Crescent Energy (CRGY) 10-K 7 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Feb. 28, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2022
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	true
Entity Shell Company	false
Entity Public Float			$ 402.3
Entity Central Index Key	0001866175
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		48,282,163
Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		118,645,323

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Houston, Texas
Auditor Firm ID	34

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 0	$ 128,578,000
Accounts receivable, net	457,071,000	321,855,000
Accounts receivable – affiliates	2,681,000	20,341,000
Derivative assets – current	14,878,000	0
Drilling advances	14,655,000	200,000
Prepaid and other current assets	27,454,000	8,644,000
Total current assets	516,739,000	479,618,000
Oil and natural gas properties at cost, successful efforts method
Proved	7,113,819,000	6,043,602,000
Unproved	314,255,000	308,721,000
Oil and natural gas properties at cost, successful efforts method	7,428,074,000	6,352,323,000
Field and other property and equipment, at cost	176,831,000	144,318,000
Total property, plant and equipment	7,604,905,000	6,496,641,000
Less: accumulated depreciation, depletion, amortization and impairment	(2,167,135,000)	(1,941,528,000)
Property, plant and equipment, net	5,437,770,000	4,555,113,000
Goodwill	0	76,564,000
Derivative assets – noncurrent	0	579,000
Investment in equity affiliates	15,038,000	15,415,000
Other assets	50,302,000	30,173,000
TOTAL ASSETS	6,019,849,000	5,157,462,000
Current liabilities:
Accounts payable and accrued liabilities	524,690,000	337,881,000
Accounts payable – affiliates	27,652,000	8,675,000
Derivative liabilities – current	312,975,000	253,525,000
Financing lease obligations – current	3,341,000	1,606,000
Other current liabilities	25,091,000	14,438,000
Total current liabilities	893,749,000	616,125,000
Long-term debt	1,247,558,000	1,030,406,000
Derivative liabilities – noncurrent	63,737,000	133,471,000
Asset retirement obligations	346,868,000	258,102,000
Deferred tax liability	147,348,000	82,537,000
Financing lease obligations – noncurrent	7,412,000	3,512,000
Other liabilities	14,183,000	13,652,000
Total liabilities	2,720,855,000	2,137,805,000
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests	2,436,703,000	2,325,013,000
Equity:
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, 2022 and 2021	0	0
Treasury stock, at cost; 1,150,991 shares of Class A common stock as of December 31, 2022 and 2021	(18,448,000)	(18,448,000)
Additional paid-in capital	804,587,000	720,016,000
Retained earnings (accumulated deficit)	61,957,000	(19,376,000)
Noncontrolling interests	14,178,000	12,435,000
Total equity	862,291,000	694,644,000
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	6,019,849,000	5,157,462,000
Class A
Equity:
Common stock	5,000	4,000
Class B
Equity:
Common stock	$ 12,000	$ 13,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
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	1,000
Preferred stock outstanding (in shares)	1,000	1,000
Treasury stock (in shares)	1,150,991	1,150,991
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)	49,433,154	43,105,376
Common stock outstanding (in shares)	48,282,163	41,954,385
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)	118,645,323	127,536,463
Common stock outstanding (in shares)	118,645,323	127,536,463

COMBINED AND CONSOLIDATED STATE

COMBINED AND CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Total revenues	$ 3,057,065	$ 1,476,977	$ 754,221
Expenses:
Lease operating expense	438,753	243,501	202,180
Workover expense	66,864	10,842	6,385
Asset operating expense	78,709	45,940	39,023
Gathering, transportation and marketing	177,078	187,059	173,122
Production and other taxes	238,381	108,992	61,124
Depreciation, depletion and amortization	532,926	312,787	372,300
Impairment expense	142,902	0	247,215
Exploration expense	3,425	1,180	486
Midstream operating expense	13,513	13,389	9,472
General and administrative expense	84,990	78,342	16,542
Gain on sale of assets	(4,641)	(8,794)	0
Total expenses	1,772,900	993,238	1,127,849
Income (loss) from operations	1,284,165	483,739	(373,628)
Other income (expense):
Gain (loss) on derivatives	(676,902)	(866,020)	195,284
Interest expense	(95,937)	(50,740)	(38,107)
Other income (expense)	949	120	341
Income from equity affiliates	4,616	368	0
Total other income (expense)	(767,274)	(916,272)	157,518
Income (loss) before taxes	516,891	(432,533)	(216,110)
Income tax benefit (expense)	(36,291)	306	(14)
Net income (loss)	480,600	(432,227)	(216,124)
Less: net (income) loss attributable to Predecessor	0	339,168	118,649
Less: net (income) loss attributable to noncontrolling interests	(2,669)	14,922	97,475
Less: net (income) loss attributable to redeemable noncontrolling interests	(381,257)	58,761	0
Net income (loss) attributable to Crescent Energy	$ 96,674	$ (19,376)	0
Class A
Net income (loss) per Share:
Basic (in USD per share)	$ 2.20	$ (0.46)
Diluted (in USD per share)	$ 2.20	$ (0.46)
Weighted Average Shares Outstanding:
Basic (in shares)	43,865,176	41,954,385
Diluted (in shares)	44,111,823	41,954,385
Class B
Net income (loss) per Share:
Basic (in USD per share)	$ 0	$ 0
Diluted (in USD per share)	$ 0	$ 0
Weighted Average Shares Outstanding:
Basic (in shares)	124,856,941	127,536,463
Diluted (in shares)	124,856,941	127,536,463
Oil
Revenues:
Total revenues	$ 1,969,070	$ 883,087	491,780
Natural gas
Revenues:
Total revenues	766,962	354,298	149,317
Natural gas liquids
Revenues:
Total revenues	268,192	185,530	69,902
Midstream and other
Revenues:
Total revenues	$ 52,841	$ 54,062	$ 43,222

COMBINED AND CONSOLIDATED STA_2

COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Class A	Class B	Members' Equity	Common Stock Class A	Common Stock Class B	Series I Preferred Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Noncontrolling Interest
Members' equity at beginning of period (in shares) at Dec. 31, 2019				0
Members' equity at beginning of period at Dec. 31, 2019	$ 2,712,066			$ 1,881,733							$ 830,333
Common stock outstanding, beginning balance (in shares) at Dec. 31, 2019					0	0
Preferred stock outstanding, beginning balance (in shares) at Dec. 31, 2019							0
Balance at beginning of period at Dec. 31, 2019					$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Treasury stock, beginning balance (in shares) at Dec. 31, 2019								0
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)
Noncontrolling Interest Carve-out	0
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
Exchange (in shares)				220,000
Exchange	0			$ 657,370							(657,370)
Members' equity at end of period (in shares) at Dec. 31, 2020				1,220,000
Members' equity at end of period at Dec. 31, 2020	2,893,160			$ 2,716,892							176,268
Common stock outstanding, ending balance (in shares) at Dec. 31, 2020					0	0
Balance at end of period at Dec. 31, 2020					$ 0	$ 0	$ 0	$ 0	0	0
Preferred stock outstanding, ending balance (in shares) at Dec. 31, 2020							0
Treasury stock, ending balance (in shares) at Dec. 31, 2020								0
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
Members' equity at end of period at Dec. 31, 2021	694,644			$ 0							12,435
Common stock outstanding, ending balance (in shares) at Dec. 31, 2021		41,954,385	127,536,463		41,954,000	127,536,000
Balance at end of period at Dec. 31, 2021	$ 694,644				$ 4	$ 13	$ 0	$ (18,448)	720,016	(19,376)
Preferred stock outstanding, ending balance (in shares) at Dec. 31, 2021	1,000						1,000
Treasury stock, ending balance (in shares) at Dec. 31, 2021	1,150,991							1,151,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 99,343									96,674	2,669
Contributions	1,533										1,533
Distributions	(7,884)										(7,884)
Noncontrolling Interest Carve-out	0
Repurchase of noncontrolling interest	(4,060)										(4,060)
Dividend to Class A common stock	(27,509)								(12,168)	(15,341)
Merger Transactions (in shares)						127,500,000
Equity-based compensation, net of withholding taxes	16,384								6,899		9,485
Change in deferred taxes related to basis in OpCo	(26,351)								(26,351)
Change in deferred taxes attributable to change in OpCo ownership	(5,599)								(5,599)
Change in equity associated with the Equity Transactions (in shares)					6,328,000	(8,891,000)
Change in equity associated with the Equity Transactions	121,790				$ 1	$ (1)			121,790
Members' equity at end of period at Dec. 31, 2022	862,291										$ 14,178
Common stock outstanding, ending balance (in shares) at Dec. 31, 2022		48,282,163	118,645,323		48,282,000	118,645,000
Balance at end of period at Dec. 31, 2022	$ 862,291				$ 5	$ 12	$ 0	$ (18,448)	$ 804,587	$ 61,957
Preferred stock outstanding, ending balance (in shares) at Dec. 31, 2022	1,000						1,000
Treasury stock, ending balance (in shares) at Dec. 31, 2022	1,150,991							1,151,000

