Crescent Energy Co. - Class A

Crescent Energy posted a standout second quarter of 2025, with adjusted EPS of $0.43 clearing the $0.31 Wall Street consensus by 36.90% and revenue of $897.98 million edging past estimates by 1.31%, reflecting year-over-year growth of 37.5% as the integrated Ridgemar Acquisition drove record production of 263 MBoe/d. The volume surge was the clearest engine behind the headline numbers, offsetting softer oil realizations of $61.47 per barrel versus $75.68 a year earlier, and translating into $498.97 million in operating cash flow that allowed the company to repay roughly $200 million of debt during the quarter, pulling net leverage to a comfortable 1.5x. Operational discipline also shone through, with DC&F costs falling approximately 15% across South Texas and the Uinta Basin. Looking ahead, management tightened its 2025 capital budget to $910 to $990 million, a roughly 3% improvement, while holding the production outlook steady at 251 to 261 MBoe/d, signaling confidence that efficiency gains, not spending, will carry the year.