Crescent Energy (CRGY) 10-K 9 Mar 22 2021 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Feb. 28, 2022
Entity Information [Line Items]
Entity Central Index Key	0001866175
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-41132
Entity Registrant Name	Crescent Energy Company
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1133610
Entity Address, Address Line One	600 Travis Street
Entity Address, Address Line Two	Suite 7200
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77002
City Area Code	713
Local Phone Number	337-4600
Title of 12(b) Security	Class A Common Stock, par value $0.0001
Trading Symbol	CRGY
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float		$ 488.3
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		41,954,385
Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		127,536,463

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Houston, Texas
Auditor Firm ID	34

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 128,578	$ 36,861
Accounts receivable, net	321,855	111,821
Accounts receivable – affiliates	20,341	0
Derivative assets – current	0	30,926
Drilling advances	200	38,892
Prepaid and other current assets	8,644	1,948
Total current assets	479,618	220,448
Oil and natural gas properties at cost, successful efforts method
Proved	6,043,602	4,910,059
Unproved	308,721	288,459
Oil and natural gas properties at cost, successful efforts method	6,352,323	5,198,518
Field and other property and equipment, at cost	144,318	138,371
Total property, plant and equipment	6,496,641	5,336,889
Less: accumulated depreciation, depletion, amortization and impairment	(1,941,528)	(1,694,742)
Property, plant and equipment, net	4,555,113	3,642,147
Goodwill	76,564	0
Derivative assets – noncurrent	579	22,352
Equity method investments	15,415	0
Other assets	30,173	22,422
TOTAL ASSETS	5,157,462	3,907,369
Current liabilities:
Accounts payable and accrued liabilities	337,881	80,688
Accounts payable – affiliates	8,675	9,019
Derivative liabilities – current	253,525	26,392
Financing lease obligations – current	1,606	0
Other current liabilities	14,438	4,572
Total current liabilities	616,125	120,671
Long-term debt	1,030,406	751,075
Derivative liabilities – noncurrent	133,471	23,958
Asset retirement obligations	258,102	106,403
Deferred tax liability	82,537	0
Financing lease obligations – noncurrent	3,512	0
Other liabilities	13,652	12,102
Total liabilities	2,137,805	1,014,209
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests	2,325,013	0
Equity:
Members’ equity – Class A units, no units and 1,220,421 units outstanding as of December 31, 2021 and 2020, respectively		2,716,892
Preferred stock, $0.0001 par value; 500,000,000 shares authorized and 1,000 Series I preferred shares issued and outstanding as of December 31, 2021; no shares issued and outstanding as of December 31, 2020	0
Treasury stock, at cost; 1,150,991 shares of Class A common stock as of December 31, 2021 and no shares of Class A Common Stock as of December 31, 2020	(18,448)
Additional paid-in capital	720,016
Accumulated deficit	(19,376)
Noncontrolling interests	12,435
Noncontrolling interests		176,268
Total equity	694,644
Total equity		2,893,160
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	5,157,462	$ 3,907,369
Class A
Equity:
Common stock	4
Class B
Equity:
Common stock	$ 13

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Members’ equity outstanding (in shares)	0	1,220,421
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	500,000,000	500,000,000
Preferred stock issued (in shares)	1,000	0
Preferred stock outstanding (in shares)	1,000	0
Class A
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	1,000,000,000	1,000,000,000
Common stock issued (in shares)	43,105,376	0
Common stock outstanding (in shares)	41,954,385	0
Treasury stock (in shares)	1,150,991	0
Class B
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	127,536,463	0
Common stock outstanding (in shares)	127,536,463	0

COMBINED AND CONSOLIDATED STATE

COMBINED AND CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues:
Total revenues	$ 1,476,977	$ 754,221	$ 1,087,240
Expenses:
Lease operating expense	243,501	202,180	255,106
Workover expense	10,842	6,385	9,789
Asset operating expense	45,940	39,023	40,364
Gathering, transportation and marketing	187,059	173,122	142,214
Production and other taxes	108,992	61,124	88,696
Depreciation, depletion and amortization	312,787	372,300	311,185
Impairment of oil and natural gas properties	0	247,215	0
Exploration expense	1,180	486	469
Midstream operating expense	13,389	9,472	9,968
General and administrative expense	78,342	16,542	2,357
Gain on sale of assets	(8,794)	0	(22)
Total expenses	993,238	1,127,849	860,126
Income (loss) from operations	483,739	(373,628)	227,114
Other income (expense):
Interest expense	(50,740)	(38,107)	(53,577)
Other income (expense)	120	341	402
Income from equity method investments	368	0	0
Gain (loss) on derivatives	(866,020)	195,284	(127,202)
Total other income (expense)	(916,272)	157,518	(180,377)
Income (loss) before taxes	(432,533)	(216,110)	46,737
Income tax benefit (expense)	306	(14)	(28)
Net income (loss)	(432,227)	(216,124)	46,709
Less: net (income) loss attributable to Predecessor	339,168	118,649	(45,839)
Less: net (income) loss attributable to noncontrolling interests	14,922	97,475	(870)
Less: net loss attributable to redeemable noncontrolling interests	58,761	0	0
Net loss attributable to Crescent Energy	$ (19,376)	0	0
Class A common stock
Net Loss per Share:
Basic (in USD per share)	$ (0.46)
Diluted (in USD per share)	$ (0.46)
Weighted Average Shares Outstanding:
Basic (in shares)	41,954,385
Diluted (in shares)	41,954,385
Class B common stock
Net Loss per Share:
Basic (in USD per share)	$ 0
Diluted (in USD per share)	$ 0
Weighted Average Shares Outstanding:
Basic (in shares)	127,536,463
Diluted (in shares)	127,536,463
Oil
Revenues:
Total revenues	$ 883,087	491,780	785,750
Natural gas
Revenues:
Total revenues	354,298	149,317	173,386
Natural gas liquids
Revenues:
Total revenues	185,530	69,902	86,473
Midstream and other
Revenues:
Total revenues	$ 54,062	$ 43,222	$ 41,631

COMBINED AND CONSOLIDATED STA_2

COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Members' Equity	Common StockClass A	Common StockClass B	Series I Preferred Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interest
Members' equity at beginning of period (in shares) at Dec. 31, 2018		0
Members' equity at beginning of period at Dec. 31, 2018	$ 2,807,844	$ 1,960,730							$ 847,114
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	46,709	45,839							870
Contributions	250								250
Distributions	(142,737)	$ (124,836)							(17,901)
Noncontrolling Interest Carve-out	0
Members' equity at end of period (in shares) at Dec. 31, 2019		0
Members' equity at end of period at Dec. 31, 2019	2,712,066	$ 1,881,733							830,333
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(216,124)	(118,649)							(97,475)
Contributions	4,704	4,704
Distributions	(62,567)	$ (61,421)							(1,146)
Issuance of Class A Units in exchange for the Contributed Entities (in shares)		620,000
Reclassification of noncontrolling interests	0	$ (101,926)							101,926
Issuance of Class A Units in exchange for the acquisition of Titan Energy (in shares)		380,000
Issuance of Class A Units in exchange for the acquisition of Titan Energy	455,081	$ 455,081
Noncontrolling Interest Carve-out	0
Exchange (in shares)		220,000
Exchange	$ 0	$ 657,370							(657,370)
Members' equity at end of period (in shares) at Dec. 31, 2020	1,220,421	1,220,000
Members' equity at end of period at Dec. 31, 2020	$ 2,893,160	$ 2,716,892							176,268
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributions	42,735	7,275							35,460
Distributions	(36,506)	$ (35,331)							(1,175)
Noncontrolling Interest Carve-out	(121,872)								(121,872)
Exchange (in shares)		10,000
Exchange	0	$ 62,051							(62,051)
Repurchase of noncontrolling interest	(2,462)								(2,462)
Merger Transactions (in shares)		(1,230,000)	43,105,000	127,536,000	1,000
Merger Transactions	(1,699,361)	$ (2,411,719)	$ 4	$ 13			$ 712,341
Equity-based compensation, net of withholding taxes (in shares)			(1,151,000)			1,151,000
Equity-based compensation, net of withholding taxes	8,728					$ (18,448)	23,987		3,189
Cancellation of OpCo Units associated with repurchase of treasury stock	(16,091)						(16,091)
Change in deferred taxes attributable to change in OpCo ownership	$ (221)						(221)
Members' equity at end of period (in shares) at Dec. 31, 2021	0
Balance at end of period (in shares) at Dec. 31, 2021			41,954,000	127,536,000	1,000	1,151,000
Balance at end of period at Dec. 31, 2021	$ 694,644		$ 4	$ 13	$ 0	$ (18,448)	$ 720,016	$ (19,376)	$ 12,435

COMBINED AND CONSOLIDATED STA_3

COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (432,227)	$ (216,124)	$ 46,709
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	312,787	372,300	311,185
Impairment of oil and natural gas properties	0	247,215	0
Deferred income taxes (benefit)	(935)	0	0
Gain on sale of oil and natural gas properties	(8,794)	0	(22)
(Gain) loss on derivatives	866,020	(195,284)	127,202
Net cash (paid) received on settlement of derivatives	(535,269)	186,495	(22,743)
Non-cash equity-based compensation expense	39,919	(797)	(2,721)
Amortization of debt issuance costs and discount	7,647	4,941	4,730
Write-off of debt issuance costs	2,541	0	0
Write-off of other long-term assets and other	(928)	(29)	3,909
Changes in operating assets and liabilities:
Accounts receivable	(71,301)	14,652	24,104
Accounts receivable – affiliates	(20,333)	0	0
Prepaid and other current assets	39,986	17,886	(1,088)
Accounts payable and accrued liabilities	31,110	(15,138)	(5,514)
Accounts payable – affiliates	(358)	657	27
Other	3,282	(5,746)	(263)
Net cash provided by operating activities	233,147	411,028	485,515
Cash flows from investing activities:
Development of oil and natural gas properties	(155,607)	(126,164)	(338,646)
Acquisitions of oil and natural gas properties, net of cash acquired	(115,076)	0	0
Proceeds from the sale of oil and natural gas properties	25,723	9,362	15,798
Purchases of restricted investment securities – HTM	(8,537)	(9,071)	(5,412)
Maturities of restricted investment securities – HTM	11,703	9,052	5,414
Due from related party and other	(2,801)	(8,119)	(5,312)
Net cash used in investing activities	(244,595)	(124,940)	(328,158)
Cash flows from financing activities:
Proceeds from issuance of the Senior Notes, net of discount	490,625	0	0
Payment of debt issuance costs	(14,611)	(3,333)	(1,619)
Repayments of debt acquired in Merger Transactions	(140,000)	0	0
Member contributions	110	5,186	0
Noncontrolling interest contributions	35,460	0	250
Repurchase of noncontrolling interest	(2,462)	0	0
Member distributions	(35,331)	(61,422)	(124,837)
Noncontrolling interest distributions	(1,695)	(1,145)	(17,901)
Cash paid for treasury stock acquired for equity-based compensation tax withholding	(18,448)	0	0
Due to related party and other	(428)	9,650	2,515
Net cash provided by (used in) financing activities	105,145	(272,089)	(153,192)
Net change in cash, cash equivalents and restricted cash	93,697	13,999	4,165
Cash, cash equivalents and restricted cash, beginning of period	41,420	27,421	23,256
Cash, cash equivalents, and restricted cash, end of period	135,117	41,420	27,421
Prior Credit Agreement
Cash flows from financing activities:
Borrowings	53,900	275,850	553,300
Repayments	(804,975)	(496,875)	(564,900)
New Credit Agreement
Cash flows from financing activities:
Borrowings	702,000	0	0
Repayments	$ (159,000)	$ 0	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization We are a well-capitalized U.S. independent energy company with a portfolio of assets in key proven basins across the lower 48 states with substantial cash flow supported by a predictable base of production. We seek to generate attractive risk-adjusted investment returns and predictable cash flows across cycles by employing our differentiated approach to investing in the oil and natural gas industry. Our approach includes a cash flow-based investment mandate with a focus on operated working interests and is complemented by non-operated working interests, mineral and royalty interests and midstream infrastructure, as well as an active risk management strategy. We pursue our strategy through the production, development and acquisition of crude oil, natural gas and natural gas liquids ("NGLs") reserves. We maintain a diverse portfolio of assets in key proven basins across the United States, including the Eagle Ford, Rockies, Barnett, Permian and Mid-Con. We have evaluated how we are organized and managed and have identified only one reportable segment, which is the exploration and production of crude oil, natural gas and NGLs. We consider our gathering, processing and marketing functions as ancillary to our oil and gas producing activities. All of our operations and assets are located in the United States, and our revenues are attributable to United States customers. Merger Transactions On December 7, 2021, we completed the Merger Transactions, pursuant to which Contango’s business combined with Independence's business under a new publicly traded holding company named "Crescent Energy Company." Our Class A Common Stock is listed on The New York Stock Exchange under the symbol “CRGY.” The new combined company is structured as an “Up-C,” with all of our assets and operations and those of Contango held by Crescent, which is the sole managing member of Crescent Energy OpCo LLC ("OpCo"). Crescent is a holding company, the sole material asset of which consists of units of OpCo ("OpCo Units"). Crescent is the sole managing member of OpCo and is responsible for all operational, management and administrative decisions related to OpCo’s business. Because the unit holders of OpCo lack the characteristics of a controlling financial interest, OpCo was determined to be a variable interest entity. Crescent is considered the primary beneficiary of OpCo as it has both the power to direct OpCo and the right to receive benefits from OpCo. As a result, Crescent consolidates the financial results of OpCo and its subsidiaries. The assets and liabilities of OpCo represent substantially all of our consolidated assets and liabilities with the exception of certain current and deferred taxes and certain liabilities under the Management Agreement, as defined within NOTE 14 - Related Party Transactions . Certain restrictions and covenants related to the transfer of assets from OpCo are discussed further in NOTE 8 - Debt . Former Contango shareholders now own shares of Crescent Class A Common Stock, which have both voting and economic rights with respect to Crescent. The former owners of our predecessor, Independence Energy LLC, now own economic, non-voting OpCo Units and corresponding shares of Crescent Class B Common Stock, which have voting (but no economic) rights with respect to Crescent. As a result of the Merger Transactions, (a) former owners of Independence own approximately 75% of OpCo, 100% of the total outstanding Crescent Class B Common Stock and approximately 75% of the total outstanding Crescent Energy Class A Common Stock and Crescent Class B Common Stock taken together, (b) former stockholders of Contango own Crescent Class A Common Stock representing approximately 25% of the outstanding Crescent Class A Common Stock and Crescent Class B Common Stock, taken together and (c) Crescent owns approximately 25% of the OpCo Units. Additionally, Independence Energy Aggregator LP, an affiliate of certain former owners of Independence, is the sole holder of Crescent's non-economic Series I preferred stock, $0.0001 par value per share, which entitles the holder thereof to appoint the Board of Directors of Crescent and to certain other approval rights. Basis of Presentation Our combined and consolidated financial statements (the “financial statements”) include the accounts of the Company and its subsidiaries after the elimination of intercompany transactions and balances and are presented in accordance with U.S. general accepted accounting principles (“GAAP”). We have no elements of other comprehensive income for the periods presented. In August 2020, through a series of transactions, we underwent a reorganization (the “Independence Reorganization”) in connection with the Titan Acquisition (as defined in NOTE 3 – Acquisitions and Divestitures ), carried out under the direction of our Managing Member (as defined in our Amended and Restated Limited Liability Company Agreement, dated August 18, 2020), whereby certain entities (the “Contributed Entities”) previously owned and under the common control of affiliates of Kohlberg Kravis Roberts & Co. L.P. ("KKR Group") were contributed to us. The financial statements include the accounts of the Contributed Entities from the date of the Independence Reorganization, which is the date the Company obtained a controlling financial interest in the Contributed Entities on a consolidated basis. As required by GAAP, the contributions of the Contributed Entities in connection with the Independence Reorganization were accounted for as a reorganization of entities under common control, in a manner similar to a pooling of interests, with all assets and liabilities transferred to us at their carrying amounts. The Isla Merger, whereby Independence merged with and into OpCo on December 7, 2021 in connection with the Merger Transactions, was also accounted for as a reorganization of entities under common control. Because the Independence Reorganization and the Isla Merger resulted in changes in the reporting entity, and in order to furnish comparative financial information prior to the Independence Reorganization and the Isla Merger, our financial statements have been retrospectively recast to reflect the historical accounts of the Contributed Entities and Independence, our accounting predecessor (the "Predecessor"), on a combined basis. Crescent is a holding company that conducts substantially all of its business through its consolidated subsidiaries, including OpCo, which is owned approximately 25% by Crescent and approximately 75% by holders of our redeemable noncontrolling interests representing former owners of Independence, and Crescent Energy Finance LLC, OpCo's wholly owned subsidiary. Crescent and OpCo have no operations, or material cash flows, assets or liabilities other than their investment in Crescent Energy Finance LLC. The financial statements include undivided interests in oil and natural gas properties. We account for our share of oil and natural gas properties by reporting our proportionate share of assets, liabilities, revenues, costs, and cash flows within the accompanying consolidated balance sheets, combined and consolidated statements of operations, and combined and consolidated statements of cash flows.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We use historical experience and various other assumptions and information that are believed to be reasonable under the circumstances in developing our estimates and judgments. Estimates and assumptions about future events and their effects cannot be predicted with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. While we believe that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results may differ from these estimates. Our significant estimates include the fair value of acquired assets and liabilities, oil and natural gas reserves, impairment of proved and unproved oil and natural gas properties and valuation of derivative instruments. Cash and Cash Equivalents Cash and cash equivalents consist of cash deposited in commercial bank accounts and highly liquid investments purchased with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are maintained with major financial institutions in the U.S. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, the financial stability of the financial institutions is regularly monitored, and we believe that we do not have exposure to any significant default risk. Restricted Cash Restricted cash consists of funds earmarked for a special purpose and therefore not available for immediate and general use. The majority of our restricted cash is comprised of cash that is contractually required to be restricted to pay for the future abandonment of certain wells in California. Restricted cash is included in other current assets and other assets on our balance sheets. The following table provides a reconciliation of cash and restricted cash presented on our balance sheets to amounts shown in the statements of cash flows: As of December 31, 2021 2020 2019 (in thousands) Cash and cash equivalents $ 128,578 $ 36,861 $ 19,894 Restricted cash – current — — 3,932 Restricted cash – noncurrent 6,539 4,559 3,595 Total cash, cash equivalents and restricted cash $ 135,117 $ 41,420 $ 27,421 Accounts Receivable We routinely assess the recoverability of our accounts receivable, which primarily comprise amounts due from (i) purchasers of our oil, natural gas and NGL production and (ii) joint interest owners on properties that we operate. We monitor our exposure to credit risk primarily by reviewing credit ratings, financial statements and payment history. We extend credit terms based on our evaluation of each counterparty’s creditworthiness. Generally, our oil and natural gas receivables are collected within 45 to 60 days of production. Our joint interest billings are collected within the month after they are billed, and we have the ability to withhold future revenue distributions to recover any nonpayment of our joint interest billings. As a result of adopting ASU 2016-13, Measurement of Credit Losses on Financial Instruments , we establish allowances for credit losses equal to the estimable portions of accounts receivable for which failure to collect is expected to occur primarily based on a historical loss rate analysis. We estimate uncollectible amounts based on the length of time that the accounts receivables have been outstanding, historical collection experience and current and future economic and market conditions. We consider forecasts of future economic conditions in the estimate of our expected credit losses, in particular whether there is an increase in the probability that our counterparties will be unable to pay their obligations when due, and adjust our allowance for expected credit losses, when necessary. Our allowances for expected credit losses and bad debt were immaterial as of December 31, 2021 and 2020. We did not incur credit loss expense or bad debt expense related to our accounts receivable during the years ended December 31, 2021, 2020, and 2019. We do not have any off-balance sheet credit exposure related to our customers. Restricted Investment Securities We hold U.S. Treasury securities, which are contractually required to be set aside to pay for the future abandonment of certain wells in California. Due to this restriction, we report these investment securities as noncurrent and include them within other assets on our consolidated balance sheets. We classify our investment in these debt securities at the acquisition date and re-evaluate the classification at each balance sheet date. We classify debt securities purchased with the positive intent and ability to hold until their maturity date as held-to-maturity investments (“HTM”) and carry these investments at amortized cost. Premiums and discounts on purchases are amortized over the remaining time to maturity of the security and the amortization is recorded as an adjustment to interest income. At December 31, 2021 and 2020, we had restricted investment securities – HTM with a carrying value of $5.3 million and $8.5 million, respectively. Oil and Natural Gas Properties Oil and natural gas producing activities are accounted for under the successful efforts method of accounting. Under this method, exploration costs, other than the costs of drilling exploratory wells, are charged to expense as incurred. Costs that are associated with the drilling of successful exploration wells are capitalized if proved reserves are found. Capitalized costs attributed to the properties are charged as an operating expense through depreciation, depletion and amortization (“DD&A”). Dry hole costs associated with developing proved fields are capitalized. Costs associated with the drilling of exploratory wells that do not find proved reserves, geological and geophysical costs and costs of certain nonproducing leasehold costs are expensed once evaluated and determined to be a dry hole. We incurred exploration expense of $1.2 million, $0.5 million, and $0.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. Delay and surface rentals are charged to expense as incurred. The costs to acquire mineral interests in oil and natural gas properties and lease acquisition costs are capitalized when incurred. If proved reserves are found on an undeveloped property, leasehold costs are transferred to proved properties. The capitalized costs of producing oil and natural gas properties are depleted on a field-by-field basis using the units-of-production method based on the ratio of current production to estimated total net proved oil, natural gas and NGL reserves. Proved developed reserves are used in computing depletion rates for drilling and development costs and total proved reserves are used for depletion rates of leasehold costs. Upon the sale of a complete or partial unit of a proved property or pipeline and related facilities, the cost and related accumulated DD&A are removed from the property accounts and any gain or loss is recognized. Estimated dismantlement and abandonment costs for oil and natural gas properties are capitalized at their estimated net present value and amortized on a unit-of-production basis over the remaining life of the related proved developed reserves. See discussion of Asset Retirement Obligations below for additional discussion. During the years ended December 31, 2021, 2020 and 2019, we recognized depletion expense of $300.0 million, $364.7 million and $300.9 million, respectively. Other Property, Plant and Equipment We have other property, plant, and equipment that consists principally of gathering and processing facilities, vehicles, computer hardware and software, office furniture and equipment, buildings and leasehold improvements. Other property, plant, and equipment is recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the respective assets which range from three Impairment Proved and unproved oil and natural gas properties are reviewed for impairment when events and circumstances indicate a possible decline in the recoverability of the carrying amount of such property. When a triggering event is identified, we compare the carrying amount of our oil and natural gas properties to the estimated undiscounted cash flows our oil and natural gas properties will generate to determine if the carrying amount is recoverable. We perform this analysis on a field-by-field basis. If the carrying amount exceeds the estimated undiscounted cash flows, we will write-down the carrying amount of the oil and natural gas properties to fair value. The factors used to determine fair value include, but are not limited to, estimates of reserves, future commodity prices, future production estimates, and discount rates commensurate with the risk associated with realizing the projected cash flows. In March 2020, crude oil demand experienced significant declines due to the coronavirus disease 2019 (COVID-19) global pandemic and resulting governmental led shut-downs in economic activity. During the second quarter of 2020, as it became apparent that the pandemic would continue indefinitely with sustained significant decline in crude oil prices, we assessed our oil and natural gas properties for impairment and incurred impairment expense of $247.2 million during the year ended December 31, 2020. We did not incur any impairment expense during the years ended December 31, 2021 and 2019. Drilling Advances We pay advances for certain D&C costs on our non-operated properties, as required by our joint operating agreements. At December 31, 2021 and 2020, we had $0.2 million and $38.9 million, respectively, of outstanding advances on our consolidated balance sheets. Equity Method Investments If an entity is organized as a limited partnership or limited liability company and maintains separate ownership accounts, we generally account for our investment using the equity method if our ownership interest is between 3% and 50%, unless our interest is so minor that we have virtually no influence over the investee’s operating and financial policies. For all other types of investments, we generally apply the equity method of accounting if our ownership interest is between 20% and 50% and we exercise significant influence over the investee’s operating and financial policies. We eliminate our proportionate share of profits and losses from transactions with equity affiliates to the extent such amounts remain on our consolidated balance sheets (or those of our equity affiliates). Under the equity method, our proportionate share of each investees' net income increases the balance of our investment, while a net loss or receipt of dividends decreases the balance of our investment. Our proportionate share of net income from our equity affiliates are reported as a single line item within income (loss) from equity method investments in our combined and consolidated statements of operations. Subsequent to the Merger Transactions, we have significant influence, but not control, over Exaro Energy III, LLC ("Exaro") and Lost Creek Gathering LLC ("Lost Creek"). We have a 37% ownership interest in Exaro and a 65% ownership interest in Lost Creek, but we do not control this entity as our partner has substantive participating rights. As a result, our investments in Exaro of $4.7 million and Lost Creek of $10.7 million are accounted for using the equity method within investments in equity affiliates in our consolidated balance sheet as of December 31, 2021. Other Long-Term Assets We acquired certain long-term joint interest receivables that are settled through the underlying oil and natural gas interests of certain joint interest owners. The outstanding balance of these long-term receivables was $1.2 million and $1.3 million as of December 31, 2021 and 2020. We recognized write-offs of acquired long-term joint interest receivables totaling $3.8 million within operating expense in the combined and consolidated statement of operations for the year ended December 31, 2019. Redeemable Noncontrolling Interests In connection with the Merger Transactions, 127.5 million OpCo Units were issued to the former owners of Independence. The former owners of Independence also own all outstanding shares of our Class B Common Stock. Pursuant to the OpCo LLC Agreement, holders of OpCo Units, other than the Company, may redeem all or a portion of their OpCo Units, together with a corresponding number of shares of Class B Common Stock, for either (a) shares of Class A Common Stock or (b) an approximately equivalent amount of cash as determined pursuant to the terms of the OpCo LLC Agreement, at the election of the Company. In connection with the exercise of such redemption, a corresponding number of shares of Class B Common Stock will be cancelled. The redemption election is not considered to be within the control of the Company because the holders of Class B Common Stock and their affiliates control the Company through direct representation on the Board of Directors. As a result, we present the noncontrolling interests in OpCo as redeemable noncontrolling interests outside of permanent equity. Redeemable noncontrolling interest is recorded at the greater of the carrying value or redemption amount with a corresponding adjustment to additional paid-in capital. From the date of the Merger Transactions through December 31, 2021, we recorded adjustments to the value of our redeemable noncontrolling interests as shown below: Redeemable Noncontrolling Interest (in thousands) Balance as of December 7, 2021 $ 2,353,977 Net loss attributable to redeemable noncontrolling interests (58,761) Accrued OpCo distribution (2,706) Equity-based compensation, net of withholding taxes 16,412 Cancellation of OpCo Units associated with repurchase of treasury stock 16,091 Balance as of December 31, 2021 $ 2,325,013 Stockholders' Equity Class A and Class B Common Stock As of December 31, 2021, we had 41,954,385 and 127,536,463 shares of Class A Common Stock and Class B Common Stock outstanding, respectively. Our Class A Common Stock is publicly traded, while our Class B Common Stock is 100% owned by the former owners of Independence. As a result of the Merger Transactions, (a) former owners of Independence own 100% of the total outstanding Class B Common Stock and approximately 75% of the total outstanding Class A Common Stock and Class B Common Stock taken together, and (b) former stockholders of Contango own Class A Common Stock that represents approximately 25% of the outstanding Class A Common Stock and Class B Common Stock, taken together. Treasury stock Treasury stock shares represent shares we withheld associated with the payroll tax withholding obligations due from employees upon the vesting of stock awards. We include the shares withheld as treasury stock on our consolidated balance sheets and separately pay the payroll tax obligation. These retained shares are not part of a publicly announced program to repurchase shares of our Class A Common Stock and are accounted for at cost. We do not have a publicly announced program to repurchase shares of our Class A Common Stock. Predecessor members' equity Prior to the Merger Transactions, Independence had two classes of equity in the form of Class A Units and Class B Units. Both Class A Units and Class B Units were considered common units, and distributions were made pro rata in accordance with each unit’s respective ownership percentage. At the time of the Merger Transactions, only Class A Units were issued and outstanding. As a result of the Merger Transactions, all Class A Units were exchanged for our Class B Common Stock and no Class A Units or Class B Units remain issued or outstanding. Noncontrolling interest We record noncontrolling interest associated with third party ownership interests in our subsidiaries. Income or loss associated with these interests is classified as net income (loss) attributable to noncontrolling interest on our combined and consolidated statements of operations. In April 2021, certain minority investors exchanged 100% of their interests in our Barnett Basin natural gas assets for 9,508 of our Predecessor's Class A Units ("April 2021 Exchange"). Since we already consolidate the results of these assets, this transaction was accounted for as an equity transaction and reflected as a reclassification from noncontrolling interests to members’ equity with no gain or loss recognized on exchange. In December 2020, certain other minority owners of our consolidated subsidiaries elected to exchange 100% of their interests in those individual consolidated subsidiaries for 220,421 of our Predecessor's Class A Units (“December 2020 Exchange”). Since we already consolidate the results of these subsidiaries, this transaction was accounted for as a reclassification of $657.4 million from noncontrolling interest to members’ equity with no gain or loss recognized on the exchange. In August 2020, in connection with the Independence Reorganization, certain interests in our consolidated subsidiaries owned by a third-party investor were not contributed to the Predecessor. These interests were reclassified from members’ equity to noncontrolling interest as of the date of the Independence Reorganization and all income and loss attributable to these interests is recorded as net income (loss) attributable to noncontrolling interests from the date of the Independence Reorganization. In May 2021, these noncontrolling equity interests were redeemed in exchange for the third-party investor’s proportionate share of the underlying oil and natural gas interests held by its consolidated subsidiaries ("Noncontrolling Interest Carve-out"). Additionally, the third-party investor contributed cash of approximately $35.5 million to repay its proportionate share of the underlying debt outstanding under our Prior Credit Agreements and other liabilities. The percentage ownership of these certain consolidated subsidiaries owned by the third-party investor ranges from 2.21% to 7.38%. The following table discloses the effects on equity of changes in our ownership interest in our subsidiaries related to transactions with holders of noncontrolling interests: Year Ended December 31, 2021 2020 2019 (in thousands) Net income (loss) attributable to Crescent Energy and its Predecessor $ (358,544) $ (118,649) $ 45,839 Transfers (to) from noncontrolling interest Decrease in Predecessor members’ equity related to the Independence Reorganization — (101,926) — Increase in Predecessor members’ equity related to the December 2020 Exchange — 657,370 — Increase in Predecessor members’ equity related to the April 2021 Exchange 62,051 — — Net transfers (to) from noncontrolling interest 62,051 555,444 — Changes from net income (loss) attributable to Crescent Energy and its Predecessor and transfers (to) from noncontrolling interest $ (296,493) $ 436,795 $ 45,839 Debt Issuance Costs We capitalize costs incurred in connection with obtaining financing associated with our revolving credit facilities and amortize such costs as additional interest expense over the life of the underlying indebtedness. These costs include fees paid to financial institutions and legal fees and are included in other assets in our consolidated balance sheets. Revenue Recognition Oil, Gas and NGL Revenues We hold operated and non-operated working interests and mineral and royalty interests in producing assets that function as follows: Operated working interests : We are responsible for the day-to-day management and operation of the field as well as negotiations required for post-production transportation, gathering, processing and marketing; we remit proceeds from sales of resulting hydrocarbons to third parties back to non-operators less costs as agreed in the applicable joint operating agreement. Non-operated working interests : An operator of these assets is responsible for the day-to-day management and operation of the field as well as negotiations required for post-production transportation, gathering, processing, and marketing; the operator then remits proceeds from sales of resulting hydrocarbons to third parties back to non-operators less costs as agreed in the applicable joint operating agreement. Mineral and royalty interests : Ownership of a percentage of production or production revenues produced from leased acreage. The owner of this share of production does not bear any of the cost of exploration, drilling, producing, operating or any other expense associated with drilling and producing an oil and gas well. Mineral and royalty interests may be burdened by some or all of the post-production costs related to gathering, processing and marketing. We sell oil production at the lease and collect an agreed-upon index price, net of pricing differentials. Under our natural gas contracts, we deliver natural gas to a midstream processor at a contractually specified delivery point. The midstream processor gathers and processes the natural gas and then markets and remits proceeds to us for the resulting sale of the residue gas and NGLs. Our non-operated production is marketed by operators, after which the operators remit net proceeds from the sale of our share of production to us. Proceeds reflect post-production expenses such as gathering, processing and other expenses incurred in marketing of that production. Performance Obligations Under product sales contracts, each unit of product generally represents a separate performance obligation. We record revenue for our product sales contracts at the point-in-time control of a commodity is transferred to the customer. However, settlement statements from non-operated working interests may not be received for 30 to 60 days after the date production is delivered, and as a result, we are required to estimate the amount of production delivered to the customer and the net commodity price that will be received for the sale of these commodity products. At the end of the reporting period, we did not have any unsatisfied performance obligations. Our contracts with customers typically include variable consideration based on monthly pricing tied to local indices and volumes delivered in the current month. The nature of our contracts with customers does not require us to constrain variable consideration for accounting purposes. Revenue is recognized to the extent it is determined that it is probable that a significant reversal will not occur. We record the differences between our revenue estimates and the actual amounts received in the month that payment is received from the operator. Incentive Compensation Arrangements Incentive compensation includes share-based payment awards and incentive cash bonus plans that are issued to employees and non-employees in exchange for services provided to us. Equity-classified share-based payment awards are recognized at fair value on the grant date, and amortized over the life of the award. Liability-classified share-based payment awards are remeasured at fair value until settlement. For awards with service-based vesting conditions only, we recognize compensation cost using straight-line attribution. For awards that contain market or performance conditions we use accelerated attribution. Our policy is to recognize forfeitures as they occur. Certain of our consolidated subsidiaries have also issued incentive awards that are accounted for similar to cash bonus plans, whereby compensation cost is measured based on the present value of probable expected benefits to be paid and recognized over the period services are provided. Incentive awards similar to cash bonus plans may also have market-based or time-based vesting conditions and are included in accounts payable and accrued liabilities on our consolidated balance sheets. Incentive compensation cost is presented as general and administrative expense on our combined and consolidated statements of operations. See NOTE 13 – Incentive Compensation Arrangements for additional discussion. Defined Contribution Plan In conjunction with the Merger Transactions we will begin offering our employees a defined contribution 401(k) Plan (the “401(k) Plan”) for the benefit of substantially all of our employees. The 401(k) Plan allows eligible employees to make tax-deferred contributions, not to exceed annual limits established by the Internal Revenue Service. The Company matches contributions of 100% of employee contributions, up to 5% of compensation with immediate vesting for existing employees. The Company did not make any contributions to the 401(k) Plan for the years ended December 31, 2021, 2020 and 2019 since the plan's inception began in January 2022 in conjunction with the start of the benefit plan year; however, the Company expects to make contributions to the plan in 2022. Business Combinations We recognize the identifiable assets acquired and liabilities assumed at the estimated acquisition date fair values. Fair value is the price that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the assumptions of market participants and not those of the reporting entity. Therefore, entity-specific intentions do not impact the measurement of fair value. These fair values are accounted for at the date of acquisition and included in our consolidated balance sheets as of December 31, 2021 and 2020. The results of operations of an acquired business are included in our combined and consolidated statements of operations from the date of the acquisition. Credit and Concentration Risk We sell a significant amount of our oil, natural gas and NGL production to a limited number of purchasers. This concentration has the potential to impact our overall exposure to credit risk, either positively or negatively, in that our purchasers may be similarly affected by changes in economic, industry or other conditions. If these counterparties were to fail to pay amounts due to us, our financial position and results of operations could be materially affected. The below purchasers represented greater than 10% of our revenues during the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 SN EF Maverick, LLC * 15.5 % 20.0 % Eighty Eight Oil * 11.7 % * Shell Trading US Company 18.3 % 10.4 % * Cokinos Energy Corporation * * 18.1 % BP Products North America * * 13.1 % * Purchaser did not account for greater than 10% of revenue for the year We believe that the loss of any of our purchasers would not result in a material adverse effect on our ability to market future oil and natural gas production. Risks and Uncertainties Our future financial condition, results of operations and cash flows are dependent on the demand and prices received for oil, natural gas and NGL production. These prices historically have been volatile, and we expect such volatility to continue in the future, as they are subject to wide fluctuation in response to relatively minor changes in the supply of and demand for oil, natural gas and NGL, market uncertainty and a variety of additional factors beyond our control. These factors include weather conditions, government regulations and taxes, the price and availability of alternative fuels and overall economic conditions. A decline in oil, natural gas or NGL prices may adversely affect our financial position, cash flows and results of operations. Lower oil, natural gas or NGL prices also may reduce the amount of oil, natural gas and NGL that can be produced economically. Our revenues are derived principally from uncollateralized sales to numerous companies in the oil and natural gas industry; therefore, our customers may be similarly affected by changes in economic and other conditions within the industry. Risk Management We periodically enter into derivative contracts to manage our exposure to commodity price and interest rate changes. These derivative contracts may take the form of forward contracts, futures contracts, swaps, swaptions, collars or other options. We do not use derivative contracts for speculative purposes and have not designated any derivative instruments as hedging instruments for accounting purposes. As such, unrealized gains and losses from changes in the valuation of our unsettled derivative contracts, as well as realized gains and losses on the settlement of derivative contracts, are reported in gain (loss) on derivatives in our combined and consolidated statements of operations. Such derivative instruments are initially recorded at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value at each reporting date. Derivatives are carried as assets when the fair value is positive or as liabilities when the fair value is negative and are classified as current and long term based on the delivery periods of the financial instruments. If the right of offset exists and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on our consolidated balance sheets. See NOTE 6 – Fair Value Measurements for additional discussion . Contingencies Certain conditions may exist as of the date our financial statements are issued, which may result in a loss to us but which will only be resolved when one or more future events occur or fail to occur. In the preparation of our financial statements, management assesses the need for accounting recognition or disclosure of these contingencies, if any, and such assessment inherently involves an exercise in judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, our management and legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. When applicable, we will accrue an undiscounted liability for contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum amount within the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when it is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material, we disclose the nature of the contingency and, if feasible, an estimate of the possible loss or range of loss. Loss contingencies considered remote are generally not disclosed. See NOTE 12 – Commitments and Contingencies . Income Taxes Crescent is a holding company of which our sole material assets are OpCo Units. OpCo is a partnership and is generally not subject to U.S. federal and certain state taxes. Crescent is subject to U.S. federal and certain state taxes on our allocable share of any taxable income of OpCo. Taxable income or loss generated by OpCo is generally allocated and passed through to Crescent at our proportionate share of OpCo unit ownership, except for activity related to items contributed by Contango with a pre-contribution gain which are allocated solely to Crescent. The amount of income taxes we record requires interpretations of complex rules and regulations of various tax jurisdictions throughout the United States. We recognize deferred tax assets and liabilities for temporary differences, operating losses and tax credit carryforwards. Temporary differences arise when there are differences between the financial statement carrying amount and the tax basis of existing assets and liabilities as these differences create taxable or tax-deductible amounts for future periods. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation al

