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SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT | CONDENSED FINANCIAL INFORMATION OF REGISTRANT CRESCENT ENERGY COMPANY PARENT COMPANY BALANCE SHEETS
| December 31, 2021 |  | December 31, 2020
| (in thousands, except share and unit data)
ASSETS |  |  |
Investment in subsidiary | $ | 3,103,176 |  |  | $ | 2,893,160 |
TOTAL ASSETS | $ | 3,103,176 |  |  | $ | 2,893,160 |
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY |  |  |
Current liabilities: |  |  |
Accounts payable – affiliates | $ | 914 |  |  | $ | — |
Accrued liabilities | 68 |  |  | — |
Total current liabilities | 982 |  |  | — |
Deferred tax liability | 82,537 |  |  | — |
Total liabilities | 83,519 |  |  | — |
Contingencies (Note 3) |  |  |
Redeemable noncontrolling interests | 2,325,013 |  |  | — |
Equity: |  |  |
Members’ equity – Class A units, no units and 1,220,421 units outstanding as of December 31, 2021 and 2020, respectively | — |  |  | 2,716,892 |
Class A common stock, $0.0001 par value; 1,000,000,000 shares authorized and 43,105,376 shares issued and 41,954,385 shares outstanding as of December 31, 2021; no shares issued and outstanding as of December 31, 2020 | 4 |  |  | — |
Class B common stock, $0.0001 par value; 500,000,000 shares authorized and 127,536,463 shares issued and outstanding as of December 31, 2021; no shares issued and outstanding as of December 31, 2020 | 13 |  |  | — |
Preferred stock, $0.0001 par value; 500,000,000 shares authorized and 1,000 Series I preferred shares issued and outstanding as of December 31, 2021; no shares issued and outstanding as of December 31, 2020 | — |  |  | — |
Treasury stock, at cost; 1,150,991 shares of Class A common stock as of December 31, 2021 and no shares of Class A Common Stock as of December 31, 2020 | (18,448) |  |  | — |
Additional paid-in capital | 720,016 |  |  | — |
Accumulated deficit | (19,376) |  |  | — |
Noncontrolling interests | 12,435 |  |  | 176,268 |
Total equity | 694,644 |  |  | 2,893,160 |
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | $ | 3,103,176 |  |  | $ | 2,893,160 |
SCHEDULE I - CONTINUED CONDENSED FINANCIAL INFORMATION OF REGISTRANT CRESCENT ENERGY COMPANY PARENT COMPANY STATEMENTS OF OPERATIONS
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (in thousands, except per share amounts)
Revenues | $ | — |  |  | $ | — |  |  | $ | — |
Expenses: |  |  |  |  |
General and administrative expense | 914 |  |  | — |  |  | — |
Total expenses | 914 |  |  | — |  |  | — |
Income (loss) before taxes and equity in income (losses) of subsidiary | (914) |  |  | — |  |  | — |
Income tax benefit (expense) | 867 |  |  | — |  |  | — |
Income (loss) before equity in income (losses) of subsidiary | (47) |  |  | — |  |  | — |
Equity in income (losses) of subsidiary, net of tax | (432,180) |  |  | (216,124) |  |  | 46,709 |
Net income (loss) | (432,227) |  |  | (216,124) |  |  | 46,709 |
Less: net (income) loss attributable to Predecessor | 339,168 |  |  | 118,649 |  | (45,839) |
Less: net (income) loss attributable to noncontrolling interests | 14,922 |  |  | 97,475 |  |  | (870) |
Less: net loss attributable to redeemable noncontrolling interests | 58,761 |  |  | — |  | — |
Net loss attributable to Crescent Energy | $ | (19,376) |  |  | $ | — |  |  | $ | — |
Net Loss per Share: |  |  |  |  |
Class A common stock - basic and diluted | $ | (0.46) |  |  |  |  |
Class B common stock - basic and diluted | $ | — |  |  |  |  |
Weighted Average Shares Outstanding: |  |  |  |  |
Class A common stock - basic and diluted | 41,954 |  |  |  |  |
Class B common stock - basic and diluted | 127,536 |  |  |  |  |
The accompanying notes to financial statements are an integral part of these condensed financial statements. SCHEDULE I - CONTINUED CONDENSED FINANCIAL INFORMATION OF REGISTRANT CRESCENT ENERGY COMPANY PARENT COMPANY STATEMENTS OF CASH FLOWS
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (in thousands)
Cash flows from operating activities: |  |  |  |  |
Net income (loss) | (432,227) |  |  | (216,124) |  |  | 46,709 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |
Equity in (income) losses of subsidiary | 432,180 |  |  | 216,124 |  |  | (46,709) |
Deferred income taxes (benefit) | (935) |  |  | — |  |  | — |
Changes in operating assets and liabilities: |  |  |  |  |
Accounts payable – affiliates | 914 |  |  | — |  |  | — |
