Exhibit 99.1
Crescent Energy Company Announces Pricing of Public Offering of Class A Common Stock
September 6, 2023
HOUSTON —(BUSINESS WIRE)— Crescent Energy Company (“Crescent” or the “Company”) (NYSE: CRGY) today announced the pricing of an underwritten public offering of 11,000,000 shares of its Class A common stock, par value $0.0001 per share (“Class A common stock”), at a price to the public of $12.50 per share, pursuant to a registration statement on Form S-3 (the “Registration Statement”) filed previously with the U.S. Securities and Exchange Commission (the “SEC”).
The Company intends to use the net proceeds it receives from the offering to fund a portion of the purchase price for the recently announced acquisition of certain interests in oil and gas properties, rights and related assets located primarily in Dimmit and Webb Counties, Texas (the “Acquisition”), which is expected to close in September 2023, subject to customary closing conditions. The Acquisition is not contingent upon the completion of this offering, and this offering is not contingent upon the completion of the Acquisition. If the Acquisition is not completed, proceeds of this offering will be used for general corporate purposes.
The Company has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of Class A common stock at the public offering price, less the underwriting discounts and commissions.
Wells Fargo Securities, LLC, KKR Capital Markets LLC, Evercore Group L.L.C. and Raymond James & Associates, Inc. are serving as joint book-running managers for the offering. The offering is expected to close on September 11, 2023, subject to customary closing conditions.
The offering is being made only by means of a prospectus and a final prospectus supplement that meet the requirements under the Securities Act of 1933, as amended. A copy of the final prospectus supplement relating to the offering may be obtained from: Wells Fargo Securities, LLC, 500 West 33rd Street, New York, New York 10001 by calling toll free 1-800-326-5897 or by email at cmclinetsupport@wellsfargo.com, KKR Capital Markets LLC, 30 Hudson Yards, New York, New York 10001 or by telephone at (212) 750-8300, Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 34th Floor, New York, New York 10055, by telephone at 1-888-474-0200 or by email at ecm.prospectus@evercore.com or Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, by telephone at (800) 248-8863 or by email at prospectus@raymondjames.com or by accessing the SEC’s website at www.sec.gov.
The Registration Statement was previously declared effective by the SEC on January 19, 2023. The Registration Statement may be obtained free of charge at the SEC’s website at www.sec.gov under “Crescent Energy Company.” This press release shall not constitute an offer to sell or the solicitation of an offer to buy the shares of Class A common stock or any other securities, nor shall there be any sale of such shares of Class A common stock or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