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures During the three years ended December 31, 2021, we completed the following acquisitions and divestitures: Contango Merger In December 2021, we acquired all of Contango's outstanding common stock through the issuance of 39,834,461 shares of Crescent Class A Common Stock and settled Contango's equity-based compensation plans through the issuance of 3,270,915 shares of Crescent Class A Common Stock, of which 1,150,991 shares of treasury stock were repurchased to meet employee payroll tax withholding obligations. Contango's properties are primarily located in Oklahoma, Texas, Wyoming and Louisiana. We accounted for the Contango Merger as a business combination using the acquisition method under GAAP. The fair value of consideration transferred totaled $654.6 million based on the closing share price of Contango's common stock on the date of the Merger Transactions as shares of Crescent Class A common stock were not yet publicly traded. The purchase price allocation for the acquisition is preliminary for assets acquired and liabilities assumed. We expect to complete a final valuation analysis during the second half of 2022. As a result of the acquisition, we recognized $76.6 million of goodwill that is primarily attributable to deferred tax liabilities associated with the transaction and expected synergies from our combined operations. This goodwill is not expected to be deductible for income tax reporting purposes. From the date of the Contango acquisition through December 31, 2021, revenues and net income associated with the operations acquired through the acquisition were $36.4 million and $5.6 million, respectively. We recognized transaction related expenses of $12.9 million for the year ended December 31, 2021. The following table summarizes our unaudited pro forma financial information for the years ended December 31, 2021 and 2020 as if the Contango acquisition occurred on January 1, 2020 (unaudited): Year Ended December 31, 2021 2020 (in thousands) Revenues $ 1,943,741 $ 970,921 Net loss $ (432,328) $ (507,837) The unaudited pro forma information is presented for illustration purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition been completed on January 1, 2020, nor is it necessarily indicative of future operating results of the combined entity. Central Basin Platform Acquisition In December 2021, we acquired from an unrelated third-party certain operated producing oil and natural gas properties predominately located in the Central Basin Platform in Texas and New Mexico, with additional properties in the southwestern Permian and Powder River Basins, for total cash consideration of $60.4 million, including customary purchase price adjustments. The purchase price was funded using cash on hand and borrowings under our Revolving Credit Facility (as defined in NOTE 8 – Debt ). We accounted for the Central Basin Platform Acquisition as an asset acquisition and recorded an additional $73.7 million of proved oil and natural gas properties, including an ARO asset of $12.6 million. DJ Basin Acquisition In March 2021, we acquired a portfolio of oil and natural gas mineral assets located in the DJ Basin from an unrelated third-party operator for total consideration of $60.8 million (the "DJ Basin Acquisition"). The DJ Basin Acquisition was funded using cash on hand and borrowings under our Prior Credit Agreements. We accounted for the DJ Basin Acquisition as an asset acquisition and the purchase price was allocated 35.6% to proved oil and natural gas properties and 64.4% to unproved oil and natural gas properties. In conjunction with the DJ Basin Acquisition, we issued equity-based compensation, a portion of which is classified within permanent equity as noncontrolling interest and the remainder of which is classified as other liabilities, to certain parties of the transaction. See NOTE 13 – Incentive Compensation Arrangements . Titan Acquisition In August 2020, through a series of transactions, we consummated the acquisition of all of the outstanding membership interests in Liberty Energy LLC (and the oil and natural gas assets owned thereby) pursuant to the Contribution Agreement, dated as of July 19, 2020, by and among Independence Energy LLC, Liberty Energy Holdings, LLC (“Liberty Holdco”) and the other parties thereto, in consideration for the issuance of certain membership interests in Independence Energy LLC to an entity substantially owned by Liberty Holdco. Subsequent to the acquisition, we changed the name of Liberty Energy, LLC to Titan. Titan owns certain working interests in non-operated producing and non-producing oil and natural gas properties in the Permian, Rockies, Eagle Ford and Arkoma Basins, which includes a 50% interest in the DJ Basin Erie Hub Gathering System. During the year ended December 31, 2020, we transferred $455.1 million of equity consideration in the form of 0.4 million Class A units of our Predecessor. During the year ended December 31, 2021, due to post-closing adjustments that increased the purchase price, we issued an additional $7.2 million in equity consideration in our Predecessor. We recognized transaction related expenses of $8.7 million for the year ended December 31, 2020. The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired and liabilities assumed for the Contango and Titan business combinations: Contango Titan (in thousands) Consideration transferred: Equity consideration $ 654,616 $ 461,983 Total $ 654,616 $ 461,983 Assets acquired and liabilities assumed: Cash and cash equivalents $ 14,202 $ 482 Accounts receivable, net 145,727 29,044 Derivative assets – current — 12,000 Prepaid and other current assets 8,275 49,079 Oil and natural gas properties - proved 1,002,165 375,014 Field and other property and equipment 6,955 30,232 Derivative assets – noncurrent — 114 Goodwill 76,564 — Investment in equity affiliates 15,047 — Other assets 3,514 — Accounts payable and accrued liabilities (186,689) (6,539) Derivative liabilities – current (44,002) (4,550) Long-term debt (140,000) — Deferred tax liability (83,250) — Derivative liabilities – noncurrent (14,592) (1,484) Asset retirement obligations (142,100) (21,409) Other liabilities (7,200) — Fair value of net assets acquired $ 654,616 $ 461,983 Claiborne Parish Divestiture Certain producing properties and oil and natural gas leases in Claiborne Parish, Louisiana were acquired in the Contango Merger and were classified as held for sale and included within “Oil and natural gas properties – proved” in our preliminary purchase price allocation. In December 2021, we entered into a purchase and sale agreement with an unaffiliated third-party that encompassed the sale of certain producing properties and oil and natural gas leases in Claiborne Parish, Louisiana in exchange for cash consideration, net of closing adjustments, of $4.3 million. We did not recognize a gain or loss for the year ended December 31, 2021 as a result of the transaction. Arkoma Basin Divestiture In May 2021, we executed a purchase and sale agreement with an unaffiliated third-party that encompassed the sale of certain producing properties and oil and natural gas leases in the Arkoma Basin in exchange for cash consideration, net of closing adjustments, of $22.1 million. We recognized a $8.8 million gain on sale of assets in our combined and consolidated statements of operations for the year ended December 31, 2021, as a result of the transaction. Midland and Ector County Divestiture In March 2020, we received the remaining $3.9 million from the deep rights sale, described further below, and recognized the reduction to our oil and gas properties for the full sale of $7.9 million. In December 2019, we entered into a Term Assignment of Oil and Gas Lease conveying all of our interest in the Midland and Ector county leases between the top of the Mississippian formation down to the base of the Woodford formation, “deep rights”, for total bonus consideration of $7.9 million and a primary term of four years from the effective date, January 1, 2020. We received $4.0 million in December 2019 when the agreement was signed and the remainder was received in March 2020. Eagle Ford Divestiture

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment The following table summarizes our oil and natural gas properties as of December 31, 2021 and 2020: As of December 31, 2021 2020 (in thousands) Proved oil and natural gas properties (successful efforts method) $ 6,043,602 $ 4,910,059 Unproved oil and natural gas properties 308,721 288,459 Oil and natural gas properties, at cost 6,352,323 5,198,518 Less accumulated depreciation, depletion, amortization and impairment (1,881,934) (1,633,664) Oil and natural gas properties, net $ 4,470,389 $ 3,564,854 Other Property The following table summarizes other property, plant and equipment as of December 31, 2021 and 2020: Estimated useful life As of December 31, 2021 2020 (years) (in thousands) Gathering and pipeline system 30 $ 106,023 $ 108,777 Vehicles 3-5 10,836 7,273 Computers, furniture, and equipment 3-10 7,175 6,812 Buildings and improvements 5-30 6,641 6,797 Land 5,467 5,700 Financing right of use asset 5,249 — Field inventory 2,927 3,012 Total field and other property and equipment, at cost 144,318 138,371 Less: accumulated depreciation, amortization and impairment (59,594) (61,078) Total field and other property and equipment, net $ 84,724 $ 77,293 Capitalized Exploratory Well Costs Capitalized exploratory well costs are included in unproved oil and natural gas properties. The following table reflects the net changes in capitalized exploratory well costs for the years ended December 31, 2021 and 2020: As of December 31, 2021 2020 (in thousands) Balance at beginning of period $ — $ — Additions pending the determination of proved reserves — — Reclassifications to proved properties — — Cost charged to expense — — Balance at end of period $ — $ — As of December 31, 2021, we did not have any capitalized exploratory well costs.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives In the normal course of business, we are exposed to certain risks including changes in the prices of oil, natural gas and NGLs which may impact the cash flows associated with the sale of our future oil and natural gas production. We enter into derivative contracts with lenders under our revolving credit facilities that consist of either a single derivative instrument or a combination of instruments to manage our exposure to these risks. As of December 31, 2021, our commodity derivative instruments consisted of fixed price swaps and collars which are described below: Fixed Price and Basis Swaps : Fixed price swaps receive a fixed price and pay a floating market price to counterparty on the notional amount. Our basis swaps fix the basis differentials between the index price at which we sell our production as compared to the index price used in the basis swap. Under a swap contract, we will receive payment if the settlement price is less than the fixed price and would be required to make a payment to the counterparty if the settlement price is greater than the fixed price. Collars: Collars provide a minimum and maximum price on a notional amount of sales volume. Under a collar, we will receive payment if the settlement price is less than the minimum price of the range and make a payment to the counterparty if the settlement price is greater than the maximum price of the range. We would not be required to make a payment or receive payment if the settlement price falls within the range. The following table details our net volume positions by commodity as of December 31, 2021: Production Period Volumes Weighted Average Fixed Price Fair Value (in thousands) (in thousands) Crude oil swaps (Bbls): WTI 2022 10,464 $60.63 $ (121,508) 2023 7,627 $58.50 (59,395) 2024 2,975 $57.35 (16,542) Brent 2022 500 $56.36 (9,258) 2023 527 $52.52 (9,103) 2024 189 $63.71 (766) Natural gas swaps (MMBtu): 2022 84,527 $2.77 (76,861) 2023 56,728 $2.54 (47,722) 2024 454 $2.94 (82) NGL swaps (Bbls): 2022 2,983 $22.23 (38,596) Crude oil basis swaps (Bbls): 2022 5,843 $(0.11) (4,403) Natural gas basis swaps (MMBtu): 2022 26,061 $(0.17) (3,243) CMA roll swaps (Bbls): 2022 1,468 $1.08 563 Natural gas collars (MMBtu): 2022 510 $3.00 - $3.41 (220) 2023 550 $2.63 - $3.01 (469) 2024 9,150 $3.00 $3.87 1,187 Total $ (386,418) We have variable rate debt outstanding, which is subject to interest rate risk based on volatility in underlying interest rates. As of December 31, 2020, the fair value of our pay-fixed, receive-variable interest rate swaps was an unrealized loss of $7.0 million. Our interest rate swaps matured in 2021. We use derivative commodity instruments and enter into swap contracts which are governed by International Swaps and Derivatives Association master agreements. The following table shows the effects of master netting arrangements on the fair value of our derivative contracts at December 31, 2021 and 2020: Gross Fair Value Effect of Counterparty Netting Net Carrying Value (in thousands) December 31, 2021 Assets: Derivative assets – current $ 2,983 $ (2,983) $ — Derivative assets – noncurrent 4,834 (4,255) 579 Total assets $ 7,817 $ (7,238) $ 579 Liabilities: Derivative liabilities – current $ (256,508) $ 2,983 $ (253,525) Derivative liabilities – noncurrent (137,726) 4,255 (133,471) Total liabilities $ (394,234) $ 7,238 $ (386,996) Gross Fair Value Effect of Counterparty Netting Net Carrying Value (in thousands) December 31, 2020 Assets: Derivative assets – current $ 52,833 $ (21,907) $ 30,926 Derivative assets – noncurrent 34,257 (11,905) 22,352 Total assets $ 87,090 $ (33,812) $ 53,278 Liabilities: Derivative liabilities – current $ (48,299) $ 21,907 $ (26,392) Derivative liabilities – noncurrent (35,863) 11,905 (23,958) Total liabilities $ (84,162) $ 33,812 $ (50,350) The amount of gain (loss) recognized in gain (loss) on derivatives in our combined and consolidated statements of operations was as follows for the years ended December 31, 2021, 2020 and 2019: Years ended December 31, 2021 2020 2019 (in thousands) Derivatives not designated as hedging instruments: Realized gain (loss) on oil positions $ (180,572) $ 149,713 $ (44,265) Realized loss on early settlement of certain oil positions (198,688) — — Realized gain (loss) on natural gas positions (80,253) 32,638 4,245 Realized gain (loss) on NGL positions (68,766) 14,458 13,033 Realized gain (loss) on interest hedges (7,373) (12,435) (2,189) Total realized gain (loss) (535,652) 184,374 (29,176) Unrealized gain (loss) on commodity hedges (337,715) 8,836 (94,766) Unrealized gain (loss) on interest hedges 7,347 2,074 (3,260) Total unrealized gain (loss) (330,368) 10,910 (98,026) Total gain (loss) on derivatives $ (866,020) $ 195,284 $ (127,202) During the year ended December 31, 2021, we settled certain of our outstanding derivative oil commodity contracts for open positions associated with calendar years 2022 and 2023. Subsequent to the settlement, we entered into new commodity derivative contracts at prevailing market prices. See NOTE 6 – Fair Value Measurements .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Generally, the determination of fair value requires the use of significant judgment and different approaches and models under varying circumstances. Under a market-based approach, we consider prices of similar assets, consult with brokers and experts, or employ other valuation techniques. Under an income-based approach, we generally estimate future cash flows and then discount them at a risk-adjusted rate. We classify the inputs used to measure the fair value of our financial assets and liabilities into the following hierarchy: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Quoted market prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active or other than quoted prices that are observable, either directly or indirectly, and can be corroborated by observable market data. Level 3: Unobservable inputs that reflect management’s best estimates and assumptions of what market participants would use in measuring the fair value of an asset or liability. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of significance for a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities within the fair value hierarchy levels. Recurring Fair Value Measurements The following table presents the location and fair value of our derivative assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2021 and 2020, by level within the fair value hierarchy: Fair Value Measurement Using Level 1 Level 2 Level 3 Total (in thousands) December 31, 2021 Financial assets: Derivative assets $ — $ 7,817 $ — $ 7,817 Financial Liabilities: Derivative liabilities $ — $ (394,234) $ — $ (394,234) December 31, 2020 Financial assets: Derivative assets $ — $ 87,090 $ — $ 87,090 Financial Liabilities: Derivative liabilities $ — $ (84,162) $ — $ (84,162) Non-Recurring Fair Value Measurements Certain nonfinancial assets and liabilities are measured at fair value on a non-recurring basis. We utilize fair value measurement on a non-recurring basis to value our oil and natural gas properties when the carrying value of such property exceeds the respective undiscounted future cash flows. The inputs used to determine such fair value are primarily based upon internally developed cash flow models, as well as market-based valuations as discussed in Note 2 and are classified within Level 3. As stated in NOTE 2 - Summary of Significant Accounting Policies , oil and natural gas properties were written down to their fair value resulting in an impairment expense of $247.2 million in 2020. The fair value was determined using a discounted cash flow model based on the expected present value of the future net cash flows from our oil and natural gas reserves. Significant Level 3 assumptions associated with the calculation of discounted cash flows used in the impairment analysis include estimates of future prices, production costs, development expenditures, anticipated production, appropriate risk-adjusted discount rates and other relevant data. Our other non-recurring fair value measurements include the estimates of the fair value of assets and liabilities acquired through business combinations. Both the Contango Merger and Titan Acquisition were accounted for using the acquisition method under GAAP, which requires all assets acquired and liabilities assumed in the acquisitions to be recorded at fair values at the acquisition date of each transaction. Oil and natural gas properties were valued based on an income approach using a discounted cash flow model utilizing Level 3 inputs, including internally generated development and production profiles and price and cost assumptions. Net derivative liabilities assumed in the acquisitions were valued based on Level 2 inputs similar to the Company's other commodity price derivatives. See NOTE 3 – Acquisitions and Divestitures . Other Fair Value Measurements The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term maturities of these instruments. Our long-term debt obligations under our Revolving Credit Facility also approximate fair value because the associated variable rates of interest are market based. The fair value of the Senior Notes (as defined in NOTE 8 – Debt ) as of December 31, 2021 was $521.5 million based on quoted market prices.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following as of December 31, 2021 and 2020: As of December 31, 2021 2020 (in thousands) Accounts payable and accrued liabilities: Accounts payable $ 87,336 $ 15,019 Accrued lease operating expense 46,231 20,126 Accrued asset operating expense 8,997 3,591 Accrued capital expenditure 60,647 12,267 Accrued general and administrative 12,193 9,549 Accrued transportation expense 19,684 8,399 Accrued deficiency fees 955 5,050 Accrued revenue and royalties payable 75,827 2,142 Accrued interest and other 26,011 4,545 Total accounts payable and accrued liabilities $ 337,881 $ 80,688