COMBINED AND CONSOLIDATED STA_3

COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 480,600	$ (432,227)	$ (216,124)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	532,926	312,787	372,300
Impairment expense	142,902	0	247,215
Deferred income tax expense (benefit)	33,178	(935)	0
Gain on sale of oil and natural gas properties	(4,641)	(8,794)	0
(Gain) loss on derivatives	676,902	866,020	(195,284)
Net cash (paid) received on settlement of derivatives	(779,260)	(535,269)	186,495
Non-cash equity-based compensation expense	38,063	39,919	(797)
Amortization of debt issuance costs and discount	8,894	7,647	4,941
Write-off of debt issuance costs	0	2,541	0
Restructuring of acquired derivative contracts	(51,994)	0	0
Settlement of acquired derivative contracts	(49,929)	0	0
Other	(7,011)	(928)	(29)
Changes in operating assets and liabilities:
Accounts receivable	(128,820)	(71,301)	14,652
Accounts receivable – affiliates	18,360	(20,333)	0
Prepaid and other current assets	(24,932)	39,986	17,886
Accounts payable and accrued liabilities	127,620	31,110	(15,138)
Accounts payable – affiliates	12,044	(358)	657
Other	(12,530)	3,282	(5,746)
Net cash provided by operating activities	1,012,372	233,147	411,028
Cash flows from investing activities:
Development of oil and natural gas properties	(592,707)	(155,607)	(126,164)
Acquisitions of oil and natural gas properties, net of cash acquired	(626,620)	(115,076)	0
Proceeds from the sale of oil and natural gas properties	93,203	25,723	9,362
Purchases of restricted investment securities – HTM	(8,956)	(8,537)	(9,071)
Maturities of restricted investment securities – HTM	7,200	11,703	9,052
Other	3,536	(2,801)	(8,119)
Net cash used in investing activities	(1,124,344)	(244,595)	(124,940)
Cash flows from financing activities:
Proceeds from issuance of the 2026 Notes, net of discount	199,250	490,625	0
Payment of debt issuance costs	(20,051)	(14,611)	(3,333)
Redeemable noncontrolling interest contributions	5,985	0	0
Redeemable noncontrolling interest distributions	(213)	0	0
Repayments of debt acquired in Merger Transactions	0	(140,000)	0
Dividend to Class A common stock	(27,509)	0	0
Distributions to redeemable noncontrolling interests related to Class A common stock dividend	(78,855)	0	0
Distributions to redeemable noncontrolling interests related to Manager Compensation	(32,250)	0	0
Distributions to redeemable noncontrolling interests related to income taxes	(18,118)	0	0
Repurchase of redeemable noncontrolling interests related to Equity Transactions	(36,220)	0	0
Noncontrolling interest contributions	55	35,460	0
Repurchase of noncontrolling interest	(4,060)	(2,462)	0
Member distributions	0	(35,331)	(61,422)
Noncontrolling interest distributions	(6,477)	(1,695)	(1,145)
Cash paid for treasury stock acquired for equity-based compensation tax withholding	0	(18,448)	0
Other and member contributions	(5,378)	(318)	14,836
Net cash provided by (used in) financing activities	(7,841)	105,145	(272,089)
Net change in cash, cash equivalents and restricted cash	(119,813)	93,697	13,999
Cash, cash equivalents and restricted cash, beginning of period	135,117	41,420	27,421
Cash, cash equivalents, and restricted cash, end of period	15,304	135,117	41,420
New Credit Agreement
Cash flows from financing activities:
Borrowings	1,385,000	702,000	0
Repayments	(1,369,000)	(159,000)	0
Prior Credit Agreement
Cash flows from financing activities:
Borrowings	0	53,900	275,850
Repayments	$ 0	$ (804,975)	$ (496,875)

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2022
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 low-decline assets in proven regions across the lower 48 states that generate substantial cash flow supported by a predictable base of production. We seek to deliver 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 employs a unique business model that combines an investor mindset and deep operational expertise to pursue a cash flow-based investment mandate focused on operated working interests with 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 regions across the United States, focused in Texas and the Rockies. 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. Corporate Structure Our Class A Common Stock is listed on the New York Stock Exchange under the symbol “CRGY.” We are structured as an “Up-C,” with substantially all of our assets and operations held by Crescent Energy OpCo LLC ("OpCo"). Crescent is a holding company, the sole material asset of which consists of units of OpCo ("OpCo Units"). 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 . Shares of Crescent Class A common stock, par value $0.0001 per share ("Class A Common Stock") have both voting and economic rights with respect to Crescent. Holders of Crescent Class B common stock, par value $0.0001 per share ("Class B Common Stock"), which shares of Class B Common Stock have voting (but no economic) rights with respect to Crescent, hold a corresponding amount of economic, non-voting OpCo Units. OpCo Units may be redeemed or exchanged for Class A Common Stock or, at our election, cash on the terms and conditions set forth in the Amended and Restated Limited Liability Company Agreement of OpCo (“OpCo LLC Agreement”). Additionally, an affiliate KKR & Co. Inc. (together with its subsidiaries, the "KKR Group") 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 the 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. In connection with the series of transactions completed on December 7, 2021 (the "Merger Transactions"), Independence Energy LLC ("Independence") merged with and into OpCo in a common control transaction that is referred to herein as the "Crescent Reorganization." Because the Independence Reorganization and the Crescent Reorganization resulted in changes in the reporting entity, and in order to furnish comparative financial information prior to the Independence Reorganization and the Crescent Reorganization, 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 (i) OpCo, which, as of December 31, 2022, is owned approximately 29% by Crescent and approximately 71% by holders of our redeemable noncontrolling interests representing former owners of Independence, and (ii) 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. As the sole managing member of OpCo, Crescent 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, including Crescent Energy Finance LLC. See “— Corporate Structure” above for more information regarding our corporate structure. 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, 2022
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, impairment of goodwill 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 assets on our consolidated balance sheets. The following table provides a reconciliation of cash and restricted cash presented on our consolidated balance sheets to amounts shown in our combined and consolidated statements of cash flows: As of December 31, 2022 2021 2020 (in thousands) Cash and cash equivalents $ — $ 128,578 $ 36,861 Restricted cash – current 8,000 — — Restricted cash – noncurrent 7,304 6,539 4,559 Total cash, cash equivalents and restricted cash $ 15,304 $ 135,117 $ 41,420 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. 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 were immaterial as of December 31, 2022 and 2021. We did not incur credit loss expense or bad debt expense related to our accounts receivable during the years ended December 31, 2022, 2021, and 2020. 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, 2022 and 2021, we had restricted investment securities – HTM with a carrying value of $7.1 million and $5.3 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 $3.4 million, $1.2 million, and $0.5 million for the years ended December 31, 2022, 2021 and 2020, 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. Refer to Asset Retirement Obligations below for additional discussion. During the years ended December 31, 2022, 2021 and 2020, we recognized depletion expense of $498.3 million, $300.0 million and $364.7 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 of Oil and Natural Gas Properties 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. As a result of our annual goodwill impairment test, we determined that there was a triggering event requiring the evaluation of the recoverability of our oil and natural gas properties. Based on an assessment of our oil and natural gas properties, we recorded impairment expense of $65.2 million during the year ended December 31, 2022. We did not incur any impairment expense related to our oil and natural gas properties during the year ended December 31, 2021. 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 recorded impairment expense of $247.2 million during the year ended December 31, 2020. Drilling Advances We pay advances for certain drilling and completion ("D&C") costs on our non-operated properties, as required by our joint operating agreements. At December 31, 2022 and 2021, we had $14.7 million and $0.2 million, respectively, of outstanding advances on our consolidated balance sheets. Investment in Equity Affiliates 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 affiliates in our combined and consolidated statements of operations. Subsequent to the Merger Transactions, we had significant influence, but not control, over Exaro Energy III, LLC ("Exaro") and Lost Creek Gathering LLC ("Lost Creek"). At December 31, 2021, we had 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 were accounted for using the equity method within investment in equity affiliates in our consolidated balance sheet as of December 31, 2021. During the year ended December 31, 2022, we reduced our investment in equity affiliates following Exaro's sale of assets and increased our investment in equity affiliates as a result of our contribution of assets into Chama Energy LLC ("Chama"). See NOTE 3 – Acquisitions and Divestitures for additional information . At December 31, 2022, our investment in equity affiliates was primarily comprised of our investments in Lost Creek ($10.9 million) and Chama ($4.2 million). Revolving Credit Facility 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 We offer our employees a defined contribution 401(k) Plan (the “401(k) Plan”) which allows eligible employees to make tax-deferred contributions, not to exceed annual limits established by the Internal Revenue Service. The Company matches 100% of employee contributions, up to a certain threshold 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 and 2020 since the plan's inception began in January 2022 in conjunction with the start of the benefit plan year. During the year ended December 31, 2022, the Company made contributions of $4.7 million to the plan. 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, 2022 and 2021. 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, 2022, 2021 and 2020: 2022 2021 2020 SN EF Maverick, LLC * * 15.5 % Eighty Eight Oil * * 11.7 % Shell Trading US Company 20.8 % 18.3 % 10.4 % ConocoPhillips 15.1 % * * * 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 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 11 – Income Taxes . ASC Topic 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. Leases We 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. 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. 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. The Company performed its annual goodwill impairment test as of November 30, 2022. The impairment test indicated that the fair value of certain of our reporting units with allocated goodwill were less than their carrying amount, and further that there was no remaining implied fair value attributable to goodwill. Based on these results, we recorded a non-cash impairment charge to reduce the carrying value of goodwill to zero. Year Ended December 31, 2022 2021 (in thousands) Balance at beginning of period $ 76,564 $ — Additions — 76,564 Measurement period adjustments 1,125 — Impairment (77,689) — Balance at end of period $ — $ 76,564 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 liability and capitalize the asset retirement cost in oil and natural gas properties in the period in which the ARO liability 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 liability 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 liability is settled for an amount other than the recorded amount, a gain or loss is recognized at settlement and included in Depreciation, depletion and amortization expense on our combined and consolidated statements of operations. See NOTE 9 – Asset Retirement Obligations . Environmental Expenditures In addition to our ARO liability, 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 ongoing site assessments. We do not discount any of these liabilities. Recoveries for environmental remediation costs from third parties, which are probable of realization, are separately recorded and are not offset against the related environmental liability. As of December 31, 2022 and 2021, we did not have any significant probable environmental remediation costs. Supplemental Cash Flow Disclosures The following are our supplemental cash flow disclosures for the years ended December 31, 2022, 2021 and 2020: Year