Accrued liabilities | 68 |  |  | — |  |  | — |
Net cash provided by operating activities | — |  |  | — |  |  | — |
Net cash provided by investing activities | — |  |  | — |  |  | — |
Net cash provided by financing activities | — |  |  | — |  |  | — |
Net change in cash, cash equivalents and restricted cash | — |  |  | — |  |  | — |
Cash, cash equivalents and restricted cash, beginning of period | — |  |  | — |  |  | — |
Cash, cash equivalents, and restricted cash, end of period | $ | — |  |  | $ | — |  |  | $ | — |
The accompanying notes to financial statements are an integral part of these condensed financial statements. NOTE 1 – Basis of Presentation On December 7, 2021, we completed the Merger Transactions, pursuant to which Contango Oil & Gas Company ("Contango") combined with Independence Energy LLC ("Independence") under a new publicly traded holding company named "Crescent Energy Company." Our Class A Common Stock is listed on The New York Stock Exchange under the symbol “CRGY.” The new combined company is structured as an “Up-C,” with all of our assets and operations and those of Contango held by Crescent Energy Company ("Crescent"), which is the sole managing member of Crescent Energy OpCo LLC ("OpCo"). We are a holding company that conducts substantially all of our business through our consolidated subsidiary, OpCo. Our sole material asset consists of units of OpCo ("OpCo Units"). As the sole managing member of OpCo, we are responsible for all operational, management and administrative decisions related to OpCo’s business. Because the unit holders of OpCo lack the characteristics of a controlling financial interest, OpCo was determined to be a variable interest entity. Crescent is considered the primary beneficiary of OpCo as it has both the power to direct OpCo and the right to receive benefits from OpCo. As a result, we consolidate the financial results of OpCo and its subsidiaries, including Crescent Energy Finance LLC. Former Contango shareholders now own shares of Crescent Class A Common Stock, which have both voting and economic rights with respect to Crescent. The former owners of our predecessor, Independence Energy LLC, now own economic, non-voting OpCo Units and corresponding shares of Crescent Class B Common Stock, which have voting (but no economic) rights with respect to Crescent. OpCo is owned approximately 25% by Crescent and approximately 75% by holders of our redeemable noncontrolling interests representing former owners of Independence. The Isla Merger, whereby Independence merged with and into OpCo on December 7, 2021 in connection with the Merger Transactions, was accounted for as a reorganization of entities under common control. As required by GAAP, the contribution of Independence was accounted for as a reorganization of entities under common control, in a manner similar to a pooling of interests, with all assets and liabilities transferred to us at their carrying amounts. Because the Isla Merger resulted in a change in the reporting entity, and in order to furnish comparative financial information prior to the Merger Transactions, our financial statements have been retrospectively recast to reflect the historical accounts of Independence, our accounting predecessor (the "Predecessor"). These condensed parent company financial statements reflect the activity of Crescent as the parent company to OpCo and have been prepared in accordance with Rules 5-04 and 12-04 of Regulation S-X, as the restricted net assets of OpCo and its consolidated subsidiaries exceed 25% of the consolidated net assets of Crescent. This information should be read in conjunction with the combined and consolidated financial statements of Crescent included in Part II, Item 8. Financial Statements and Supplementary Data of this Annual Report. NOTE 2 – Income Taxes For details regarding income taxes, see NOTE 10 - Income Taxes, to the combined and consolidated financial statements of Crescent included in Part II, Item 8. Financial Statements and Supplementary Data of this Annual Report. NOTE 3 – ContingenciesFor details regarding contingencies related to litigation, see NOTE 12 - Commitments and Contingencies, to the combined and consolidated financial statements of Crescent included in Part II, Item 8. Financial Statements and Supplementary Data of this Annual Report.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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