Crescent Power Co has entered into greater than $900 million price of gross sales involving non-core belongings this 12 months, the Houston, Texas-based oil and fuel producer mentioned.
Crescent set a goal of offloading non-core belongings price round $1 billion when it introduced its acquisition of Important Power Inc on August 25.
The most recent divestment entails its non-operated DJ Basin belongings, which will likely be acquired by an unnamed non-public purchaser for $90 million. Largely positioned in Weld County, Colorado, the belongings produce about 7,000 barrels of oil equal a day (boed), with oil accounting for about 20 %, Crescent mentioned in an internet assertion.
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In its quarterly report November 2 Crescent mentioned it had signed over $700 million price of non-core divestitures together with all its Barnett, typical Rockies and Mid-Continent positions.
In its newest divestment replace, Crescent mentioned, “The corporate has just lately closed its beforehand introduced typical Rockies and Barnett divestitures and expects the rest of its introduced non-core asset gross sales to shut earlier than year-end”.
On April 22 Crescent mentioned it had offered non-operated Permian Basin belongings to an unnamed non-public purchaser for $83 million. The belongings, in Reeves County, Texas, had a projected 2025 manufacturing of roughly 3,000 boed, with oil comprising over 35 %.
On August 25 it introduced its $3.1-billion all-stock, debt-inclusive buy of Tulsa, Oklahoma-headquartered Important. Anticipated to shut earlier than the 12 months ends, the mix will create a “top-10 impartial”, a joint assertion mentioned.
The enlarged Crescent can have a “scaled and centered asset portfolio with versatile capital allocation throughout greater than a decade of high-quality stock within the Eagle Ford, Permian and Uinta Basins”, the businesses mentioned.
Important shareholders will obtain 1.9062 Crescent shares for every Important share. On a diluted foundation, Crescent and Important shareholders will personal roughly 77 % and 23 % of the mixed entity respectively, in response to the assertion.
Important chief government Jason Pigott mentioned, “Our mixture with Crescent Power will create a premier, scaled, mid-cap operator with important efficiencies throughout a bigger asset base. The mixed companies can have extra capital allocation flexibility throughout an unlimited growth stock and the flexibility to instantly switch finest working practices throughout basins”.
For the third quarter Crescent reported $9.51 million in company-attributed web losses (-$10.27 million together with non-controlling stakes), hit by a $73.53 million impairment of oil and fuel properties.
Whereas Crescent’s web outcome was adverse, adjusted web revenue was $88.33 million, up from $81.97 million for a similar three-month interval final 12 months as gross sales volumes elevated.
Crescent’s adjusted earnings per share of $0.35 beat the Zacks Consensus Estimate of $0.3 per share.
Q3 2025 web gross sales volumes averaged 253,000 boed, up from 219,000 boed in Q3 2024. That consisted of 103,000 bpd of oil, 631 million cubic ft a day of fuel and 45,000 bpd of pure fuel liquids – all up year-on-year.
Income totaled $866.58 million, up from $744.87 million for Q3 2024. Revenue from operations got here at $30.8 million, in comparison with -$7.42 million for Q3 2024. Working money stream was $204 million. Adjusted EBITDA landed at $486.54 million, up from $430.44 million for Q3 2024.
To this point in 2025 Crescent has accomplished round $33 million of its share repurchase plan of as much as $150 million.
As of the top of Q3 2025 Crescent had $702.71 million in present belongings together with $3.53 million in money and money equivalents and $5.35 million in restricted money. Present liabilities stood at $864.2 million.
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