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.
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