Acquisitions and Divestitures

Acquisitions and Divestitures	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures During the three years ended December 31, 2022, we completed the following acquisitions and divestitures: Uinta Transaction In March 2022, we consummated the acquisition contemplated by the Membership Interest Purchase Agreement dated February 15, 2022 (the “Purchase Agreement” and the transactions contemplated therein, the “Uinta Transaction”) between certain of our subsidiaries, including OpCo, and Verdun Oil Company II LLC, a Delaware limited liability company, pursuant to which we purchased all of the issued and outstanding membership interests of Uinta AssetCo, LLC, a Texas limited liability company that holds all development and production assets of, and certain obligations formerly held by EP Energy E&P Company, L.P. located in the State of Utah. Upon closing of the Uinta Transaction, we paid $621.3 million in cash consideration and transaction fees and assumed certain commodity derivatives. The Uinta Transaction was funded with cash on hand and borrowings under our Revolving Credit Facility (as defined in NOTE 8 - Debt ). In addition, subsequent to the closing date but during the year ended December 31, 2022, we recorded $11.1 million in customary purchase price adjustments that increased our total purchase price to $632.4 million. We accounted for the Uinta Transaction as an asset acquisition and recorded $863.6 million of property, plant and equipment, net of acquired commodity derivative liabilities of $179.7 million, accounts payable of $14.3 million and asset retirement liability of $37.2 million, after purchase price adjustments. In connection with the closing of the Uinta Transaction, we entered into an amendment to our Revolving Credit Facility to, among other things, increase the borrowing base to $1.8 billion and the elected commitment amount to $1.3 billion (see NOTE 8 – Debt ). We incurred financing costs of $13.4 million associated with this amendment, which are recorded as debt issuance costs within Other assets on the consolidated balance sheets. Subsequent to the closing of the Uinta Transaction, we settled certain acquired oil commodity derivative positions and entered into new commodity derivative contracts for 2022 with a swap price of $75 per barrel for a net cost of $54.1 million, including restructuring fees, during the year ended December 31, 2022. Equity Method Investment In April 2022, our equity method investment, Exaro Energy III, LLC ("Exaro"), entered into a purchase and sale agreement to sell its operations in the Jonah Field in Wyoming. During the year ended December 31, 2022, we received a distribution from Exaro of $6.8 million primarily as a result of the sale. Chama In February 2022, we contributed all of the assets and prospects in the Gulf of Mexico formerly owned by Contango to Chama in exchange for a 9.4% interest in Chama, which interest was valued at $3.8 million. As a result, we derecognized the assets and liabilities that were contributed to Chama from our consolidated balance sheets and recorded an investment in equity affiliates for our interest in Chama, as well as a $4.5 million gain related to the deconsolidation of these assets and liabilities. John Goff, the Chairman of our Board of Directors, holds an approximate interest of 17.5% in Chama, and the remaining interests are 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 the producing assets we contributed to Chama. Permian Basin Divestiture On November 4, 2022, we entered into a definitive purchase and sale agreement with an unaffiliated third party to sell certain of our non-core producing properties and related oil and natural gas leases in Ector County in the Permian Basin in exchange for cash consideration, subject to customary purchase price adjustments, of $80.0 million. We closed this transaction in December 2022 and recorded a loss of $0.9 million during the year ended December 31, 2022. 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 withheld 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. During the year ended December 31, 2022, we recognized measurement period adjustments for the Contango Merger that increased Accounts receivable, net by $5.6 million, reduced Oil and natural gas properties - proved by $0.2 million, and increased Accounts payable and accrued liabilities by $6.5 million, with offsetting adjustments to Goodwill on our consolidated balance sheets. As a result of the acquisition, and after our measurement period adjustments, we recognized $77.7 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. During the year ended December 31, 2022, we performed our annual impairment test and fully impaired the carrying value of goodwill related to the Contango Merger. From the date of the Contango Merger 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 income (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. Consideration Transferred The following table summarizes the consideration transferred and the estimated fair value of identified assets acquired and liabilities assumed for transactions accounted for as business combinations during the periods presented: Contango Merger Titan Acquisition (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 151,331 29,044 Derivative assets – current — 12,000 Prepaid and other current assets 8,275 49,079 Oil and natural gas properties - proved 1,001,942 375,014 Field and other property and equipment 6,955 30,232 Derivative assets – noncurrent — 114 Goodwill 77,689 — Investment in equity affiliates 15,047 — Other assets 3,514 — Accounts payable and accrued liabilities (193,195) (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

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021: As of December 31, 2022 2021 (in thousands) Proved oil and natural gas properties (successful efforts method) $ 7,113,819 $ 6,043,602 Unproved oil and natural gas properties 314,255 308,721 Oil and natural gas properties, at cost 7,428,074 6,352,323 Less: accumulated depreciation, depletion, amortization and impairment (2,102,286) (1,881,934) Oil and natural gas properties, net $ 5,325,788 $ 4,470,389 Other Property The following table summarizes other property, plant and equipment as of December 31, 2022 and 2021: Estimated useful life As of December 31, 2022 2021 (years) (in thousands) Gathering and pipeline system 30 $ 106,022 $ 106,023 Vehicles 3-5 13,126 10,836 Computers, furniture, and equipment 3-10 5,799 7,175 Buildings and improvements 5-30 6,008 6,641 Land 5,374 5,467 Financing right of use asset 1-5 13,120 5,249 Field inventory 27,382 2,927 Field and other property and equipment, at cost 176,831 144,318 Less: accumulated depreciation, amortization and impairment (64,849) (59,594) Field and other property and equipment, net $ 111,982 $ 84,724 Capitalized Exploratory Well Costs Capitalized exploratory well costs are included in unproved oil and natural gas properties. As of December 31, 2022 and 2021, we did not have any capitalized exploratory well costs.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2022
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. We have variable rate debt outstanding, which is subject to interest rate risk based on volatility in underlying interest rates. Historically, we have, at times, entered into interest rate swaps to reduce the volatility in interest rates on our earnings. Our interest rate swaps matured in 2021 and as such we recorded realized and unrealized gains and losses on our outstanding positions during the years ended December 31, 2020 and 2021. As of December 31, 2022, 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, 2022: Production Period Volumes Weighted Average Fixed Price Fair Value (in thousands) (in thousands) Crude oil swaps (Bbls): WTI 2023 9,710 $60.00 $ (180,441) 2024 5,721 $63.82 (54,455) Brent 2023 527 $52.52 (15,690) 2024 276 $68.65 (2,536) Crude oil collars - WTI (Bbls): 2023 1,155 $48.68 — $57.87 (24,467) Natural gas swaps (MMBtu): 2023 62,248 $2.73 (92,657) 2024 9,604 $4.14 (1,139) NGL swaps (Bbls): 2023 1,379 $40.80 15,710 Crude oil basis swaps (Bbls): 2023 2,461 $1.15 23 Natural gas basis swaps (MMBtu): 2023 8,202 $(0.43) 980 Calendar Month Average roll swaps (Bbls): 2023 2,736 $0.05 (896) Natural gas collars (MMBtu): 2023 550 $2.63 — $3.01 (659) 2024 18,300 $3.38 — $4.56 (5,607) Total $ (361,834) 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, 2022 and 2021: Gross Fair Value Effect of Counterparty Netting Net Carrying Value (in thousands) December 31, 2022 Assets: Derivative assets – current $ 21,880 $ (7,002) $ 14,878 Derivative assets – noncurrent 10,338 (10,338) — Total assets $ 32,218 $ (17,340) $ 14,878 Liabilities: Derivative liabilities – current $ (319,977) $ 7,002 $ (312,975) Derivative liabilities – noncurrent (74,075) 10,338 (63,737) Total liabilities $ (394,052) $ 17,340 $ (376,712) 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) See NOTE 6 – Fair Value Measurements for more information. The amount of realized and unrealized 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, 2022, 2021 and 2020: Years ended December 31, 2022 2021 2020 (in thousands) Derivatives not designated as hedging instruments: Realized gain (loss) on oil positions $ (395,147) $ (180,572) $ 149,713 Realized loss on early settlement of certain oil positions — (198,688) — Realized gain (loss) on natural gas positions (327,098) (80,253) 32,638 Realized gain (loss) on NGL positions (57,015) (68,766) 14,458 Realized gain (loss) on interest hedges — (7,373) (12,435) Total realized gain (loss) (779,260) (535,652) 184,374 Unrealized gain (loss) on commodity hedges 102,358 (337,715) 8,836 Unrealized gain (loss) on interest hedges — 7,347 2,074 Total unrealized gain (loss) 102,358 (330,368) 10,910 Total gain (loss) on derivatives $ (676,902) $ (866,020) $ 195,284

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021, by level within the fair value hierarchy: Fair Value Measurement Using Level 1 Level 2 Level 3 Total (in thousands) December 31, 2022 Financial assets: Derivative assets $ — $ 32,218 $ — $ 32,218 Financial Liabilities: Derivative liabilities $ — $ (394,052) $ — $ (394,052) December 31, 2021 Financial assets: Derivative assets $ — $ 7,817 $ — $ 7,817 Financial Liabilities: Derivative liabilities $ — $ (394,234) $ — $ (394,234) 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. We also utilize fair value measurement on a non-recurring basis to value our goodwill when the carrying value of such reporting unit exceeds the respective discounted future cash flows. The inputs used to determine such fair values 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 , goodwill and our oil and natural gas properties were written down to their fair value resulting in an impairment expense of $77.7 million and $65.2 million, respectively, during the year ended December 31, 2022 and $247.2 million during the year ended December 31, 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 2026 Notes (as defined in NOTE 8 – Debt ) as of December 31, 2022 and 2021 was $661.5 million and $521.5 million based on quoted market prices.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021: As of December 31, 2022 2021 (in thousands) Accounts payable and accrued liabilities: Accounts payable $ 104,343 $ 87,336 Accrued lease and asset operating expense 58,375 55,228 Accrued capital expenditure 76,246 60,647 Accrued general and administrative 13,688 12,193 Accrued transportation expense 31,525 20,639 Accrued revenue and royalties payable 160,775 75,827 Accrued interest expense 11,672 6,325 Accrued severance taxes 55,496 5,062 Other 12,570 14,624 Total accounts payable and accrued liabilities $ 524,690 $ 337,881

