The following is a summary of the Crescent Energy Company (CRGY) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Crescent Energy recorded strong financial performance with about 166,000 barrels of oil equivalents per day production, generating $313 million of adjusted EBITDA with $66 million in levered free cash flow.

• Capital expenditures during Q1 totaled $193 million, expected to be the highest for the year.

• Production guidance was raised to 157,000-162,000 barrels of oil equivalent per day, marking a 7% increase compared to 2023, while holding total annual capital guidance steady at $575 million to $625 million.

• The company repurchased approximately 2.3 million shares at an average price of $9.87 per share, with plans for further opportunistic repurchases.

Business Progress:

• The company's M&A strategy aims to deliver investor's value via accretive acquisitions and opportunistic divestitures.

• Improved efficiency in the completions program has been achieved due to the implementation of simul-fracs across the Eagle Ford portfolio.

• The company expanded their portfolio in the Eagle Ford with the addition of the Western Eagle Ford portfolio and a bolt-on opportunity in Karnes County.

• They are continually seeking further investment opportunities in line with their mission to provide attractive risk-adjusted returns.

• They divested over $100 million in noncore assets within 18 months, and an additional divestiture of noncore Permian Basin assets is planned for Q2.

• Also announced was another dividend under their enhanced framework, providing peer-leading yield and simplicity to shareholders. They have also successfully refinanced their 2026 notes and credit facility, solidifying their credit profile.

More details: Crescent Energy IR

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