Crescent Energy Accelerates Debt Reduction with Latest $90 Million Asset Sale

Crescent Energy Co is intensifying its strategic portfolio optimization. The company has announced the divestiture of non-operated assets in the Denver-Julesburg (DJ) Basin for $90 million in cash. This transaction marks the sixth such sale this year, underscoring an aggressive campaign aimed squarely at reducing leverage.

The primary objective behind this sustained divestment activity is clear: to repay borrowings under the company's revolving credit facility. By directly applying the proceeds to debt reduction, Crescent Energy aims to fortify its balance sheet and enhance its financial flexibility for future operations.

CEO David Rockecharlie emphasized the program's success, stating, "This represents our sixth value-accretive asset sale this year. Our successful divestiture program is enhancing our business and underscores our ability to navigate volatile markets while creating compelling value for our investors." This commentary highlights management's proactive approach to portfolio management in a dynamic energy sector.

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Details of the Latest Transaction

The assets sold are located in Weld County, Colorado. Current production is approximately 7,000 barrels of oil equivalent per day (boe/d), with oil constituting roughly 20% of the output. This deal is another component of Crescent Energy's previously announced initiative to sell non-core focused properties.

• Asset Type Divested: Non-operated assets in the DJ Basin
• Transaction Value: $90 million (all-cash)
• Current Production: ~7,000 boe/d, with oil at ~20%
• Year-to-Date Sales: Agreements exceeding $900 million
• Use of Proceeds: Debt repayment on the revolving credit facility

A $900 Million Milestone Achieved

With this latest agreement, Crescent Energy has now secured deals worth over $900 million in 2024 alone. Previously announced divestments in the conventional Rockies and Barnett regions have already been completed. The remaining sales in the program are expected to conclude before the end of the year.

This radical portfolio streamlining serves a defined strategic purpose. By shedding non-core assets and aggressively paying down debt, Crescent Energy is optimizing its capital structure and sharpening its operational focus. This financial discipline is positioned as the central mechanism for delivering sustainable, long-term value to shareholders.