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt 2026 Notes 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 "Original 2026 Notes") at par. In February 2022, we issued an additional $200.0 million aggregate principal amount of 7.250% senior notes due 2026 at 101% of par (the "Additional 2026 Notes" and, together with the Original 2026 Notes, the "2026 Notes"). Both issuances of the 2026 Notes are treated as a single series, will vote together as a single class, and have identical terms and conditions, other than the issue date, the issue price and the first interest payment. The 2026 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 2026 Notes are our senior unsecured obligations and the 2026 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 2026 Notes are guaranteed on a senior unsecured basis by each of our existing and future subsidiaries that will guarantee our Revolving Credit Facility. The 2026 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 2026 Notes. The 2026 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 2026 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 2026 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 2026 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 2026 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 2026 Notes may require us to repurchase all or a portion of their notes at certain redemption prices. The 2026 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. Revolving Credit Facility Overview In connection with the 2026 Notes issuance in May 2021, 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. We have entered into amendments to the Revolving Credit Facility, which have (i) increased our elected commitment amount from $700.0 million to $1.3 billion, (ii) increased our borrowing base from $1.3 billion to $2.0 billion, (iii) increased our maximum credit amount from $1.5 billion to $3.0 billion, (iv) extended the maturity date from May 6, 2025 to September 23, 2027 and (v) reduced the applicable margin by 0.50% so that loans under the Revolving Credit Facility will be priced based on a secured overnight financing rate ("SOFR") plus 2.35% to 3.35% or an adjusted base rate plus 1.25% to 2.25%, in each case, based on utilization of the Revolving Credit Facility. Our credit facility contains terms that if certain conditions regarding our outstanding 2026 Notes exist in January 2026, it will mature in January 2026 prior to the extended maturity date. At December 31, 2022, we had $559.4 million of borrowings and $9.8 million in letters of credit outstanding under the Revolving Credit Facility. 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 2026 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 (i) a U.S. dollar alternative base rate (based on the prime rate, the federal funds effective rate or an adjusted SOFR), plus an applicable margin or (ii) SOFR, 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, 2022 and 2021 were 6.98% and 3.13%, respectively. 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 SOFR borrowings. At December 31, 2022 and 2021, we had letters of credit outstanding of $9.8 million and $20.7 million, respectively, which reduces the amount available to borrow under our Revolving Credit Facility. Prior Credit Agreements At December 31, 2021, certain of our subsidiaries had revolving credit facilities with syndicates of lenders (the "Prior Credit Agreements"). 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 2026 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, 2022 and 2021: Debt Outstanding Letters of Credit Issued Borrowing Base Maturity (in thousands) December 31, 2022 Revolving Credit Facility $ 559,449 $ 9,770 $ 2,000,000 9/23/2027 7.25% senior notes due 2026 700,000 — — 5/1/2026 Less: Unamortized discount and issuance costs (11,891) Total long-term debt $ 1,247,558 December 31, 2021 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

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021: Year Ended December 31, 2022 2021 (in thousands) Balance at beginning of period $ 266,007 $ 109,616 Additions (1) 38,198 156,201 Retirements (6,489) (1,252) Accretion expense 20,814 7,121 Revisions 63,900 — Noncontrolling Interest Carve-out — (3,810) Sale (16,816) (1,869) Balance at end of period 365,614 266,007 Less: current portion (18,746) (7,905) Balance at end of period, noncurrent portion $ 346,868 $ 258,102 (1) During the year ended December 31, 2022, our ARO additions primarily related to properties acquired in the Uinta Acquisition. During the year ended December 31, 2021, our ARO additions related to properties acquired in our 2021 acquisitions. See NOTE 3 – Acquisitions and Divestitures

Equity and Redeemable Noncontro

Equity and Redeemable Noncontrolling Interests	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Equity and Redeemable Noncontrolling Interests	Equity and Redeemable Noncontrolling Interests Equity Class A and Class B Common Stock As of December 31, 2022 and 2021, we had 48,282,163 and 41,954,385 shares of Class A Common Stock and 118,645,323 and 127,536,463 shares of 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. We declared and paid dividends of $0.63 per share of Class A Common Stock during the year ended December 31, 2022. In September 2022, Independence Energy Aggregator L.P., the entity through which certain affiliated entities hold their interests in us, exchanged 6.3 million units representing membership interests in OpCo (together with a corresponding number of shares of our Class B Common Stock) for shares of our Class A Common Stock and agreed to sell 5.75 million shares of our Class A Common Stock (the "Offering") at a price to the public of $15.00 per share, or a net price of $14.10 per share after deducting the underwriters' discounts and commissions. We did not receive any cash proceeds from the Offering. Concurrent with the closing of the Offering, we repurchased an aggregate of approximately 2.6 million OpCo Units from PT Independence Energy Holdings LLC for $36.2 million and cancelled a corresponding number of shares of our Class B Common Stock (the "Concurrent OpCo Unit Purchase," and, together with the Offering, the "Equity Transactions"). As a result of the Equity Transactions, the total number of shares of our Class A Common Stock increased by 6.3 million shares, including 0.6 million shares of our Class A Common Stock that were not included as part of the Offering but rather issued in exchange for shares of Class B Common Stock and distributed in-kind by Independence Energy Aggregator L.P. to affiliates, and the number of shares of our Class B Common Stock decreased by approximately 8.9 million. After the Equity Transactions, shares of our Class A Common Stock represent approximately 29% of the outstanding shares of Class A Common Stock and Class B Common Stock, taken together, and we own approximately 29% of the outstanding OpCo Units. Redeemable noncontrolling interests decreased by $158.1 million while APIC increased by $121.8 million as a result of the Equity Transactions and to reflect the new ownership of OpCo. Treasury stock At December 31, 2022 and 2021, our 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 interests 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 (the "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, 2022 2021 2020 (in thousands) Net income (loss) attributable to Crescent Energy and its Predecessor $ 96,674 $ (358,544) $ (118,649) Transfers (to) from noncontrolling interests 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 interests — 62,051 555,444 Changes from net income (loss) attributable to Crescent Energy and its Predecessor and transfers (to) from noncontrolling interests $ 96,674 $ (296,493) $ 436,795 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. The redemption amount is based on the 10-day volume-weighted average closing price (“VWAP”) of Class A Common Stock at the end of the reporting period. Changes in the redemption value are recognized immediately as they occur, as if the end of the reporting period was also the redemption date for the instrument, with an offsetting entry to additional paid-in capital. In September 2022, the Equity Transactions reduced the number of outstanding shares of Class B Common Stock by 8.9 million and resulted in the cancellation of a corresponding number of OpCo Units. From the date of the Merger Transactions through December 31, 2022, 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 Net income attributable to redeemable noncontrolling interests 381,257 Contributions 5,985 Distributions (213) Distributions from OpCo related to Class A common stock dividend, Manager compensation and income taxes (126,384) Accrued OpCo distribution (9,513) Equity-based compensation 18,623 Cancellation of OpCo Units associated with Equity Transactions (158,065) Balance as of December 31, 2022 $ 2,436,703

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
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 provision for the years ended December 31, 2021 and 2020 was 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. During the year ended December 31, 2022, we decreased APIC by $32.0 million related to a change in the deferred tax liability related to (i) our estimated basis in our ownership interests in OpCo and (ii) the Equity Transactions. As of December 31, 2022 and 2021, we did not have any uncertain tax positions. Details of current and deferred income taxes are provided in the following tables: Year Ended December 31, 2022 2021 2020 Federal income tax expense (benefit) (in thousands) Current $ 323 $ — $ — Deferred 38,002 (935) — State income tax expense (benefit) Current 2,790 629 14 Deferred (4,824) — — Total income tax expense (benefit) $ 36,291 $ (306) $ 14 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, 2022 2021 2020 Federal income taxes statutory rate 21.0 % 21.0 % — % Increase (decrease) in rate as a result of: State income tax provision, net of federal benefit (0.6) % (0.1) % — % Change in valuation allowance (1) 2.6 % — % — % Permanent adjustments (2) 0.9 % (1.7) % — % Income attributable to Predecessor that was not subject to corporate income tax (3) — % (18.4) % — % Income attributable to noncontrolling interests and redeemable noncontrolling interests (15.6) % (0.7) % — % Other (1.3) % — % — % Effective income tax rate 7.0 % 0.1 % — % (1) During the year ended December 31, 2022, we recognized a valuation allowance for our recognized built-in loss ("RBIL") deferred tax asset as it was not more likely than not to be fully utilized. (2) During the year ended December 31, 2022, the permanent items primarily related to the impairment of goodwill recognized that is not deductible for tax. 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, income attributable to our 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, 2022 2021 Deferred tax liabilities (in thousands) Outside basis in OpCo $ 148,655 $ 98,079 OpCo state deferred tax 2,567 — Total deferred tax liabilities 151,222 98,079 Deferred tax assets Federal and state NOL (1) 25,417 38,317 Recognized built-in loss carryforward 19,286 6,872 NOL and RBIL valuation allowance (43,986) (30,567) Other 3,157 920 Total deferred tax assets, net of valuation allowance 3,874 15,542 Net deferred income tax liability $ 147,348 $ 82,537 (1) At December 31, 2022 and 2021, we had Federal NOLs of $1.9 million, net of tax, that have expiration dates beginning in 2029. At December 31, 2022 and 2021, we also have Federal NOLs of $23.4 million and $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, 2022 and 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 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 and after the Merger Transactions, we recorded an additional valuation allowance related to additional state NOLs incurred that we do not believe are recoverable. During the year ended December 31, 2022, we recorded an additional $19.3 million valuation allowance related to recognized built-in-loss property subject to Section 382 limitation. 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
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, 2022 except for the following: On February 14, 2022, the New Mexico Energy, Minerals and Natural Resources Department’s Oil Conservation Division (“OCD”) issued a Notice of Violation to us for failure to file form C-115 according to required deadlines and having too many inactive wells. OCD proposed a civil penalty of $0.9 million, the plugging and abandonment of certain inactive wells, and the imposition of certain other restrictions on our operations. The parties discussed a resolution to the matter and on November 16, 2022, the OCD entered into a Stipulated Final Order (the “Order”) with us pursuant to which we agreed to pay a civil penalty of $0.1 million, the OCD withdrew the allegation of exceeding the number of inactive wells permitted and we agreed to pay a penalty of $500 for each day for each late or missing C-115 report from May 1, 2022 to April 30, 2023. 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 119 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, 2022 and 2021, 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 $4.5 million, $5.8 million and $14.5 million of transportation expense in our combined and consolidated statements of operations related to minimum volume deficiencies for the years ended December 31, 2022, 2021 and 2020, respectively. The following table summarizes our future commitments related to these oil and natural gas transportation and gathering agreements as of December 31, 2022: As of December 31, 2022 (in thousands) 2023 $ 13,542 2024 4,528 2025 3,808 2026 3,301 2027 2,906 Thereafter 12,834 Total minimum future commitments $ 40,919