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt $500.0 million Senior Notes Issuance On May 6, 2021, Independence Energy Finance LLC (n/k/a Crescent Energy Finance LLC), our wholly owned subsidiary, issued $500.0 million aggregate principal amount of 7.25% Senior Notes due 2026 (the "Senior Notes"). The Senior Notes bear interest at an annual rate of 7.25%, which is payable on May 1 and November 1 of each year and mature on May 1, 2026. The Senior Notes are our senior unsecured obligations and the Senior Notes and the related guarantees rank equally in right of payment with the borrowings under our Revolving Credit Facility and any of our other future senior indebtedness and senior to any of our future subordinated indebtedness. The Senior Notes are guaranteed on a senior unsecured basis by each of our existing and future subsidiaries that will guarantee our Revolving Credit Facility. The Senior Notes and the guarantees are effectively subordinated to all of our secured indebtedness (including all borrowings and other obligations under our Revolving Credit Facility) to the extent of the value of the collateral securing such indebtedness and structurally subordinated in right of payment to all existing and future indebtedness and other liabilities (including trade payables) of any future subsidiaries that do not guarantee the Senior Notes. The Senior Notes indenture contains covenants that, among other things, limit the ability of the our restricted subsidiaries to: (i) incur or guarantee additional indebtedness or issue certain types of preferred stock; (ii) pay dividends or distributions in respect of its equity or redeem, repurchase or retire its equity or subordinated indebtedness; (iii) transfer or sell assets; (iv) make investments; (v) create certain liens; (vi) enter into agreements that restrict dividends or other payments from any non-Guarantor restricted subsidiary to it; (vii) consolidate, merge or transfer all or substantially all of its assets; (viii) engage in transactions with affiliates; and (ix) create unrestricted subsidiaries. We may, at our option, redeem all or a portion of the Senior Notes at any time on or after May 1, 2023 at certain redemption prices. We may also redeem up to 40% of the aggregate principal amount of the Senior Notes before May 1, 2023 with an amount of cash not greater than the net proceeds that we raise in certain equity offerings at a redemption price equal to 107.250% of the principal amount of the Senior Notes being redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, prior to May 1, 2023, we may redeem some or all of the Senior Notes at a price equal to 100% of the principal amount thereof, plus a "make-whole" premium, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If we experience certain kinds of changes of control accompanied by a ratings decline, holders of the Senior Notes may require us to repurchase all or a portion of their notes at certain redemption prices. The Senior Notes are not listed, and we do not intend to list the notes in the future, on any securities exchange, and currently there is no public market for the notes. See NOTE 16 – Subsequent Events for discussion of the issuance of an additional $200.0 million in aggregate principal amount of 7.25% Senior Notes due 2026 during 2022. Revolving Credit Facility Overview In connection with the Senior Notes issuance, we entered into a senior secured reserve-based revolving credit agreement (as amended, restated, amended and restated or otherwise modified to date, the "Revolving Credit Facility") with Wells Fargo Bank, N.A., as administrative agent for the lenders and letter of credit issuer, and the lenders from time to time party thereto. The Revolving Credit Facility matures on May 6, 2025. In September 2021, we entered into the first amendment to the Revolving Credit Facility. The first amendment to the Revolving Credit Facility, amongst other things, increased the committed amount from $500.0 million up to $700.0 million and increased our borrowing base from $850.0 million to $1.3 billion. At December 31, 2021, we had $543.0 million of borrowings under the Revolving Credit Facility and $20.7 million in outstanding letters of credit. The obligations under the Revolving Credit Facility remain secured by first priority liens on substantially all of the Company’s and the guarantors’ tangible and intangible assets, including without limitation, oil and natural gas properties and associated assets and equity interests owned by the Company and such guarantors. In connection with each redetermination of the borrowing base, the Company must maintain mortgages on at least 85% of the net present value, discounted at 9% per annum (“PV-9”) of the oil and natural gas properties that constitute borrowing base properties. The Company’s domestic direct and indirect subsidiaries are required to be guarantors under the Revolving Credit Facility, subject to certain exceptions. The borrowing base is subject to semi-annual scheduled redeterminations on or about April 1 and October 1 of each year, as well as (i) elective borrowing base interim redeterminations at our request not more than twice during any consecutive 12-month period or the required lenders not more than once during any consecutive 12-month period and (ii) elective borrowing base interim redeterminations at our request following any acquisition of oil and natural gas properties with a purchase price in the aggregate of at least 5.0% of the then effective borrowing base. The borrowing base will be automatically reduced upon (i) the issuance of certain permitted junior lien debt and other permitted additional debt, (ii) the sale or other disposition of borrowing base properties if the aggregate PV-9 of such properties sold or disposed of is in excess of 5.0% of the borrowing base then in effect and (iii) early termination or set-off of swap agreements (a) the administrative agent relied on in determining the borrowing base or (b) if the value of such swap agreements so terminated is in excess of 5.0% of the borrowing base then in effect. ,. The combined proceeds from the Senior N otes issuance, Revolving Credit Facility and Noncontrolling Interest Carve-Out were used to fully repay all amounts outstanding under our Prior Credit Agreements (as defined below), which were then terminated upon the repayment of the remaining principal and accrued interest. Interest Borrowings under the Revolving Credit Facility bear interest at either a U.S. dollar alternative base rate (based on the prime rate, the federal funds effective rate or an adjusted London Interbank Offered Rate (“LIBOR”)), plus an applicable margin or LIBOR, plus an applicable margin, at the election of the borrowers. The applicable margin varies based upon our borrowing base utilization then in effect. The fee payable for the unused revolving commitments is 0.5% per year and is included within interest expense on our combined and consolidated statements of operations. Our weighted average interest rate on loan amounts outstanding as of December 31, 2021 was 3.125%. Covenants The Revolving Credit Facility contains certain covenants that restrict the payment of cash dividends, certain borrowings, sales of assets, loans to others, investments, merger activity, commodity swap agreements, liens and other transactions without the adherence to certain financial covenants or the prior consent of our lenders. We are subject to (i) maximum leverage ratio and (ii) current ratio financial covenants calculated as of the last day of each fiscal quarter. The Revolving Credit Facility also contains representations, warranties, indemnifications and affirmative and negative covenants, including events of default relating to nonpayment of principal, interest or fees, inaccuracy of representations or warranties in any material respect when made or when deemed made, violation of covenants, bankruptcy and insolvency events, certain unsatisfied judgments and change of control. If an event of default occurs and we are unable to cure such default, the lenders will be able to accelerate maturity and exercise other rights and remedies. Letters of Credit From time to time, we may request the issuance of letters of credit for our own account. Letters of credit accrue interest at a rate equal to the margin associated with LIBOR borrowings. At December 31, 2021, we had letters of credit outstanding of $20.7 million, which reduces the amount available to borrow under our Revolving Credit Facility. Prior Credit Agreements At December 31, 2020, certain of our subsidiaries had revolving credit facilities with syndicates of lenders. The amounts we were able to borrow under each of the Prior Credit Agreements was limited by a borrowing base, which was based on the oil and natural gas properties, proved reserves, total indebtedness and other factors and was consistent with customary lending criteria. On May 6, 2021, we early terminated the Prior Credit Agreements with the proceeds from the issuance of the Senior Notes and the Noncontrolling Interest Carve-out and borrowings under our Revolving Credit Facility. The following table summarizes our debt balances as of December 31, 2021 and 2020: As of December 31, 2021 Debt Outstanding Letters of Credit Issued Borrowing Base Maturity (in thousands) Revolving Credit Facility $ 543,000 $ 20,653 $ 1,300,000 5/6/2025 7.25% Senior Notes due 2026 500,000 — — 5/1/2026 Less: Unamortized discount and issuance costs (12,594) Total long-term debt $ 1,030,406 As of December 31, 2020 Debt Letters of Credit Borrowing Maturity (in thousands) Independence Upstream Holdings LLC $ 32,500 $ — $ 100,000 6/7/2022 Independence Minerals Holdings LLC 15,000 — 37,000 10/25/2024 KNR Resource Investors LP 5,565 250 12,000 6/7/2022 Renee Acquisition LLC 101,310 5,667 145,000 1/31/2023 Newark Acquisition I LP 135,400 6,280 190,000 5/31/2023 Bridge Energy Holdings LLC 35,800 5,574 50,000 7/21/2022 Venado EF LP 156,500 — 160,000 3/10/2022 VOG Palo Verde LP 269,000 — 320,000 2/28/2023 Total long-term debt $ 751,075

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations Our ARO liabilities are based on our net ownership in wells and facilities and management’s estimate of the costs to abandon and remediate those wells and facilities together with management’s estimate of the future timing of the costs to be incurred. The following table summarizes activity related to our ARO liabilities for the years ended December 31, 2021 and 2020: Year Ended December 31, 2021 2020 (in thousands) Balance at beginning of period $ 109,616 $ 83,141 Additions (1) 156,201 21,860 Retirements (1,252) (881) Accretion expense 7,121 5,694 Revisions — (198) Noncontrolling Interest Carve-out (3,810) — Sale (1,869) — Balance at end of period 266,007 109,616 Less: current portion (7,905) (3,213) Balance at end of period, noncurrent portion $ 258,102 $ 106,403 (1) During the year ended December 31, 2021, our ARO additions related to properties acquired in our 2021 acquisitions. During the year ended December 31, 2020, our ARO additions primarily related to properties acquired in the Titan Acquisition. See NOTE 3 – Acquisitions and Divestitures

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Prior to the Merger Transactions, we were organized as Delaware limited liability companies and Delaware limited partnerships and were treated as flow-through entities for U.S. federal income tax purposes. As a result, our tax provisions for the years ended December 31, 2020 and 2019 were minimal. Subsequent to the Merger Transactions we are subject to U.S. federal income and state tax on our allocable share of any taxable income of OpCo. Details of income tax provisions and deferred income taxes are provided in the following tables: Year Ended December 31, 2021 2020 2019 Federal income tax provision (benefit) (in thousands) Current $ — $ — $ — Deferred (935) — — State income tax provision (benefit) Current 629 14 28 Deferred — — — Total income tax provision (benefit) $ (306) $ 14 $ 28 The difference between the statutory federal income tax rate and the Company's effective income tax rate is explained as follows: Year Ended December 31, 2021 2020 2019 Federal income taxes statutory rate 21.0 % — % — % Increase (decrease) in rate as a result of: State current income tax provision, net of federal benefit (0.1) % — % — % Permanent adjustments (1) (1.7) % — % — % Income attributable to Predecessor that was not subject to corporate income tax (2) (18.4) % — % — % Income attributable to noncontrolling interests (0.7) % — % — % Effective income tax rate 0.1 % — % — % (1) During the year ended December 31, 2021, the permanent items primarily related to disallowed officer compensation under Section 162(m) of the Internal Revenue Code. (2) During the year ended December 31, 2021, the income attributable to Predecessor was not subject to corporate income tax as we were organized as limited liability companies and limited partnerships that were treated as flow-through entities for U.S federal income tax purposes prior to the Merger Transactions. Significant components of the Company's deferred income taxes were as follows: Year Ended December 31, 2021 2020 Deferred tax liabilities (in thousands) Outside Basis in OpCo $ 98,079 $ — Deferred tax assets Federal and state NOL (1) 38,317 — Federal and state NOL valuation allowance (30,567) — Recognized built-in loss carryforward 6,872 — Other 920 — Total deferred tax assets, net of valuation allowance 15,542 — Net deferred income tax liability $ 82,537 $ — (1) We have Federal NOLs of $1.9 million, net of tax, that have expiration dates beginning in 2026. We also have NOLs of $36.4 million, net of tax, that were generated after 2017 and have indefinite lives but are limited to offsetting 80% of taxable income in a given tax year. We assess the available positive and negative evidence to determine if sufficient future taxable income will be generated to use the existing deferred tax assets. On the basis of this evaluation, as of December 31, 2021, a valuation allowance has been recorded to recognize only the portion of the deferred tax assets that are more likely than not to be realized. The amount of the deferred tax asset considered realizable, however, could be adjusted in the future. As part of the Merger Transactions, we acquired the federal and state NOLs subject to a valuation allowance of $30.6 million due to the Section 382 limitation. During the year ended December 31, 2021, after the Merger Transactions, we recorded an additional valuation allowance related to additional state NOLs incurred that we do not believe are recoverable. Pursuant to Sections 382 and 383 of the Internal Revenue Code, utilization of our NOLs and credits is subject to a small annual limitation. These annual limitations may result in the expiration of NOLs and credits prior to utilization.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases	LeasesAdoption of ASC Topic 842, Leases On January 1, 2021, we adopted ASC Topic 842 using the modified retrospective method. We elected the package of practical expedients, including the hindsight and land easement expedients, upon transition which will retain the lease classification for leases and any unamortized initial direct costs that existed prior to the adoption of this standard. In accordance with the adoption of ASC Topic 842, we now record a net operating lease right-of-use ("ROU") asset and operating lease liability on the consolidated balance sheets for all operating leases with a lease term in excess of 12 months. Prior to the adoption of ASC Topic 842, these same leases were treated as operating leases under ASC Topic 840 and therefore were not recorded on the consolidated balance sheets as of December 31, 2020. There was no impact to retained earnings and no significant impact on the combined and consolidated statements of operations or the combined and consolidated statements of cash flows as a result of adopting ASC Topic 842. Lease Recognition We enter into contractual lease arrangements to rent buildings, compressors, drilling rigs, office and rental equipment and vehicles from third-party lessors. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make future lease payments arising from the lease. Operating lease ROU assets and liabilities are recorded at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets. The Company recognizes lease expense for these short-term leases on a straight-line basis over the lease term. We use our incremental borrowing rate based on the information available at commencement date of the contract in determining the present value of future lease payments. The incremental borrowing rate is calculated using our collateralized incremental borrowing rate based on our debt structure. The operating lease ROU asset also includes any lease incentives received in the recognition of the present value of future lease payments. Certain of our leases may also include escalation clauses or options to extend or terminate the lease. These options are included in the present value recorded for the leases when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. If an arrangement is determined to be a lease, we record the resulting ROU asset on the consolidated balance sheets with offsetting liabilities at the commencement date. We recognize a lease in the financial statements when the arrangement either explicitly or implicitly involves property, plant or equipment ("PP&E"), the contract terms are dependent on the use of the PP&E, and we have the ability or right to control the PP&E or to direct others to control the PP&E and receive the majority of the economic benefits of the assets. The following tables show the presentation of the right-of-use assets and lease liabilities within our combined and consolidated financial statements: As of December 31, 2021 (in thousands) Field and other property and equipment, at cost Financing right-of-use asset $ 5,249 Other assets Operating right-of-use asset 2,299 Other current liabilities Short-term operating lease liability (1,292) Other liabilities Long-term operating lease liability (1,007) Year Ended December 31, 2021 (in thousands) Lease cost included in combined and consolidated statement of operations Operating lease cost $ 939 Financing lease cost - amortization of ROU assets 20 Financing lease cost - interest on lease liabilities 131 Administrative lease cost (1) 100 Short-term lease cost (2) 876 Total lease cost $ 2,066 (1) Costs related primarily to office equipment and IT solutions with lease terms of more than one month and less than one year. (2) Costs related primarily to generators, compressors and vehicle agreements with lease terms of more than one month and less than one year. Lease term and discount rate related to our leases are as follows: As of December 31, 2021 Operating Financing Weighted-average remaining lease term (years) 2.3 3.1 Weighted-average discount rate 4.50% 4.50% As of December 31, 2021, the maturity analysis for our lease liabilities under the scope of ASC 842 is as follows: As of December 31, 2021 Operating Financing Year Ended December 31, (in thousands) 2022 $ 1,292 $ 1,606 2023 666 1,887 2024 412 1,370 2025 18 633 2026 18 16 After 2026 24 — Less: interest (131) (394) Present value of lease liabilities $ 2,299 $ 5,118
Leases	LeasesAdoption of ASC Topic 842, Leases On January 1, 2021, we adopted ASC Topic 842 using the modified retrospective method. We elected the package of practical expedients, including the hindsight and land easement expedients, upon transition which will retain the lease classification for leases and any unamortized initial direct costs that existed prior to the adoption of this standard. In accordance with the adoption of ASC Topic 842, we now record a net operating lease right-of-use ("ROU") asset and operating lease liability on the consolidated balance sheets for all operating leases with a lease term in excess of 12 months. Prior to the adoption of ASC Topic 842, these same leases were treated as operating leases under ASC Topic 840 and therefore were not recorded on the consolidated balance sheets as of December 31, 2020. There was no impact to retained earnings and no significant impact on the combined and consolidated statements of operations or the combined and consolidated statements of cash flows as a result of adopting ASC Topic 842. Lease Recognition We enter into contractual lease arrangements to rent buildings, compressors, drilling rigs, office and rental equipment and vehicles from third-party lessors. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make future lease payments arising from the lease. Operating lease ROU assets and liabilities are recorded at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets. The Company recognizes lease expense for these short-term leases on a straight-line basis over the lease term. We use our incremental borrowing rate based on the information available at commencement date of the contract in determining the present value of future lease payments. The incremental borrowing rate is calculated using our collateralized incremental borrowing rate based on our debt structure. The operating lease ROU asset also includes any lease incentives received in the recognition of the present value of future lease payments. Certain of our leases may also include escalation clauses or options to extend or terminate the lease. These options are included in the present value recorded for the leases when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. If an arrangement is determined to be a lease, we record the resulting ROU asset on the consolidated balance sheets with offsetting liabilities at the commencement date. We recognize a lease in the financial statements when the arrangement either explicitly or implicitly involves property, plant or equipment ("PP&E"), the contract terms are dependent on the use of the PP&E, and we have the ability or right to control the PP&E or to direct others to control the PP&E and receive the majority of the economic benefits of the assets. The following tables show the presentation of the right-of-use assets and lease liabilities within our combined and consolidated financial statements: As of December 31, 2021 (in thousands) Field and other property and equipment, at cost Financing right-of-use asset $ 5,249 Other assets Operating right-of-use asset 2,299 Other current liabilities Short-term operating lease liability (1,292) Other liabilities Long-term operating lease liability (1,007) Year Ended December 31, 2021 (in thousands) Lease cost included in combined and consolidated statement of operations Operating lease cost $ 939 Financing lease cost - amortization of ROU assets 20 Financing lease cost - interest on lease liabilities 131 Administrative lease cost (1) 100 Short-term lease cost (2) 876 Total lease cost $ 2,066 (1) Costs related primarily to office equipment and IT solutions with lease terms of more than one month and less than one year. (2) Costs related primarily to generators, compressors and vehicle agreements with lease terms of more than one month and less than one year. Lease term and discount rate related to our leases are as follows: As of December 31, 2021 Operating Financing Weighted-average remaining lease term (years) 2.3 3.1 Weighted-average discount rate 4.50% 4.50% As of December 31, 2021, the maturity analysis for our lease liabilities under the scope of ASC 842 is as follows: As of December 31, 2021 Operating Financing Year Ended December 31, (in thousands) 2022 $ 1,292 $ 1,606 2023 666 1,887 2024 412 1,370 2025 18 633 2026 18 16 After 2026 24 — Less: interest (131) (394) Present value of lease liabilities $ 2,299 $ 5,118

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, we may be a plaintiff or defendant in a pending or threatened legal proceeding arising in the normal course of business. We are currently unaware of any proceedings that, in the opinion of management, will individually or in the aggregate have a material adverse effect on our financial position, results of operations or cash flows. We are subject to extensive federal, state and local environmental laws and regulations. These laws regulate the discharge of materials into the environment and may require us to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites. We believe we are currently in compliance with all applicable federal, state and local regulations. Accordingly, no liability or loss associated with environmental remediation was recognized as of December 31, 2021 except for the following: We were engaged with the Environmental Protection Agency (EPA) for alleged violations of the Clean Water Act between 2016 and 2018. We have settled these allegations with the EPA and have recorded $1.4 million as a liability and expense at December 31, 2020, all of which was paid during 2021. On February 14, 2022, the New Mexico Energy, Minerals and Natural Resources Department’s Oil Conservation Division announced a civil penalty of $913,200 to Contango for failure to file form C-115 according to required deadlines and having too many inactive wells. The parties are discussing a resolution to the matter. Following the filing of the preliminary joint proxy statement/prospectus related to the Merger Transactions on July 26, 2021, four lawsuits have been filed in the United States District Court for the Southern District of New York, and one lawsuit has been filed in the United States District for the Eastern District of New York, each in connection with the Merger Transactions (the “Shareholder Actions”): Stein v. Contango Oil & Gas Co., et al., No. 1:21-cv-06769 (S.D.N.Y. Aug. 11, 2021) (the “Stein Action”); Prus v. Contango Oil & Gas Co., et al., No. 1:21-cv-04656 (E.D.N.Y. Aug. 18, 2021) (the “Prus Action”); Whitfield v. Contango Oil & Gas Co., et al., No. 1:21-cv-0700 (S.D.N.Y. Aug. 19, 2021) (the “Whitfield Action”); Byerly v. Contango Oil & Gas Co., et al., 1:21-cv-07327 (S.D.N.Y. Aug. 31, 2021) (the “Byerly Action”); Provost v. Contango Oil & Gas Co., et al., 1:21-cv-07874 (S.D.N.Y. Sept. 21, 2021) (the “Provost Action”). Each of the Shareholder Actions names Contango and the members of the Contango board as defendants, and the Whitfield Action names Independence Energy, LLC, OpCo, Crescent Energy Company (f/k/a IE PubCo Inc.) and other affiliates as additional defendants. Each of the Shareholder Actions alleges, among other things, that the registration statement on Form S-4 filed by IE PubCo Inc. on July 26, 2021 in connection with the Merger Transactions (the “Registration Statement”) is false and misleading and/or omits certain information allegedly material to Contango shareholders in violation of Sections 14(a) and 20(a) of the Securities and Exchange Act of 1934 (as amended, the “Exchange Act”) and Rule 14a-9 promulgated thereunder. The plaintiffs in the Shareholder Actions seek, among other relief, an injunction enjoining the Merger Transactions unless and until the defendants disclose the allegedly omitted material information, a rescission of the Contango Agreement to the extent already implemented (or an award of rescissory damages), an order directing the defendants to account for all damages resulting from the alleged wrongdoing, and an award of plaintiffs’ attorneys’ and experts’ fees and other relief. The Byerly Action also requests that the court determine that the lawsuit is a proper class action and certify Byerly as class representative and his counsel as class counsel. On September 20, 2021, the court consolidated the Stein and Whitfield Actions with the Byerly Action. On October 13, 2021, the court consolidated the Provost Action with the Byerly Action. Contango has also received a demand letter sent on behalf of Catherine Coffman, a purported Contango shareholder. The letter demanded that Contango make supplemental disclosures to investors regarding the Merger Transactions based on factual and legal arguments that are substantially similar to those in the Stein, Prus, Whitfield, Byerly, and Provost Actions. On November 26, 2021, in order to avoid the risk of the Shareholder Actions delaying the Merger Transactions and to minimize the expense of defending the Shareholder Actions, and without admitting any liability or wrongdoing, Contango and Independence voluntarily made certain disclosures that supplement those contained in the joint proxy statement/prospectus. Thereafter, plaintiffs filed voluntary notices of dismissal dismissing the Whitfield and Prus Actions. Pursuant to a scheduling order issued in the consolidated Byerly Action, plaintiff is required to file a Consolidated Amended Complaint within 10 days of an order appointing Byerly as lead plaintiff in the consolidated action. We believe that the Shareholder Actions are without merit and, along with the individual and other defendants intend to defend against the Shareholder Actions; however, Crescent cannot predict the amount of time and expense that will be required to resolve the Shareholder Actions nor their outcomes. Additional lawsuits arising out of or related to the Merger Transactions may also be filed in the future. At December 31, 2021, we had no amounts reserved on our consolidated balance sheet related to this matter. Oil Gathering Agreement In connection with the execution of an oil gathering agreement with a midstream service provider, we received ownership in a Series D class of equity in the midstream service provider. The Series D units do not give us voting or other control rights, but do provide us with an incentive distribution right if other unit classes receive distributions equal to contributed capital plus targeted rates of return. We account for the Series D units through the fair value option available under ASC 825, Financial Instruments. As of December 31, 2021 and 2020, we have concluded the fair value of our investment is not material, based on the nature of the Series D units and overall risk inherent in receiving future cash flows given the stage of development of the entity and required return hurdles. Carbon Dioxide Purchase Agreement We assumed one take-or-pay carbon dioxide purchase agreement as part of a prior acquisition. The agreement includes a minimum volume commitment to purchase carbon dioxide at a price stipulated in the contract. The agreement provides carbon dioxide for use in our enhanced recovery projects in certain of our properties. The daily minimum volume commitments are 140 MMcf/per day from June 2021 to May 2026, with the commitment effectively ending in May 2026. We expect to purchase more carbon dioxide through the end of the agreement in 2026 than our minimum volume commitments, and, in accordance with the agreement, if we do not meet our minimum volume commitments for a year (or years), we can make up the volumes in future years through 2029 as long as we pay for our minimum volumes each year. As of December 31, 2021 and 2020, we have met required minimum volumes. Oil and Natural Gas Transportation and Gathering Agreements We have entered into certain oil and natural gas transportation and gathering agreements with various pipeline carriers. Under these agreements, we are obligated to ship minimum daily quantities or pay for any deficiencies at a specified rate. We are also obligated under certain of these arrangements to pay a demand charge for firm capacity rights on pipeline systems regardless of the amount of pipeline capacity that we utilize. If we do not utilize the capacity, we can release it to others, thus reducing our potential liability. We recognized $5.8 million, $14.5 million and $1.9 million of transportation expense in our combined and consolidated statements of operations related to minimum volume deficiencies for the years ended December 31, 2021, 2020 and 2019, respectively. The following table summarizes our future commitments related to these oil and natural gas transportation and gathering agreements as of December 31, 2021: As of December 31, 2021 (in thousands) 2022 $ 105,606 2023 80,340 2024 65,848 2025 61,346 2026 32,652 Thereafter 62,957 Total minimum future commitments $ 408,749

Incentive Compensation Arrangem

Incentive Compensation Arrangements	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Incentive Compensation Arrangements	Incentive Compensation Arrangements Overview We and certain of our subsidiaries have entered into incentive compensation award agreements to grant profits interest, restricted stock, performance stock units (PSUs) and other incentive awards to our employees, our Manager, and non-employee directors. The following table summarizes compensation expense we recognized in connection with our incentive compensation awards for the years indicated: Year Ended December 31, 2021 2020 2019 (in thousands) ASC 710 profits interest awards $ — $ — $ — ASC 718 liability-classified profits interest awards (2,043) (797) (2,721) ASC 718 equity-classified profits interest awards 1,563 — — ASC 718 equity-classified PSU awards 1,120 — — ASC 718 equity-classified Contango PSU awards 39,279 — — Total expense (income) $ 39,919 $ (797) $ (2,721) Our incentive compensation awards may contain certain service-based, performance-based, and market-based vesting conditions, which are further discussed below. ASC 710 compensation awards Incentive unit awards Certain of our subsidiaries have issued incentive awards that require continuous service in order to receive distributions, and do not represent an equity interest. As these incentive awards are similar to a cash bonus plan, compensation cost is measured based on the present value of expected benefits that are probable of being paid and recognized over the period services are provided. Compensation cost is remeasured at each reporting period based on expected future benefits. We did not recognize any compensation cost for this type of incentive award during the years ended December 31, 2021, 2020 and 2019. ASC 718 stock-based compensation awards Liability-classified profits interest awards Certain of our subsidiaries issue profits interests that are liability-classified stock-based compensation awards. These awards contain different vesting conditions ranging from performance-based conditions that vest upon the achievement of certain return thresholds to time-based service requirements ranging from one year to four years. Each of these profits interests is liability-classified because of certain features within these awards that predominantly contain characteristics of liability instruments. Compensation cost for these awards is presented within general and administrative expense on the combined and consolidated statements of operations with a corresponding credit to other long-term liabilities on the consolidated balance sheets. The fair value of liability-classified stock-based compensation profits interest awards that vested during the years ended December 31, 2021 and 2020 was $2.9 million and $7.7 million, using the fair value measurements as of December 31, 2021 and 2020, respectively. Unrecognized compensation cost related to time-based unvested awards was $23.6 million as of December 31, 2021, and is expected to be recognized over a weighted average period of 3.9 years. Unrecognized compensation cost related to performance-based unvested awards was $2.8 million as of December 31, 2021 and is expected to be recognized as the result of a realization event. No realization events occurred during the years ended December 31, 2021 and 2020. We paid cash of $0.9 million t o settle liability-classified stock-based compensation profits interest awards during the year ended December 31, 2021. There were no cash settlements of liability-classified stock based compensation profits interest awards during the year ended December 31, 2020. We carried $7.1 million and $8.0 million liabilities related to these awards as of December 31, 2021 and 2020, respectively in other long term liabilities on the consolidated balance sheets. Transactions involving all of our unvested liability-classified stock-based compensation profits interest awards is summarized below: Year Ended December 31, 2021 2020 2019 (units in thousands) Beginning Balance 888 1,215 1,163 Granted 708 — 285 Vested (110) (203) (233) Forfeited (778) (125) — Ending Balance 708 888 1,215 We capitalized $1.8 million into Proved and Unproved Oil and natural gas properties on the consolidated balance sheets associated with services provided in exchange for liability-classified stock-based compensation profits interest during the year ended December 31, 2021. Equity-classified profits interest awards Certain of our subsidiaries issue equity-classified profits interests awards. These awards contain different vesting conditions ranging from performance-based conditions that vest upon the achievement of certain return thresholds to time-based service requirements ranging from one year to four years. Each of these profits interests is equity-classified because of certain features within these awards that predominantly contain characteristics of equity instruments. Compensation cost for these awards is presented within General and administrative expense on the combined and consolidated statements of operations with a corresponding credit to Additional paid-in capital on the consolidated balance sheets. The fair value of equity-classified profits interest awards that vested during the year ended December 31, 2021 was $1.8 million. We did not have any equity-classified profits interest awards that vested during the year ended December 31, 2020. We did not have any unrecognized compensation cost related to unvested equity-classified profits interest awards as of December 31, 2021. We paid cash of $0.2 million t o settle equity-classified profits interest awards during the year ended December 31, 2021. There were no cash settlements of equity-classified profits interest awards during the year ended December 31, 2020. Transactions involving all of our unvested equity-classified profits interest awards, including weighted average grant date fair values, are summarized below: Units Weighted average grant date fair value (in thousands) Unvested at December 31, 2020 — $ — Granted 477 10.98 Vested (25) 10.61 Forfeited (253) 11.02 Unvested at December 31, 2021 200 — We capitalized $1.6 million into Proved and Unproved Oil and natural gas properties on the consolidated balance sheets associated with services provided in exchange for equity-classified profits interest awards during the year ended December 31, 2021. Equity-classified PSU Awards In conjunction with the Merger Transactions, we granted equity-classified Manager Incentive Plan PSUs in accordance with the Manager Incentive Plan. The PSU performance periods are generally three years with the performance period end dates ranging from 2024 through December 2028. Each of these units represent the right to receive a target 2% of our issued and outstanding Class A Common Stock on each unit's performance period end date, modified by an amount ranging from 0% to 240% based on certain absolute and relative shareholder return components. Compensation cost for these awards is presented within General and administrative expense on the combined and consolidated statements of operations with a corresponding credit to Additional paid-in capital on the consolidated balance sheets. Unrecognized compensation cost related to unvested awards was $71.6 million as of December 31, 2021 and is expected to be recognized over a weighted-average period of 5.0 years. Transactions involving all of our unvested units, including weighted average grant date fair values, are summarized below: Target Class A Shares Weighted average grant date fair value (in thousands) Unvested at December 31, 2020 — $ — Granted 4,195 17.33 Vested — — Forfeited — — Unvested at December 31, 2021 4,195 17.33 Equity-classified Contango PSU Awards

