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Schedule I - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2024
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, 2024December 31, 2023
(in thousands, except share and unit data)
ASSETS
Current assets:
Cash and cash equivalents
$3,001 $2,305 
Income tax receivable523 1,938 
Accounts receivable - affiliates12,872 7,558 
Total current assets16,396 11,801 
Investment in subsidiary4,722,280 3,889,449 
TOTAL ASSETS$4,738,676 $3,901,250 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Accounts payable – affiliates$12,947 $7,183 
Income tax payable
1,272 — 
Total current liabilities14,219 7,183 
Deferred tax liability356,497 258,349 
Total liabilities370,716 265,532 
Contingencies (Note 3)
Redeemable noncontrolling interests1,228,329 1,901,208 
Equity:
Class A common stock, $0.0001 par value; 1,000,000,000 shares authorized and 189,505,209 and 92,680,353 shares issued and 187,070,725 and 91,608,800 shares outstanding as of December 31, 2024 and 2023, respectively
19 9 
Class B common stock, $0.0001 par value; 500,000,000 shares authorized and 65,948,124 and 88,048,124 shares issued and outstanding as of December 31, 2024 and 2023, respectively
7 9 
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, 2024 and 2023
— — 
Treasury stock, at cost; 2,434,484 and 1,071,553 shares of Class A common stock as of December 31, 2024 and 2023, respectively
(32,430)(17,143)
Additional paid-in capital3,227,450 1,626,501 
Retained earnings (accumulated deficit)
(64,751)95,447 
Noncontrolling interests9,336 29,687 
Total equity3,139,631 1,734,510 
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY$4,738,676 $3,901,250 
SCHEDULE I - CONTINUED
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CRESCENT ENERGY COMPANY
PARENT COMPANY STATEMENTS OF OPERATIONS

Year Ended December 31,
202420232022
(in thousands, except per share amounts)
Revenues$— $— $— 
Expenses:
General and administrative expense41,262 23,829 14,313 
Total expenses41,262 23,829 14,313 
Income (loss) before taxes and equity in income (losses) of subsidiary(41,262)(23,829)(14,313)
Income tax benefit (expense)39,166 (21,553)(31,979)
Income (loss) before equity in income (losses) of subsidiary(2,096)(45,382)(46,292)
Equity in income (losses) of subsidiary, net of tax(135,587)367,373 526,892 
Net income (loss)(137,683)321,991 480,600 
Less: net (income) loss attributable to noncontrolling interests1,215 (472)(2,669)
Less: net (income) loss attributable to redeemable noncontrolling interests
21,863 (253,909)(381,257)
Net income (loss) attributable to Crescent Energy$(114,605)$67,610 $96,674 
Net income (loss) per share:
Class A common stock - basic$(0.88)$1.02 $2.20 
Class A common stock - diluted$(0.88)$1.02 $2.20 
Class B common stock - basic and diluted$— $— $— 
Weighted average shares outstanding:
Class A common stock - basic130,715 66,598 43,865 
Class A common stock - diluted130,715 67,402 44,112 
Class B common stock - basic and diluted70,519 104,271 124,857 

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,
202420232022
(in thousands)
Cash flows from operating activities:
Net income (loss)
$(137,683)$321,991 $480,600 
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity in (income) losses of subsidiary135,587 (367,373)(526,892)
Deferred income taxes (benefit)(42,549)21,068 30,611 
Changes in operating assets and liabilities:
Income tax receivable1,415 3,366 (5,304)
Accounts receivable - affiliates449 (487)— 
Accounts payable – affiliates5,763 3,329 2,940 
Income tax payable
1,272 (1,051)983 
Net cash used in operating activities(35,746)(19,157)(17,062)
Cash flows from investing activities:
Acquisition of oil and gas properties, net of cash acquired(376,950)— — 
Net cash provided by investing activities(376,950)— — 
Cash flows from financing activities:
Distributions from OpCo101,517 59,582 44,571 
Cash received from sale of OpCo Units
392,236 — — 
Dividend to Class A common stock
(65,075)(34,120)(27,509)
Proceeds from Equity Issuance after underwriting fees
330,573 145,665 — 
Cash contribution to OpCo
(330,573)(149,665)— 
Cash paid for treasury stock acquired for equity-based compensation tax withholding(7,441)— — 
Repurchases of Class A common stock(7,845)— — 
Other
— — — 
Net cash provided by financing activities413,392 21,462 17,062 
Net change in cash, cash equivalents and restricted cash696 2,305 — 
Cash, cash equivalents and restricted cash, beginning of period2,305 — — 
Cash, cash equivalents, and restricted cash, end of period$3,001 $2,305 $— 

The accompanying notes to financial statements are an integral part of these condensed financial statements.
NOTE 1 – Corporate Structure and Basis of Presentation

Corporate Structure

Our Class A Common Stock is listed on The New York Stock Exchange under the symbol “CRGY.” We are structured as an “Up-C,” with substantially all of our assets and operations held by Crescent Energy OpCo LLC ("OpCo"). Crescent is a holding company, the sole material assets of which are units of OpCo ("OpCo Units"). The assets and liabilities of OpCo represent substantially all of our consolidated assets and liabilities with the exception of certain current and deferred taxes and certain liabilities under the Management Agreement, as defined within “Notes to Consolidated Financial Statements—NOTE 14 – Related Party Transactions" included elsewhere in of this Annual Report. Certain restrictions and covenants related to the transfer of assets from OpCo are discussed further in "Notes to Consolidated Financial Statements—NOTE 8 – Debt" included elsewhere in this Annual Report. Shares of Crescent Class A common stock, par value $0.0001 per share ("Class A Common Stock") have both voting and economic rights with respect to Crescent. Holders of Crescent Class B common stock, par value $0.0001 per share ("Class B Common Stock"), which shares of Class B Common Stock have voting (but no economic) rights with respect to Crescent, hold a corresponding amount of economic, non-voting OpCo Units. OpCo Units may be redeemed or exchanged for Class A Common Stock or, at our election, cash on the terms and conditions set forth in the Amended and Restated Limited Liability Company Agreement of OpCo (“OpCo LLC Agreement”). Additionally, an affiliate of the KKR Group (as defined in –Basis of Presentation) is the sole holder of Crescent's non-economic Series I preferred stock, $0.0001 par value per share, which entitles the holder thereof to appoint the Board of Directors of Crescent and to certain other approval rights.

Basis of Presentation

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. During the year ended December 31, 2024 and 2023, our ownership of OpCo increased due to the 2022 Equity Transactions as described in "Notes to Consolidated Financial Statements—NOTE 1 – Organization and Basis of Presentation" included elsewhere in this Annual Report. At December 31, 2024 and 2023, our ownership of OpCo was 74% and 51%, respectively, and 26% and 49%, respectively, of OpCo was owned by holders of our redeemable noncontrolling interests.

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 consolidated financial statements of Crescent included elsewhere in this Annual Report.
NOTE 2 – Acquisitions

For details regarding acquisitions, see "Notes to Consolidated Financial Statements—NOTE 3 – Acquisitions and Divestitures" included elsewhere in this Annual Report.
NOTE 3 – Income Taxes
For details regarding income taxes, see "Notes to Consolidated Financial Statements—NOTE 11 – Income Taxes" included elsewhere in this Annual Report.
NOTE 4 – Contingencies
For details regarding contingencies related to litigation, see "Notes to Consolidated Financial Statements—NOTE 12 – Commitments and Contingencies" included elsewhere in this Annual Report.