Crescent Energy Company has commenced an underwritten public offering of $1 billion in Class A common stock. The company announced the start of the sale on October 8, 2026, to help fund the acquisition of oil and natural gas assets from Devon Energy Production Company, L.P. The transaction, referred to as the Devon EF Assets Acquisition, is anticipated to finalize between the fourth quarter of 2026 and early 2027, provided standard conditions are met and necessary regulatory clearances are obtained.
The company intends to use the net proceeds from the offering to cover a portion of the cash consideration for the asset purchase. Crescent Energy stated that the offering is not contingent on the completion of the Devon EF Assets Acquisition. If that acquisition is not completed, the proceeds will be used for general corporate purposes, including the repayment of indebtedness held by the company's subsidiaries.
Independence Energy Aggregator L.P., an entity affiliated with KKR & Co. Inc., has indicated an interest in purchasing up to $500 million of shares at the public offering price. Independence Energy Aggregator L.P. is a holder of approximately 7.9% of Crescent Energy's Class A common stock and will purchase the shares on the same terms as other investors in the offering. KKR & Co. Inc. is described as a leading global investment firm and an investor in Crescent.
J.P. Morgan, KKR Capital Markets LLC, and Raymond James are serving as joint book-running managers for the transaction. The company expects to grant the underwriters a 30-day option to purchase up to $150 million of additional shares of Class A common stock at the public offering price, less underwriting discounts and commissions.
The offering is being conducted pursuant to an effective shelf registration statement on Form S-3 previously filed with the U.S. Securities and Exchange Commission. A preliminary prospectus supplement has also been filed with the SEC. The offering is subject to market and other conditions, and there can be no assurance as to whether or when it may be completed, or as to its actual size or terms.
Crescent Energy Company is a U.S. energy company with activities focused in the Eagle Ford, Permian, and Uinta Basins. It also holds minerals and royalty interests across U.S. oil and natural gas basins, with a core focus in the Eagle Ford. The company noted that actual results could differ materially from those anticipated due to various risks and uncertainties outlined in its periodic filings with the SEC.