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions KKR Group Management Agreement In connection with the Merger Transactions, we entered into a management agreement (the "Management Agreement") with KKR Energy Assets Manager LLC (the "Manager"). Pursuant to the Management Agreement, the Manager provides the Company with its executive management team and certain management services. The Management Agreement has an initial term of three years and shall renew automatically at the end of the initial term for an additional three-year period unless the Company or the Manager elects not to renew the Management Agreement. As consideration for the services rendered pursuant to the Management Agreement and the Manager’s overhead, including compensation of the executive management team, the Manager is entitled to receive compensation ("Management Compensation") equal to $13.5 million per annum, which represents our pro rata portion (based on our relative ownership of OpCo) of $53.3 million. This amount will increase over time as our ownership percentage of OpCo increases. In addition, as our business and assets expand, Management Compensation may increase by an amount equal to 1.5% per annum of the net proceeds from all future issuances of our equity securities (including in connection with acquisitions). However, incremental Management Compensation will not apply to the issuance of our shares upon the redemption or exchange of OpCo Units. During the year ended December 31, 2021, we recorded general and administrative expense of $0.9 million, related to the Management Agreement. Additionally, the Manager is entitled to receive incentive compensation ("Incentive Compensation") under which the Manager is targeted to receive 10% of our outstanding Class A Common Stock based on the achievement of certain performance-based measures. The Incentive Compensation consists of five tranches that settle over a five year period beginning in 2024, and each tranche relates to a target number of shares of Class A common stock equal to 2% of the outstanding Class A common stock as of the time such tranche is settled. So long as the Manager continuously provides services to us until the end of the performance period applicable to a tranche, the Manager is entitled to settlement of such tranche with respect to a number of shares of Class A common stock ranging from 0% to 240% of the initial target amount based on the level of achievement with respect to the performance goals applicable to such tranche. During the year ended December 31, 2021, we granted the Performance Stock Units associated with the Incentive Compensation. See NOTE 13 – Incentive Compensation Arrangements for more information. KKR Funds From time to time, we may invest in upstream oil and gas assets alongside EIGF II and/or other KKR funds ("KKR Funds") pursuant to the terms of the Management Agreement. In these instances, certain of our consolidated subsidiaries enter into Master Service Agreements ("MSA") with entities owned by KKR Funds, pursuant to which our subsidiaries provide certain services to such KKR Funds, including the allocation of the production and sale of oil, natural gas and NGLs, collection and disbursement of revenues, operating expenses and general and administrative expenses in the respective oil and natural gas properties, and the payment of all capital costs associated with the ongoing operations of the oil and natural gas assets. Our subsidiaries settle balances due to or due from KKR Funds on a monthly basis. The administrative costs associated with these MSAs are allocated by us to KKR Funds based on (i) an actual basis for direct expenses we may incur on their behalf or (ii) an allocation of such charges between the various KKR Funds based on the estimated use of such services by each party. As of December 31, 2021, we had a related party receivable of $3.3 million included within Accounts receivable – affiliates and $7.0 million included within Accounts payable – affiliates on our consolidated balance sheets associated with KKR Funds transactions. Other Transactions We paid $1.6 million in fees to KKR Capital Markets LLC, an affiliate of KKR, for services provided as a book-running manager in connection with the issuance of our Senior Notes in May 2021 and recorded as debt issuance costs within Long-term debt on the consolidated balance sheets. Additionally, we paid $0.1 million to KKR Capstone Americas LLC for professional fees support related to insurance and employee benefits due diligence and placement and recorded as General and administrative expense on the combined and consolidated statements of operations. In February 2022, we paid $0.4 million in fees to KKR Capital Markets LLC in connection with the issuance of the New Notes. See NOTE 16 – Subsequent Events. FDL On April 1, 2021, certain minority investors, including FDL Operating LLC ("FDL") management, exchanged 100% of their interests in our Barnett basin natural gas assets for 9,508 of our predecessor Class A units, representing 0.77% of our consolidated ownership. Since we already consolidate the results of these assets, this transaction was accounted for as an equity transaction and reflected as a reclassification from noncontrolling interests to members' equity with no gain or loss recognized on the exchange (the "April 2021 Exchange"). As of December 31, 2021, FDL's management owns less than 0.15% of our Class B shares and holds noncontrolling interests in certain of our consolidated subsidiaries. Certain of our consolidated subsidiaries have entered into an Oil and Natural Gas Property Operating and Services Agreement (the “FDL Agreement”) with FDL. Pursuant to the FDL Agreement, FDL was engaged to manage the day-to-day operations of the business activities of certain of our consolidated subsidiaries, including allocating to us and other interest holders the production and sale of oil, natural gas and natural gas liquids, collection and disbursement of revenues, operating expenses and general and administrative expenses in the respective oil and natural gas properties and the payment of all capital costs associated with the ongoing operations of such properties. As part of the engagement, FDL will then allocate the revenues, operating expenses, general and administrative expenses and cash collected to us and others as appropriate. We settle balances due to or due from FDL on a monthly basis. As of December 31, 2021, we had a net related party receivable due from FDL totaling $16.9 million and at December 31, 2020, we had a net related party payable due to FDL totaling $7.5 million, included within Accounts receivable – affiliates and Accounts payable – affiliates, respectively, on our consolidated balance sheets. On September 20, 2021 we provided notice that we are terminating the FDL Agreement effective on March 31, 2022. During October 2021, as part of the termination principal terms, we agreed to pay up to $6.5 million in wind down costs and additional severance costs for certain qualifying, dedicated employees, of which any unused portion will be returned to us at the end of the wind down period. During the year ended December 31, 2021, we recorded $3.3 million of expense associated with the termination. RPM An affiliate of KKR Group has entered into a Master Management Services Agreement (the “MSA”) with a subsidiary of RPM Energy Management Partnership L.P. (“RPM”) to act as the manager of certain mineral and non-operated assets controlled by our consolidated subsidiaries. Pursuant to the MSA and under management of certain KKR affiliated entities, RPM manages the day-to-day operations of the business activities of certain of our oil and natural gas properties. We reimburse RPM for all reasonable out-of-pocket expenses incurred for fulfilling its obligations under the MSA (“Allocable Overhead Costs”). The Allocable Overhead Costs are charged to us on an actual basis without mark-up or subsidy. As such, the Allocable Overhead Costs approximate reasonable market rates and are representative of the expenses that we would have incurred had we not entered into the MSA. We settle balances due to or due from RPM on a monthly basis. As of December 31, 2021 and 2020 we had a payable due to RPM of $1.7 million included within Accounts payable - affiliates on our consolidated balance sheets. On December 31, 2021, we terminated our relationship with RPM.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share We have two classes of common stock in the form of Class A Common Stock and Class B Common Stock. However, only shares of Class A Common Stock are entitled to dividends, and shares of Class B Common Stock do not have rights to participate in dividends or undistributed earnings. We apply the two-class method for purposes of calculating earnings per share (“EPS”). The two-class method determines earnings per share of common stock and participating securities according to dividends or dividend equivalents declared during the period and each security's respective participation rights in undistributed earnings and losses. As described in NOTE 1 – Organization and Basis of Presentation , our financial statements have been retrospectively recast to reflect the historical accounts of Independence and the Contributed Entities on a combined basis due to the Merger Transactions and Independence Reorganization, respectively. Net income (loss) for periods prior to the Merger Transactions is allocated to our Predecessor as our Predecessor's Class A Units were exchanged for shares of Class B Common Stock in connection with the Merger Transactions. Net income (loss) attributable to Crescent Energy is allocated to Class A Common Stock and Class B Common Stock based on the participation rights of each class to share in undistributed earnings and losses after giving effect to dividends declared during the period, if any. The following table sets forth the computation of basic and diluted net income (loss) per share: Year Ended December 31, 2021 2020 2019 (in thousands, except unit and per unit amounts) Numerator: Net income (loss) $ (432,227) $ (216,124) $ 46,709 Less: net (income) loss attributable to Predecessor 339,168 118,649 (45,839) Less: net (income) loss attributable to noncontrolling interests 14,922 97,475 (870) Less: net (income) loss attributable to redeemable noncontrolling interests 58,761 — — Net income (loss) attributable to Crescent Energy $ (19,376) $ — $ — Denominator: Weighted-average Class A common stock outstanding - basic and diluted (1) 41,954,385 Weighted-average Class B common stock outstanding - basic and diluted 127,536,463 Net income (loss) per share: Class A common stock - basic and diluted (1) $ (0.46) Class B common stock - basic and diluted $ —

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent events have been evaluated through the date of issuance of these financial statements, and there have been no events subsequent to December 31, 2021, other than those items disclosed below, that would require additional adjustments to our disclosure in our financial statements. $200.0 million Senior Notes Issuance In February 2022, we issued an additional $200.0 million aggregate principal amount of our 7.250% senior notes due 2026 (the “New Notes”). The New Notes were issued as additional notes pursuant to our $500.0 million issuance in May 2021 as described in NOTE 8 – Debt . The New Notes will be treated as a single series and will vote together as a single class with the Senior Notes, and have identical terms and conditions, other than the issue date, the issue price and the first interest payment, as the Senior Notes. Uinta Basin Acquisition In February 2022, Javelin VentureCo, LLC (the “Purchaser”), one of our subsidiaries, and OpCo entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) with Verdun Oil Company II LLC, a Delaware limited liability company (the “Seller”), pursuant to which the Purchaser agreed to purchase from Seller all of the issued and outstanding membership interests (the “Purchased Interests”) of Uinta AssetCo, LLC, a to-be formed Texas limited liability company which will be a wholly-owned subsidiary of the Seller (“UtahCo”). UtahCo will hold all exploration and production assets of and certain obligations of EP Energy E&P Company, L.P. located in the state of Utah (the “Utah Assets”). Seller will receive aggregate consideration of approximately $815.0 million in cash and the assumption of certain hedges, subject to certain customary purchase price adjustments set forth in the Purchase Agreement. OpCo has agreed to guarantee Purchaser’s obligation to fund the purchase price at closing, which is expected to occur in the first half of 2022. In connection with the closing of the transaction, we anticipate entering into an amendment to our Revolving Credit Facility to, among other things, increase the elected commitment amount to $1.3 billion. However, there can be no assurances we will consummate this transaction or that we will enter into such amendment to our Revolving Credit Facility. Chama In February 2022, we contributed all the assets and prospects in the Gulf of Mexico formerly owned by Contango to Chama Energy LLC (“Chama”), an entity in which we retain an interest of approximately 9.4%. Such interest is valued at approximately $3.75 million. John Goff, the Chairman of our Board of Directors, holds an interest of approximately 17.5% in Chama, and the remaining interest is held by other investors. Pursuant to the Limited Liability Company Agreement of Chama, we may be required to fund certain workover costs and we will be required to fund plugging and abandonment costs related to producing assets held by Chama (collectively, “Crescent Contributions”). We will receive 90.0% of cash flows from the producing assets, which amount is increased for any Crescent Contributions. Dividend On March 9, 2022, the Board of Directors approved a quarterly cash dividend of $0.12 per share, or $0.48 per share on an annualized basis, to be paid to our shareholders with respect to the fourth quarter of 2021. The quarterly dividend is payable on March 31, 2022 to shareholders of record as of the close of business on March 18, 2022.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) Quarterly financial data was as follows for the periods indicated: First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share amounts) 2021 Revenues $ 317,860 $ 330,130 $ 365,726 $ 463,261 Income (loss) from operations 88,045 100,483 133,604 161,607 Net income (loss) (166,268) (272,861) (162,043) 168,945 Less: net (income) loss attributable to Predecessor 155,629 269,608 160,567 (246,636) Less: net (income) loss attributable to noncontrolling interests 10,639 3,253 1,476 (446) Less: net (income) loss attributable to redeemable noncontrolling interests — — — 58,761 Net income (loss) attributable to Crescent Energy — — — (19,376) Net income (loss) per share Class A common stock - basic and diluted $ — $ — $ — $ (0.46) Class B common stock - basic and diluted $ — $ — $ — $ — 2020 Revenues $ 207,848 $ 103,509 $ 190,612 $ 252,252 Income (loss) from operations 3,353 (293,463) (26,669) (56,849) Net income (loss) 466,790 (412,227) (101,005) (169,682) Less: net (income) loss attributable to Predecessor (320,722) 236,166 69,990 133,215 Less: net (income) loss attributable to noncontrolling interests (146,068) 176,061 31,015 36,467 Net income (loss) attributable to Crescent Energy — — — — Net income (loss) per share Class A common stock - basic and diluted $ — $ — $ — $ — Class B common stock - basic and diluted $ — $ — $ — $ —

Supplemental Oil and Natural Ga

Supplemental Oil and Natural Gas Disclosures (Unaudited)	12 Months Ended
	Dec. 31, 2021
Extractive Industries [Abstract]
Supplemental Oil and Natural Gas Disclosures (Unaudited)	Supplemental Oil and Natural Gas Disclosures (Unaudited) Geographic Area of Operation All of the oil and natural gas properties in which we have working interests and mineral and royalty interests are located within the continental U.S., with the majority concentrated in Texas, Rockies and Oklahoma. Therefore, the following disclosures about our costs incurred and proved reserves are presented on a combined and consolidated basis. In addition, we have a 37% ownership in our equity method investment, Exaro, that operates in the Jonah Field in Wyoming. Oil and Natural Gas Reserve Information The following table presents our net proved reserves for the years ended December 31, 2021, 2020 and 2019 and the changes in net proved oil, natural gas and NGL reserves during such years. In addition, the net proved reserves for our equity method investment, Exaro, are presented based on our 37% ownership percentage. Because Exaro was acquired in 2021 as part of the Merger Transactions, prior periods are not presented. Developed and Undeveloped Oil Natural Gas Natural Gas Liquids Total Consolidated operations Net proved reserves at December 31, 2018 202,805 1,189,962 75,780 476,913 Revisions of previous estimates 10,477 20,552 (11,321) 2,581 Extensions, discoveries, and other additions (1) 12,003 24,472 1,855 17,936 Sales of reserves in place — — — — Purchases of reserves in place — — — — Production (13,752) (73,747) (5,188) (31,231) Net proved reserves at December 31, 2019 211,533 1,161,239 61,126 466,199 Revisions of previous estimates (2) (57,708) (478,153) (20,279) (157,680) Extensions, discoveries, and other additions 4,088 21,479 603 8,271 Sales of reserves in place — — — — Purchases of reserves in place (3) 22,409 196,840 18,952 74,168 Production (13,132) (78,541) (5,078) (31,300) Net proved reserves at December 31, 2020 167,190 822,864 55,324 359,658 Revisions of previous estimates (4) 9,147 316,572 16,480 78,389 Extensions, discoveries, and other additions 7,007 17,247 2,093 11,975 Sales of reserves in place (6,333) (48,977) (3,265) (17,762) Purchases of reserves in place (5) 46,386 451,702 11,960 133,630 Production (13,237) (89,455) (6,099) (34,245) Net proved reserves at December 31, 2021 210,160 1,469,953 76,493 531,645 Equity affiliate Net proved reserves at December 31, 2020 — — — — Revisions of previous estimates — — — — Extensions, discoveries, and other additions — — — — Sales of reserves in place — — — — Purchases of reserves in place 205 20,880 — 3,685 Production (1) (115) — (20) Net proved reserves at December 31, 2021 204 20,765 — 3,665 Total company Net proved reserves at December 31, 2019 211,533 1,161,239 61,126 466,199 Net proved reserves at December 31, 2020 167,190 822,864 55,324 359,658 Net proved reserves at December 31, 2021 210,364 1,490,718 76,493 535,310 (1) During the year ended December 31, 2019, we added 17.9 MMBoe of proved reserves from drilling activities and technical evaluation of major proved areas, primarily in the Eagle Ford and Permian. Approximately 77% of the reserve additions for the year ended December 31, 2019 were crude oil and NGLs. (2) Revisions of previous estimates include 92.0 MMBoe downward revisions of our PUD reserves. The revisions are primarily due to declining commodity prices which decreased the quantity of reserves recoverable from our proved locations, and also resulted in the removal of certain PUD locations that were uneconomic at year end prices. (3) Purchases in place of 74.2 MMBoe were primarily related to the Permian and DJ Basins. (4) Revisions of previous estimates include 92.7 MMBoe upward revision due to pricing and cost changes, offset by 21.1 MMBoe downward revisions of our PUD reserves due to the removal of certain locations that are no longer part of our five-year consolidated development plan following the Merger Transactions. (5) Purchases in place included 125.6 MMBoe from our Merger Transactions, 5.6 MMBoe from our Central Basin Platform Acquisition and 2.5 MMBoe from our DJ Basin Acquisition. The following table sets forth our net proved oil, natural gas and NGL reserves for both our consolidated operations and our investment in Exaro as of the years ended December 31, 2021 and 2020, 2019 and 2018: Proved Developed Reserves Oil (MBbls) Natural Gas (MMcf) Natural Gas Liquids (MBbls) Total (MBoe) Consolidated operations December 31, 2021 158,091 1,404,570 66,402 458,588 December 31, 2020 92,024 748,496 44,307 261,079 December 31, 2019 103,728 870,491 48,997 297,808 Equity affiliate December 31, 2021 204 20,765 — 3,665 December 31, 2020 — — — — December 31, 2019 — — — — Proved Undeveloped Reserves Oil (MBbls) Natural Gas (MMcf) Natural Gas Liquids (MBbls) Total (MBoe) Consolidated operations December 31, 2021 52,069 65,383 10,091 73,057 December 31, 2020 75,166 74,368 11,017 98,579 December 31, 2019 107,805 290,748 12,129 168,391 Equity affiliate December 31, 2021 — — — — December 31, 2020 — — — — December 31, 2019 — — — — Capitalized Costs Relating to Oil and Gas Producing Activities The following table summarizes the capitalized costs relating to our oil and natural gas producing activities for both our consolidated operations and our investment in Exaro as of December 31, 2021 and 2020: As of December 31, 2021 2020 (in thousands) Consolidated operations Proved oil and natural gas properties (successful efforts method) $ 6,043,602 $ 4,910,059 Unproved oil and natural gas properties 308,721 288,459 Oil and natural gas properties, at cost 6,352,323 5,198,518 Less accumulated depreciation, depletion and amortization (1,881,933) (1,666,620) Net capitalized costs $ 4,470,390 $ 3,531,898 Equity affiliate Proved oil and natural gas properties (successful efforts method) $ 9,043 $ — Unproved oil and natural gas properties — — Oil and natural gas properties, at cost 9,043 — Less accumulated depreciation, depletion and amortization (67) — Net capitalized costs $ 8,976 $ — Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities Acquisition costs include costs incurred to purchase, lease or otherwise acquire property. Exploration costs include additions to exploratory wells, including those in progress, and exploration expenses. Development costs include additions to production facilities and equipment and additions to development wells, including those in progress. The following table summarizes costs incurred related to our oil and natural gas activities for both our consolidated operations and our investment in Exaro for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 (in thousands) Consolidated operations Acquisition costs: Proved $ 1,098,696 $ 355,010 $ 795 Unproved 41,355 680 7,264 Exploration costs 1,180 — 710 Development 194,828 83,013 318,157 Total costs incurred $ 1,336,059 $ 438,703 $ 326,926 Equity affiliate Acquisition costs: Proved $ — $ — $ — Unproved — — — Exploration costs — — — Development — — — Total costs incurred $ — $ — $ — Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves The following information has been developed utilizing procedures prescribed by ASC 932 – Extractive Industries – Oil and Gas and based on crude oil, NGL and natural gas reserves and production volumes estimated by our engineering staff. The estimates were based on a 12-month average for first-day-of-the month commodity prices. The following information may be useful for certain comparative purposes, but should not be solely relied upon in evaluating our performance. Further, information contained in the following table should not be considered as representative of realistic assessments of future cash flows, nor should the standardized measure of discounted future net cash flows be viewed as representative of our current value. The future cash flows presented below are based on sales prices and cost rates in existence as of the date of the projections. It is expected that material revisions to some estimates of crude oil, NGL and natural gas reserves may occur in the future, development and production of the reserves may occur in periods other than those assumed, and actual prices realized and costs incurred may vary significantly from those used. Management does not rely upon the following information in making investment and operating decisions. Such decisions are based upon a wide range of factors, including estimates of probable and possible reserves as well as proved reserves, and varying price and cost assumptions considered more representative of a range of possible economic conditions that may be anticipated. Future net cash flows were calculated at December 31, 2021, 2020 and 2019 by applying prices, which were the simple average of the first-of-the-month commodity prices, adjusted for location and quality differentials, with consideration of known contractual price changes. The following table provides the average benchmark prices per unit, before location and quality differential adjustments, used to calculate the related reserve category: Year Ended December 31, 2021 2020 2019 Average benchmark price per unit: Crude oil (Bbl) $ 66.56 $ 39.56 $ 55.69 Natural gas (MMBtu) $ 3.60 $ 1.99 $ 2.62 The following table sets forth the standardized measure of discounted future net cash flows for both our consolidated operations and our investment in Exaro from projected production of oil and natural gas reserves, for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 (in thousands) Consolidated operations Future cash inflows $ 21,063,117 $ 8,232,932 $ 15,745,942 Future production costs (10,194,648) (4,280,563) (6,766,410) Future development costs (1) (1,477,562) (1,353,957) (2,323,420) Future income taxes (352,136) (30,155) (63,136) Future net cash flows 9,038,771 2,568,257 6,592,976 Annual discount of 10% for estimated timing (4,080,471) (1,240,397) (3,482,128) Standardized measure of discounted future net cash flows $ 4,958,300 $ 1,327,860 $ 3,110,848 Equity affiliate (2) Future cash inflows $ 99,290 $ — $ — Future production costs (55,371) — — Future development costs (2,309) — — Future income taxes (1,730) — — Future net cash flows 39,880 — — Annual discount of 10% for estimated timing (16,702) — — Standardized measure of discounted future net cash flows $ 23,178 $ — $ — (1) Future development costs include future abandonment and salvage costs. (2) The average benchmark prices used for the equity affiliate were $66.55 per barrel for crude oil and $3.64 per MMBtu for natural gas. Changes in standardized measure of discounted future net cash flows The following table sets forth the changes in the standardized measure of discounted future net cash flows for both our consolidated operations and our investment in Exaro for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 (in thousands) Consolidated operations Balance at beginning of period $ 1,327,860 $ 3,110,848 $ 4,207,347 Net change in prices and production costs 3,330,299 (1,184,939) (821,874) Net change in future development costs 117,333 160,465 (59,359) Sales and transfers of oil and natural gas produced, net of production expenses (872,521) (290,053) (568,665) Extensions, discoveries, additions and improved recovery, net of related costs 162,657 31,688 182,697 Purchases of reserves in place 1,236,388 176,480 — Sales of reserves in place (84,095) — — Revisions of previous quantity estimates (295,234) (887,395) (226,561) Previously estimated development costs incurred 95,879 32,873 15,676 Net change in taxes (184,419) 19,350 (19) Accretion of discount 124,153 283,954 424,278 Changes in timing and other — (125,411) (42,672) Balance at end of period $ 4,958,300 $ 1,327,860 $ 3,110,848 Equity affiliate Balance at beginning of period $ — $ — $ — Net change in prices and production costs — — — Net change in future development costs — — — Sales and transfers of oil and natural gas produced, net of production expenses (1,246) — — Extensions, discoveries, additions and improved recovery, net of related costs — — — Purchases of reserves in place 26,154 — — Sales of reserves in place — — — Revisions of previous quantity estimates — — — Previously estimated development costs incurred — — — Net change in taxes (1,730) — — Accretion of discount — — — Changes in timing and other — — — Balance at end of period $ 23,178 $ — $ —

SCHEDULE I CONDENSED FINANCIAL

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT	12 Months Ended
	Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract]
SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT	CONDENSED FINANCIAL INFORMATION OF REGISTRANT CRESCENT ENERGY COMPANY PARENT COMPANY BALANCE SHEETS December 31, December 31, (in thousands, except share and unit data) ASSETS Investment in subsidiary $ 3,103,176 $ 2,893,160 TOTAL ASSETS $ 3,103,176 $ 2,893,160 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Current liabilities: Accounts payable – affiliates $ 914 $ — Accrued liabilities 68 — Total current liabilities 982 — Deferred tax liability 82,537 — Total liabilities 83,519 — Contingencies (Note 3) Redeemable noncontrolling interests 2,325,013 — Equity: Members’ equity – Class A units, no units and 1,220,421 units outstanding as of December 31, 2021 and 2020, respectively — 2,716,892 Class A common stock, $0.0001 par value; 1,000,000,000 shares authorized and 43,105,376 shares issued and 41,954,385 shares outstanding as of December 31, 2021; no shares issued and outstanding as of December 31, 2020 4 — Class B common stock, $0.0001 par value; 500,000,000 shares authorized and 127,536,463 shares issued and outstanding as of December 31, 2021; no shares issued and outstanding as of December 31, 2020 13 — Preferred stock, $0.0001 par value; 500,000,000 shares authorized and 1,000 Series I preferred shares issued and outstanding as of December 31, 2021; no shares issued and outstanding as of December 31, 2020 — — Treasury stock, at cost; 1,150,991 shares of Class A common stock as of December 31, 2021 and no shares of Class A Common Stock as of December 31, 2020 (18,448) — Additional paid-in capital 720,016 — Accumulated deficit (19,376) — Noncontrolling interests 12,435 176,268 Total equity 694,644 2,893,160 TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY $ 3,103,176 $ 2,893,160 SCHEDULE I - CONTINUED CONDENSED FINANCIAL INFORMATION OF REGISTRANT CRESCENT ENERGY COMPANY PARENT COMPANY STATEMENTS OF OPERATIONS Year Ended December 31, 2021 2020 2019 (in thousands, except per share amounts) Revenues $ — $ — $ — Expenses: General and administrative expense 914 — — Total expenses 914 — — Income (loss) before taxes and equity in income (losses) of subsidiary (914) — — Income tax benefit (expense) 867 — — Income (loss) before equity in income (losses) of subsidiary (47) — — Equity in income (losses) of subsidiary, net of tax (432,180) (216,124) 46,709 Net income (loss) (432,227) (216,124) 46,709 Less: net (income) loss attributable to Predecessor 339,168 118,649 (45,839) Less: net (income) loss attributable to noncontrolling interests 14,922 97,475 (870) Less: net loss attributable to redeemable noncontrolling interests 58,761 — — Net loss attributable to Crescent Energy $ (19,376) $ — $ — Net Loss per Share: Class A common stock - basic and diluted $ (0.46) Class B common stock - basic and diluted $ — Weighted Average Shares Outstanding: Class A common stock - basic and diluted 41,954 Class B common stock - basic and diluted 127,536 The accompanying notes to financial statements are an integral part of these condensed financial statements. SCHEDULE I - CONTINUED CONDENSED FINANCIAL INFORMATION OF REGISTRANT CRESCENT ENERGY COMPANY PARENT COMPANY STATEMENTS OF CASH FLOWS Year Ended December 31, 2021 2020 2019 (in thousands) Cash flows from operating activities: Net income (loss) (432,227) (216,124) 46,709 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Equity in (income) losses of subsidiary 432,180 216,124 (46,709) Deferred income taxes (benefit) (935) — — Changes in operating assets and liabilities: Accounts payable – affiliates 914 — — Accrued liabilities 68 — — Net cash provided by operating activities — — — Net cash provided by investing activities — — — Net cash provided by financing activities — — — Net change in cash, cash equivalents and restricted cash — — — Cash, cash equivalents and restricted cash, beginning of period — — — Cash, cash equivalents, and restricted cash, end of period $ — $ — $ — The accompanying notes to financial statements are an integral part of these condensed financial statements. NOTE 1 – Basis of Presentation On December 7, 2021, we completed the Merger Transactions, pursuant to which Contango Oil & Gas Company ("Contango") combined with Independence Energy LLC ("Independence") under a new publicly traded holding company named "Crescent Energy Company." Our Class A Common Stock is listed on The New York Stock Exchange under the symbol “CRGY.” The new combined company is structured as an “Up-C,” with all of our assets and operations and those of Contango held by Crescent Energy Company ("Crescent"), which is the sole managing member of Crescent Energy OpCo LLC ("OpCo"). We are a holding company that conducts substantially all of our business through our consolidated subsidiary, OpCo. Our sole material asset consists of units of OpCo ("OpCo Units"). As the sole managing member of OpCo, we are responsible for all operational, management and administrative decisions related to OpCo’s business. Because the unit holders of OpCo lack the characteristics of a controlling financial interest, OpCo was determined to be a variable interest entity. Crescent is considered the primary beneficiary of OpCo as it has both the power to direct OpCo and the right to receive benefits from OpCo. As a result, we consolidate the financial results of OpCo and its subsidiaries, including Crescent Energy Finance LLC. Former Contango shareholders now own shares of Crescent Class A Common Stock, which have both voting and economic rights with respect to Crescent. The former owners of our predecessor, Independence Energy LLC, now own economic, non-voting OpCo Units and corresponding shares of Crescent Class B Common Stock, which have voting (but no economic) rights with respect to Crescent. OpCo is owned approximately 25% by Crescent and approximately 75% by holders of our redeemable noncontrolling interests representing former owners of Independence. The Isla Merger, whereby Independence merged with and into OpCo on December 7, 2021 in connection with the Merger Transactions, was accounted for as a reorganization of entities under common control. As required by GAAP, the contribution of Independence was accounted for as a reorganization of entities under common control, in a manner similar to a pooling of interests, with all assets and liabilities transferred to us at their carrying amounts. Because the Isla Merger resulted in a change in the reporting entity, and in order to furnish comparative financial information prior to the Merger Transactions, our financial statements have been retrospectively recast to reflect the historical accounts of Independence, our accounting predecessor (the "Predecessor"). These condensed parent company financial statements reflect the activity of Crescent as the parent company to OpCo and have been prepared in accordance with Rules 5-04 and 12-04 of Regulation S-X, as the restricted net assets of OpCo and its consolidated subsidiaries exceed 25% of the consolidated net assets of Crescent. This information should be read in conjunction with the combined and consolidated financial statements of Crescent included in Part II, Item 8. Financial Statements and Supplementary Data of this Annual Report. NOTE 2 – Income Taxes For details regarding income taxes, see NOTE 10 - Income Taxes , to the combined and consolidated financial statements of Crescent included in Part II, Item 8. Financial Statements and Supplementary Data of this Annual Report. For details regarding contingencies related to litigation, see NOTE 12 - Commitments and Contingencies

