Houston-based Crescent Power Firm reported internet earnings of $70.2 million for the second quarter, in comparison with $57.5 million in the identical interval in 2023.
The corporate additionally posted adjusted internet earnings of $56 million for the quarter, adjusted EBITDAX of $320 million, and working money move of $287 million, in line with its most up-to-date earnings launch.
Crescent’s second-quarter manufacturing averaged 165,000 barrels of oil equal per day (boepd), consisting of 44 % oil and 62 % liquids. The corporate drilled 12 gross operated wells (eight within the Eagle Ford and 4 within the Uinta), and introduced on-line 11 gross operated wells (six within the Eagle Ford and 5 within the Uinta).
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Capital expenditures (excluding acquisitions) have been marked at $120 million for the quarter, the corporate reported.
Crescent CEO David Rockecharlie stated, “We began 2024 with sturdy first-quarter efficiency and constructed upon that momentum this quarter. I’m extraordinarily happy with the outcomes our crew and differentiated mannequin have delivered, with sturdy manufacturing and continued enhancements in capital spend, resulting in vital money move technology”.
Earlier, Crescent closed its acquisition of SilverBow Assets, Inc. forward of schedule. The mixed firm is the second largest operator within the Eagle Ford, Crescent stated in a separate information launch. The SilverBow integration is underway with “roughly $35 million of the beforehand introduced $65 million to $100 million in annual synergies captured up to now by way of an improved value of capital leading to diminished curiosity expense,” it stated.
“Our standalone efficiency, mixed with the closing of the SilverBow acquisition, positions Crescent for vital future worth potential as we proceed to execute on our confirmed technique. Our enterprise as we speak combines the advantages of an advantaged asset profile, a powerful steadiness sheet, improved entry to capital markets and vital working and investing experience to deliver buyers a novel worth proposition in our sector. We imagine Crescent is a must-own mid-cap firm, and I’m excited to proceed constructing on the expansion platform we’ve got created,” Rockecharlie added.
Crescent up to date its second half 2024 steering for 5 months following the SilverBow acquisition. It’s now projecting manufacturing of 232,000 to 241,000 boepd. Relative to preliminary 2024 estimates, the standalone full-year steering, excluding the results of the SilverBow acquisition, displays an roughly two % enhance in manufacturing and an roughly two % enhance enchancment in anticipated capital spend.
In Could, Crescent introduced the acquisition of Silverbow in a transaction valued at $2.1 billion, saying that the transaction “will create a scaled firm with a balanced portfolio of high-quality and long-life property, a beautiful, returns-driven monetary framework and robust steadiness sheet, led by a administration crew and board with vital working and investing experience that’s well-positioned to drive long-term development and worth creation”.
Crescent Power describes itself as a number one growth-through-acquisition firm primed for sustainable worth creation with a targeted portfolio of high-quality and long-life property, a beautiful, returns-driven monetary framework and a powerful steadiness sheet.
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