Crescent Energy Company Class A (CRGY) has released an update.
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Crescent has announced a robust year-end 2023 with proved reserves totaling 548 million barrels of oil equivalent, showcasing a strong portfolio with 80% proved developed and 64% liquids. Demonstrating a prudent financial approach, the company reported a standardized measure of discounted future net cash flows at $5.3 billion and a PV-10 value of $5.6 billion. Despite an impairment expense due to strategic plan changes in the Permian basin, Crescent is redirecting its capital program towards promising acquisitions in the Eagle Ford and Uinta basins, signaling a focused future growth strategy.
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