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationOur combined and consolidated financial statements (the “financial statements”) include the accounts of the Company and its subsidiaries after the elimination of intercompany transactions and balances and are presented in accordance with U.S. general accepted accounting principles (“GAAP”). We have no elements of other comprehensive income for the periods presented.
Basis of Consolidation	Basis of PresentationOur combined and consolidated financial statements (the “financial statements”) include the accounts of the Company and its subsidiaries after the elimination of intercompany transactions and balances and are presented in accordance with U.S. general accepted accounting principles (“GAAP”). We have no elements of other comprehensive income for the periods presented.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We use historical experience and various other assumptions and information that are believed to be reasonable under the circumstances in developing our estimates and judgments. Estimates and assumptions about future events and their effects cannot be predicted with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. While we believe that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results may differ from these estimates. Our significant estimates include the fair value of acquired assets and liabilities, oil and natural gas reserves, impairment of proved and unproved oil and natural gas properties and valuation of derivative instruments.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash deposited in commercial bank accounts and highly liquid investments purchased with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are maintained with major financial institutions in the U.S. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, the financial stability of the financial institutions is regularly monitored, and we believe that we do not have exposure to any significant default risk.
Restricted Cash	Restricted Cash Restricted cash consists of funds earmarked for a special purpose and therefore not available for immediate and general use. The majority of our restricted cash is comprised of cash that is contractually required to be restricted to pay for the future
Accounts Receivable	Accounts Receivable We routinely assess the recoverability of our accounts receivable, which primarily comprise amounts due from (i) purchasers of our oil, natural gas and NGL production and (ii) joint interest owners on properties that we operate. We monitor our exposure to credit risk primarily by reviewing credit ratings, financial statements and payment history. We extend credit terms based on our evaluation of each counterparty’s creditworthiness. Generally, our oil and natural gas receivables are collected within 45 to 60 days of production. Our joint interest billings are collected within the month after they are billed, and we have the ability to withhold future revenue distributions to recover any nonpayment of our joint interest billings. As a result of adopting ASU 2016-13, Measurement of Credit Losses on Financial Instruments
Restricted Investment Securities	Restricted Investment Securities We hold U.S. Treasury securities, which are contractually required to be set aside to pay for the future abandonment of certain wells in California. Due to this restriction, we report these investment securities as noncurrent and include them within other assets on our consolidated balance sheets.
Oil and Natural Gas Properties	Oil and Natural Gas PropertiesOil and natural gas producing activities are accounted for under the successful efforts method of accounting. Under this method, exploration costs, other than the costs of drilling exploratory wells, are charged to expense as incurred. Costs that are associated with the drilling of successful exploration wells are capitalized if proved reserves are found. Capitalized costs attributed to the properties are charged as an operating expense through depreciation, depletion and amortization (“DD&A”). Dry hole costs associated with developing proved fields are capitalized. Costs associated with the drilling of exploratory wells that do not find proved reserves, geological and geophysical costs and costs of certain nonproducing leasehold costs are expensed once evaluated and determined to be a dry hole. Delay and surface rentals are charged to expense as incurred. The costs to acquire mineral interests in oil and natural gas properties and lease acquisition costs are capitalized when incurred. If proved reserves are found on an undeveloped property, leasehold costs are transferred to proved properties. The capitalized costs of producing oil and natural gas properties are depleted on a field-by-field basis using the units-of-production method based on the ratio of current production to estimated total net proved oil, natural gas and NGL reserves. Proved developed reserves are used in computing depletion rates for drilling and development costs and total proved reserves are used for depletion rates of leasehold costs. Upon the sale of a complete or partial unit of a proved property or pipeline and related facilities, the cost and related accumulated DD&A are removed from the property accounts and any gain or loss is recognized. Estimated dismantlement and abandonment costs for oil and natural gas properties are capitalized at their estimated net present value and amortized on a unit-of-production basis over the remaining life of the related proved developed reserves. See discussion of Asset Retirement Obligations below for additional discussion.
Other Property, Plant, and Equipment	Other Property, Plant and Equipment We have other property, plant, and equipment that consists principally of gathering and processing facilities, vehicles, computer hardware and software, office furniture and equipment, buildings and leasehold improvements. Other property, plant, and equipment is recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the respective assets which range from three
Impairment	Impairment Proved and unproved oil and natural gas properties are reviewed for impairment when events and circumstances indicate a possible decline in the recoverability of the carrying amount of such property. When a triggering event is identified, we compare the carrying amount of our oil and natural gas properties to the estimated undiscounted cash flows our oil and natural gas properties will generate to determine if the carrying amount is recoverable. We perform this analysis on a field-by-field basis. If the carrying amount exceeds the estimated undiscounted cash flows, we will write-down the carrying amount of the oil and natural gas properties to fair value. The factors used to determine fair value include, but are not limited to, estimates of reserves, future commodity prices, future production estimates, and discount rates commensurate with the risk associated with realizing the projected cash flows.
Drilling Advances	Drilling AdvancesWe pay advances for certain D&C costs on our non-operated properties, as required by our joint operating agreements.
Equity Method Investments	Equity Method Investments If an entity is organized as a limited partnership or limited liability company and maintains separate ownership accounts, we generally account for our investment using the equity method if our ownership interest is between 3% and 50%, unless our interest is so minor that we have virtually no influence over the investee’s operating and financial policies. For all other types of investments, we generally apply the equity method of accounting if our ownership interest is between 20% and 50% and we exercise significant influence over the investee’s operating and financial policies. We eliminate our proportionate share of profits and losses from transactions with equity affiliates to the extent such amounts remain on our consolidated balance sheets (or those of our equity affiliates). Under the equity method, our proportionate share of each investees' net income increases the balance of our investment, while a net loss or receipt of dividends decreases the balance of our investment. Our proportionate share of net income from our equity affiliates are reported as a single line item within income (loss) from equity method investments in our combined and consolidated statements of operations.
Other Long-Term Assets	Other Long-Term Assets We acquired certain long-term joint interest receivables that are settled through the underlying oil and natural gas interests of certain joint interest owners. The outstanding balance of these long-term receivables was $1.2 million and $1.3 million as of December 31, 2021 and 2020. We recognized write-offs of acquired long-term joint interest receivables totaling $3.8 million within operating expense in the combined and consolidated statement of operations for the year ended December 31, 2019.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling InterestsIn connection with the Merger Transactions, 127.5 million OpCo Units were issued to the former owners of Independence. The former owners of Independence also own all outstanding shares of our Class B Common Stock. Pursuant to the OpCo LLC Agreement, holders of OpCo Units, other than the Company, may redeem all or a portion of their OpCo Units, together with a corresponding number of shares of Class B Common Stock, for either (a) shares of Class A Common Stock or (b) an approximately equivalent amount of cash as determined pursuant to the terms of the OpCo LLC Agreement, at the election of the Company. In connection with the exercise of such redemption, a corresponding number of shares of Class B Common Stock will be cancelled. The redemption election is not considered to be within the control of the Company because the holders of Class B Common Stock and their affiliates control the Company through direct representation on the Board of Directors. As a result, we present the noncontrolling interests in OpCo as redeemable noncontrolling interests outside of permanent equity. Redeemable noncontrolling interest is recorded at the greater of the carrying value or redemption amount with a corresponding adjustment to additional paid-in capital.
Stockholders' Equity	Stockholders' Equity Class A and Class B Common Stock As of December 31, 2021, we had 41,954,385 and 127,536,463 shares of Class A Common Stock and Class B Common Stock outstanding, respectively. Our Class A Common Stock is publicly traded, while our Class B Common Stock is 100% owned by the former owners of Independence. As a result of the Merger Transactions, (a) former owners of Independence own 100% of the total outstanding Class B Common Stock and approximately 75% of the total outstanding Class A Common Stock and Class B Common Stock taken together, and (b) former stockholders of Contango own Class A Common Stock that represents approximately 25% of the outstanding Class A Common Stock and Class B Common Stock, taken together. Treasury stock Treasury stock shares represent shares we withheld associated with the payroll tax withholding obligations due from employees upon the vesting of stock awards. We include the shares withheld as treasury stock on our consolidated balance sheets and separately pay the payroll tax obligation. These retained shares are not part of a publicly announced program to repurchase shares of our Class A Common Stock and are accounted for at cost. We do not have a publicly announced program to repurchase shares of our Class A Common Stock. Predecessor members' equity Prior to the Merger Transactions, Independence had two classes of equity in the form of Class A Units and Class B Units. Both Class A Units and Class B Units were considered common units, and distributions were made pro rata in accordance with each unit’s respective ownership percentage. At the time of the Merger Transactions, only Class A Units were issued and outstanding. As a result of the Merger Transactions, all Class A Units were exchanged for our Class B Common Stock and no Class A Units or Class B Units remain issued or outstanding. Noncontrolling interest We record noncontrolling interest associated with third party ownership interests in our subsidiaries. Income or loss associated with these interests is classified as net income (loss) attributable to noncontrolling interest on our combined and consolidated statements of operations. In April 2021, certain minority investors exchanged 100% of their interests in our Barnett Basin natural gas assets for 9,508 of our Predecessor's Class A Units ("April 2021 Exchange"). Since we already consolidate the results of these assets, this transaction was accounted for as an equity transaction and reflected as a reclassification from noncontrolling interests to members’ equity with no gain or loss recognized on exchange. In December 2020, certain other minority owners of our consolidated subsidiaries elected to exchange 100% of their interests in those individual consolidated subsidiaries for 220,421 of our Predecessor's Class A Units (“December 2020 Exchange”). Since we already consolidate the results of these subsidiaries, this transaction was accounted for as a reclassification of $657.4 million from noncontrolling interest to members’ equity with no gain or loss recognized on the exchange. In August 2020, in connection with the Independence Reorganization, certain interests in our consolidated subsidiaries owned by a third-party investor were not contributed to the Predecessor. These interests were reclassified from members’ equity to noncontrolling interest as of the date of the Independence Reorganization and all income and loss attributable to these interests is recorded as net income (loss) attributable to noncontrolling interests from the date of the Independence Reorganization. In May 2021, these noncontrolling equity interests were redeemed in exchange for the third-party investor’s proportionate share of the underlying oil and natural gas interests held by its consolidated subsidiaries ("Noncontrolling Interest Carve-out"). Additionally, the third-party investor contributed cash of approximately $35.5 million to repay its proportionate share of the underlying debt outstanding under our Prior Credit Agreements and other liabilities. The percentage ownership of these certain consolidated subsidiaries owned by the third-party investor ranges from 2.21% to 7.38%.
Debt Issuance Costs	Debt Issuance Costs We capitalize costs incurred in connection with obtaining financing associated with our revolving credit facilities and amortize such costs as additional interest expense over the life of the underlying indebtedness. These costs include fees paid to financial institutions and legal fees and are included in other assets in our consolidated balance sheets.
Revenue Recognition	Revenue Recognition Oil, Gas and NGL Revenues We hold operated and non-operated working interests and mineral and royalty interests in producing assets that function as follows: Operated working interests : We are responsible for the day-to-day management and operation of the field as well as negotiations required for post-production transportation, gathering, processing and marketing; we remit proceeds from sales of resulting hydrocarbons to third parties back to non-operators less costs as agreed in the applicable joint operating agreement. Non-operated working interests : An operator of these assets is responsible for the day-to-day management and operation of the field as well as negotiations required for post-production transportation, gathering, processing, and marketing; the operator then remits proceeds from sales of resulting hydrocarbons to third parties back to non-operators less costs as agreed in the applicable joint operating agreement. Mineral and royalty interests : Ownership of a percentage of production or production revenues produced from leased acreage. The owner of this share of production does not bear any of the cost of exploration, drilling, producing, operating or any other expense associated with drilling and producing an oil and gas well. Mineral and royalty interests may be burdened by some or all of the post-production costs related to gathering, processing and marketing. We sell oil production at the lease and collect an agreed-upon index price, net of pricing differentials. Under our natural gas contracts, we deliver natural gas to a midstream processor at a contractually specified delivery point. The midstream processor gathers and processes the natural gas and then markets and remits proceeds to us for the resulting sale of the residue gas and NGLs. Our non-operated production is marketed by operators, after which the operators remit net proceeds from the sale of our share of production to us. Proceeds reflect post-production expenses such as gathering, processing and other expenses incurred in marketing of that production. Performance Obligations Under product sales contracts, each unit of product generally represents a separate performance obligation. We record revenue for our product sales contracts at the point-in-time control of a commodity is transferred to the customer. However, settlement statements from non-operated working interests may not be received for 30 to 60 days after the date production is delivered, and as a result, we are required to estimate the amount of production delivered to the customer and the net commodity price that will be received for the sale of these commodity products. At the end of the reporting period, we did not have any unsatisfied performance obligations. Our contracts with customers typically include variable consideration based on monthly pricing tied to local indices and volumes delivered in the current month. The nature of our contracts with customers does not require us to constrain variable consideration for accounting purposes. Revenue is recognized to the extent it is determined that it is probable that a significant reversal will not occur. We record the differences between our revenue estimates and the actual amounts received in the month that payment is received from the operator.
Incentive Compensation Arrangements	Incentive Compensation Arrangements Incentive compensation includes share-based payment awards and incentive cash bonus plans that are issued to employees and non-employees in exchange for services provided to us. Equity-classified share-based payment awards are recognized at fair value on the grant date, and amortized over the life of the award. Liability-classified share-based payment awards are remeasured at fair value until settlement. For awards with service-based vesting conditions only, we recognize compensation cost using straight-line attribution. For awards that contain market or performance conditions we use accelerated attribution. Our policy is to recognize forfeitures as they occur. Certain of our consolidated subsidiaries have also issued incentive awards that are accounted for similar to cash bonus plans, whereby compensation cost is measured based on the present value of probable expected benefits to be paid and recognized over the period services are provided. Incentive awards similar to cash bonus plans may also have market-based or time-based vesting conditions and are included in accounts payable and accrued liabilities on our consolidated balance sheets.
Defined Contribution Plan	Defined Contribution Plan In conjunction with the Merger Transactions we will begin offering our employees a defined contribution 401(k) Plan (the “401(k) Plan”) for the benefit of substantially all of our employees. The 401(k) Plan allows eligible employees to make tax-deferred contributions, not to exceed annual limits established by the Internal Revenue Service. The Company matches contributions of 100% of employee contributions, up to 5% of compensation with immediate vesting for existing employees. The Company did not make any contributions to the 401(k) Plan for the years ended December 31, 2021, 2020 and 2019 since the plan's inception began in January 2022 in conjunction with the start of the benefit plan year; however, the Company expects to make contributions to the plan in 2022.
Business Combinations	Business Combinations We recognize the identifiable assets acquired and liabilities assumed at the estimated acquisition date fair values. Fair value is the price that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the assumptions of market participants and not those of the reporting entity. Therefore, entity-specific intentions do not impact the measurement of fair value. These fair values are accounted for at the date of acquisition and included in our consolidated balance sheets as of December 31, 2021 and 2020. The results of operations of an acquired business are included in our combined and consolidated statements of operations from the date of the acquisition.
Credit and Concentration Risk	Credit and Concentration Risk We sell a significant amount of our oil, natural gas and NGL production to a limited number of purchasers. This concentration has the potential to impact our overall exposure to credit risk, either positively or negatively, in that our purchasers may be similarly affected by changes in economic, industry or other conditions. If these counterparties were to fail to pay amounts due to us, our financial position and results of operations could be materially affected.
Risks and Uncertainties	Risks and Uncertainties Our future financial condition, results of operations and cash flows are dependent on the demand and prices received for oil, natural gas and NGL production. These prices historically have been volatile, and we expect such volatility to continue in the future, as they are subject to wide fluctuation in response to relatively minor changes in the supply of and demand for oil, natural gas and NGL, market uncertainty and a variety of additional factors beyond our control. These factors include weather conditions, government regulations and taxes, the price and availability of alternative fuels and overall economic conditions. A decline in oil, natural gas or NGL prices may adversely affect our financial position, cash flows and results of operations. Lower oil, natural gas or NGL prices also may reduce the amount of oil, natural gas and NGL that can be produced economically. Our revenues are derived principally from uncollateralized sales to numerous companies in the oil and natural gas industry; therefore, our customers may be similarly affected by changes in economic and other conditions within the industry.
Risk Management	Risk Management We periodically enter into derivative contracts to manage our exposure to commodity price and interest rate changes. These derivative contracts may take the form of forward contracts, futures contracts, swaps, swaptions, collars or other options. We do not use derivative contracts for speculative purposes and have not designated any derivative instruments as hedging instruments for accounting purposes. As such, unrealized gains and losses from changes in the valuation of our unsettled derivative contracts, as well as realized gains and losses on the settlement of derivative contracts, are reported in gain (loss) on derivatives in our combined and consolidated statements of operations. Such derivative instruments are initially recorded at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value at each reporting date. Derivatives are carried as assets when the fair value is positive or as liabilities when the fair value is negative and are classified as current and long term based on the delivery periods of the financial instruments. If the right of offset exists and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on our consolidated balance sheets.
Contingencies	Contingencies Certain conditions may exist as of the date our financial statements are issued, which may result in a loss to us but which will only be resolved when one or more future events occur or fail to occur. In the preparation of our financial statements, management assesses the need for accounting recognition or disclosure of these contingencies, if any, and such assessment inherently involves an exercise in judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, our management and legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. When applicable, we will accrue an undiscounted liability for contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum amount within the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when it is believed to be only reasonably possible or remote.
Income Taxes	Income Taxes Crescent is a holding company of which our sole material assets are OpCo Units. OpCo is a partnership and is generally not subject to U.S. federal and certain state taxes. Crescent is subject to U.S. federal and certain state taxes on our allocable share of any taxable income of OpCo. Taxable income or loss generated by OpCo is generally allocated and passed through to Crescent at our proportionate share of OpCo unit ownership, except for activity related to items contributed by Contango with a pre-contribution gain which are allocated solely to Crescent. The amount of income taxes we record requires interpretations of complex rules and regulations of various tax jurisdictions throughout the United States. We recognize deferred tax assets and liabilities for temporary differences, operating losses and tax credit carryforwards. Temporary differences arise when there are differences between the financial statement carrying amount and the tax basis of existing assets and liabilities as these differences create taxable or tax-deductible amounts for future periods. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized. For additional information regarding income taxes, see NOTE 10 – Income Taxes . ASC 740, Income Taxes , specifies the accounting for uncertainty in income taxes by prescribing a minimum recognition threshold for a tax position to be reflected in the financial statements. If recognized, the tax benefit is measured as the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement. Management has considered the amounts and the probabilities of the outcomes that could be realized upon ultimate settlement and believes that it is more likely than not that the Company's recorded income tax benefits will be fully realized, or recognizes a valuation allowance against deferred tax assets in cases where we do not forecast sufficient future income to recognize the deferred tax asset.
Goodwill	Goodwill Goodwill represents the excess of the consideration transferred for business combinations over the fair value of the identifiable net assets acquired. We test goodwill for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired.
Asset Retirement Obligations	Asset Retirement Obligations An ARO represents the legal obligation associated with the future abandonment of tangible assets, such as wells, service assets, pipelines, and other facilities. We record an ARO and capitalize the asset retirement cost in oil and natural gas properties in the period in which the ARO is incurred based upon the estimated fair value of the obligation to perform site reclamation, dismantle facilities or plug and abandon wells. After recording these amounts, the ARO liability is accreted to its future estimated value using an estimated credited-adjusted risk-free rate and the capitalized asset retirement cost is depleted on a unit-of-production basis. Both the accretion expense and the depletion expense are included in depreciation, depletion and amortization expense on our combined and consolidated statements of operations. Measuring the future ARO requires management to make estimates, assumptions and judgments inherent in the present value calculation including the ultimate costs, inflation factors, credit adjusted discount rates, timing of settlement and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the present value of the existing ARO liability, a corresponding adjustment is made to the related asset. If the ARO is settled for an amount other than the recorded amount, a gain or loss is recognized at settlement.
Environmental Expenditures	Environmental Expenditures In addition to ARO, management also reviews our estimates of the cleanup costs of various sites on an annual basis. When it is probable that obligations have been incurred, and where a reasonable estimate of the cost of compliance or remediation can be determined, the applicable amount is accrued. For other potential liabilities, the timing of accruals coincides with the related
Recent Accounting Standards	Recent Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases , ("ASC Topic 842") which establishes comprehensive accounting and financial reporting requirements for leasing arrangements. ASC Topic 842 requires lessees to recognize substantially all lease assets and lease liabilities on the balance sheets. Additional disclosures about an entity’s lease transactions will also be required. ASC Topic 842 defines a lease as “a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment (an identified asset) for a period of time in exchange for consideration.” Lessees and lessors can elect to recognize and measure leases as of the date of adoption using a modified retrospective approach. We adopted ASC Topic 842 effective January 1, 2021. Adoption of ASC Topic 842 resulted in the recognition of additional lease assets and liabilities on our consolidated balance sheets as well as additional disclosures. The adoption did not have a material impact to our combined and consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional guidance, for a limited period of time, to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in ASU 2020-04 provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments in this ASU apply only to contracts, hedging relationships and other transactions that reference LIBOR, or another reference rate, expected to be discontinued because of reference rate reform. The guidance was effective beginning March 12, 2020 and can be applied prospectively through December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform - Scope , which clarified the scope and application of the original guidance. The Company is currently assessing the potential impact of ASU 2020-04 on its consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and restricted cash presented on our balance sheets to amounts shown in the statements of cash flows: As of December 31, 2021 2020 2019 (in thousands) Cash and cash equivalents $ 128,578 $ 36,861 $ 19,894 Restricted cash – current — — 3,932 Restricted cash – noncurrent 6,539 4,559 3,595 Total cash, cash equivalents and restricted cash $ 135,117 $ 41,420 $ 27,421
Schedule of Restricted Cash and Restricted Cash Equivalents	The following table provides a reconciliation of cash and restricted cash presented on our balance sheets to amounts shown in the statements of cash flows: As of December 31, 2021 2020 2019 (in thousands) Cash and cash equivalents $ 128,578 $ 36,861 $ 19,894 Restricted cash – current — — 3,932 Restricted cash – noncurrent 6,539 4,559 3,595 Total cash, cash equivalents and restricted cash $ 135,117 $ 41,420 $ 27,421
Schedule of Redeemable Noncontrolling Interest	From the date of the Merger Transactions through December 31, 2021, we recorded adjustments to the value of our redeemable noncontrolling interests as shown below: Redeemable Noncontrolling Interest (in thousands) Balance as of December 7, 2021 $ 2,353,977 Net loss attributable to redeemable noncontrolling interests (58,761) Accrued OpCo distribution (2,706) Equity-based compensation, net of withholding taxes 16,412 Cancellation of OpCo Units associated with repurchase of treasury stock 16,091 Balance as of December 31, 2021 $ 2,325,013
Schedule of Effects of Changes in Ownership	The following table discloses the effects on equity of changes in our ownership interest in our subsidiaries related to transactions with holders of noncontrolling interests: Year Ended December 31, 2021 2020 2019 (in thousands) Net income (loss) attributable to Crescent Energy and its Predecessor $ (358,544) $ (118,649) $ 45,839 Transfers (to) from noncontrolling interest Decrease in Predecessor members’ equity related to the Independence Reorganization — (101,926) — Increase in Predecessor members’ equity related to the December 2020 Exchange — 657,370 — Increase in Predecessor members’ equity related to the April 2021 Exchange 62,051 — — Net transfers (to) from noncontrolling interest 62,051 555,444 — Changes from net income (loss) attributable to Crescent Energy and its Predecessor and transfers (to) from noncontrolling interest $ (296,493) $ 436,795 $ 45,839
Schedules of Concentration of Risk by Revenue	The below purchasers represented greater than 10% of our revenues during the years ended December 31, 2021, 2020 and 2019: 2021 2020 2019 SN EF Maverick, LLC * 15.5 % 20.0 % Eighty Eight Oil * 11.7 % * Shell Trading US Company 18.3 % 10.4 % * Cokinos Energy Corporation * * 18.1 % BP Products North America * * 13.1 % * Purchaser did not account for greater than 10% of revenue for the year
Schedule of Supplemental Cash Flow	The following are our supplemental cash flow disclosures for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 (in thousands) Supplemental cash flow disclosures: Interest paid, net of amounts capitalized $ 35,055 $ 33,902 $ 49,397 Income taxes paid 562 14 28 Non-cash investing and financing activities: Capital expenditures included in accounts payable and accrued liabilities 47,173 12,267 28,305 Equity consideration for acquisitions, net of cash acquired 647,579 454,599 — Right-of-use assets obtained in exchange for leases 8,573 — — April 2021 Exchange and December 2020 Exchange 62,051 657,370 — Noncontrolling Interest Carve-out (121,872) — — Capitalized non-cash equity-based compensation 3,373 — —

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Pro Forma Information	The following table summarizes our unaudited pro forma financial information for the years ended December 31, 2021 and 2020 as if the Contango acquisition occurred on January 1, 2020 (unaudited): Year Ended December 31, 2021 2020 (in thousands) Revenues $ 1,943,741 $ 970,921 Net loss $ (432,328) $ (507,837)
Schedule of Consideration Transferred	The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired and liabilities assumed for the Contango and Titan business combinations: Contango Titan (in thousands) Consideration transferred: Equity consideration $ 654,616 $ 461,983 Total $ 654,616 $ 461,983 Assets acquired and liabilities assumed: Cash and cash equivalents $ 14,202 $ 482 Accounts receivable, net 145,727 29,044 Derivative assets – current — 12,000 Prepaid and other current assets 8,275 49,079 Oil and natural gas properties - proved 1,002,165 375,014 Field and other property and equipment 6,955 30,232 Derivative assets – noncurrent — 114 Goodwill 76,564 — Investment in equity affiliates 15,047 — Other assets 3,514 — Accounts payable and accrued liabilities (186,689) (6,539) Derivative liabilities – current (44,002) (4,550) Long-term debt (140,000) — Deferred tax liability (83,250) — Derivative liabilities – noncurrent (14,592) (1,484) Asset retirement obligations (142,100) (21,409) Other liabilities (7,200) — Fair value of net assets acquired $ 654,616 $ 461,983
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired and liabilities assumed for the Contango and Titan business combinations: Contango Titan (in thousands) Consideration transferred: Equity consideration $ 654,616 $ 461,983 Total $ 654,616 $ 461,983 Assets acquired and liabilities assumed: Cash and cash equivalents $ 14,202 $ 482 Accounts receivable, net 145,727 29,044 Derivative assets – current — 12,000 Prepaid and other current assets 8,275 49,079 Oil and natural gas properties - proved 1,002,165 375,014 Field and other property and equipment 6,955 30,232 Derivative assets – noncurrent — 114 Goodwill 76,564 — Investment in equity affiliates 15,047 — Other assets 3,514 — Accounts payable and accrued liabilities (186,689) (6,539) Derivative liabilities – current (44,002) (4,550) Long-term debt (140,000) — Deferred tax liability (83,250) — Derivative liabilities – noncurrent (14,592) (1,484) Asset retirement obligations (142,100) (21,409) Other liabilities (7,200) — Fair value of net assets acquired $ 654,616 $ 461,983

