Crescent Energy files for proposed IPO of royalty subsidiary
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Crescent Energy (CRGY) rose 1% post-market Monday after saying it confidentially submitted a draft registration statement with the Securities and Exchange Commission for a proposed IPO of its Crescent Royalties subsidiary.
Crescent (CRGY) said the assets being considered for initial contribution to Crescent Royalties in connection with the proposed IPO are mineral and royalty interests in the Eagle Ford, with additional exposure to other U.S. oil and natural gas basins including the Permian, Appalachian, and Denver-Julesburg basins.
The main purpose of the proposed IPO is to create a public market for the common stock and facilitate Crescent Royalties’ future access to the capital markets, the company said; the number of shares to be offered and the price range for the offering have not yet been determined.
Crescent Energy (CRGY) also reported Q3 results, including a 61% gain in adjusted EBITDAX to $785.8M and total production of 328K boe/day, up from 253K boe/day in the year-earlier quarter.
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