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Crescent Energy reports Q3 results, cuts GHG emissions by 27%

EditorAmbhini Aishwarya
Published 07/11/2023, 09:00 pm
© Reuters.
CRGY
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Crescent Energy Co (NYSE:CRGY) has released its third-quarter results for 2023, announcing a net loss of $131 million alongside an adjusted net income of $59 million. The company's Adjusted EBITDAX stood at $290 million. The figures also revealed an operating cash flow of $189 million and a record levered free cash flow of $160 million.

The energy firm reported record production levels at 157 Mboe/d, marking a 13% increase, with oil and liquids making up 46% and 62% of volumes, respectively. This surge in production was partly due to the ahead-of-schedule completion of the Western Eagle Ford (NYSE:F) integration, which has led to a 20% improvement in well costs.

In terms of environmental impact, Crescent Energy managed to cut its Greenhouse Gas (GHG) emissions by 27% relative to the 2021 baseline. This was disclosed in the company's 2022 Sustainability Report.

CEO David Rockecharlie confirmed the full-year capital guidance of $580 - $630 million, aiming to maintain a robust balance sheet. In addition, he announced a quarterly cash dividend of $0.12 per share for investors. This announcement reflects Crescent Energy's commitment to creating value for shareholders while also focusing on sustainable operations.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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