Crescent Energy prices 80 million share offering at $12.50

Crescent Energy Company, a publicly traded firm based in Houston, has announced a public offering of 80 million shares of Class A common stock. The shares will be priced at $12.50 each, as detailed in a recent press release. The underwriting of this offering is being handled by a group of prominent investment banks, including J.P. Morgan, KKR Capital Markets LLC, Raymond James, Evercore ISI, and Wells Fargo Securities.

The largest single purchaser of the offering, Independence Energy Aggregator L.P., has agreed to buy 40 million shares at the same price. This particular affiliate is connected to KKR & Co. Inc., which already owns about 7.9% of Crescent Energy's Class A common stock.

Crescent Energy has granted its underwriters the option to purchase an additional 12 million shares over a 30-day period at the offered price, minus any underwriting fees. The company plans to use the net proceeds from this sale to help fund part of the cash required for its planned acquisition of oil and natural gas assets from Devon Energy Production Company, a subsidiary of Devon Energy Corporation.

This acquisition is anticipated to be finalized in the fourth quarter of 2026 or early 2027, provided all necessary closing conditions and regulatory clearances are met. Importantly, the offering proceeds are not contingent upon the successful completion of the Devon acquisition.

Should the Devon deal not go through, the raised funds will be utilized for general corporate purposes, such as paying off debts held by Crescent Energy's subsidiaries. The offering, which is governed by an existing shelf registration statement on Form S-3 filed with the U.S. Securities and Exchange Commission, is scheduled to conclude on October 13, 2026, provided all customary closing conditions are satisfied.