Crescent Energy Company announced the closing of the sale of its non-operated assets in the Permian Basin to a private buyer for $83 million in cash, subject to customary post-closing purchase price adjustments. The assets, located in Reeves County, Texas, were projected to produce approximately 3,000 barrels of oil equivalent per day in 2025, with around 35 percent of that being oil.
Proceeds from the sale were allocated to reduce outstanding borrowings under the Company’s revolving credit facility. The transaction carried an effective date of 31 December 2024. Crescent indicated it would update its 2025 outlook to reflect the divestiture when reporting its financial and operating results for the first quarter of the year.
Crescent CEO David Rockecharlie commented, “We were pleased to announce the closing of this accretive asset sale, which formed part of our $250 million pipeline of non-core asset divestitures outlined during our year-end earnings. As both investors and operators, we consistently evaluated opportunities to enhance our portfolio, simplify our business, and deliver value to our investors.”
For more information visit www.crescentenergyco.com