Incentive Compensation Arrangem

Incentive Compensation Arrangements	12 Months Ended
	Dec. 31, 2022
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 awards, restricted stock units ("RSUs"), performance stock units ("PSUs") and other incentive awards to our employees, our Manager, and non-employee directors. The following table summarizes compensation cost we recognized in connection with our incentive compensation awards for the years indicated: Year Ended December 31, 2022 2021 2020 (in thousands) Recognized in expense (income): ASC Topic 710 profits interest awards $ 1,021 $ — $ — ASC Topic 718 liability-classified profits interest awards 10,137 (2,043) (797) ASC Topic 718 equity-classified profits interest awards 2,403 1,563 — ASC Topic 718 equity-classified RSU awards 1,192 — — ASC Topic 718 equity-classified PSU awards 24,331 1,120 — ASC Topic 718 equity-classified Contango PSU awards — 39,279 — Total expense (income) 39,084 39,919 (797) Capitalized to proved and unproved oil and natural gas properties: ASC Topic 718 liability-classified profits interest awards — 1,806 — ASC Topic 718 equity-classified profits interest awards — 1,567 — Total capitalized compensation cost — 3,373 — Total compensation cost $ 39,084 $ 43,292 $ (797) Our incentive compensation awards may contain certain service-based, performance-based, and market-based vesting conditions, which are further discussed below. ASC Topic 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 recognized $1.0 million for the year ended December 31, 2022 and we did not recognize any compensation cost for this type of incentive award during the years ended 2021 and 2020. ASC Topic 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 consolidated statements of operations with a corresponding credit to other long-term liabilities on the consolidated balance sheets. We did not have any unrecognized compensation cost related to time-based unvested liability-classified profits interest awards at December 31, 2022. Unrecognized compensation cost related to performance-based unvested liability classified profits interest awards was $3.7 million as of December 31, 2022 and $2.8 million at December 31, 2021. As of December 31, 2022 and 2021, we carried $10.1 million and $7.1 million in Other long-term liabilities on the consolidated balance sheets, respectively. Transactions involving all of our unvested liability-classified stock-based compensation profits interest awards is summarized below: Year Ended December 31, 2022 2021 2020 (units in thousands) Beginning balance 708 888 1,215 Granted — 708 — Vested — (110) (203) Forfeited (707) (778) (125) Ending balance 1 708 888 (in millions) Fair value of vested awards $ — $ 2.9 $ 7.7 Cash settlements of liability-classified profits interest awards $ — $ 0.9 $ — During the year ended December 31, 2022, we entered into amendments to the award agreements of certain of our subsidiaries' liability-classified profits interests, which resulted in a modification from liability classification to equity classification. As a result, we recorded a reclassification of $7.3 million from other long-term liabilities to noncontrolling interest on the consolidated balances sheets. 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. Unrecognized compensation cost related to time-based unvested equity-classified profits interest awards was $28.3 million as of December 31, 2022 and is expected to be recognized over a weighted average service period of 2.7 years. Unrecognized compensation cost related to our performance based equity-classified profits interest awards was $39.2 million as of December 31, 2022. 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 199 $ — Granted 132,691 0.11 Modified 1,778 35.10 Vested (15,840) 0.15 Forfeited (27) — Unvested at December 31, 2022 118,801 $ 0.66 Year Ended December 31, 2022 2021 2020 (in thousands) Cash settlement of awards during the period $ — $ 150 $ — Fair value of awards vested during the period $ 2,403 $ 1,768 $ — Equity-classified RSU Awards During the year ended December 31, 2022, we granted equity-classified RSUs under the Crescent Energy Company 2021 Equity Incentive Plan to certain directors, officers and employees. Each RSU represents the contingent right to receive one share of Class A Common Stock. RSUs will vest over a period of one We did not have any equity-classified RSU awards that vested during the years ended December 31, 2022, 2021 and 2020. At December 31, 2022 we had $1.2 million of unrecognized compensation cost related to unvested equity-classified RSU awards. Transactions involving all of our unvested equity-classified RSU awards, 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, 2021 — $ — Granted 130 18.41 Vested — — Forfeited — — Unvested at December 31, 2022 130 $ 18.41 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 December 2024 through December 2028. Each PSU represents the right to receive a target 2% of our issued and outstanding Class A Common Stock on such PSU'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. In conjunction with the Offering, we increased our Class A Common Stock share count by 6.3 million shares. As a result, the number of PSU target Class A Shares increased by 0.6 million shares at a weighted average grant date fair value of $22.75 per share, and we recognized a stock-based compensation award change in estimate in connection with such increase. As a result of this change in estimate, we recognized an additional expense of $2.5 million during the year ended December 31, 2022. Unrecognized compensation cost related to unvested awards was $84.4 million at a weighted average grant date fair value of $22.75 per share as of December 31, 2022 and is expected to be recognized over a weighted-average period of 3.9 years. Transactions involving all of our unvested PSUs, including weighted average grant date fair values, are summarized below: Target Class A Shares (in thousands) Unvested at December 31, 2020 — Granted 4,195 Vested — Forfeited — Unvested at December 31, 2021 4,195 Granted 632 Vested — Forfeited — Unvested at December 31, 2022 4,827 Equity-classified Contango PSU Awards

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
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 senior 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") on a quarterly basis equal to our pro rata share (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 years ended December 31, 2022 and 2021, we recorded general and administrative expense of $14.3 million and $0.9 million, respectively, and made cash distributions of $32.3 million in December 31, 2022 to our redeemable noncontrolling interests related to the Management Agreement. We did not make any cash distributions to our redeemable noncontrolling interest during the year ended December 31, 2021. In addition, at December 31, 2022 and 2021 we accrued $13.3 million and $3.6 million, included within Accounts payable - affiliates on the consolidated balance sheets, for distributions to our redeemable noncontrolling interests in OpCo related to the Management Agreement which will be paid during the first quarter of 2023. 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 4.8% of the of the outstanding Class A Common Stock at the time each tranche is settled. During the year ended December 31, 2022 and 2021, we recorded general and administrative expense of $24.3 million and $1.1 million respectively, related to 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, 2022 and 2021, we had a related party receivable of $0.8 million and $3.3 million included within Accounts receivable – affiliates and $14.0 million and $3.4 million included within Accounts payable – affiliates on our consolidated balance sheets associated with KKR Funds transactions. Secondary Offering During the year ended December 31, 2022, KKR Capital Markets LLC ("KCM"), an affiliate of KKR Group, received $1.3 million in underwriter discounts and commissions in connection with the Offering. Concurrently with the closing of the Offering, we repurchased an aggregate of approximately 2.6 million OpCo Units from PT Independence for $36.2 million and cancelled a corresponding number of our Class B Common Stock. Refer to further discussion in NOTE 1 – Organization and Basis of Presentation regarding the Equity Transactions. Other Transactions During the year ended December 31, 2022, we incurred $0.7 million in fees to KCM in connection with their role as book-running manager of the Additional 2026 Notes (as defined in NOTE 8 – Debt ). We recorded these fees as debt issuance costs within Long-term debt on the consolidated balance sheets. Additionally, we paid $1.5 million in fees to KCM related to the amendment to our Revolving Credit Facility, which increased our borrowing base and elected commitment amount in connection with the Uinta Transaction. We recorded these fees as debt issuance costs within Other assets on the consolidated balance sheets. See NOTE 8 – Debt. During the year ended December 31, 2021, we paid $1.6 million in fees to KCM, for services provided as a book-running manager in connection with the issuance of our 2026 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. During the year ended December 31, 2022, we made cash distributions of $18.1 million to our redeemable noncontrolling interests related to their pro rata share of cash distributions made to Crescent Energy Company to pay income taxes. At December 31, 2022 we had $0.1 million accrued within Accounts payable - affiliates for distributions to our redeemable noncontrolling interests in OpCo related to their pro rata share of taxes which will be paid during the first quarter of 2023. FDL Certain of our consolidated subsidiaries previously entered into an Oil and Natural Gas Property Operating and Services Agreement (the “FDL Agreement”) with FDL Operating LLC ("FDL"). As of December 31, 2021, we had a net related party receivable due from FDL totaling $16.9 million, included within Accounts receivable – affiliates on our consolidated balance sheets, which was settled during the year ended December 31, 2022. 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 settled balances due to or due from FDL on a monthly basis. On September 20, 2021 we provided notice that we are terminating the FDL Agreement effective on March 31, 2022 and, as part of the termination principal terms, we agreed to pay up to $6.7 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 general and administrative expense associated with the termination and had $1.9 million remaining in an escrow account to fund these wind down costs at December 31, 2022. In May 2022, we repurchased all of the noncontrolling interests and working interests in our assets held directly by affiliates of FDL for aggregate consideration of approximately $8.8 million, effectively purchasing the remainder of FDL's management ownership of certain of our consolidated subsidiaries. Subsequent to this transaction, FDL is no longer a related party and we have no remaining relationship with FDL other than the payment of wind down costs, which we expect to be fully funded by the amount already deposited in escrow and recorded as Other assets on our consolidated balance sheets. RPM Prior to 2022, an affiliate of KKR Group had 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 managed the day-to-day operations of the business activities of certain of our oil and natural gas properties. We reimbursed RPM for all reasonable out-of-pocket expenses incurred for fulfilling its obligations under the MSA (“Allocable Overhead Costs”). The Allocable Overhead Costs were charged to us on an actual basis without mark-up or subsidy. As such, the Allocable Overhead Costs approximated reasonable market rates and were representative of the expenses that we would have incurred had we not entered into the MSA. We settled balances due to or due from RPM on a monthly basis.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2022
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. Our 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. However, shareholders of Class B Common Stock receive pro rata distributions from OpCo through their ownership of OpCo Units. 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. Net income (loss) per share - diluted excludes the effect of 4.2 million PSUs for the year ended December 31, 2021 that were antidilutive. 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, 2022 2021 2020 (in thousands, except share and per share amounts) Numerator: Net income (loss) $ 480,600 $ (432,227) $ (216,124) Less: net (income) loss attributable to Predecessor — 339,168 118,649 Less: net (income) loss attributable to noncontrolling interests (2,669) 14,922 97,475 Less: net (income) loss attributable to redeemable noncontrolling interests (381,257) 58,761 — Net income (loss) attributable to Crescent Energy - basic $ 96,674 $ (19,376) $ — Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of RSUs 25 — — Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of PSUs 490 — — Net income (loss) attributable to Crescent Energy - diluted $ 97,189 $ (19,376) $ — Denominator: Weighted-average Class A Common Stock outstanding - basic 43,865,176 41,954,385 Add: dilutive effect of RSUs 11,867 — Add: dilutive effect of PSUs 234,780 — Weighted-average Class A common stock outstanding – diluted 44,111,823 41,954,385 Weighted-average Class B Stock outstanding - basic and diluted 124,856,941 127,536,463 Net income (loss) per share: Class A Common Stock - basic (1) $ 2.20 $ (0.46) Class A Common Stock - diluted (1) $ 2.20 $ (0.46) Class B Common Stock - basic and diluted $ — $ —

