Crescent Energy to acquire assets from private Eagle Ford operator for $168M

Crescent Energy announced the signing of a definitive agreement to acquire assets from a private Eagle Ford operator for total cash consideration of $168M, subject to customary purchase price adjustments. The acquisition is directly offset Crescent’s existing Central Eagle Ford footprint and builds upon its significant acquisition activity in the Eagle Ford over the past 18 months, including the recently closed acquisition of SilverBow Resources. The transaction, which has an effective date of May 1, is expected to close in September, subject to customary closing conditions. The transaction is accretive to operating cash flow, levered free cash flow and net asset value per share, with unlevered cash-on-cash returns in excess of Crescent’s 2.0x multiple on invested capital target.