A: Brandy Kendall (CFO): I would guide you back towards the midpoint. The capital program is executing very well. The second quarter was the lowest capital quarter of the year, but we expect to hit the midpoint of capital, with Q3 and Q4 being fairly ratable to the remaining capital left to spend. Q: Can you provide color on the back half of the year, particularly regarding well counts and the trajectory of oil volumes, and how that leads into 2027?A: Brandy Kendall (CFO): We've had great execution year-to-date. As we move into the back part of the year, we expect both oil and total volumes to naturally decline due to the timing of activity and tilts. We are transitioning from two-mile to three-mile laterals in the Permian, which will push more completions to the back of the quarter. For Q3, I would expect us to be in the mid-130s range on oil. Q: Given the increased synergy target of $250 million to $300 million versus the $190 million captured to date, what is the timeline to achieve the new target?A: Brandy Kendall (CFO): I would expect that as we exit 2026 and move into 2027, we will have captured the large portion of the $250 to $300 million synergy target. Q: Can you provide any early 2027 color on how production and CapEx levels might shake out on a run-rate basis?A: Brandy Kendall (CFO): It's early to give too much detail on 2027. With respect to longer-term maintenance, we expect '27 to be a slight decline over 2026, as a function of resetting the capital intensity of the Permian assets. On oil, given the shape of volumes over 2026, I would expect us to more or less exit at our expected longer-term maintenance level. Q: What does the acquisition opportunity set look like, and what is your current appetite for more E&P acquisitions?A: Clay (EVP of Investments): We're excited about what we've acquired over the past few years. The market has seen some recent transactions where buyers felt they needed to own assets, but our strategy is more opportunistic and value-driven. The bar remains high because we see a unique opportunity to drive value with internal value creation. Right now, we have a pretty high bar and are super excited about our internal opportunity set. Q: How is well productivity trending across the Midland and Delaware, and is there an improvement story here?A: Joey (COO): In the first half of the year, we were executing the previous operator's plan, so you could expect more of the same. As we go into the second half and particularly into 2027, you'll start to see the influence of our development planning changes, including longer laterals, more pads, and more wells per pad. The short answer is the first half had not much change, but in the second half and fully in 2027, we should start to see the impact. Q: What are your latest thoughts on free cash flow priorities, given the recent note redemption and strong balance sheet? Are you focused on debt reduction or willing to buy back shares?A: Brandy Kendall (CFO): There is no change fundamentally in how we think about capital allocation. Every dollar competes, whether for repaying debt, buying back shares, or drilling a well. In the near term, it's fair to assume we are continuing to focus on rapid deleveraging with the excess cash flow we are generating. Q: Have you tested new zones like Barnett, Woodford, or Wolfcamp D, and when would we hear more about the changes to your resource base?A: David Rockacarli (CEO): You're starting to see the capital allocation and results already. Austin Chalk is a place we weren't drilling a few years ago, and now it's a significant part of the program. We will be doing similar things in the Permian over the next six to 12 months and following up in the Uinta later this year and into next year. The resource potential is a tremendously underappreciated part of the company, and in the second half of this year and into 2027, you'll start seeing a lot more from us. Q: Can you provide an update on the opportunity to improve the base decline rate, and is 25% still a good number for 2027?A: Joey (COO): Yes, we still have the expectation to go from 29% to 25%. We're talking about changing the math, not necessarily the physics. With over 8,000 wells, we evaluate the potential of all those wells, ask why a well isn't producing at its potential, and execute on closing the gaps. This includes optimizing artificial lift, compression, and deploying technology across the enterprise to make immediate impacts. