HOUSTON - Crescent Energy Company (NYSE: CRGY) reported a significant beat in its fourth quarter earnings, with adjusted EPS of $0.61, which was $0.41 higher than the analyst estimate of $0.20. The company's revenue for the quarter also exceeded expectations, coming in at $657.73 million against the consensus estimate of $597.07 million. This robust financial performance sent the company's shares up 5.67% in aftermarket trading, indicating a positive investor response to the strong earnings and revenue beat.
For the fourth quarter, Crescent's results not only surpassed analyst expectations but also demonstrated a solid financial position. The company's leadership attributed this success to their disciplined growth through acquisition strategy and a consistent return of capital. Crescent's portfolio, which includes both unconventional and conventional assets, has been managed with a focus on cash flow, risk management, and returns, a strategy that has been in place for over a decade.
Looking ahead, Crescent has released its full-year 2024 outlook, which forecasts approximately 6% YoY production growth while maintaining relatively flat capital investments. The company expects total production to range between 155 and 160 MBoe/d, with capital expenditures (excluding acquisitions) projected to be between $550 million and $625 million.
The company's forward-looking statements suggest confidence in their ability to maintain a stable and profitable operation throughout the upcoming year. The CEO or CFO of Crescent Energy commented on the results, expressing their satisfaction with the company's performance and its alignment with long-term strategic objectives, further reinforcing the positive sentiment among investors.
Crescent Energy's stock movement and the reaction to its financial results and outlook reflect the market's approval of the company's current trajectory and future potential. As the company continues to execute its growth and acquisition strategy, shareholders and potential investors will be watching closely to see if Crescent can sustain this momentum into the next fiscal year.
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