Crescent Energy Company has announced the closing of the sale of non-operated Permian Basin assets to a private buyer for US$83 million in cash, subject to customary post-closing purchase price adjustments. The assets are located in Reeves County, Texas and had projected full-year 2025 production of approximately 3 thousand boe/d (~35% oil).
Proceeds from the sale will be used to reduce outstanding borrowings on the Company’s revolving credit facility. The transaction has an effective date of 31 December 2024, and Crescent plans to update its 2025 outlook to reflect the divestiture alongside its 1Q25 financial and operating results.
“We are pleased to announce the closing of this accretive asset sale, which is part of our US$250 million pipeline of non-core asset divestitures announced during our year-end earnings,” said Crescent CEO David Rockecharlie. “As both investors and operators, we continually evaluate opportunities to enhance our portfolio, simplify our business and deliver value for investors.”
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Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/23042025/crescent-energy-completes-accretive-sale-of-non-operated-permian-basin-assets/
