2023-05-02 19:10:11 ET
Crescent Energy ( NYSE: CRGY ) said Tuesday it agreed to acquire operatorship and incremental working interest in its existing Western Eagle Ford assets from Mesquite Energy for $600M in cash.
Crescent ( CRGY ) said the deal nearly doubles its operated Eagle Ford inventory and significantly enhances its scale in the play.
Pro forma for the transaction, the company will increase its legacy ~15% non-operated interest to a ~50% operated working interest in the acquired assets and operate ~90% of its Eagle Ford position.
Crescent ( CRGY ) also said the deal raises its base of predictable cash flow with current production of ~20K boe/day (70% liquids) and a 12-month decline rate of 17%.
More on Crescent Energy:
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- Stock price return: 4% loss YTD, 28.5% loss in the past 12 months
For further details see:
Crescent Energy to buy Eagle Ford assets from Mesquite in $600M deal