Crescent Energy Announces Positive Amendments to Revolving Credit Facility and Completes Secondary Equity Offering

Crescent Energy Company announced amendments to its revolving credit facility (the “Credit Facility”), effective September 23, 2022. The amendments were recently approved by the 11 member banks supporting the facility and reflect the strength of the business, an outlook for substantial cash flow, growing proved reserves and a strong balance sheet.

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Amendment Highlights

• An 11% increase in the Company’s borrowing base to $2.0 billion from $1.8 billion
• A flat elected commitment amount of $1.3 billion
• A term extension for the Credit Facility of 28 months, or through September 2027; Crescent has no near-term maturities
• A decrease in the interest rate margin for amounts outstanding on the Credit Facility by 50 bps

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Crescent CEO David Rockecharlie said, “For more than a decade, we have executed a consistent strategy that focuses on cash flow, returns and risk management. A core part of our risk management strategy includes maintaining a strong balance sheet, significant liquidity and access to capital at attractive rates to allow us to manage through the inherent cycles in our business. Today’s positive amendments to our Credit Facility and the successful completion of our recent public equity offering reflect the quality and scale of our growing portfolio and our stakeholders’ confidence in our ability to continue to execute our proven business plan.”

Crescent is a well-capitalized, U.S. independent energy company with a portfolio of assets in key proven basins across the lower 48 states and substantial cash flow supported by a predictable base of production. Crescent’s core leadership team is a group of experienced investment, financial and industry professionals who continue to execute on the strategy management has employed since 2011. The Company’s mission is to invest in energy assets and deliver better returns, operations and stewardship

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