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. Crescent Energy (CRGY) has caught investor attention after reporting second quarter 2026 results that surpassed Wall Street expectations on both revenue and earnings, supported by higher production volumes and wider profit margins. See our latest analysis for Crescent Energy. At a share price of $11.43, Crescent Energy has seen a 1 month share price return of 22.38% and a year to date share price return of 34.31%. However, the 3 month share price return declined 12.75%, suggesting momentum has recently cooled after a strong run that has drawn attention to how the latest earnings surprise may be shaping expectations for future growth and risk. If Crescent Energy’s move has you rethinking where energy fits in your portfolio, it may be a good time to see what else is working with 32 elite gold producer stocks After Crescent Energy’s quick jump on strong quarterly numbers, the real fork in the road is simple. Does it make more sense to step in at today’s price, or wait and see what the valuation actually looks like now? Against Crescent Energy’s last close at $11.43, the most followed narrative anchors on a fair value of $21.80, which frames the recent earnings beat in a very different light for investors weighing what comes next. Read the complete narrative. That single paragraph sits on top of a detailed financial playbook. It leans on a specific revenue path, a sharp swing in margins, and a future earnings profile that looks very different from Crescent Energy’s current loss making position. Curious which assumptions need to line up for that $21.80 fair value to hold up against today’s $11.43 share price? Result: Fair Value of $21.80 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Crescent Energy’s reliance on ongoing acquisitions and exposure to mature U.S. basins means weaker deal flow or faster decline rates could quickly challenge that bullish fair value. Find out about the key risks to this Crescent Energy narrative. If the mixed sentiment around Crescent Energy leaves you unsure, do not wait for everyone else to decide first. Review the full picture of risk and reward for yourself with 3 key rewards and 3 important warning signs If Crescent Energy has sharpened your focus on where to put fresh capital to work, do not stop at just one stock. Use the Simply Wall Street Screener to quickly spot other setups that fit your style before the crowd catches on. Target companies that combine quality with potential value by scanning through 53 high quality undervalued stocks that may offer a more attractive entry point than the broader market. Lock in potential income opportunities by reviewing 7 dividend fortresses that focus on higher yields for investors who care about regular cash returns. Protect your downside first by filtering for 82 resilient stocks with low risk scores that prioritize resilient balance sheets and steadier risk profiles. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include CRGY. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Crescent Energy (CRGY) reported $1.39 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 55.3%. EPS of $0.69 for the same period compares to $0.43 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $1.23 billion, representing a surprise of +13.21%. The company delivered an EPS surprise of +16.95%, with the consensus EPS estimate being $0.59. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Crescent Energy performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Average daily net sales volumes - Oil: 140 millions of barrels of oil per day versus the four-analyst average estimate of 135.66 millions of barrels of oil per day. Average daily net sales volumes - Natural Gas: 715 millions of cubic feet per day versus 733.08 millions of cubic feet per day estimated by four analysts on average. Average daily net sales volumes - Natural gas liquids: 76 millions of barrels of oil per day compared to the 73.03 millions of barrels of oil per day average estimate based on four analysts. Average daily net sales volumes - Total: 335 millions of barrels of oil equivalent per day compared to the 330.61 millions of barrels of oil equivalent per day average estimate based on four analysts. Average sales price per bbl - Oil (before effects of derivative settlements): $96.61 versus the three-analyst average estimate of $88.26. Average sales price per mcf - Natural gas (before effects of derivative settlements): $0.52 versus the three-analyst average estimate of $0.98. Average sales price per bbl - Natural gas liquids (before effects of derivative settlements): $18.67 versus the three-analyst average estimate of $20.56. Average realized prices per bbl - NGLs (after effects of derivative settlements): $18.67 compared to the $20.40 average estimate based on two analysts. Revenues- Natural gas liquids: $129.37 million versus the three-analyst average estimate of $136.86 million. The reported number represents a year-over-year change of +31.8%. Revenues- Oil: $1.23 billion compared to the $1.03 billion average estimate based on two analysts. The reported number represents a change of +103.6% year over year. Revenues- Midstream and other: $4.98 million compared to the $6 million average estimate based on two analysts. The reported number represents a change of -87% year over year. Revenues- Natural gas: $33.78 million versus the two-analyst average estimate of $87 million. The reported number represents a year-over-year change of -78.8%. View all Key Company Metrics for Crescent Energy here>>> Shares of Crescent Energy have returned +22.8% over the past month versus the Zacks S&P 500 composite's +0.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Crescent Energy Company (CRGY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research