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Other Property, Plant and Equipment	The following table summarizes our oil and natural gas properties as of December 31, 2021 and 2020: As of December 31, 2021 2020 (in thousands) Proved oil and natural gas properties (successful efforts method) $ 6,043,602 $ 4,910,059 Unproved oil and natural gas properties 308,721 288,459 Oil and natural gas properties, at cost 6,352,323 5,198,518 Less accumulated depreciation, depletion, amortization and impairment (1,881,934) (1,633,664) Oil and natural gas properties, net $ 4,470,389 $ 3,564,854 Other Property The following table summarizes other property, plant and equipment as of December 31, 2021 and 2020: Estimated useful life As of December 31, 2021 2020 (years) (in thousands) Gathering and pipeline system 30 $ 106,023 $ 108,777 Vehicles 3-5 10,836 7,273 Computers, furniture, and equipment 3-10 7,175 6,812 Buildings and improvements 5-30 6,641 6,797 Land 5,467 5,700 Financing right of use asset 5,249 — Field inventory 2,927 3,012 Total field and other property and equipment, at cost 144,318 138,371 Less: accumulated depreciation, amortization and impairment (59,594) (61,078) Total field and other property and equipment, net $ 84,724 $ 77,293
Schedule of Capitalized Exploratory Well Costs	Capitalized exploratory well costs are included in unproved oil and natural gas properties. The following table reflects the net changes in capitalized exploratory well costs for the years ended December 31, 2021 and 2020: As of December 31, 2021 2020 (in thousands) Balance at beginning of period $ — $ — Additions pending the determination of proved reserves — — Reclassifications to proved properties — — Cost charged to expense — — Balance at end of period $ — $ —

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table details our net volume positions by commodity as of December 31, 2021: Production Period Volumes Weighted Average Fixed Price Fair Value (in thousands) (in thousands) Crude oil swaps (Bbls): WTI 2022 10,464 $60.63 $ (121,508) 2023 7,627 $58.50 (59,395) 2024 2,975 $57.35 (16,542) Brent 2022 500 $56.36 (9,258) 2023 527 $52.52 (9,103) 2024 189 $63.71 (766) Natural gas swaps (MMBtu): 2022 84,527 $2.77 (76,861) 2023 56,728 $2.54 (47,722) 2024 454 $2.94 (82) NGL swaps (Bbls): 2022 2,983 $22.23 (38,596) Crude oil basis swaps (Bbls): 2022 5,843 $(0.11) (4,403) Natural gas basis swaps (MMBtu): 2022 26,061 $(0.17) (3,243) CMA roll swaps (Bbls): 2022 1,468 $1.08 563 Natural gas collars (MMBtu): 2022 510 $3.00 - $3.41 (220) 2023 550 $2.63 - $3.01 (469) 2024 9,150 $3.00 $3.87 1,187 Total $ (386,418)
Schedule of Offsetting Assets	The following table shows the effects of master netting arrangements on the fair value of our derivative contracts at December 31, 2021 and 2020: Gross Fair Value Effect of Counterparty Netting Net Carrying Value (in thousands) December 31, 2021 Assets: Derivative assets – current $ 2,983 $ (2,983) $ — Derivative assets – noncurrent 4,834 (4,255) 579 Total assets $ 7,817 $ (7,238) $ 579 Liabilities: Derivative liabilities – current $ (256,508) $ 2,983 $ (253,525) Derivative liabilities – noncurrent (137,726) 4,255 (133,471) Total liabilities $ (394,234) $ 7,238 $ (386,996) Gross Fair Value Effect of Counterparty Netting Net Carrying Value (in thousands) December 31, 2020 Assets: Derivative assets – current $ 52,833 $ (21,907) $ 30,926 Derivative assets – noncurrent 34,257 (11,905) 22,352 Total assets $ 87,090 $ (33,812) $ 53,278 Liabilities: Derivative liabilities – current $ (48,299) $ 21,907 $ (26,392) Derivative liabilities – noncurrent (35,863) 11,905 (23,958) Total liabilities $ (84,162) $ 33,812 $ (50,350)
Schedule of Offsetting Liabilities	The following table shows the effects of master netting arrangements on the fair value of our derivative contracts at December 31, 2021 and 2020: Gross Fair Value Effect of Counterparty Netting Net Carrying Value (in thousands) December 31, 2021 Assets: Derivative assets – current $ 2,983 $ (2,983) $ — Derivative assets – noncurrent 4,834 (4,255) 579 Total assets $ 7,817 $ (7,238) $ 579 Liabilities: Derivative liabilities – current $ (256,508) $ 2,983 $ (253,525) Derivative liabilities – noncurrent (137,726) 4,255 (133,471) Total liabilities $ (394,234) $ 7,238 $ (386,996) Gross Fair Value Effect of Counterparty Netting Net Carrying Value (in thousands) December 31, 2020 Assets: Derivative assets – current $ 52,833 $ (21,907) $ 30,926 Derivative assets – noncurrent 34,257 (11,905) 22,352 Total assets $ 87,090 $ (33,812) $ 53,278 Liabilities: Derivative liabilities – current $ (48,299) $ 21,907 $ (26,392) Derivative liabilities – noncurrent (35,863) 11,905 (23,958) Total liabilities $ (84,162) $ 33,812 $ (50,350)
Schedule of Derivative Contracts on Operations	The amount of gain (loss) recognized in gain (loss) on derivatives in our combined and consolidated statements of operations was as follows for the years ended December 31, 2021, 2020 and 2019: Years ended December 31, 2021 2020 2019 (in thousands) Derivatives not designated as hedging instruments: Realized gain (loss) on oil positions $ (180,572) $ 149,713 $ (44,265) Realized loss on early settlement of certain oil positions (198,688) — — Realized gain (loss) on natural gas positions (80,253) 32,638 4,245 Realized gain (loss) on NGL positions (68,766) 14,458 13,033 Realized gain (loss) on interest hedges (7,373) (12,435) (2,189) Total realized gain (loss) (535,652) 184,374 (29,176) Unrealized gain (loss) on commodity hedges (337,715) 8,836 (94,766) Unrealized gain (loss) on interest hedges 7,347 2,074 (3,260) Total unrealized gain (loss) (330,368) 10,910 (98,026) Total gain (loss) on derivatives $ (866,020) $ 195,284 $ (127,202)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents the location and fair value of our derivative assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2021 and 2020, by level within the fair value hierarchy: Fair Value Measurement Using Level 1 Level 2 Level 3 Total (in thousands) December 31, 2021 Financial assets: Derivative assets $ — $ 7,817 $ — $ 7,817 Financial Liabilities: Derivative liabilities $ — $ (394,234) $ — $ (394,234) December 31, 2020 Financial assets: Derivative assets $ — $ 87,090 $ — $ 87,090 Financial Liabilities: Derivative liabilities $ — $ (84,162) $ — $ (84,162)

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following as of December 31, 2021 and 2020: As of December 31, 2021 2020 (in thousands) Accounts payable and accrued liabilities: Accounts payable $ 87,336 $ 15,019 Accrued lease operating expense 46,231 20,126 Accrued asset operating expense 8,997 3,591 Accrued capital expenditure 60,647 12,267 Accrued general and administrative 12,193 9,549 Accrued transportation expense 19,684 8,399 Accrued deficiency fees 955 5,050 Accrued revenue and royalties payable 75,827 2,142 Accrued interest and other 26,011 4,545 Total accounts payable and accrued liabilities $ 337,881 $ 80,688

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt Balances	The following table summarizes our debt balances as of December 31, 2021 and 2020: As of December 31, 2021 Debt Outstanding Letters of Credit Issued Borrowing Base Maturity (in thousands) Revolving Credit Facility $ 543,000 $ 20,653 $ 1,300,000 5/6/2025 7.25% Senior Notes due 2026 500,000 — — 5/1/2026 Less: Unamortized discount and issuance costs (12,594) Total long-term debt $ 1,030,406 As of December 31, 2020 Debt Letters of Credit Borrowing Maturity (in thousands) Independence Upstream Holdings LLC $ 32,500 $ — $ 100,000 6/7/2022 Independence Minerals Holdings LLC 15,000 — 37,000 10/25/2024 KNR Resource Investors LP 5,565 250 12,000 6/7/2022 Renee Acquisition LLC 101,310 5,667 145,000 1/31/2023 Newark Acquisition I LP 135,400 6,280 190,000 5/31/2023 Bridge Energy Holdings LLC 35,800 5,574 50,000 7/21/2022 Venado EF LP 156,500 — 160,000 3/10/2022 VOG Palo Verde LP 269,000 — 320,000 2/28/2023 Total long-term debt $ 751,075

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2021
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Change in Asset Retirement Obligations	The following table summarizes activity related to our ARO liabilities for the years ended December 31, 2021 and 2020: Year Ended December 31, 2021 2020 (in thousands) Balance at beginning of period $ 109,616 $ 83,141 Additions (1) 156,201 21,860 Retirements (1,252) (881) Accretion expense 7,121 5,694 Revisions — (198) Noncontrolling Interest Carve-out (3,810) — Sale (1,869) — Balance at end of period 266,007 109,616 Less: current portion (7,905) (3,213) Balance at end of period, noncurrent portion $ 258,102 $ 106,403 (1) During the year ended December 31, 2021, our ARO additions related to properties acquired in our 2021 acquisitions. During the year ended December 31, 2020, our ARO additions primarily related to properties acquired in the Titan Acquisition. See NOTE 3 – Acquisitions and Divestitures

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Provisions	Details of income tax provisions and deferred income taxes are provided in the following tables: Year Ended December 31, 2021 2020 2019 Federal income tax provision (benefit) (in thousands) Current $ — $ — $ — Deferred (935) — — State income tax provision (benefit) Current 629 14 28 Deferred — — — Total income tax provision (benefit) $ (306) $ 14 $ 28
Schedule of Effective Income Tax Rate Reconciliation	The difference between the statutory federal income tax rate and the Company's effective income tax rate is explained as follows: Year Ended December 31, 2021 2020 2019 Federal income taxes statutory rate 21.0 % — % — % Increase (decrease) in rate as a result of: State current income tax provision, net of federal benefit (0.1) % — % — % Permanent adjustments (1) (1.7) % — % — % Income attributable to Predecessor that was not subject to corporate income tax (2) (18.4) % — % — % Income attributable to noncontrolling interests (0.7) % — % — % Effective income tax rate 0.1 % — % — % (1) During the year ended December 31, 2021, the permanent items primarily related to disallowed officer compensation under Section 162(m) of the Internal Revenue Code.
Schedule of Deferred Tax Assets and Liabilities	Significant components of the Company's deferred income taxes were as follows: Year Ended December 31, 2021 2020 Deferred tax liabilities (in thousands) Outside Basis in OpCo $ 98,079 $ — Deferred tax assets Federal and state NOL (1) 38,317 — Federal and state NOL valuation allowance (30,567) — Recognized built-in loss carryforward 6,872 — Other 920 — Total deferred tax assets, net of valuation allowance 15,542 — Net deferred income tax liability $ 82,537 $ —

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of Leases in Statement of Financial Position	The following tables show the presentation of the right-of-use assets and lease liabilities within our combined and consolidated financial statements: As of December 31, 2021 (in thousands) Field and other property and equipment, at cost Financing right-of-use asset $ 5,249 Other assets Operating right-of-use asset 2,299 Other current liabilities Short-term operating lease liability (1,292) Other liabilities Long-term operating lease liability (1,007)
Schedule of Lease Cost	Year Ended December 31, 2021 (in thousands) Lease cost included in combined and consolidated statement of operations Operating lease cost $ 939 Financing lease cost - amortization of ROU assets 20 Financing lease cost - interest on lease liabilities 131 Administrative lease cost (1) 100 Short-term lease cost (2) 876 Total lease cost $ 2,066 (1) Costs related primarily to office equipment and IT solutions with lease terms of more than one month and less than one year. (2) Costs related primarily to generators, compressors and vehicle agreements with lease terms of more than one month and less than one year. Lease term and discount rate related to our leases are as follows: As of December 31, 2021 Operating Financing Weighted-average remaining lease term (years) 2.3 3.1 Weighted-average discount rate 4.50% 4.50%
Schedule of Maturities of Operating Lease Liabilities	As of December 31, 2021, the maturity analysis for our lease liabilities under the scope of ASC 842 is as follows: As of December 31, 2021 Operating Financing Year Ended December 31, (in thousands) 2022 $ 1,292 $ 1,606 2023 666 1,887 2024 412 1,370 2025 18 633 2026 18 16 After 2026 24 — Less: interest (131) (394) Present value of lease liabilities $ 2,299 $ 5,118
Schedule of Maturities of Financing Lease Liabilities	As of December 31, 2021, the maturity analysis for our lease liabilities under the scope of ASC 842 is as follows: As of December 31, 2021 Operating Financing Year Ended December 31, (in thousands) 2022 $ 1,292 $ 1,606 2023 666 1,887 2024 412 1,370 2025 18 633 2026 18 16 After 2026 24 — Less: interest (131) (394) Present value of lease liabilities $ 2,299 $ 5,118

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Commitments	The following table summarizes our future commitments related to these oil and natural gas transportation and gathering agreements as of December 31, 2021: As of December 31, 2021 (in thousands) 2022 $ 105,606 2023 80,340 2024 65,848 2025 61,346 2026 32,652 Thereafter 62,957 Total minimum future commitments $ 408,749

Incentive Compensation Arrang_2

Incentive Compensation Arrangements (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Equity-Based Compensation Expense	The following table summarizes compensation expense we recognized in connection with our incentive compensation awards for the years indicated: Year Ended December 31, 2021 2020 2019 (in thousands) ASC 710 profits interest awards $ — $ — $ — ASC 718 liability-classified profits interest awards (2,043) (797) (2,721) ASC 718 equity-classified profits interest awards 1,563 — — ASC 718 equity-classified PSU awards 1,120 — — ASC 718 equity-classified Contango PSU awards 39,279 — — Total expense (income) $ 39,919 $ (797) $ (2,721)
Schedule of Transactions Involving Unvested Units	Transactions involving all of our unvested liability-classified stock-based compensation profits interest awards is summarized below: Year Ended December 31, 2021 2020 2019 (units in thousands) Beginning Balance 888 1,215 1,163 Granted 708 — 285 Vested (110) (203) (233) Forfeited (778) (125) — Ending Balance 708 888 1,215 Units Weighted average grant date fair value (in thousands) Unvested at December 31, 2020 — $ — Granted 477 10.98 Vested (25) 10.61 Forfeited (253) 11.02 Unvested at December 31, 2021 200 — Target Class A Shares Weighted average grant date fair value (in thousands) Unvested at December 31, 2020 — $ — Granted 4,195 17.33 Vested — — Forfeited — — Unvested at December 31, 2021 4,195 17.33

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Income (Loss) per Share	The following table sets forth the computation of basic and diluted net income (loss) per share: Year Ended December 31, 2021 2020 2019 (in thousands, except unit and per unit amounts) Numerator: Net income (loss) $ (432,227) $ (216,124) $ 46,709 Less: net (income) loss attributable to Predecessor 339,168 118,649 (45,839) Less: net (income) loss attributable to noncontrolling interests 14,922 97,475 (870) Less: net (income) loss attributable to redeemable noncontrolling interests 58,761 — — Net income (loss) attributable to Crescent Energy $ (19,376) $ — $ — Denominator: Weighted-average Class A common stock outstanding - basic and diluted (1) 41,954,385 Weighted-average Class B common stock outstanding - basic and diluted 127,536,463 Net income (loss) per share: Class A common stock - basic and diluted (1) $ (0.46) Class B common stock - basic and diluted $ —

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Data	Quarterly financial data was as follows for the periods indicated: First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share amounts) 2021 Revenues $ 317,860 $ 330,130 $ 365,726 $ 463,261 Income (loss) from operations 88,045 100,483 133,604 161,607 Net income (loss) (166,268) (272,861) (162,043) 168,945 Less: net (income) loss attributable to Predecessor 155,629 269,608 160,567 (246,636) Less: net (income) loss attributable to noncontrolling interests 10,639 3,253 1,476 (446) Less: net (income) loss attributable to redeemable noncontrolling interests — — — 58,761 Net income (loss) attributable to Crescent Energy — — — (19,376) Net income (loss) per share Class A common stock - basic and diluted $ — $ — $ — $ (0.46) Class B common stock - basic and diluted $ — $ — $ — $ — 2020 Revenues $ 207,848 $ 103,509 $ 190,612 $ 252,252 Income (loss) from operations 3,353 (293,463) (26,669) (56,849) Net income (loss) 466,790 (412,227) (101,005) (169,682) Less: net (income) loss attributable to Predecessor (320,722) 236,166 69,990 133,215 Less: net (income) loss attributable to noncontrolling interests (146,068) 176,061 31,015 36,467 Net income (loss) attributable to Crescent Energy — — — — Net income (loss) per share Class A common stock - basic and diluted $ — $ — $ — $ — Class B common stock - basic and diluted $ — $ — $ — $ —

Supplemental Oil and Natural _2

Supplemental Oil and Natural Gas Disclosures (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2021
Extractive Industries [Abstract]
Schedule of Oil and Natural Gas Reserve Information	The following table presents our net proved reserves for the years ended December 31, 2021, 2020 and 2019 and the changes in net proved oil, natural gas and NGL reserves during such years. In addition, the net proved reserves for our equity method investment, Exaro, are presented based on our 37% ownership percentage. Because Exaro was acquired in 2021 as part of the Merger Transactions, prior periods are not presented. Developed and Undeveloped Oil Natural Gas Natural Gas Liquids Total Consolidated operations Net proved reserves at December 31, 2018 202,805 1,189,962 75,780 476,913 Revisions of previous estimates 10,477 20,552 (11,321) 2,581 Extensions, discoveries, and other additions (1) 12,003 24,472 1,855 17,936 Sales of reserves in place — — — — Purchases of reserves in place — — — — Production (13,752) (73,747) (5,188) (31,231) Net proved reserves at December 31, 2019 211,533 1,161,239 61,126 466,199 Revisions of previous estimates (2) (57,708) (478,153) (20,279) (157,680) Extensions, discoveries, and other additions 4,088 21,479 603 8,271 Sales of reserves in place — — — — Purchases of reserves in place (3) 22,409 196,840 18,952 74,168 Production (13,132) (78,541) (5,078) (31,300) Net proved reserves at December 31, 2020 167,190 822,864 55,324 359,658 Revisions of previous estimates (4) 9,147 316,572 16,480 78,389 Extensions, discoveries, and other additions 7,007 17,247 2,093 11,975 Sales of reserves in place (6,333) (48,977) (3,265) (17,762) Purchases of reserves in place (5) 46,386 451,702 11,960 133,630 Production (13,237) (89,455) (6,099) (34,245) Net proved reserves at December 31, 2021 210,160 1,469,953 76,493 531,645 Equity affiliate Net proved reserves at December 31, 2020 — — — — Revisions of previous estimates — — — — Extensions, discoveries, and other additions — — — — Sales of reserves in place — — — — Purchases of reserves in place 205 20,880 — 3,685 Production (1) (115) — (20) Net proved reserves at December 31, 2021 204 20,765 — 3,665 Total company Net proved reserves at December 31, 2019 211,533 1,161,239 61,126 466,199 Net proved reserves at December 31, 2020 167,190 822,864 55,324 359,658 Net proved reserves at December 31, 2021 210,364 1,490,718 76,493 535,310 (1) During the year ended December 31, 2019, we added 17.9 MMBoe of proved reserves from drilling activities and technical evaluation of major proved areas, primarily in the Eagle Ford and Permian. Approximately 77% of the reserve additions for the year ended December 31, 2019 were crude oil and NGLs. (2) Revisions of previous estimates include 92.0 MMBoe downward revisions of our PUD reserves. The revisions are primarily due to declining commodity prices which decreased the quantity of reserves recoverable from our proved locations, and also resulted in the removal of certain PUD locations that were uneconomic at year end prices. (3) Purchases in place of 74.2 MMBoe were primarily related to the Permian and DJ Basins. (4) Revisions of previous estimates include 92.7 MMBoe upward revision due to pricing and cost changes, offset by 21.1 MMBoe downward revisions of our PUD reserves due to the removal of certain locations that are no longer part of our five-year consolidated development plan following the Merger Transactions. (5) Purchases in place included 125.6 MMBoe from our Merger Transactions, 5.6 MMBoe from our Central Basin Platform Acquisition and 2.5 MMBoe from our DJ Basin Acquisition. The following table sets forth our net proved oil, natural gas and NGL reserves for both our consolidated operations and our investment in Exaro as of the years ended December 31, 2021 and 2020, 2019 and 2018: Proved Developed Reserves Oil (MBbls) Natural Gas (MMcf) Natural Gas Liquids (MBbls) Total (MBoe) Consolidated operations December 31, 2021 158,091 1,404,570 66,402 458,588 December 31, 2020 92,024 748,496 44,307 261,079 December 31, 2019 103,728 870,491 48,997 297,808 Equity affiliate December 31, 2021 204 20,765 — 3,665 December 31, 2020 — — — — December 31, 2019 — — — — Proved Undeveloped Reserves Oil (MBbls) Natural Gas (MMcf) Natural Gas Liquids (MBbls) Total (MBoe) Consolidated operations December 31, 2021 52,069 65,383 10,091 73,057 December 31, 2020 75,166 74,368 11,017 98,579 December 31, 2019 107,805 290,748 12,129 168,391 Equity affiliate December 31, 2021 — — — — December 31, 2020 — — — — December 31, 2019 — — — —
Schedule of Capitalized Costs Relating to Oil and Gas Producing Activities	The following table summarizes the capitalized costs relating to our oil and natural gas producing activities for both our consolidated operations and our investment in Exaro as of December 31, 2021 and 2020: As of December 31, 2021 2020 (in thousands) Consolidated operations Proved oil and natural gas properties (successful efforts method) $ 6,043,602 $ 4,910,059 Unproved oil and natural gas properties 308,721 288,459 Oil and natural gas properties, at cost 6,352,323 5,198,518 Less accumulated depreciation, depletion and amortization (1,881,933) (1,666,620) Net capitalized costs $ 4,470,390 $ 3,531,898 Equity affiliate Proved oil and natural gas properties (successful efforts method) $ 9,043 $ — Unproved oil and natural gas properties — — Oil and natural gas properties, at cost 9,043 — Less accumulated depreciation, depletion and amortization (67) — Net capitalized costs $ 8,976 $ —
Schedule of Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities	The following table summarizes costs incurred related to our oil and natural gas activities for both our consolidated operations and our investment in Exaro for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 (in thousands) Consolidated operations Acquisition costs: Proved $ 1,098,696 $ 355,010 $ 795 Unproved 41,355 680 7,264 Exploration costs 1,180 — 710 Development 194,828 83,013 318,157 Total costs incurred $ 1,336,059 $ 438,703 $ 326,926 Equity affiliate Acquisition costs: Proved $ — $ — $ — Unproved — — — Exploration costs — — — Development — — — Total costs incurred $ — $ — $ —
Schedule of Average First-Day-of-the-Month Price for Oil, Natural Gas and Natural Gas Liquids	The following table provides the average benchmark prices per unit, before location and quality differential adjustments, used to calculate the related reserve category: Year Ended December 31, 2021 2020 2019 Average benchmark price per unit: Crude oil (Bbl) $ 66.56 $ 39.56 $ 55.69 Natural gas (MMBtu) $ 3.60 $ 1.99 $ 2.62
Schedule of Standardized Measure Discounted Future Net Cash Flows	The following table sets forth the standardized measure of discounted future net cash flows for both our consolidated operations and our investment in Exaro from projected production of oil and natural gas reserves, for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 (in thousands) Consolidated operations Future cash inflows $ 21,063,117 $ 8,232,932 $ 15,745,942 Future production costs (10,194,648) (4,280,563) (6,766,410) Future development costs (1) (1,477,562) (1,353,957) (2,323,420) Future income taxes (352,136) (30,155) (63,136) Future net cash flows 9,038,771 2,568,257 6,592,976 Annual discount of 10% for estimated timing (4,080,471) (1,240,397) (3,482,128) Standardized measure of discounted future net cash flows $ 4,958,300 $ 1,327,860 $ 3,110,848 Equity affiliate (2) Future cash inflows $ 99,290 $ — $ — Future production costs (55,371) — — Future development costs (2,309) — — Future income taxes (1,730) — — Future net cash flows 39,880 — — Annual discount of 10% for estimated timing (16,702) — — Standardized measure of discounted future net cash flows $ 23,178 $ — $ — (1) Future development costs include future abandonment and salvage costs.
Schedule of Changes in the Standardized Measure of Discounted Future Net Cash Flows	The following table sets forth the changes in the standardized measure of discounted future net cash flows for both our consolidated operations and our investment in Exaro for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, 2021 2020 2019 (in thousands) Consolidated operations Balance at beginning of period $ 1,327,860 $ 3,110,848 $ 4,207,347 Net change in prices and production costs 3,330,299 (1,184,939) (821,874) Net change in future development costs 117,333 160,465 (59,359) Sales and transfers of oil and natural gas produced, net of production expenses (872,521) (290,053) (568,665) Extensions, discoveries, additions and improved recovery, net of related costs 162,657 31,688 182,697 Purchases of reserves in place 1,236,388 176,480 — Sales of reserves in place (84,095) — — Revisions of previous quantity estimates (295,234) (887,395) (226,561) Previously estimated development costs incurred 95,879 32,873 15,676 Net change in taxes (184,419) 19,350 (19) Accretion of discount 124,153 283,954 424,278 Changes in timing and other — (125,411) (42,672) Balance at end of period $ 4,958,300 $ 1,327,860 $ 3,110,848 Equity affiliate Balance at beginning of period $ — $ — $ — Net change in prices and production costs — — — Net change in future development costs — — — Sales and transfers of oil and natural gas produced, net of production expenses (1,246) — — Extensions, discoveries, additions and improved recovery, net of related costs — — — Purchases of reserves in place 26,154 — — Sales of reserves in place — — — Revisions of previous quantity estimates — — — Previously estimated development costs incurred — — — Net change in taxes (1,730) — — Accretion of discount — — — Changes in timing and other — — — Balance at end of period $ 23,178 $ — $ —

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)	12 Months Ended
	Dec. 31, 2021statesegment$ / shares	Dec. 07, 2021	Dec. 31, 2020$ / shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of states in which entity operates | state	48
Number of reportable segments | segment	1
Preferred stock, par value (in USD per share) | $ / shares	$ 0.0001		$ 0.0001
OpCo
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership of outstanding shares (as a percent)	25.00%
OpCo | Independence Minerals Holdings LLC And Crescent Energy Finance LLC
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership of outstanding shares (as a percent)	75.00%
Crescent Energy | Class A and Class B | Independence Minerals Holdings LLC
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest by noncontrolling owners (as a percent)		75.00%
Crescent Energy | Class A and Class B | Contango
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest by noncontrolling owners (as a percent)		25.00%
Crescent Energy | Class B | Independence Minerals Holdings LLC
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest by noncontrolling owners (as a percent)		100.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 128,578	$ 36,861	$ 19,894
Restricted cash – current	0	0	3,932
Restricted cash – noncurrent	6,539	4,559	3,595
Total cash, cash equivalents and restricted cash	$ 135,117	$ 41,420	$ 27,421	$ 23,256

