Crescent Energy Company (NYSE: CRGY) announced on October 8, 2026, that it intends to conduct an underwritten public offering of up to $1.0 billion of its Class A Common Stock, par value $0.0001 per share. The offering is being conducted pursuant to a shelf registration statement on Form S-3 (File No. 333-299357) that became effective upon filing with the U.S. Securities and Exchange Commission on October 8, 2026.
On October 8, 2026, the Company priced the offering for 80,000,000 shares of Class A Common Stock at a price to the public of $12.50 per share. Pursuant to the Underwriting Agreement, the Company granted the underwriters a 30-day option to purchase up to an additional 12,000,000 shares of Class A Common Stock. This option was exercised in full on October 9, 2026.
The Company expects to receive approximately $1,115.9 million from the offering, inclusive of the net proceeds from the exercise of the underwriters' option, after deducting underwriting discounts and commissions and estimated offering expenses. The offering is expected to close on October 13, 2026.
According to the filing, the Company intends to use the net proceeds from the Offering to fund a portion of the cash consideration for the previously announced acquisition of certain Eagle Ford assets (the Devon EF Assets Acquisition) from Devon Energy Production Company, L.P., a subsidiary of Devon Energy Corporation (NYSE: DVN). This acquisition is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions, including the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
If the Devon EF Assets Acquisition is not completed, the proceeds from the Offering will be used for general corporate purposes, including the repayment of indebtedness of the Company’s subsidiaries. Pending the use of proceeds described above, the proceeds will be used to temporarily reduce borrowings outstanding under the Company’s revolving credit facility.
Independence Energy Aggregator L.P., an entity affiliated with KKR & Co. Inc. and a holder of approximately 7.9% of the Company’s Class A Common Stock, has agreed to purchase 40,000,000 shares of Class A Common Stock offered in the Offering at the public offering price and on the same terms as the other shares. J.P. Morgan Securities LLC, KKR Capital Markets LLC, and Raymond James & Associates, Inc., are serving as representatives of the underwriters.
