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Investing.com -- Crescent Energy Company (NYSE:CRGY) reported second quarter earnings that significantly exceeded analyst expectations, driving shares up 4.3% as the oil and gas producer delivered strong operational results and enhanced its financial outlook.
The company posted adjusted earnings per share of $0.43, beating the analyst consensus of $0.28 by 54%. Revenue came in at $897.98 million, surpassing the consensus estimate of $877.82 million and demonstrating the company’s operational strength.
Crescent Energy achieved production of approximately 263,000 barrels of oil equivalent per day (Mboe/d) during the quarter, with oil accounting for about 41% of total production. The company generated approximately $514 million in adjusted EBITDAX and $171 million in levered free cash flow.
The company updated its fiscal year 2025 outlook, maintaining production guidance of 251-261 Mboe/d with 40-41% oil, but reducing capital expenditure guidance to $910-990 million from the previous $925-1,025 million range. Crescent also improved its cash tax outlook to 0% of adjusted EBITDAX, down from the previous 2.0-5.0% range.
Crescent Energy reported a net leverage ratio of 1.5x and approximately $1.75 billion in liquidity as of June 30, 2025. The company continued its shareholder return program with a $0.12 per share fixed quarterly dividend, representing approximately 5% yield, and repurchased about $28 million of shares at an average price of $7.88 during the quarter.
The company also completed a $72 million minerals acquisition and divested approximately $110 million in non-core assets year-to-date as part of its portfolio optimization strategy.
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