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details)	1 Months Ended			11 Months Ended	12 Months Ended
	Apr. 30, 2021shares	Dec. 30, 2020USD ($)shares	May 31, 2020	Dec. 06, 2021equity_class	Dec. 31, 2021USD ($)classshares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)	Dec. 07, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Credit loss expense/ bad debt expense on accounts receivable					$ 0	$ 0	$ 0
Off-balance sheet credit exposure					0
Restricted investment securities - HTM					5,300,000	8,500,000
Exploration expense					1,180,000	486,000	469,000
Depletion expense					300,000,000	364,700,000	300,900,000
Impairment expense of oil and natural gas properties					0	247,215,000	0
Drilling advances					200,000	38,892,000
Equity method investments					15,415,000	0
Outstanding balance of long-term joint interest receivables					$ 1,200,000	1,300,000
Write-offs of acquired long-term joint interest receivables							3,800,000
Number of classes of equity | class					2
Reclassification for exchange					$ 0	0
Noncontrolling interest contributions					$ 35,460,000	$ 0	$ 250,000
Employer matching contribution rate of employee contributions (as a percent)					100.00%
Employer matching contribution, proportion of employees' gross pay (as a percent)					5.00%
Exaro
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest in equity method investment (as a percent)					37.00%
Equity method investments					$ 4,700,000
Lost Creek
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest in equity method investment (as a percent)					65.00%
Equity method investments					$ 10,700,000
Members' Equity
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issued in merger transactions (in shares) | shares					(1,230,000)
Number of shares issued in transaction (in shares) | shares						380,000
Stock issued in exchange (in shares) | shares	9,508	220,421			10,000	220,000
Reclassification for exchange		$ 657,400,000			$ 62,051,000	$ 657,370,000
Independence Minerals Holdings LLC
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of classes of equity | equity_class				2
Barnett Basin Natural Gas Assets | Members' Equity
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest exchanged (as a percent)	100.00%
Consolidated Subsidiaries | Members' Equity
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest exchanged (as a percent)						100.00%
Class A and Class B | Crescent Energy | Independence Minerals Holdings LLC
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest by noncontrolling owners (as a percent)								75.00%
Class A and Class B | Crescent Energy | Contango
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest by noncontrolling owners (as a percent)								25.00%
Class A
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock outstanding (in shares) | shares					41,954,385	0
Class A | Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issued in merger transactions (in shares) | shares					43,105,000
Class B
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock outstanding (in shares) | shares					127,536,463	0
Class B | Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issued in merger transactions (in shares) | shares					127,536,000
Class B | Crescent Energy | Independence Minerals Holdings LLC
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest by noncontrolling owners (as a percent)								100.00%
Minimum | Certain Subsidiaries | Third-Party Investors
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest by investor (as a percent)			2.21%
Maximum | Certain Subsidiaries | Third-Party Investors
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest by investor (as a percent)			7.38%
Other Capitalized Property Plant and Equipment | Minimum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated useful life					3 years
Other Capitalized Property Plant and Equipment | Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated useful life					30 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Adjustments to Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended				12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of December 7, 2021	$ 2,353,977				$ 0	$ 0
Net loss attributable to redeemable noncontrolling interests	(58,761)	$ (58,761)	$ 0	$ 0	$ 0	(58,761)	$ 0	$ 0
Accrued OpCo distribution						(2,706)
Equity-based compensation, net of withholding taxes	16,412
Cancellation of OpCo Units associated with repurchase of treasury stock	16,091
Balance as of December 31, 2021	$ 2,325,013	$ 2,325,013				$ 2,325,013	$ 0

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Effects of Changes in Ownership (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Net income (loss)	$ (358,544)	$ (118,649)	$ 45,839
Decrease in Predecessor members’ equity related to the Independence Reorganization	0	(101,926)	0
Increase in Predecessor members’ equity related to the December 2020 Exchange	0	657,370	0
Increase in Predecessor members’ equity related to the April 2021 Exchange	62,051	0	0
Net transfers (to) from noncontrolling interest	62,051	555,444	0
Changes from net income (loss) attributable to Crescent Energy and its Predecessor and transfers (to) from noncontrolling interest	$ (296,493)	$ 436,795	$ 45,839

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Revenue from Contracts with Customers (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SN EF Maverick, LLC
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)		15.50%	20.00%
Eighty Eight Oil
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)		11.70%
Shell Trading US Company
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	18.30%	10.40%
Cokinos Energy Corporation
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)			18.10%
BP Products North America
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)			13.10%

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized	$ 35,055	$ 33,902	$ 49,397
Income taxes paid	562	14	28
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	47,173	12,267	28,305
Equity consideration for acquisitions, net of cash acquired	647,579	454,599	0
Right-of-use assets obtained in exchange for leases	8,573	0	0
April 2021 Exchange and December 2020 Exchange	62,051	657,370	0
Noncontrolling Interest Carve-out	(121,872)	0	0
Capitalized non-cash equity-based compensation	$ 3,373	$ 0	$ 0

Acquisitions and Divestitures -

Acquisitions and Divestitures - Acquisitions Narrative (Details) - USD ($)	1 Months Ended			12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2021	Aug. 31, 2021	Dec. 31, 2020	Aug. 31, 2020
Business Acquisition [Line Items]
Repurchase of treasury shares (in shares)				1,150,991
Goodwill	$ 76,564,000	$ 76,564,000		$ 76,564,000		$ 0
Central Basin Platform
Business Acquisition [Line Items]
Cash consideration paid for asset acquisition		60,400,000
Additional proved oil and natural gas properties recorded as part of asset acquisition	73,700,000	73,700,000		73,700,000
ARO asset recorded as part of asset acquisition	12,600,000	12,600,000		12,600,000
DJ Basin Acquisition
Business Acquisition [Line Items]
Cash consideration paid for asset acquisition			$ 60,800,000
Purchase price allocation, proved oil and gas properties, percentage			35.60%
Purchase price allocation, unproved oil and gas properties, percentage			64.40%
Contango
Business Acquisition [Line Items]
Fair value of consideration transferred		654,616,000
Goodwill	76,564,000	76,564,000		76,564,000
Goodwill expected to be deductible for tax purposes	0	0		0
Revenue of acquiree since acquisition date	36,400,000
Net income of acquiree since acquisition date	$ 5,600,000
Acquisition related costs				12,900,000
Consideration transferred, equity interests issued and issuable		$ 654,616,000
Contango | Class A
Business Acquisition [Line Items]
Consideration transferred, equity interests issued and issuable (in shares)		39,834,461
Stock issued to settle acquiree equity based compensation plans (in shares)		3,270,915
Titan
Business Acquisition [Line Items]
Consideration transferred, equity interests issued and issuable (in shares)						400,000
Fair value of consideration transferred					$ 461,983,000
Goodwill							$ 0
Acquisition related costs						$ 8,700,000
Consideration transferred, equity interests issued and issuable					$ 461,983,000	$ 455,100,000
Additional consideration transferred equity interests issued and issuable				$ 7,200,000
Titan | DJ Basin Erie Hub Gathering System
Business Acquisition [Line Items]
Ownership interest acquired (as a percent)							50.00%

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Pro Forma Financial Information (Details) - Contango - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Revenues	$ 1,943,741	$ 970,921
Net loss	$ (432,328)	$ (507,837)

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Estimated Fair Value of Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Aug. 31, 2021	Dec. 31, 2020	Aug. 31, 2020
Assets acquired and liabilities assumed:
Goodwill	$ 76,564		$ 0
Contango
Consideration transferred:
Equity consideration	654,616
Total	654,616
Assets acquired and liabilities assumed:
Cash and cash equivalents	14,202
Accounts receivable, net	145,727
Derivative assets – current	0
Prepaid and other current assets	8,275
Oil and natural gas properties - proved	1,002,165
Field and other property and equipment	6,955
Derivative assets – noncurrent	0
Goodwill	76,564
Investment in equity affiliates	15,047
Other assets	3,514
Accounts payable and accrued liabilities	(186,689)
Derivative liabilities – current	(44,002)
Long-term debt	(140,000)
Deferred tax liability	(83,250)
Derivative liabilities – noncurrent	(14,592)
Asset retirement obligations	(142,100)
Other liabilities	(7,200)
Fair value of net assets acquired	$ 654,616
Titan
Consideration transferred:
Equity consideration		$ 461,983	$ 455,100
Total		$ 461,983
Assets acquired and liabilities assumed:
Cash and cash equivalents				$ 482
Accounts receivable, net				29,044
Derivative assets – current				12,000
Prepaid and other current assets				49,079
Oil and natural gas properties - proved				375,014
Field and other property and equipment				30,232
Derivative assets – noncurrent				114
Goodwill				0
Investment in equity affiliates				0
Other assets				0
Accounts payable and accrued liabilities				(6,539)
Derivative liabilities – current				(4,550)
Long-term debt				0
Deferred tax liability				0
Derivative liabilities – noncurrent				(1,484)
Asset retirement obligations				(21,409)
Other liabilities				0
Fair value of net assets acquired				$ 461,983

Acquisitions and Divestitures_4

Acquisitions and Divestitures - Divestitures Narrative (Details) - USD ($) $ in Thousands	1 Months Ended					12 Months Ended
	Dec. 31, 2021	May 31, 2021	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets						$ 8,794	$ 0	$ 22
Proceeds from the sale of oil and natural gas properties						25,723	$ 9,362	15,798
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Claiborne Parish Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration, net of closing adjustments	$ 4,300
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Arkoma Basin Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration, net of closing adjustments		$ 22,100
Gain on sale of assets		$ 8,800
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Midland and Ector County Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of oil and natural gas properties			$ 3,900	$ 4,000
Value of property sold			$ 7,900
Consideration received on disposition				$ 7,900				$ 7,900
Primary term of agreement				4 years
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Eagle Ford Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of oil and natural gas properties					$ 15,200
Post-closing settlement consideration receivable					$ 1,800
Post-closing settlement consideration						$ 1,200

Property, Plant and Equipment -

Property, Plant and Equipment - Oil and Natural Gas Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Oil and Gas Property, Successful Effort Method, Net [Abstract]
Proved oil and natural gas properties (successful efforts method)	$ 6,043,602	$ 4,910,059
Unproved oil and natural gas properties	308,721	288,459
Oil and natural gas properties at cost, successful efforts method	6,352,323	5,198,518
Less accumulated depreciation, depletion, amortization and impairment	(1,881,934)	(1,633,664)
Oil and natural gas properties, net	$ 4,470,389	$ 3,564,854

Property, Plant and Equipment_2

Property, Plant and Equipment - Other Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Financing right of use asset	$ 5,249	$ 0
Total property, plant and equipment	6,496,641	5,336,889
Less: accumulated depreciation, amortization and impairment	(1,941,528)	(1,694,742)
Property, plant and equipment, net	4,555,113	3,642,147
Field and other property, plant and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	144,318	138,371
Less: accumulated depreciation, amortization and impairment	(59,594)	(61,078)
Property, plant and equipment, net	$ 84,724	77,293
Gathering and pipeline system
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Property, plant and equipment, gross	$ 106,023	108,777
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 10,836	7,273
Vehicles | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Vehicles | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Computers, furniture, and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 7,175	6,812
Computers, furniture, and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Computers, furniture, and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	10 years
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 6,641	6,797
Buildings and improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years
Buildings and improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 5,467	5,700
Field inventory
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,927	$ 3,012

Property, Plant and Equipment_3

Property, Plant and Equipment - Capitalized Exploratory Well Costs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Capitalized Exploratory Well Costs that are Pending Determination of Proved Reserves [Roll Forward]
Balance at beginning of period	$ 0	$ 0
Additions pending the determination of proved reserves	0	0
Reclassifications to proved properties	0	0
Cost charged to expense	0	0
Balance at end of period	$ 0	$ 0

Derivatives - Net Volume Positi

Derivatives - Net Volume Positions by Commodity (Details) bbl in Thousands, MMBTU in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)MMBTU$ / bbl$ / MMBTUbbl
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ (386,418)
2022 | Swap | Crude Oil
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	1,468
Weighted Average Fixed Price (in USD per unit) | $ / bbl	1.08
Fair Value	$ 563
2022 | Swap | Crude Oil | WTI
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	10,464
Weighted Average Fixed Price (in USD per unit) | $ / bbl	60.63
Fair Value	$ (121,508)
2022 | Swap | Crude Oil | Brent
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	500
Weighted Average Fixed Price (in USD per unit) | $ / bbl	56.36
Fair Value	$ (9,258)
2022 | Swap | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) | MMBTU	84,527
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	2.77
Fair Value	$ (76,861)
2022 | Swap | Natural gas liquids
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	2,983
Weighted Average Fixed Price (in USD per unit) | $ / bbl	22.23
Fair Value	$ (38,596)
2022 | Basis Swap | Crude Oil
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	5,843
Weighted Average Fixed Price (in USD per unit) | $ / bbl	(0.11)
Fair Value	$ (4,403)
2022 | Basis Swap | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) | MMBTU	26,061
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	(0.17)
Fair Value	$ (3,243)
2022 | Collar | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) | MMBTU	510
Fair Value	$ (220)
2022 | Collar | Minimum | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	3
2022 | Collar | Maximum | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	3.41
2023 | Swap | Crude Oil | WTI
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	7,627
Weighted Average Fixed Price (in USD per unit) | $ / bbl	58.50
Fair Value	$ (59,395)
2023 | Swap | Crude Oil | Brent
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	527
Weighted Average Fixed Price (in USD per unit) | $ / bbl	52.52
Fair Value	$ (9,103)
2023 | Swap | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) | MMBTU	56,728
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	2.54
Fair Value	$ (47,722)
2023 | Collar | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) | MMBTU	550
Fair Value	$ (469)
2023 | Collar | Minimum | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	2.63
2023 | Collar | Maximum | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	3.01
2024 | Swap | Crude Oil | WTI
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	2,975
Weighted Average Fixed Price (in USD per unit) | $ / bbl	57.35
Fair Value	$ (16,542)
2024 | Swap | Crude Oil | Brent
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	189
Weighted Average Fixed Price (in USD per unit) | $ / bbl	63.71
Fair Value	$ (766)
2024 | Swap | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) | MMBTU	454
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	2.94
Fair Value	$ (82)
2024 | Collar | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) | MMBTU	9,150
Fair Value	$ 1,187
2024 | Collar | Minimum | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	3
2024 | Collar | Maximum | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	3.87

Derivatives - Narrative (Detail

Derivatives - Narrative (Details) $ in Millions	Dec. 31, 2020USD ($)
Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Aggregate unrealized loss on derivatives	$ 7

Derivatives - Netting Arrangeme

Derivatives - Netting Arrangements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Gross Fair Value	$ 7,817	$ 87,090
Effect of Counterparty Netting	(7,238)	(33,812)
Net Carrying Value	579	53,278
Liabilities:
Gross Fair Value	(394,234)	(84,162)
Effect of Counterparty Netting	7,238	33,812
Net Carrying Value	(386,996)	(50,350)
Derivative assets – current
Assets:
Gross Fair Value	2,983	52,833
Effect of Counterparty Netting	(2,983)	(21,907)
Net Carrying Value	0	30,926
Derivative assets – noncurrent
Assets:
Gross Fair Value	4,834	34,257
Effect of Counterparty Netting	(4,255)	(11,905)
Net Carrying Value	579	22,352
Derivative liabilities – current
Liabilities:
Gross Fair Value	(256,508)	(48,299)
Effect of Counterparty Netting	2,983	21,907
Net Carrying Value	(253,525)	(26,392)
Derivative liabilities – noncurrent
Liabilities:
Gross Fair Value	(137,726)	(35,863)
Effect of Counterparty Netting	4,255	11,905
Net Carrying Value	$ (133,471)	$ (23,958)

Derivatives - Gain (Loss) on De

Derivatives - Gain (Loss) on Derivatives Included in Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives	$ (866,020)	$ 195,284	$ (127,202)
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives	(535,652)	184,374	(29,176)
Unrealized gain (loss) on derivatives	(330,368)	10,910	(98,026)
Gain (loss) on derivatives	(866,020)	195,284	(127,202)
Interest Hedges | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives, cash settled	(7,373)	(12,435)	(2,189)
Unrealized gain (loss) on derivatives	7,347	2,074	(3,260)
Commodity Hedges | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives	(337,715)	8,836	(94,766)
Oil | Energy Hedges | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives, cash settled	(180,572)	149,713	(44,265)
Realized gain (loss) on derivatives, early settlement	(198,688)	0	0
Natural Gas | Energy Hedges | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives, cash settled	(80,253)	32,638	4,245
Natural gas liquids | Energy Hedges | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives, cash settled	$ (68,766)	$ 14,458	$ 13,033

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Financial assets:
Derivative assets	$ 7,817	$ 87,090
Financial Liabilities:
Derivative liabilities	(394,234)	(84,162)
Level 1
Financial assets:
Derivative assets	0	0
Financial Liabilities:
Derivative liabilities	0	0
Level 2
Financial assets:
Derivative assets	7,817	87,090
Financial Liabilities:
Derivative liabilities	(394,234)	(84,162)
Level 3
Financial assets:
Derivative assets	0	0
Financial Liabilities:
Derivative liabilities	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Impairment expense of oil and natural gas properties	$ 0	$ 247,215	$ 0
Fair value based on quoted market prices	$ 521,500

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accounts payable	$ 87,336	$ 15,019
Accrued lease operating expense	46,231	20,126
Accrued asset operating expense	8,997	3,591
Accrued capital expenditure	60,647	12,267
Accrued general and administrative	12,193	9,549
Accrued transportation expense	19,684	8,399
Accrued deficiency fees	955	5,050
Accrued revenue and royalties payable	75,827	2,142
Accrued interest and other	26,011	4,545
Total accounts payable and accrued liabilities	$ 337,881	$ 80,688

Debt - Senior Notes (Details)

Debt - Senior Notes (Details) - USD ($)	May 06, 2021	Feb. 28, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Proceeds from issuance of the Senior Notes, net of discount			$ 490,625,000	$ 0	$ 0
7.25% Senior Notes due 2026 | Senior Notes
Debt Instrument [Line Items]
Face amount of debt instrument	$ 500,000,000
7.25% Senior Notes due 2026 | Senior Notes | Subsequent Event
Debt Instrument [Line Items]
Face amount of debt instrument		$ 200,000,000
Stated interest rate (as a percent)		7.25%
Proceeds from issuance of the Senior Notes, net of discount		$ 200,000,000
7.25% Senior Notes due 2026 | Senior Notes | On or After May 1, 2023
Debt Instrument [Line Items]
Percentage of principal amount redeemable (as a percent)	40.00%
Redemption price, percentage (as a percent)	107.25%
7.25% Senior Notes due 2026 | Senior Notes | Prior to May 1, 2023
Debt Instrument [Line Items]
Redemption price, percentage (as a percent)	100.00%
7.25% Senior Notes due 2026 | Senior Notes | Independence Energy Finance LLC
Debt Instrument [Line Items]
Face amount of debt instrument	$ 500,000,000
Stated interest rate (as a percent)	7.25%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - Line of Credit - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Sep. 01, 2021	May 06, 2021
Revolving Credit Facility
Debt Instrument [Line Items]
Committed amount of credit facility		$ 700,000	$ 500,000
Borrowing base of credit facility	$ 1,300,000	$ 1,300,000	$ 850,000
Borrowings under credit facility	$ 543,000
Minimum mortgage maintenance rate of net present value (as a percent)			85.00%
Discount rate (as a percent)			9.00%
Minimum aggregate purchase price of the effective borrowing base (as a percent)			5.00%
Unused capacity commitment fee (as a percent)	0.50%
Weighted-average interest rate (as a percent)	3.125%
Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 20,653

Debt - Summary (Details)

Debt - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Sep. 01, 2021	May 06, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Less: Unamortized discount and issuance costs	$ (12,594)
Total long-term debt	1,030,406			$ 751,075
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	543,000
Borrowing Base	1,300,000	$ 1,300,000	$ 850,000
Revolving Credit Facility | Line of Credit | Independence Upstream Holdings LLC
Debt Instrument [Line Items]
Total long-term debt				32,500
Borrowing Base				100,000
Revolving Credit Facility | Line of Credit | Independence Minerals Holdings LLC
Debt Instrument [Line Items]
Total long-term debt				15,000
Borrowing Base				37,000
Revolving Credit Facility | Line of Credit | KNR Resource Investors LP
Debt Instrument [Line Items]
Total long-term debt				5,565
Borrowing Base				12,000
Revolving Credit Facility | Line of Credit | Renee Acquisition LLC
Debt Instrument [Line Items]
Total long-term debt				101,310
Borrowing Base				145,000
Revolving Credit Facility | Line of Credit | Newark Acquisition I LP
Debt Instrument [Line Items]
Total long-term debt				135,400
Borrowing Base				190,000
Revolving Credit Facility | Line of Credit | Bridge Energy Holdings LLC
Debt Instrument [Line Items]
Total long-term debt				35,800
Borrowing Base				50,000
Revolving Credit Facility | Line of Credit | Venado EF LP
Debt Instrument [Line Items]
Total long-term debt				156,500
Borrowing Base				160,000
Revolving Credit Facility | Line of Credit | VOG Palo Verde LP
Debt Instrument [Line Items]
Total long-term debt				269,000
Borrowing Base				320,000
Letter of Credit | Line of Credit
Debt Instrument [Line Items]
Letters of Credit Issued	20,653
Letter of Credit | Line of Credit | Independence Upstream Holdings LLC
Debt Instrument [Line Items]
Letters of Credit Issued				0
Letter of Credit | Line of Credit | Independence Minerals Holdings LLC
Debt Instrument [Line Items]
Letters of Credit Issued				0
Letter of Credit | Line of Credit | KNR Resource Investors LP
Debt Instrument [Line Items]
Letters of Credit Issued				250
Letter of Credit | Line of Credit | Renee Acquisition LLC
Debt Instrument [Line Items]
Letters of Credit Issued				5,667
Letter of Credit | Line of Credit | Newark Acquisition I LP
Debt Instrument [Line Items]
Letters of Credit Issued				6,280
Letter of Credit | Line of Credit | Bridge Energy Holdings LLC
Debt Instrument [Line Items]
Letters of Credit Issued				5,574
Letter of Credit | Line of Credit | Venado EF LP
Debt Instrument [Line Items]
Letters of Credit Issued				0
Letter of Credit | Line of Credit | VOG Palo Verde LP
Debt Instrument [Line Items]
Letters of Credit Issued				$ 0
Senior Notes | 7.25% Senior Notes due 2026
Debt Instrument [Line Items]
Long-term debt, gross	$ 500,000
Senior Notes | 7.25% Senior Notes due 2026 | Independence Energy Finance LLC
Debt Instrument [Line Items]
Stated interest rate (as a percent)			7.25%

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 109,616	$ 83,141
Additions	156,201	21,860
Retirements	(1,252)	(881)
Accretion expense	7,121	5,694
Revisions	0	(198)
Noncontrolling Interest Carve-out	(3,810)	0
Sale	(1,869)	0
Balance at end of period	266,007	109,616
Less: current portion	(7,905)	(3,213)
Asset retirement obligations	$ 258,102	$ 106,403

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provisions and Deferred Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Federal income tax provision (benefit)
Current	$ 0	$ 0	$ 0
Deferred	(935)	0	0
State income tax provision (benefit)
Current	629	14	28
Deferred	0	0	0
Total income tax provision (benefit)	$ (306)	$ 14	$ 28

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal income taxes statutory rate (as a percent)	21.00%	0.00%	0.00%
State current income tax provision, net of federal benefit (as a percent)	(0.10%)	0.00%	0.00%
Permanent adjustments (as a percent)	(1.70%)	0.00%	0.00%
Income attributable to Predecessor that was not subject to corporate income tax (as a percent)	(18.40%)	0.00%	0.00%
Income attributable to noncontrolling interests (as a percent)	(0.70%)	0.00%	0.00%
Effective income tax rate (as a percent)	0.10%	0.00%	0.00%

Income Taxes - Deferred Income

Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax liabilities
Outside Basis in OpCo	$ 98,079	$ 0
Deferred tax assets
Federal and state NOL	38,317	0
Federal and state NOL valuation allowance	(30,567)	0
Recognized built-in loss carryforward	6,872	0
Other	920	0
Total deferred tax assets, net of valuation allowance	15,542	0
Net deferred income tax liability	82,537	$ 0
Expiration Dates Beginning In 2026 | Federal
Deferred tax assets
Federal and state NOL	1,900
Generated After 2017
Deferred tax assets
Federal and state NOL	$ 36,400

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal and state NOL valuation allowance	$ 30,567,000	$ 0
Uncertain tax positions	$ 0	$ 0

Leases - Statement of Financial

Leases - Statement of Financial Position (Details) $ in Thousands	Dec. 31, 2021USD ($)
Field and other property and equipment, at cost
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Financing right-of-use asset	$ 5,249
Other assets
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets
Operating right-of-use asset	$ 2,299
Other current liabilities
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other current liabilities
Short-term operating lease liability	$ (1,292)
Other liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities
Long-term operating lease liability	$ (1,007)

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Leases [Abstract]
Operating lease cost	$ 939
Financing lease cost - amortization of ROU assets	20
Financing lease cost - interest on lease liabilities	131
Administrative lease cost	100
Short-term lease cost	876
Total lease cost	$ 2,066
Operating
Weighted-average remaining lease term (years)	2 years 3 months 18 days
Weighted-average discount rate (as a percent)	4.50%
Financing
Weighted-average remaining lease term (years)	3 years 1 month 6 days
Weighted-average discount rate (as a percent)	4.50%

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2021USD ($)
Operating
2022	$ 1,292
2023	666
2024	412
2025	18
2026	18
After 2026	24
Less: interest	(131)
Present value of lease liabilities	2,299
Financing
2022	1,606
2023	1,887
2024	1,370
2025	633
2026	16
After 2026	0
Less: interest	(394)
Present value of lease liabilities	$ 5,118

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) Mcf in Thousands	Feb. 14, 2022USD ($)	Dec. 31, 2021USD ($)purchase_agreementMcf	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Loss Contingencies [Line Items]
Accrual for environmental loss contingencies			$ 1,400,000
Environmental remediation expense		$ 1,400,000
Number of purchase agreements | purchase_agreement		1
Long-term purchase commitment, minimum daily volume required | Mcf		140
Transportation expense		$ 5,800,000	$ 14,500,000	$ 1,900,000
Subsequent Event
Loss Contingencies [Line Items]
Civil penalty expense	$ 913,200
Whitfield v. Contango Oil & Gas Co.
Loss Contingencies [Line Items]
Loss contingency accrual		$ 0

Commitments and Contingencies_2

Commitments and Contingencies - Future Commitments (Details) - Oil and Natural Gas Transportation and Gathering Commitments $ in Thousands	Dec. 31, 2021USD ($)
Other Commitments [Line Items]
2022	$ 105,606
2023	80,340
2024	65,848
2025	61,346
2026	32,652
Thereafter	62,957
Total minimum future commitments	$ 408,749

Incentive Compensation Arrang_3

Incentive Compensation Arrangements - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)	$ 39,919	$ (797)	$ (2,721)
ASC 710 profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)	0	0	0
ASC 718 liability-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)	(2,043)	(797)	(2,721)
ASC 718 equity-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)	1,563	0	0
ASC 718 equity-classified PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)	1,120	0	0
ASC 718 equity-classified Contango PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)	$ 39,279	$ 0	$ 0

Incentive Compensation Arrang_4

Incentive Compensation Arrangements - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
ASC 718 liability-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested during period	$ 2.9	$ 7.7
Weighted average recognition period	3 years 10 months 24 days
Cash paid to settle liability for award	$ 0.9	0
Noncurrent share-based payment award liabilities	7.1	8
Capitalized oil and natural gas properties	1.8
ASC 718 liability-classified profits interest awards, time-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	23.6
ASC 718 liability-classified profits interest awards, performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	2.8
ASC 718 equity-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards vested during period	1.8
Unrecognized compensation cost	0
Fair value of vested stock-based compensation awards		0
Cash used to settle award	0.2	$ 0
Additional property capitalized during period	$ 1.6
ASC 718 equity-classified PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance/vesting period	3 years
Unrecognized compensation cost	$ 71.6
Weighted average recognition period	5 years
Target receipt as proportion of common stock issued and outstanding (as a percent)	2.00%
ASC 718 equity-classified Contango PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of awards as proportion of common stock value (as a percent)	300.00%
Minimum | ASC 718 liability-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance/vesting period	1 year
Minimum | ASC 718 equity-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance/vesting period	1 year
Minimum | ASC 718 equity-classified PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of awards as proportion of common stock value (as a percent)	0.00%
Maximum | ASC 718 liability-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance/vesting period	4 years
Maximum | ASC 718 equity-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance/vesting period	4 years
Maximum | ASC 718 equity-classified PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of awards as proportion of common stock value (as a percent)	240.00%

