Crescent Energy (CRGY) Q1 2026 earnings summary

Executive summary

• Achieved record production of 341,000 BOE/d (140,000 BOPD) in Q1 2026, driven by operational execution, improved cycle times, and Permian asset integration, with $192M levered free cash flow exceeding expectations.

• Captured ~$120M in Permian synergies, surpassing original targets and supporting further upside.

• Revenue rose 24% year-over-year to $1.18B, driven by acquisitions and higher production volumes.

• Net loss attributable to shareholders was $419.8M, primarily due to a $706.6M loss on derivatives, despite adjusted EBITDAX rising 30% to $690M.

• Strengthened balance sheet via refinancing, reducing interest expense and extending maturities.

Financial highlights

• Generated $690M adjusted EBITDA/EBITDAX and $192M levered free cash flow in Q1 2026.

• Net production averaged 341 Mboe/d (64% liquids), with oil production at 140 Mbo/d.

• Declared $0.12 per share dividend for the quarter, maintaining consistent shareholder returns.

• Maintained ~$2B liquidity at quarter-end and no near-term debt maturities.

• Adjusted EBITDAX margin was 58% of revenue; operating expenses per Boe decreased to $14.00.

Outlook and guidance

• Expect to generate ~$1B levered free cash flow in 2026 at current prices, supporting debt reduction, M&A, and share repurchases.

• 2026E FCF yield projected above 25%, significantly above peer median.

• No formal change to full-year production or capital guidance, but anticipate results between mid and high end of guidance ranges.

• Management expects continued strong performance and long-term value creation, focusing on operational excellence and capital efficiency.