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
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, 2022, other than those items disclosed below, that would require additional adjustments to our disclosure in our financial statements. February Notes Offering In February 2023, we issued $400.0 million aggregate principal amount of 9.250% senior notes due 2028 (the "2028 Notes"). The estimated proceeds of the offering were $391.3 million, after deducting the initial purchasers' discount and offering expenses, which we used to repay a portion of outstanding borrowings under our Revolving Credit Facility. The 2028 Notes bear interest at an annual rate of 9.250%, which is payable on February 15 and August 15 of each year and mature on February 15, 2028. We incurred $1.1 million in fees to KCM in connection with the issuance of the 2028 Notes. Dividend On March 7, 2023, the Board of Directors approved a quarterly cash dividend of $0.17 per share, or $0.68 per share on an annualized basis, to be paid to our shareholders of our Class A Common Stock with respect to the fourth quarter of 2022. The quarterly dividend is payable on March 31, 2023 to shareholders of record as of the close of business on March 20, 2023. OpCo unitholders will also receive a distribution based on their pro rata ownership of OpCo Units. The payment of quarterly cash dividends is subject to management’s evaluation of our financial condition, results of operations and cash flows in connection with such payments and approval by our Board of Directors. Management and the Board of Directors will evaluate any future changes in cash dividends on a quarterly basis.

Supplemental Oil and Natural Ga

Supplemental Oil and Natural Gas Disclosures (Unaudited)	12 Months Ended
	Dec. 31, 2022
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, at December 31, 2021, we had a 37% ownership in our equity method investment, Exaro, that operates in the Jonah Field in Wyoming. During the year ended December 31, 2022, our equity method investment, Exaro, sold its operations, see NOTE 3 – Acquisitions and Divestitures for additional information. Oil and Natural Gas Reserve Information The following table presents our net proved reserves for the years ended December 31, 2022, 2021 and 2020 and the changes in net proved oil, natural gas and NGL reserves during such years. 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 and subsequently sold in 2022, no values are presented for 2022 and 2020. Developed and Undeveloped Oil Natural Gas Natural Gas Liquids Total Consolidated operations Net proved reserves at December 31, 2019 211,533 1,161,239 61,126 466,199 Revisions of previous estimates (1) (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 (2) 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 (3) 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 (4) 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 Revisions of previous estimates (5) (18,859) (14,815) 4,167 (17,158) Extensions, discoveries, and other additions (6) 37,208 60,312 7,751 55,011 Sales of reserves in place (6,006) (19,365) (2,680) (11,915) Purchases of reserves in place (7) 42,444 138,920 — 65,597 Production (21,865) (128,470) (7,110) (50,387) Net proved reserves at December 31, 2022 243,082 1,506,535 78,621 572,793 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 Revisions of previous estimates — — — — Extensions, discoveries, and other additions — — — — Sales of reserves in place (200) (20,357) — (3,593) Purchases of reserves in place — — — — Developed and Undeveloped Oil Natural Gas Natural Gas Liquids Total Production (4) (408) — (72) Net proved reserves at December 31, 2022 — — — — Total company 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 Net proved reserves at December 31, 2022 243,082 1,506,535 78,621 572,793 (1) 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. (2) Purchases in place of 74.2 MMBoe were primarily related to the Permian and DJ Basins. (3) 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. (4) 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. (5) Revisions of previous estimates primarily relate to increased expected future costs driven by inflation and a higher commodity price environment. (6) Extensions, discoveries and other additions of 55.0 MMBoe primarily relate to PUD extensions most of which related to our Eagle Ford asset. (7) Purchases of reserves in place of 65.6 MMBoe primarily related to our Uinta 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, 2022, 2021 and 2020: Proved Developed Reserves Oil (MBbls) Natural Gas (MMcf) Natural Gas Liquids (MBbls) Total (MBoe) Consolidated operations December 31, 2022 160,113 1,398,770 66,803 460,046 December 31, 2021 158,091 1,404,570 66,402 458,588 December 31, 2020 92,024 748,496 44,307 261,079 Equity affiliate December 31, 2022 — — — — December 31, 2021 204 20,765 — 3,665 December 31, 2020 — — — — Proved Undeveloped Reserves Oil (MBbls) Natural Gas (MMcf) Natural Gas Liquids (MBbls) Total (MBoe) Consolidated operations December 31, 2022 82,969 107,765 11,818 112,747 December 31, 2021 52,069 65,383 10,091 73,057 December 31, 2020 75,166 74,368 11,017 98,579 Equity affiliate December 31, 2022 — — — — December 31, 2021 — — — — December 31, 2020 — — — — 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, 2022 and 2021: As of December 31, 2022 2021 (in thousands) Consolidated operations Proved oil and natural gas properties (successful efforts method) $ 7,113,819 $ 6,043,602 Unproved oil and natural gas properties 314,255 308,721 Oil and natural gas properties, at cost 7,428,074 6,352,323 Less: accumulated depreciation, depletion, amortization and impairment (2,102,286) (1,881,933) Net capitalized costs $ 5,325,788 $ 4,470,390 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, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 (in thousands) Consolidated operations Acquisition costs: Proved $ 793,081 $ 1,098,696 $ 355,010 Unproved 71,387 41,355 680 Field and other property and equipment 8,200 — — Exploration costs 3,425 1,180 — Development 624,880 194,828 83,013 Total costs incurred $ 1,500,973 $ 1,336,059 $ 438,703 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 Topic 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, 2022, 2021 and 2020 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, 2022 2021 2020 Average benchmark price per unit: Crude oil (Bbl) $ 93.67 $ 66.56 $ 39.56 Natural gas (MMBtu) $ 6.36 $ 3.60 $ 1.99 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, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 (in thousands) Consolidated operations Future cash inflows $ 33,628,495 $ 21,063,117 $ 8,232,932 Future production costs (14,077,136) (10,194,648) (4,280,563) Future development costs (1) (2,380,931) (1,477,562) (1,353,957) Future income taxes (3) (773,479) (352,136) (30,155) Future net cash flows 16,396,949 9,038,771 2,568,257 Annual discount of 10% for estimated timing (7,262,283) (4,080,471) (1,240,397) Standardized measure of discounted future net cash flows $ 9,134,666 $ 4,958,300 $ 1,327,860 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 during the year ended December 31, 2021. During the year ended December 31, 2022, our equity method investment, Exaro, sold its operations. (3) Our future income taxes are based upon on our allocable share of any taxable income of OpCo. Estimated future taxable income or loss generated by OpCo is generally allocated and passed through to Crescent at our proportionate share of OpCo unit ownership which at December 31, 2022 and 2021 was 28.92% and 24.75%, respectively. 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, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 (in thousands) Consolidated operations Balance at beginning of period $ 4,958,300 $ 1,327,860 $ 3,110,848 Net change in prices and production costs 4,156,736 3,330,299 (1,184,939) Net change in future development costs (132,213) 117,333 160,465 Sales and transfers of oil and natural gas produced, net of production expenses (2,083,147) (872,521) (290,053) Extensions, discoveries, additions and improved recovery, net of related costs 1,105,549 162,657 31,688 Purchases of reserves in place 1,333,452 1,236,388 176,480 Sales of reserves in place (118,253) (84,095) — Revisions of previous quantity estimates (952,958) (295,234) (887,395) Previously estimated development costs incurred 488,934 95,879 32,873 Net change in taxes (251,714) (184,419) 19,350 Accretion of discount 575,440 124,153 283,954 Changes in timing and other 54,540 — (125,411) Balance at end of period $ 9,134,666 $ 4,958,300 $ 1,327,860 Equity affiliate Balance at beginning of period $ 23,178 $ — $ — 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 (2,063) (1,246) — Extensions, discoveries, additions and improved recovery, net of related costs — — — Purchases of reserves in place — 26,154 — Sales of reserves in place (22,845) — — Revisions of previous quantity estimates — — — Previously estimated development costs incurred — — — Net change in taxes 1,730 (1,730) — Accretion of discount — — — Changes in timing and other — — — Balance at end of period $ — $ 23,178 $ —

