Crescent Energy prices $1 billion stock offering

Crescent Energy Co. (CRGY) filed a Form 8K - Other Events - with the U.S Securities and Exchange Commission on October 09, 2026. Underwriting Agreement On October 8, 2026, the Company and J.P. Morgan Securities LLC, KKR Capital Markets LLC and Raymond James & Associates, Inc., as representatives of the several underwriters named in Schedule A thereto (collectively, the "Underwriters"), entered into an underwriting agreement (the "Underwriting Agreement"), pursuant to which the Company agreed to sell to the Underwriters, and the Underwriters agreed to purchase from the Company, subject to and upon the terms and conditions set forth therein, 80,000,000 shares of Class A Common Stock. 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, which option was exercised in full on October 9, 2026. The material terms of the Offering are described in the prospectus supplement, dated October 8, 2026 (the "Prospectus Supplement"), which will be filed by the Company with the Commission on or around October 13, 2026, pursuant to Rule 424(b) under the Securities Act. Immediately following the close of the Offering, the Company will have 422,456,708 Class A shares outstanding. The Offering is expected to close on October 13, 2026, and the Company expects to receive approximately $1,115.9 million (inclusive of the net proceeds from the Underwriters' exercise of the option), after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company. As described in the Prospectus Supplement, 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), which is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions, including, among other things, the expiration or termination of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Pending the use of proceeds described in the previous sentence, the proceeds from the Offering will be used to temporarily reduce the borrowings outstanding under the Company's revolving credit facility. The Offering is not contingent on the completion of the Devon EF Assets Acquisition. If the Devon EF Assets Acquisition is not completed, the proceeds of the Offering will be used for general corporate purposes, including the repayment of indebtedness of the Company's subsidiaries. The Underwriting Agreement contains customary representations and warranties, agreements and obligations, closing conditions and termination provisions. The Company has agreed to indemnify the Underwriters against certain liabilities, including liabilities under the Securitie