Crescent Energy Co. - Class A
Q1 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.90%.
Did CRGY Beat Earnings? Q1 2026 Results
Crescent Energy delivered a decisive earnings beat in the first quarter of 2026, with adjusted EPS of $0.53 clearing the $0.36 consensus estimate by 46.25% as record production volumes validated the company's acquisition-driven growth strategy. Revenue of $1.18 billion edged past expectations by 1.68% and climbed 24.5% year over year, powered by a surge in output to 341 MBoe/d from 258 MBoe/d in Q1 2025, a gain tied directly to the integration of Permian Basin assets from the Vital Energy acquisition. Oil revenue led the charge, rising to $893.32 million on higher volumes and improved realized prices of $71.00 per barrel, while adjusted EBITDAX expanded to $689.73 million from $529.46 million. A strategic debt refinancing, swapping $500 million in 9.25% notes for $690 million in 2.75% convertible notes, cut interest costs and extended maturities, reinforcing the roughly $2 billion liquidity position. <a href="https://247wallst.com/investing/2026/04/02/wall-street-says-buy-the-dip-keybanc-upgrades-crescent-energy-target/">Analyst sentiment has been building</a>, and with approximately $1 billion in levered free cash flow projected for 2026, management sees the company as well-positioned to sustain capital returns alongside continued basin-level efficiency gains.
- Record production of 341 MBoe/d driven by strong operational execution and improved cycle times
- Permian synergies ahead of plan with ~$120 million captured to date, exceeding original target
- Continued capital efficiency gains with lower costs across Eagle Ford, Permian and Uinta
- Oil production growth to 140 MBo/d from 102 MBo/d year-over-year
- Operating expense reduced to $14.00/Boe from $17.38/Boe year-over-year
- Adjusted Recurring Cash G&A decreased to $1.04/Boe from $1.38/Boe year-over-year
“Crescent delivered another strong quarter. We outperformed on production, generated meaningful free cash flow and made significant progress integrating our Permian assets. Our strategy remains consistent, and we believe Crescent has never been better positioned to deliver impressive performance and long-term value in the months and years ahead.”
Crescent Energy CEO, on the earnings call
Forward Guidance & Outlook
Crescent's strategy remains consistent with disciplined, returns-driven growth through acquisition and consistent return of capital. The company believes it has never been better positioned to deliver long-term value. Permian synergies of ~$120 million captured to date exceed the original target, with continued capital efficiency gains expected across the Eagle Ford, Permian and Uinta basins. The company maintains approximately $2.0 billion of liquidity and continues to advance Crescent Royalties as a high-margin cash flow stream with embedded upside.
CRGY YoY Financials
CRGY Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.