Schedule I - Condensed Financia

Schedule I - Condensed Financial Information of Registrant	12 Months Ended
	Dec. 31, 2022
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, 2022 December 31, 2021 (in thousands, except share and unit data) ASSETS Current assets: Income tax receivable $ 5,304 $ — Accounts receivable - affiliates 3,852 914 Total current assets 9,156 914 Investment in subsidiary 3,439,524 3,102,262 TOTAL ASSETS $ 3,448,680 $ 3,103,176 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY Current liabilities: Accounts payable – affiliates $ 3,854 $ 914 Accrued liabilities 1,051 68 Total current liabilities 4,905 982 Deferred tax liability 144,781 82,537 Total liabilities 149,686 83,519 Contingencies (Note 3) Redeemable noncontrolling interests 2,436,703 2,325,013 Equity: Class A common stock, $0.0001 par value; 1,000,000,000 shares authorized and 49,433,154 and 43,105,376 shares issued and 48,282,163 and 41,954,385 shares outstanding as of December 31, 2022 and 2021, respectively 5 4 Class B common stock, $0.0001 par value; 500,000,000 shares authorized and 118,645,323 and 127,536,463 shares issued and outstanding as of December 31, 2022 and 2021, respectively 12 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, 2022 and 2021 — — Treasury stock, at cost; 1,150,991 shares of Class A common stock as of December 31, 2022 and 2021 (18,448) (18,448) Additional paid-in capital 804,587 720,016 Retained earnings (accumulated deficit) 61,957 (19,376) Noncontrolling interests 14,178 12,435 Total equity 862,291 694,644 TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY $ 3,448,680 $ 3,103,176 SCHEDULE I - CONTINUED CONDENSED FINANCIAL INFORMATION OF REGISTRANT CRESCENT ENERGY COMPANY PARENT COMPANY STATEMENTS OF OPERATIONS Year Ended December 31, 2022 2021 2020 (in thousands, except per share amounts) Revenues $ — $ — $ — Expenses: General and administrative expense 14,313 914 — Total expenses 14,313 914 — Income (loss) before taxes and equity in income (losses) of subsidiary (14,313) (914) — Income tax benefit (expense) (31,979) 867 — Income (loss) before equity in income (losses) of subsidiary (46,292) (47) — Equity in income (losses) of subsidiary, net of tax 526,892 (432,180) (216,124) Net income (loss) 480,600 (432,227) (216,124) Less: net (income) loss attributable to Predecessor — 339,168 118,649 Less: net (income) loss attributable to noncontrolling interests (2,669) 14,922 97,475 Less: net (income)loss attributable to redeemable noncontrolling interests (381,257) 58,761 — Net income (loss) attributable to Crescent Energy $ 96,674 $ (19,376) $ — Net income (loss) per Share: Class A common stock - basic $ 2.20 $ (0.46) Class A common stock - diluted $ 2.20 $ (0.46) Class B common stock - basic and diluted $ — $ — Weighted Average Shares Outstanding: Class A common stock - basic 43,865 41,954 Class A common stock - diluted 44,112 41,954 Class B common stock - basic and diluted 124,857 127,536 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, 2022 2021 2020 (in thousands) Cash flows from operating activities: Net income (loss) $ 480,600 $ (432,227) $ (216,124) Adjustments to reconcile net income (loss) to net cash used in operating activities: Equity in (income) losses of subsidiary (526,892) 432,180 216,124 Deferred income taxes (benefit) 30,611 (935) — Changes in operating assets and liabilities: Accounts receivable (5,304) — — Accounts payable – affiliates 2,940 914 — Accrued liabilities 983 68 — Net cash used in operating activities (17,062) — — Net cash provided by investing activities — — — Distributions from OpCo 44,571 — — Dividend to Class A common stock (27,509) — — Net cash provided by financing activities 17,062 — — 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 – Corporate Structure and Basis of Presentation Corporate Structure Our Class A Common Stock is listed on The New York Stock Exchange under the symbol “CRGY.” We are structured as an “Up-C,” with substantially all of our assets and operations held by Crescent Energy OpCo LLC ("OpCo"). Crescent is a holding company, the sole material asset of which consists of units of OpCo ("OpCo Units"). 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 to the combined and consolidated financial statements of Crescent included in "Part II., Item 8. Financial Statements and Supplementary Data" of this Annual Report. Certain restrictions and covenants related to the transfer of assets from OpCo are discussed further in NOTE 8 - Debt to the combined and consolidated financial statements of Crescent included in "Part II., Item 8. Financial Statements and Supplementary Data" of this Annual Report. Shares of Crescent Class A common stock, par value $0.0001 per share ("Class A Common Stock") have both voting and economic rights with respect to Crescent. Holders of Crescent Class B common stock, par value $0.0001 per share ("Class B Common Stock"), which shares of Class B Common Stock have voting (but no economic) rights with respect to Crescent, hold a corresponding amount of economic, non-voting OpCo Units. OpCo Units may be redeemed or exchanged for Class A Common Stock or, at our election, cash on the terms and conditions set forth in the Amended and Restated Limited Liability Company Agreement of OpCo (“OpCo LLC Agreement”). Additionally, an affiliate of the KKR Group (as defined in –Basis of Presentation ) 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 In connection with the series of transactions completed on December 7, 2021 (the "Merger Transactions"), Independence Energy LLC ("Independence") merged with and into OpCo in a common control transaction that is referred to herein as the "Crescent Reorganization." 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 Crescent Reorganization 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"). 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. At December 31, 2021, OpCo was owned 25% by Crescent and 75% by holders of our redeemable noncontrolling interests representing former owners of Independence. During the year ended December 31, 2022, our ownership of OpCo increased due to the Equity Transactions as described in NOTE 1 – Organization and Basis of Presentation to the combined and consolidated financial statements of Crescent included in "Part II., Item 8. Financial Statements and Supplementary Data" of this Annual Report. At December 31, 2022 our ownership of OpCo was 29% and 71% of OpCo was owned by holders of our redeemable noncontrolling interests. 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 11 – 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, 2022
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, impairment of goodwill 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 abandonment of certain wells in California. Restricted cash is included in other assets on our consolidated balance sheets.
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.
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. Refer to 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 of Oil and Natural Gas Properties	Impairment of Oil and Natural Gas Properties 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 drilling and completion ("D&C") costs on our non-operated properties, as required by our joint operating agreements.
Investment in Equity Affiliates	Investment in Equity Affiliates 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).
Revolving Credit Facility Debt Issuance Costs	Revolving Credit Facility 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 We offer our employees a defined contribution 401(k) Plan (the “401(k) Plan”) which allows eligible employees to make tax-deferred contributions, not to exceed annual limits established by the Internal Revenue Service. The Company matches 100% of employee contributions, up to a certain threshold 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 and 2020 since the plan's inception began in January 2022 in conjunction with the start of the benefit plan year. During the year ended December 31, 2022, the Company made contributions of $4.7 million to the plan.
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, 2022 and 2021. 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
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 11 – Income Taxes . ASC Topic 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.
Leases	Leases We 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. 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.
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. The Company performed its annual goodwill impairment test as of November 30, 2022. The impairment test indicated that the fair value of certain of our reporting units with allocated goodwill were less than their carrying amount, and further that there was no remaining implied fair value attributable to goodwill. Based on these results, we recorded a non-cash impairment charge to reduce the carrying value of goodwill to zero.
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 liability and capitalize the asset retirement cost in oil and natural gas properties in the period in which the ARO liability 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 liability 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 liability is settled for an amount other than the recorded amount, a gain or loss is recognized at settlement and included in Depreciation, depletion and amortization expense on our combined and consolidated statements of operations.
Environmental Expenditures	Environmental ExpendituresIn addition to our ARO liability, 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 ongoing site assessments. We do not discount any of these liabilities. Recoveries for environmental remediation costs from third parties, which are probable of realization, are separately recorded and are not offset against the related environmental liability.
Recent Accounting Standards	Recent Accounting Standards 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. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 , which extends the sunset date for relief under ASU 2020-04 from December 31, 2022 to December 31, 2024. The Company does not expect a material impact on its consolidated financial statements as a result of applying the optional guidance provided by ASU 2020-04.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and restricted cash presented on our consolidated balance sheets to amounts shown in our combined and consolidated statements of cash flows: As of December 31, 2022 2021 2020 (in thousands) Cash and cash equivalents $ — $ 128,578 $ 36,861 Restricted cash – current 8,000 — — Restricted cash – noncurrent 7,304 6,539 4,559 Total cash, cash equivalents and restricted cash $ 15,304 $ 135,117 $ 41,420
Schedule of Restricted Cash and Restricted Cash Equivalents	The following table provides a reconciliation of cash and restricted cash presented on our consolidated balance sheets to amounts shown in our combined and consolidated statements of cash flows: As of December 31, 2022 2021 2020 (in thousands) Cash and cash equivalents $ — $ 128,578 $ 36,861 Restricted cash – current 8,000 — — Restricted cash – noncurrent 7,304 6,539 4,559 Total cash, cash equivalents and restricted cash $ 15,304 $ 135,117 $ 41,420
Schedules of Concentration of Risk by Revenue	The below purchasers represented greater than 10% of our revenues during the years ended December 31, 2022, 2021 and 2020: 2022 2021 2020 SN EF Maverick, LLC * * 15.5 % Eighty Eight Oil * * 11.7 % Shell Trading US Company 20.8 % 18.3 % 10.4 % ConocoPhillips 15.1 % * * * Purchaser did not account for greater than 10% of revenue for the year
Schedule of Goodwill	Year Ended December 31, 2022 2021 (in thousands) Balance at beginning of period $ 76,564 $ — Additions — 76,564 Measurement period adjustments 1,125 — Impairment (77,689) — Balance at end of period $ — $ 76,564
Schedule of Supplemental Cash Flow	The following are our supplemental cash flow disclosures for the years ended December 31, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 (in thousands) Supplemental cash flow disclosures: Interest paid, net of amounts capitalized $ 81,920 $ 35,055 $ 33,902 Income taxes paid 8,164 562 14 Non-cash investing and financing activities: Capital expenditures included in accounts payable and accrued liabilities 92,518 47,173 12,267 Equity consideration for acquisitions, net of cash acquired — 647,579 454,599 Right-of-use assets obtained in exchange for leases 13,343 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, 2022
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 income (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 transactions accounted for as business combinations during the periods presented: Contango Merger Titan Acquisition (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 151,331 29,044 Derivative assets – current — 12,000 Prepaid and other current assets 8,275 49,079 Oil and natural gas properties - proved 1,001,942 375,014 Field and other property and equipment 6,955 30,232 Derivative assets – noncurrent — 114 Goodwill 77,689 — Investment in equity affiliates 15,047 — Other assets 3,514 — Accounts payable and accrued liabilities (193,195) (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 transactions accounted for as business combinations during the periods presented: Contango Merger Titan Acquisition (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 151,331 29,044 Derivative assets – current — 12,000 Prepaid and other current assets 8,275 49,079 Oil and natural gas properties - proved 1,001,942 375,014 Field and other property and equipment 6,955 30,232 Derivative assets – noncurrent — 114 Goodwill 77,689 — Investment in equity affiliates 15,047 — Other assets 3,514 — Accounts payable and accrued liabilities (193,195) (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, 2022
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, 2022 and 2021: As of December 31, 2022 2021 (in thousands) Proved oil and natural gas properties (successful efforts method) $ 7,113,819 $ 6,043,602 Unproved oil and natural gas properties 314,255 308,721 Oil and natural gas properties, at cost 7,428,074 6,352,323 Less: accumulated depreciation, depletion, amortization and impairment (2,102,286) (1,881,934) Oil and natural gas properties, net $ 5,325,788 $ 4,470,389 Other Property The following table summarizes other property, plant and equipment as of December 31, 2022 and 2021: Estimated useful life As of December 31, 2022 2021 (years) (in thousands) Gathering and pipeline system 30 $ 106,022 $ 106,023 Vehicles 3-5 13,126 10,836 Computers, furniture, and equipment 3-10 5,799 7,175 Buildings and improvements 5-30 6,008 6,641 Land 5,374 5,467 Financing right of use asset 1-5 13,120 5,249 Field inventory 27,382 2,927 Field and other property and equipment, at cost 176,831 144,318 Less: accumulated depreciation, amortization and impairment (64,849) (59,594) Field and other property and equipment, net $ 111,982 $ 84,724