Incentive Compensation Arrang_5

Incentive Compensation Arrangements - ASC 718 Stock-based Compensation Awards (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASC 718 liability-classified profits interest awards
Number of Shares
Unvested beginning balance (in shares)	888	1,215	1,163
Granted (in shares)	708	0	285
Vested (in shares)	(110)	(203)	(233)
Forfeited (in shares)	(778)	(125)	0
Unvested ending balance (in shares)	708	888	1,215
ASC 718 equity-classified profits interest awards
Number of Shares
Unvested beginning balance (in shares)	0
Granted (in shares)	477
Vested (in shares)	(25)
Forfeited (in shares)	(253)
Unvested ending balance (in shares)	200	0
Weighted average grant date fair value
Unvested beginning balance (in USD per share)	$ 0
Granted (in USD per share)	10.98
Vested (in USD per share)	10.61
Forfeitures (in USD per share)	11.02
Unvested ending balance (in USD per share)	$ 0	$ 0
ASC 718 equity-classified PSU awards
Number of Shares
Unvested beginning balance (in shares)	0
Granted (in shares)	4,195
Vested (in shares)	0
Forfeited (in shares)	0
Unvested ending balance (in shares)	4,195	0
Weighted average grant date fair value
Unvested beginning balance (in USD per share)	$ 0
Granted (in USD per share)	17.33
Vested (in USD per share)	0
Forfeitures (in USD per share)	0
Unvested ending balance (in USD per share)	$ 17.33	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - Affiliated Entity	1 Months Ended			12 Months Ended
	Feb. 28, 2022USD ($)	May 31, 2021USD ($)	Apr. 30, 2021USD ($)	Dec. 31, 2021USD ($)tranche	Apr. 01, 2021shares	Dec. 31, 2020USD ($)
Management Agreement
Related Party Transaction [Line Items]
Agreement initial term (years)				3 years
Agreement additional initial term (years)				3 years
Asset operating expenses				$ 900,000
Management Agreement, Annual Compensation to Manager
Related Party Transaction [Line Items]
Amount of related party transaction				13,500,000
Management Agreement, Ownership of Subsidiary | OpCo
Related Party Transaction [Line Items]
Amount of related party transaction				$ 53,300,000
Management Agreement, Compensation Increase
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)				1.50%
Management Agreement, Incentive Compensation
Related Party Transaction [Line Items]
Incentive target rate (as a percent)				10.00%
Number of tranches | tranche				5
Incentive compensation settled period (years)				5 years
Incentive compensation settled rate (as a percent)				2.00%
Management Agreement, Incentive Compensation | Minimum
Related Party Transaction [Line Items]
Initial target amount (as a percent)				0.00%
Management Agreement, Incentive Compensation | Maximum
Related Party Transaction [Line Items]
Initial target amount (as a percent)				240.00%
Oil and gas investments
Related Party Transaction [Line Items]
Amount due from related party				$ 3,300,000
Amount due to related party				7,000,000
Other Transactions | KKR Capital Markets LLC
Related Party Transaction [Line Items]
Amount of related party transaction				1,600,000
Other Transactions | KKR Capital Markets LLC | Subsequent Event
Related Party Transaction [Line Items]
Amount of related party transaction	$ 400,000
Other Transactions | KKR Capstone Americas LLC
Related Party Transaction [Line Items]
Amount of related party transaction				100,000
FDL - Management Agreement | FDL
Related Party Transaction [Line Items]
Ownership interest exchanged (as a percent)					100.00%
Gain (loss) on exchange transaction			$ 0
Due from (to) related party				$ 16,900,000		$ 7,500,000
FDL - Management Agreement | FDL | Class A
Related Party Transaction [Line Items]
Asset exchange, units issued (in shares) | shares					9,508
Ownership interest (as a percent)				0.15%	0.77%
Oil And Natural Gas Property Operating And Services Agreement, Additional Wind Down Costs | FDL
Related Party Transaction [Line Items]
Amount of related party transaction		$ 6,500,000
Oil And Natural Gas Property Operating And Services Agreement, Termination Costs | FDL
Related Party Transaction [Line Items]
Expenses from transactions with related party				$ 3,300,000
Master Management Services Agreement | RPM
Related Party Transaction [Line Items]
Amount due to related party				$ 1,700,000		$ 1,700,000

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	12 Months Ended
	Dec. 31, 2021class
Earnings Per Share [Abstract]
Number of classes of equity	2

Earnings Per Share - Summary (D

Earnings Per Share - Summary (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income (loss)		$ 168,945	$ (162,043)	$ (272,861)	$ (166,268)	$ (169,682)	$ (101,005)	$ (412,227)	$ 466,790	$ (432,227)	$ (216,124)	$ 46,709
Less: net (income) loss attributable to Predecessor		(246,636)	160,567	269,608	155,629	133,215	69,990	236,166	(320,722)	339,168	118,649	(45,839)
Less: net (income) loss attributable to noncontrolling interests		(446)	1,476	3,253	10,639	36,467	31,015	176,061	(146,068)	14,922	97,475	(870)
Less: net loss attributable to redeemable noncontrolling interests	$ 58,761	58,761	0	0	0					58,761	0	0
Net loss attributable to Crescent Energy		$ (19,376)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ (19,376)	$ 0	$ 0
Class A
Denominator:
Weighted-average common stock outstanding - basic (in shares)										41,954,385
Weighted-average Common Stock outstanding - diluted (in shares)										41,954,385
Net income (loss) per share:
Common stock - basic (in USD per share)		$ (0.46)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ (0.46)
Common stock - diluted (in USD per share)		(0.46)	0	0	0	0	0	0	0	$ (0.46)
Class B
Denominator:
Weighted-average common stock outstanding - basic (in shares)										127,536,463
Weighted-average Common Stock outstanding - diluted (in shares)										127,536,463
Net income (loss) per share:
Common stock - basic (in USD per share)		0	0	0	0	0	0	0	0	$ 0
Common stock - diluted (in USD per share)		$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 09, 2022	Jun. 30, 2022	Feb. 28, 2022	Sep. 01, 2021	May 06, 2021
Uinta AssetCo, LLC | Javelin VentureCo, LLC | Forecast
Subsequent Event [Line Items]
Aggregate consideration transferred		$ 815,000
Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Committed amount of credit facility				$ 700,000	$ 500,000
Revolving Credit Facility | Line of Credit | Forecast
Subsequent Event [Line Items]
Committed amount of credit facility		$ 1,300,000
7.25% Senior Notes due 2026 | Senior Notes
Subsequent Event [Line Items]
Face amount of debt instrument					$ 500,000
Subsequent Event
Subsequent Event [Line Items]
Annual common stock dividends per share (in USD per share)	$ 0.48
Common stock dividends declared per share (in USD per share)	$ 0.12
Subsequent Event | Chama
Subsequent Event [Line Items]
Ownership interest by noncontrolling owners (as a percent)			9.40%
Fair value of ownership in noncontrolling interest			$ 3,750
Cash flows from producing assets to be received (as a percent)			90.00%
Subsequent Event | Board of Directors Chairman | Chama
Subsequent Event [Line Items]
Ownership interest by noncontrolling owners (as a percent)			17.50%
Subsequent Event | 7.25% Senior Notes due 2026 | Senior Notes
Subsequent Event [Line Items]
Face amount of debt instrument			$ 200,000
Stated interest rate (as a percent)			7.25%

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Financial Statements, Captions [Line Items]
Total revenues		$ 463,261	$ 365,726	$ 330,130	$ 317,860	$ 252,252	$ 190,612	$ 103,509	$ 207,848	$ 1,476,977	$ 754,221	$ 1,087,240
Income (loss) from operations		161,607	133,604	100,483	88,045	(56,849)	(26,669)	(293,463)	3,353	483,739	(373,628)	227,114
Net income (loss)		168,945	(162,043)	(272,861)	(166,268)	(169,682)	(101,005)	(412,227)	466,790	(432,227)	(216,124)	46,709
Less: net (income) loss attributable to Predecessor		(246,636)	160,567	269,608	155,629	133,215	69,990	236,166	(320,722)	339,168	118,649	(45,839)
Less: net (income) loss attributable to noncontrolling interests		(446)	1,476	3,253	10,639	36,467	31,015	176,061	(146,068)	14,922	97,475	(870)
Less: net loss attributable to redeemable noncontrolling interests	$ 58,761	58,761	0	0	0					58,761	0	0
Net loss attributable to Crescent Energy		$ (19,376)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ (19,376)	$ 0	$ 0
Class A
Net income (loss) per share
Common stock - basic (in USD per share)		$ (0.46)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ (0.46)
Common stock - diluted (in USD per share)		(0.46)	0	0	0	0	0	0	0	(0.46)
Class B
Net income (loss) per share
Common stock - basic (in USD per share)		0	0	0	0	0	0	0	0	0
Common stock - diluted (in USD per share)		$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0

Supplemental Oil and Natural _3

Supplemental Oil and Natural Gas Disclosures (Unaudited) - Narrative (Details)	Dec. 31, 2021
Exaro
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Ownership interest in equity method investment (as a percent)	37.00%

Supplemental Oil and Natural _4

Supplemental Oil and Natural Gas Disclosures (Unaudited) - Oil and Natural Gas Reserve Information (Details) bbl in Thousands, Mcf in Thousands, Boe in Thousands	12 Months Ended
	Dec. 31, 2021BoeMcfbbl	Dec. 31, 2020BoeMcfbbl	Dec. 31, 2019BoebblMcf
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Net proved reserves at beginning of period | Boe	359,658	466,199
Revisions of previous estimates | Boe	(92,000)
Extensions, discoveries, and other additions | Boe			17,900
Purchases of reserves in place | Boe	125,600
Net proved reserves at end of period | Boe	535,310	359,658	466,199
Additional proved reserves (as a percent)			77.00%
Proved undeveloped reserves, planned development period	5 years
Permian and DJ Basins
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Purchases of reserves in place | Boe	74,200
Central Basin Platform
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Purchases of reserves in place | Boe	5,600
DJ Basin Acquisition
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Purchases of reserves in place | Boe	2,500
MMBoe Upward Revision
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Revisions of previous estimates | Boe	92,700
MMBoe Downward Revision
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Revisions of previous estimates | Boe	(21,100)
Oil
Proved Developed and Undeveloped Reserves [Roll Forward]
Net proved reserves at beginning of period	167,190	211,533
Net proved reserves at end of period	210,364	167,190	211,533
Natural Gas
Proved Developed and Undeveloped Reserves [Roll Forward]
Net proved reserves at beginning of period | Mcf	822,864	1,161,239
Net proved reserves at end of period | Mcf	1,490,718	822,864	1,161,239
Natural gas liquids
Proved Developed and Undeveloped Reserves [Roll Forward]
Net proved reserves at beginning of period	55,324	61,126
Net proved reserves at end of period	76,493	55,324	61,126
Consolidated operations
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Net proved reserves at beginning of period | Boe	359,658	466,199	476,913
Revisions of previous estimates | Boe	78,389	(157,680)	2,581
Extensions, discoveries, and other additions | Boe	11,975	8,271	17,936
Sales of reserves in place | Boe	(17,762)	0	0
Purchases of reserves in place | Boe	133,630	74,168	0
Production | Boe	(34,245)	(31,300)	(31,231)
Net proved reserves at end of period | Boe	531,645	359,658	466,199
Proved Developed Reserves (Energy) | Boe	458,588	261,079	297,808
Proved Undeveloped Reserves (Energy) | Boe	73,057	98,579	168,391
Consolidated operations | Oil
Proved Developed and Undeveloped Reserves [Roll Forward]
Net proved reserves at beginning of period	167,190	211,533	202,805
Revisions of previous estimates	9,147	(57,708)	10,477
Extensions, discoveries, and other additions	7,007	4,088	12,003
Sales of reserves in place	(6,333)	0	0
Purchases of reserves in place	46,386	22,409	0
Production	(13,237)	(13,132)	(13,752)
Net proved reserves at end of period	210,160	167,190	211,533
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Proved Developed Reserves	158,091	92,024	103,728
Proved Undeveloped Reserves	52,069	75,166	107,805
Consolidated operations | Natural Gas
Proved Developed and Undeveloped Reserves [Roll Forward]
Net proved reserves at beginning of period | Mcf	822,864	1,161,239	1,189,962
Revisions of previous estimates | Mcf	316,572	(478,153)	20,552
Extensions, discoveries, and other additions | Mcf	17,247	21,479	24,472
Sales of reserves in place | Mcf	(48,977)	0	0
Purchases of reserves in place | Mcf	451,702	196,840	0
Production | Mcf	(89,455)	(78,541)	(73,747)
Net proved reserves at end of period | Mcf	1,469,953	822,864	1,161,239
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Proved Developed Reserves | Mcf	1,404,570	748,496	870,491
Proved Undeveloped Reserves | Mcf	65,383	74,368	290,748
Consolidated operations | Natural gas liquids
Proved Developed and Undeveloped Reserves [Roll Forward]
Net proved reserves at beginning of period	55,324	61,126	75,780
Revisions of previous estimates	16,480	(20,279)	(11,321)
Extensions, discoveries, and other additions	2,093	603	1,855
Sales of reserves in place	(3,265)	0	0
Purchases of reserves in place	11,960	18,952	0
Production	(6,099)	(5,078)	(5,188)
Net proved reserves at end of period	76,493	55,324	61,126
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Proved Developed Reserves	66,402	44,307	48,997
Proved Undeveloped Reserves	10,091	11,017	12,129
Equity affiliate
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Net proved reserves at beginning of period | Boe	0
Revisions of previous estimates | Boe	0
Extensions, discoveries, and other additions | Boe	0
Sales of reserves in place | Boe	0
Purchases of reserves in place | Boe	3,685
Production | Boe	(20)
Net proved reserves at end of period | Boe	3,665	0
Proved Developed Reserves (Energy) | Boe	3,665	0	0
Proved Undeveloped Reserves (Energy) | Boe	0	0	0
Equity affiliate | Oil
Proved Developed and Undeveloped Reserves [Roll Forward]
Net proved reserves at beginning of period	0
Revisions of previous estimates	0
Extensions, discoveries, and other additions	0
Sales of reserves in place	0
Purchases of reserves in place	205
Production	(1)
Net proved reserves at end of period	204	0
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Proved Developed Reserves	204	0	0
Proved Undeveloped Reserves	0	0	0
Equity affiliate | Natural Gas
Proved Developed and Undeveloped Reserves [Roll Forward]
Net proved reserves at beginning of period | Mcf	0
Revisions of previous estimates | Mcf	0
Extensions, discoveries, and other additions | Mcf	0
Sales of reserves in place | Mcf	0
Purchases of reserves in place | Mcf	20,880
Production | Mcf	(115)
Net proved reserves at end of period | Mcf	20,765	0
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Proved Developed Reserves | Mcf	20,765	0	0
Proved Undeveloped Reserves | Mcf	0	0	0
Equity affiliate | Natural gas liquids
Proved Developed and Undeveloped Reserves [Roll Forward]
Net proved reserves at beginning of period	0
Revisions of previous estimates	0
Extensions, discoveries, and other additions	0
Sales of reserves in place	0
Purchases of reserves in place	0
Production	0
Net proved reserves at end of period	0	0
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Proved Developed Reserves	0	0	0
Proved Undeveloped Reserves	0	0	0

Supplemental Oil and Natural _5

Supplemental Oil and Natural Gas Disclosures (Unaudited) - Capitalized Costs Relating to Oil and Gas Producing Activities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Consolidated operations
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Proved oil and natural gas properties (successful efforts method)	$ 6,043,602	$ 4,910,059
Unproved oil and natural gas properties	308,721	288,459
Oil and natural gas properties, at cost	6,352,323	5,198,518
Less accumulated depreciation, depletion and amortization	(1,881,933)	(1,666,620)
Net capitalized costs	4,470,390	3,531,898
Equity affiliate
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Proved oil and natural gas properties (successful efforts method)	9,043	0
Unproved oil and natural gas properties	0	0
Oil and natural gas properties, at cost	9,043	0
Less accumulated depreciation, depletion and amortization	(67)	0
Net capitalized costs	$ 8,976	$ 0

Supplemental Oil and Natural _6

Supplemental Oil and Natural Gas Disclosures (Unaudited) - Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated operations
Acquisition costs:
Proved	$ 1,098,696	$ 355,010	$ 795
Unproved	41,355	680	7,264
Exploration costs	1,180	0	710
Development	194,828	83,013	318,157
Total costs incurred	1,336,059	438,703	326,926
Equity affiliate
Acquisition costs:
Proved	0	0	0
Unproved	0	0	0
Exploration costs	0	0	0
Development	0	0	0
Total costs incurred	$ 0	$ 0	$ 0

Supplemental Oil and Natural _7

Supplemental Oil and Natural Gas Disclosures (Unaudited) - Average First-Day-of-the-Month Price for Oil, Natural Gas and Natural Gas Liquids (Details)	12 Months Ended
	Dec. 31, 2021$ / MMBTU$ / bbl	Dec. 31, 2020$ / bbl$ / MMBTU	Dec. 31, 2019$ / bbl$ / MMBTU
Crude Oil
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Average benchmark price (in USD per unit) | $ / bbl	66.56	39.56	55.69
Natural Gas
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Average benchmark price (in USD per unit) | $ / MMBTU	3.60	1.99	2.62

Supplemental Oil and Natural _8

Supplemental Oil and Natural Gas Disclosures (Unaudited) - Discounted Future Net Cash Flows (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)$ / MMBTU$ / bbl	Dec. 31, 2020USD ($)$ / bbl$ / MMBTU	Dec. 31, 2019USD ($)$ / bbl$ / MMBTU	Dec. 31, 2018USD ($)
Crude Oil
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Average benchmark price (in USD per unit) | $ / bbl	66.56	39.56	55.69
Crude Oil | Arithmetic Average
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Average benchmark price (in USD per unit) | $ / bbl	66.55
Natural Gas
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Average benchmark price (in USD per unit) | $ / MMBTU	3.60	1.99	2.62
Natural Gas | Arithmetic Average
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Average benchmark price (in USD per unit) | $ / MMBTU	3.64
Consolidated operations
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Future cash inflows	$ 21,063,117	$ 8,232,932	$ 15,745,942
Future production costs	(10,194,648)	(4,280,563)	(6,766,410)
Future development costs	(1,477,562)	(1,353,957)	(2,323,420)
Future income taxes	(352,136)	(30,155)	(63,136)
Future net cash flows	9,038,771	2,568,257	6,592,976
Annual discount of 10% for estimated timing	(4,080,471)	(1,240,397)	(3,482,128)
Standardized measure of discounted future net cash flows	4,958,300	1,327,860	3,110,848	$ 4,207,347
Equity affiliate
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Future cash inflows	99,290	0	0
Future production costs	(55,371)	0	0
Future development costs	(2,309)	0	0
Future income taxes	(1,730)	0	0
Future net cash flows	39,880	0	0
Annual discount of 10% for estimated timing	(16,702)	0	0
Standardized measure of discounted future net cash flows	$ 23,178	$ 0	$ 0	$ 0

Supplemental Oil and Natural _9

Supplemental Oil and Natural Gas Disclosures (Unaudited) - Standardized Measure of Discounted Future Net Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated operations
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Roll Forward]
Balance at beginning of period	$ 1,327,860	$ 3,110,848	$ 4,207,347
Net change in prices and production costs	3,330,299	(1,184,939)	(821,874)
Net change in future development costs	117,333	160,465	(59,359)
Sales and transfers of oil and natural gas produced, net of production expenses	(872,521)	(290,053)	(568,665)
Extensions, discoveries, additions and improved recovery, net of related costs	162,657	31,688	182,697
Purchases of reserves in place	1,236,388	176,480	0
Sales of reserves in place	(84,095)	0	0
Revisions of previous quantity estimates	(295,234)	(887,395)	(226,561)
Previously estimated development costs incurred	95,879	32,873	15,676
Net change in taxes	(184,419)	19,350	(19)
Accretion of discount	124,153	283,954	424,278
Changes in timing and other	0	(125,411)	(42,672)
Balance at end of period	4,958,300	1,327,860	3,110,848
Equity affiliate
Increase (Decrease) in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Roll Forward]
Balance at beginning of period	0	0	0
Net change in prices and production costs	0	0	0
Net change in future development costs	0	0	0
Sales and transfers of oil and natural gas produced, net of production expenses	(1,246)	0	0
Extensions, discoveries, additions and improved recovery, net of related costs	0	0	0
Purchases of reserves in place	26,154	0	0
Sales of reserves in place	0	0	0
Revisions of previous quantity estimates	0	0	0
Previously estimated development costs incurred	0	0	0
Net change in taxes	(1,730)	0	0
Accretion of discount	0	0	0
Changes in timing and other	0	0	0
Balance at end of period	$ 23,178	$ 0	$ 0

SCHEDULE I CONDENSED FINANCIA_2

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Parent Company Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2021	Dec. 07, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
ASSETS
TOTAL ASSETS	$ 5,157,462		$ 3,907,369
Current liabilities:
Accounts payable – affiliates	8,675		9,019
Total current liabilities	616,125		120,671
Deferred tax liability	82,537		0
Total liabilities	2,137,805		1,014,209
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests	2,325,013	$ 2,353,977	0
Equity:
Members’ equity – Class A units, no units and 1,220,421 units outstanding as of December 31, 2021 and 2020, respectively			2,716,892
Preferred stock, $0.0001 par value; 500,000,000 shares authorized and 1,000 Series I preferred shares issued and outstanding as of December 31, 2021; no shares issued and outstanding as of December 31, 2020	0
Treasury stock, at cost; 1,150,991 shares of Class A common stock as of December 31, 2021 and no shares of Class A Common Stock as of December 31, 2020	(18,448)
Additional paid-in capital	720,016
Accumulated deficit	(19,376)
Noncontrolling interests	12,435
Noncontrolling interests			176,268
Total equity	694,644
Total equity			2,893,160	$ 2,712,066	$ 2,807,844
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	$ 5,157,462		$ 3,907,369
Members’ equity outstanding (in shares)	0		1,220,421
Preferred stock, par value (in USD per share)	$ 0.0001		$ 0.0001
Preferred stock authorized (in shares)	500,000,000		500,000,000
Preferred stock issued (in shares)	1,000		0
Preferred stock outstanding (in shares)	1,000		0
Parent Company
ASSETS
Investment in subsidiary	$ 3,103,176		$ 2,893,160
TOTAL ASSETS	3,103,176		2,893,160
Current liabilities:
Accounts payable – affiliates	914		0
Accrued liabilities	68		0
Total current liabilities	982		0
Deferred tax liability	82,537		0
Total liabilities	83,519		0
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests	2,325,013		0
Equity:
Members’ equity – Class A units, no units and 1,220,421 units outstanding as of December 31, 2021 and 2020, respectively			2,716,892
Preferred stock, $0.0001 par value; 500,000,000 shares authorized and 1,000 Series I preferred shares issued and outstanding as of December 31, 2021; no shares issued and outstanding as of December 31, 2020	0
Treasury stock, at cost; 1,150,991 shares of Class A common stock as of December 31, 2021 and no shares of Class A Common Stock as of December 31, 2020	(18,448)
Additional paid-in capital	720,016
Accumulated deficit	19,376
Noncontrolling interests	12,435
Noncontrolling interests			176,268
Total equity	694,644
Total equity			2,893,160
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	$ 3,103,176		$ 2,893,160
Members’ equity outstanding (in shares)	0		1,220,421
Preferred stock, par value (in USD per share)	$ 0.0001		$ 0.0001
Preferred stock authorized (in shares)	500,000,000		500,000,000
Preferred stock issued (in shares)	1,000		0
Preferred stock outstanding (in shares)	1,000		0
Class A
Equity:
Common stock	$ 4
Common stock, par value (in USD per share)	$ 0.0001		$ 0.0001
Common stock authorized (in shares)	1,000,000,000		1,000,000,000
Common stock issued (in shares)	43,105,376		0
Common stock outstanding (in shares)	41,954,385		0
Treasury stock (in shares)	1,150,991		0
Class A | Parent Company
Equity:
Common stock	$ 4
Common stock, par value (in USD per share)	$ 0.0001		$ 0.0001
Common stock authorized (in shares)	1,000,000,000		1,000,000,000
Common stock issued (in shares)	43,105,376		0
Common stock outstanding (in shares)	41,954,385		0
Treasury stock (in shares)	1,150,991		0
Class B
Equity:
Common stock	$ 13
Common stock, par value (in USD per share)	$ 0.0001		$ 0.0001
Common stock authorized (in shares)	500,000,000		500,000,000
Common stock issued (in shares)	127,536,463		0
Common stock outstanding (in shares)	127,536,463		0
Class B | Parent Company
Equity:
Common stock	$ 13
Common stock, par value (in USD per share)	$ 0.0001		$ 0.0001
Common stock authorized (in shares)	500,000,000		500,000,000
Common stock issued (in shares)	127,536,463		0
Common stock outstanding (in shares)	127,536,463		0

SCHEDULE I CONDENSED FINANCIA_3

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Parent Company Statements Of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Condensed Income Statements, Captions [Line Items]
Total revenues		$ 463,261	$ 365,726	$ 330,130	$ 317,860	$ 252,252	$ 190,612	$ 103,509	$ 207,848	$ 1,476,977	$ 754,221	$ 1,087,240
Expenses:
General and administrative expense										78,342	16,542	2,357
Total expenses										993,238	1,127,849	860,126
Income tax benefit (expense)										306	(14)	(28)
Equity in income (losses) of subsidiary, net of tax											(216,124)	46,709
Net income (loss)		168,945	(162,043)	(272,861)	(166,268)	(169,682)	(101,005)	(412,227)	466,790	(432,227)	(216,124)	46,709
Less: net (income) loss attributable to Predecessor		(246,636)	160,567	269,608	155,629	133,215	69,990	236,166	(320,722)	339,168	118,649	(45,839)
Less: net (income) loss attributable to noncontrolling interests		(446)	1,476	3,253	10,639	36,467	31,015	176,061	(146,068)	14,922	97,475	(870)
Less: net loss attributable to redeemable noncontrolling interests	$ 58,761	58,761	0	0	0					58,761	0	0
Net loss attributable to Crescent Energy		$ (19,376)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	(19,376)	0	0
Parent Company
Condensed Income Statements, Captions [Line Items]
Total revenues										0	0	0
Expenses:
General and administrative expense										914	0	0
Total expenses										914	0	0
Income (loss) from operations										(914)	0	0
Income tax benefit (expense)										867	0	0
Income (loss) before equity in income (losses) of subsidiary										(47)	0	0
Equity in income (losses) of subsidiary, net of tax										(432,180)	(216,124)	46,709
Net income (loss)										(432,227)	(216,124)	46,709
Less: net (income) loss attributable to Predecessor										339,168	118,649	(45,839)
Less: net (income) loss attributable to noncontrolling interests										14,922	97,475	(870)
Less: net loss attributable to redeemable noncontrolling interests										58,761	0	0
Net loss attributable to Crescent Energy										$ (19,376)	$ 0	$ 0
Class A
Net Loss per Share:
Common stock - basic (in USD per share)		$ (0.46)	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ (0.46)
Common stock - diluted (in USD per share)		(0.46)	0	0	0	0	0	0	0	$ (0.46)
Weighted Average Shares Outstanding:
Common stock - basic (in shares)										41,954,385
Common stock - diluted (in shares)										41,954,385
Class A | Parent Company
Net Loss per Share:
Common stock - basic (in USD per share)										$ (0.46)
Common stock - diluted (in USD per share)										$ (0.46)
Weighted Average Shares Outstanding:
Common stock - basic (in shares)										41,954,000
Common stock - diluted (in shares)										41,954,000
Class B
Net Loss per Share:
Common stock - basic (in USD per share)		0	0	0	0	0	0	0	0	$ 0
Common stock - diluted (in USD per share)		$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Weighted Average Shares Outstanding:
Common stock - basic (in shares)										127,536,463
Common stock - diluted (in shares)										127,536,463
Class B | Parent Company
Net Loss per Share:
Common stock - basic (in USD per share)										$ 0
Common stock - diluted (in USD per share)										$ 0
Weighted Average Shares Outstanding:
Common stock - basic (in shares)										127,536,000
Common stock - diluted (in shares)										127,536,000

SCHEDULE I CONDENSED FINANCIA_4

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Parent Company Statements Of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 168,945	$ (162,043)	$ (272,861)	$ (166,268)	$ (169,682)	$ (101,005)	$ (412,227)	$ 466,790	$ (432,227)	$ (216,124)	$ 46,709
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in (income) losses of subsidiary										216,124	(46,709)
Deferred income taxes (benefit)									(935)	0	0
Changes in operating assets and liabilities:
Accounts payable – affiliates									(358)	657	27
Net cash provided by operating activities									233,147	411,028	485,515
Net cash provided by investing activities									(244,595)	(124,940)	(328,158)
Net cash provided by financing activities									105,145	(272,089)	(153,192)
Net change in cash, cash equivalents and restricted cash									93,697	13,999	4,165
Cash, cash equivalents and restricted cash, beginning of period				41,420				27,421	41,420	27,421	23,256
Cash, cash equivalents, and restricted cash, end of period	135,117				41,420				135,117	41,420	27,421
Parent Company
Cash flows from operating activities:
Net income (loss)									(432,227)	(216,124)	46,709
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in (income) losses of subsidiary									432,180	216,124	(46,709)
Deferred income taxes (benefit)									(935)	0	0
Changes in operating assets and liabilities:
Accounts payable – affiliates									914	0	0
Accrued liabilities									68	0	0
Net cash provided by operating activities									0	0	0
Net cash provided by investing activities									0	0	0
Net cash provided by financing activities									0	0	0
Net change in cash, cash equivalents and restricted cash									0	0	0
Cash, cash equivalents and restricted cash, beginning of period				$ 0				$ 0	0	0	0
Cash, cash equivalents, and restricted cash, end of period	$ 0				$ 0				$ 0	$ 0	$ 0

SCHEDULE I CONDENSED FINANCIA_5

SCHEDULE I CONDENSED FINANCIAL INFORMATION OF REGISTRANT - Narrative (Details) - OpCo	12 Months Ended
	Dec. 31, 2021
Condensed Income Statements, Captions [Line Items]
Ownership of outstanding shares (as a percent)	25.00%
Parent Company
Condensed Income Statements, Captions [Line Items]
Ownership of outstanding shares (as a percent)	25.00%
Independence Minerals Holdings LLC And Crescent Energy Finance LLC
Condensed Income Statements, Captions [Line Items]
Ownership of outstanding shares (as a percent)	75.00%
Independence Minerals Holdings LLC And Crescent Energy Finance LLC | Parent Company
Condensed Income Statements, Captions [Line Items]
Ownership of outstanding shares (as a percent)	75.00%

Uncategorized Items - crgy-2021

Label	Element	Value
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest	$ (339,168,000)
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest	(34,298,000)
Noncontrolling Interest [Member]
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest	(14,922,000)
Member Units [Member]
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest	(339,168,000)
Retained Earnings [Member]
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest	us-gaap_NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest	$ (19,376,000)