Crescent Energy Company (NYSE: CRGY) announced today that it will buy more working interest in its Western Eagle Ford assets for $250 million in cash.
This deal comes after the company acquired the operatorship of the same assets for $600 million in July 2023. The acquisition will increase Crescent’s production, cash flow and reserves, as well as its operational control and efficiency in the Eagle Ford basin.
The company expects the deal to be immediately accretive to its financial metrics and to maintain its strong balance sheet and Investment Grade credit rating.
Crescent CEO David Rockecharlie said that the deal is consistent with the company’s strategy to grow through accretive acquisitions and to realize synergies across its Eagle Ford footprint.