The following is a summary of the Crescent Energy Company (CRGY) Q1 2024 Earnings Call Transcript:
Financial Performance:
Crescent Energy recorded strong financial performance with about 166,000 barrels of oil equivalents per day production, generating $313 million of adjusted EBITDA with $66 million in levered free cash flow.
Capital expenditures during Q1 totaled $193 million, expected to be the highest for the year.
Production guidance was raised to 157,000-162,000 barrels of oil equivalent per day, marking a 7% increase compared to 2023, while holding total annual capital guidance steady at $575 million to $625 million.
The company repurchased approximately 2.3 million shares at an average price of $9.87 per share, with plans for further opportunistic repurchases.
Business Progress:
The company's M&A strategy aims to deliver investor's value via accretive acquisitions and opportunistic divestitures.
Improved efficiency in the completions program has been achieved due to the implementation of simul-fracs across the Eagle Ford portfolio.
The company expanded their portfolio in the Eagle Ford with the addition of the Western Eagle Ford portfolio and a bolt-on opportunity in Karnes County.
They are continually seeking further investment opportunities in line with their mission to provide attractive risk-adjusted returns.
They divested over $100 million in noncore assets within 18 months, and an additional divestiture of noncore Permian Basin assets is planned for Q2.
Also announced was another dividend under their enhanced framework, providing peer-leading yield and simplicity to shareholders. They have also successfully refinanced their 2026 notes and credit facility, solidifying their credit profile.
More details: Crescent Energy IR
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