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Reading: Crescent Logs $170 Million Loss for This autumn
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Pipeline Pulse > Oil > Crescent Logs $170 Million Loss for This autumn
Oil

Crescent Logs $170 Million Loss for This autumn

Editorial Team
Last updated: 2025/03/03 at 12:42 PM
Editorial Team 4 months ago
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Crescent Vitality Co. has reported a internet lack of $169.9 million for the fourth quarter of 2024 and an annual internet lack of $137.7 million.

The corporate mentioned fourth-quarter manufacturing averaged a report of 255,000 barrels of oil equal per day (MBoe/d). Its full-year common manufacturing was additionally a report 201 MBoe/d.

“2024 was a transformational yr for Crescent, outlined by sturdy monetary and operational execution, in addition to important and worthwhile development by a number of accretive acquisitions. We delivered on our key priorities – producing engaging returns on our capital program and robust money circulation for our traders. We greater than doubled the dimensions of our Eagle Ford place by 5 complementary and value-enhancing transactions, and we have efficiently built-in these belongings, capturing significant synergies”, David Rockecharlie, Crescent CEO, mentioned.

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“Our 2024 efficiency and acquisitions have positioned us nicely for continued success in 2025, and we stay targeted on disciplined execution, versatile capital allocation and maximizing free money circulation and returns from our high-quality belongings. We’re coming into this yr an even bigger, higher enterprise, and I’m assured that we now have the group, the belongings, the steadiness sheet and the technique to generate worthwhile development and worth creation for our shareholders over the long run”, Rockecharlie mentioned.

The corporate mentioned that throughout the fourth quarter it drilled 22 gross operated wells (18 within the Eagle Ford and 4 within the Uinta), introduced on-line 20 gross operated wells (15 within the Eagle Ford and 5 within the Uinta) and incurred capital expenditures (excluding acquisitions) of $221 million.

Crescent anticipates roughly 30 p.c development in manufacturing in comparison with final yr. The corporate intends to implement a versatile rig program consisting of 4 to five rigs, distributing its capital throughout numerous oil and fuel belongings to optimize returns and generate free money circulation. This projection contains an 11-month contribution from the just lately acquired Ridgemar belongings, which had been efficiently closed on January 31, 2025.

To contact the writer, electronic mail andreson.n.paul@gmail.com


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Editorial Team March 3, 2025
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