Crescent Energy Company CRGY reported third-quarter 2026 adjusted earnings of 77 cents per share, beating the Zacks Consensus Estimate of 59 cents by 30.5%. Earnings climbed 113.9% year over year, supported by higher oil realizations and increased production.
The Houston, TX-based producer’s revenues of $1.35 billion rose 55.9% from $866.6 million a year earlier and topped the Zacks Consensus Estimate of $1.15 billion by 17.1%. Production averaged 328 thousand barrels of oil equivalent per day (MBoe/d), up from 253 MBoe/d.
Crescent Energy Company Price, Consensus and EPS Surprise
Crescent Energy Company Price, Consensus and EPS Surprise
Crescent Energy Company price-consensus-eps-surprise-chart | Crescent Energy Company Quote
CRGY’s Production Base Broadens
Oil production averaged 134 thousand barrels per day (MBbls/d), compared with 103 MBbls/d in the year-ago quarter. Natural gas output increased to 716 million cubic feet per day (MMcf/d) from 631 MMcf/d, while NGL production rose to 74 MBbls/d from 45 MBbls/d.
The volume gains primarily reflected the Vital Energy acquisition, partly offset by 2025 divestitures. Crescent drilled 29 gross operated wells and brought 37 online during the quarter. Development capital spending, excluding acquisitions, totaled $326 million.
Crescent’s Oil Sales Lead Revenue Growth
Oil revenues increased to $1.04 billion from $596.3 million a year ago, reflecting higher volumes and prices. Natural gas revenues rose to $154.6 million from $144.5 million, while NGL sales climbed to $140.3 million from $92.6 million.
Midstream and other revenues fell to $13.8 million from $33.2 million, largely due to divestitures. Before derivative settlements, realized oil prices rose to $84.52 per barrel from $63.07. Natural gas prices declined to $2.35 per Mcf from $2.49, while NGL prices slipped to $20.58 per barrel from $22.53.
CRGY’s Unit Costs Decline
Total operating expenses increased to $434.2 million from $386.9 million as production expanded. However, operating costs per barrel of oil equivalent fell to $14.41 from $16.65. Adjusted operating expenses, excluding production taxes, dropped to $11.35 per Boe from $12.83.
General and administrative expenses declined to $65.3 million from $74.3 million. Operating income reached $478.7 million, compared with $30.8 million a year earlier, as revenue growth substantially outpaced the rise in total expenses. A $405.8 million derivative loss contributed to a GAAP net loss of $0.6 million.
Crescent’s Permian Savings Accelerate
The Permian produced 117 MBoe/d, with oil accounting for 42% of volumes. Basin capital expenditures totaled $73 million, while Crescent drilled six gross wells and brought five online.
Crescent raised its annual Permian synergy target to more than $300 million, from $250-$300 million previously. Approximately $295 million has been captured, up from about $190 million at the second-quarter update. Savings stem from longer laterals, field efficiencies and commercial renegotiations, with expanded access to Gulf Coast gas markets offering additional upside.
CRGY’s Eagle Ford and Uinta Operations Advance
Eagle Ford production totaled 166 MBoe/d, with 37% oil content. Capital spending was $222 million, with 22 gross wells drilled and 25 brought online. Well costs in the basin have fallen more than 25% since 2023, aided by operating efficiencies.
Uinta production reached 29 MBoe/d, with an oil mix of 56%. The basin received $35 million in capital investment and brought seven gross wells online. Drilling, completion and facilities costs were about 20% lower year over year.
Crescent’s Royalties Business Adds Cash Flow
Minerals and royalties production averaged 11 MBoe/d, compared with 8 MBoe/d a year earlier. Average realized prices before derivatives increased to $52.03 per Boe from $29.71, while operating expenses rose to $3.35 per Boe from 41 cents.
The business generated $43.9 million in adjusted EBITDAX, up from $22.8 million a year ago. Management expects the announced Devon acquisition to increase the platform’s annualized EBITDA to approximately $250 million on a pro forma basis.
CRGY’s Cash Generation Supports the Balance Sheet
Adjusted EBITDAX climbed to $785.8 million from $486.5 million a year earlier. Levered free cash flow increased to $366.7 million from $204.5 million, while operating cash flow rose to $608.5 million from $473.1 million.
The Zacks Rank #2 (Buy) company ended September with approximately $2 billion of liquidity, $4.71 billion in net debt and consolidated net leverage of 1.5 times. The board declared a quarterly dividend of 12 cents per share, with $336 million remaining under the share-repurchase authorization.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Crescent’s Devon Deal Shapes Its Outlook
The pending acquisition of Devon Energy’s Eagle Ford assets carries an estimated net purchase price of $3.85 billion and is expected to close in the fourth quarter of 2026 or early 2027. The assets are expected to add approximately 68 MBoe/d and offer $140 million in annual synergies.
Management outlined a $1.8 billion pro forma capital framework and prioritizes debt reduction after dividends. Crescent targets consolidated leverage of about 1.5 times by year-end 2027 and 1.0 times by year-end 2028. Its expanded oil hedges aim to protect cash flows during deleveraging.
Important Earnings at a Glance
While we have discussed CRGY’s third-quarter results in detail, let us take a look at other key reports in this space.
Kinder Morgan, Inc. KMI reported third-quarter 2026 adjusted earnings of 35 cents per share, beating the Zacks Consensus Estimate of 33 cents by 6.1%. Earnings increased 20.7% from 29 cents in the year-ago quarter.
Revenues increased 9.3% year over year to $4.53 billion from $4.15 billion. Revenues surpassed the consensus estimate of $4.38 billion by 3.4%.
Strong quarterly results benefited from higher natural gas transportation and gathering volumes, alongside improved contributions from the Terminals and CO2 businesses.
As of Sept. 30, 2026, cash and cash equivalents totaled $918 million, compared with $63 million at 2025-end. Net debt stood at $32.23 billion.
Marathon Petroleum Corporation MPC reported third-quarter 2026 adjusted earnings of $26.93 per share, beating the Zacks Consensus Estimate of $25.74 by 4.62%. The bottom line surged 794.7% from the year-ago adjusted earnings of $3.01 per share, driven primarily by stronger refining margins and favorable market crack spreads.
The Findlay, OH-based refiner reported revenues of $56.49 billion, surpassing the consensus estimate of $33.56 billion by 68.3%. Revenues increased 57.6% year over year. Refining capacity utilization reached 100%, compared with 95% in the prior-year quarter.
The company had cash, cash equivalents and short-term investments of approximately $13.6 billion, including $1.3 billion held at MPLX.
NOV Inc. NOV reported third-quarter 2026 earnings of 25 cents per share, beating the Zacks Consensus Estimate of 24 cents by 4.17%. The bottom line increased 127.3% from the year-ago quarter’s 11 cents, supported by improved operational execution and cost efficiencies.
The oil and gas equipment and services company’s revenues of $2.23 billion surpa
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