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022: Production Period Volumes Weighted Average Fixed Price Fair Value (in thousands) (in thousands) Crude oil swaps (Bbls): WTI 2023 9,710 $60.00 $ (180,441) 2024 5,721 $63.82 (54,455) Brent 2023 527 $52.52 (15,690) 2024 276 $68.65 (2,536) Crude oil collars - WTI (Bbls): 2023 1,155 $48.68 — $57.87 (24,467) Natural gas swaps (MMBtu): 2023 62,248 $2.73 (92,657) 2024 9,604 $4.14 (1,139) NGL swaps (Bbls): 2023 1,379 $40.80 15,710 Crude oil basis swaps (Bbls): 2023 2,461 $1.15 23 Natural gas basis swaps (MMBtu): 2023 8,202 $(0.43) 980 Calendar Month Average roll swaps (Bbls): 2023 2,736 $0.05 (896) Natural gas collars (MMBtu): 2023 550 $2.63 — $3.01 (659) 2024 18,300 $3.38 — $4.56 (5,607) Total $ (361,834)
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, 2022 and 2021: Gross Fair Value Effect of Counterparty Netting Net Carrying Value (in thousands) December 31, 2022 Assets: Derivative assets – current $ 21,880 $ (7,002) $ 14,878 Derivative assets – noncurrent 10,338 (10,338) — Total assets $ 32,218 $ (17,340) $ 14,878 Liabilities: Derivative liabilities – current $ (319,977) $ 7,002 $ (312,975) Derivative liabilities – noncurrent (74,075) 10,338 (63,737) Total liabilities $ (394,052) $ 17,340 $ (376,712) 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)
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, 2022 and 2021: Gross Fair Value Effect of Counterparty Netting Net Carrying Value (in thousands) December 31, 2022 Assets: Derivative assets – current $ 21,880 $ (7,002) $ 14,878 Derivative assets – noncurrent 10,338 (10,338) — Total assets $ 32,218 $ (17,340) $ 14,878 Liabilities: Derivative liabilities – current $ (319,977) $ 7,002 $ (312,975) Derivative liabilities – noncurrent (74,075) 10,338 (63,737) Total liabilities $ (394,052) $ 17,340 $ (376,712) 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)
Schedule of Derivative Contracts on Operations	The amount of realized and unrealized 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, 2022, 2021 and 2020: Years ended December 31, 2022 2021 2020 (in thousands) Derivatives not designated as hedging instruments: Realized gain (loss) on oil positions $ (395,147) $ (180,572) $ 149,713 Realized loss on early settlement of certain oil positions — (198,688) — Realized gain (loss) on natural gas positions (327,098) (80,253) 32,638 Realized gain (loss) on NGL positions (57,015) (68,766) 14,458 Realized gain (loss) on interest hedges — (7,373) (12,435) Total realized gain (loss) (779,260) (535,652) 184,374 Unrealized gain (loss) on commodity hedges 102,358 (337,715) 8,836 Unrealized gain (loss) on interest hedges — 7,347 2,074 Total unrealized gain (loss) 102,358 (330,368) 10,910 Total gain (loss) on derivatives $ (676,902) $ (866,020) $ 195,284

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021, by level within the fair value hierarchy: Fair Value Measurement Using Level 1 Level 2 Level 3 Total (in thousands) December 31, 2022 Financial assets: Derivative assets $ — $ 32,218 $ — $ 32,218 Financial Liabilities: Derivative liabilities $ — $ (394,052) $ — $ (394,052) December 31, 2021 Financial assets: Derivative assets $ — $ 7,817 $ — $ 7,817 Financial Liabilities: Derivative liabilities $ — $ (394,234) $ — $ (394,234)

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following as of December 31, 2022 and 2021: As of December 31, 2022 2021 (in thousands) Accounts payable and accrued liabilities: Accounts payable $ 104,343 $ 87,336 Accrued lease and asset operating expense 58,375 55,228 Accrued capital expenditure 76,246 60,647 Accrued general and administrative 13,688 12,193 Accrued transportation expense 31,525 20,639 Accrued revenue and royalties payable 160,775 75,827 Accrued interest expense 11,672 6,325 Accrued severance taxes 55,496 5,062 Other 12,570 14,624 Total accounts payable and accrued liabilities $ 524,690 $ 337,881

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt Balances	The following table summarizes our debt balances as of December 31, 2022 and 2021: Debt Outstanding Letters of Credit Issued Borrowing Base Maturity (in thousands) December 31, 2022 Revolving Credit Facility $ 559,449 $ 9,770 $ 2,000,000 9/23/2027 7.25% senior notes due 2026 700,000 — — 5/1/2026 Less: Unamortized discount and issuance costs (11,891) Total long-term debt $ 1,247,558 December 31, 2021 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

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021: Year Ended December 31, 2022 2021 (in thousands) Balance at beginning of period $ 266,007 $ 109,616 Additions (1) 38,198 156,201 Retirements (6,489) (1,252) Accretion expense 20,814 7,121 Revisions 63,900 — Noncontrolling Interest Carve-out — (3,810) Sale (16,816) (1,869) Balance at end of period 365,614 266,007 Less: current portion (18,746) (7,905) Balance at end of period, noncurrent portion $ 346,868 $ 258,102 (1) During the year ended December 31, 2022, our ARO additions primarily related to properties acquired in the Uinta Acquisition. During the year ended December 31, 2021, our ARO additions related to properties acquired in our 2021 acquisitions. See NOTE 3 – Acquisitions and Divestitures

Equity and Redeemable Noncont_2

Equity and Redeemable Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2022
Noncontrolling Interest [Abstract]
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, 2022 2021 2020 (in thousands) Net income (loss) attributable to Crescent Energy and its Predecessor $ 96,674 $ (358,544) $ (118,649) Transfers (to) from noncontrolling interests 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 interests — 62,051 555,444 Changes from net income (loss) attributable to Crescent Energy and its Predecessor and transfers (to) from noncontrolling interests $ 96,674 $ (296,493) $ 436,795
Schedule of Redeemable Noncontrolling Interest	From the date of the Merger Transactions through December 31, 2022, 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 Net income attributable to redeemable noncontrolling interests 381,257 Contributions 5,985 Distributions (213) Distributions from OpCo related to Class A common stock dividend, Manager compensation and income taxes (126,384) Accrued OpCo distribution (9,513) Equity-based compensation 18,623 Cancellation of OpCo Units associated with Equity Transactions (158,065) Balance as of December 31, 2022 $ 2,436,703

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Provisions	Details of current and deferred income taxes are provided in the following tables: Year Ended December 31, 2022 2021 2020 Federal income tax expense (benefit) (in thousands) Current $ 323 $ — $ — Deferred 38,002 (935) — State income tax expense (benefit) Current 2,790 629 14 Deferred (4,824) — — Total income tax expense (benefit) $ 36,291 $ (306) $ 14
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, 2022 2021 2020 Federal income taxes statutory rate 21.0 % 21.0 % — % Increase (decrease) in rate as a result of: State income tax provision, net of federal benefit (0.6) % (0.1) % — % Change in valuation allowance (1) 2.6 % — % — % Permanent adjustments (2) 0.9 % (1.7) % — % Income attributable to Predecessor that was not subject to corporate income tax (3) — % (18.4) % — % Income attributable to noncontrolling interests and redeemable noncontrolling interests (15.6) % (0.7) % — % Other (1.3) % — % — % Effective income tax rate 7.0 % 0.1 % — % (1) During the year ended December 31, 2022, we recognized a valuation allowance for our recognized built-in loss ("RBIL") deferred tax asset as it was not more likely than not to be fully utilized. (2) During the year ended December 31, 2022, the permanent items primarily related to the impairment of goodwill recognized that is not deductible for tax. 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, 2022 2021 Deferred tax liabilities (in thousands) Outside basis in OpCo $ 148,655 $ 98,079 OpCo state deferred tax 2,567 — Total deferred tax liabilities 151,222 98,079 Deferred tax assets Federal and state NOL (1) 25,417 38,317 Recognized built-in loss carryforward 19,286 6,872 NOL and RBIL valuation allowance (43,986) (30,567) Other 3,157 920 Total deferred tax assets, net of valuation allowance 3,874 15,542 Net deferred income tax liability $ 147,348 $ 82,537

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022: As of December 31, 2022 (in thousands) 2023 $ 13,542 2024 4,528 2025 3,808 2026 3,301 2027 2,906 Thereafter 12,834 Total minimum future commitments $ 40,919

Incentive Compensation Arrang_2

Incentive Compensation Arrangements (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-Based Compensation Expense	The following table summarizes compensation cost we recognized in connection with our incentive compensation awards for the years indicated: Year Ended December 31, 2022 2021 2020 (in thousands) Recognized in expense (income): ASC Topic 710 profits interest awards $ 1,021 $ — $ — ASC Topic 718 liability-classified profits interest awards 10,137 (2,043) (797) ASC Topic 718 equity-classified profits interest awards 2,403 1,563 — ASC Topic 718 equity-classified RSU awards 1,192 — — ASC Topic 718 equity-classified PSU awards 24,331 1,120 — ASC Topic 718 equity-classified Contango PSU awards — 39,279 — Total expense (income) 39,084 39,919 (797) Capitalized to proved and unproved oil and natural gas properties: ASC Topic 718 liability-classified profits interest awards — 1,806 — ASC Topic 718 equity-classified profits interest awards — 1,567 — Total capitalized compensation cost — 3,373 — Total compensation cost $ 39,084 $ 43,292 $ (797)
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, 2022 2021 2020 (units in thousands) Beginning balance 708 888 1,215 Granted — 708 — Vested — (110) (203) Forfeited (707) (778) (125) Ending balance 1 708 888 (in millions) Fair value of vested awards $ — $ 2.9 $ 7.7 Cash settlements of liability-classified profits interest awards $ — $ 0.9 $ — 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 199 $ — Granted 132,691 0.11 Modified 1,778 35.10 Vested (15,840) 0.15 Forfeited (27) — Unvested at December 31, 2022 118,801 $ 0.66 Year Ended December 31, 2022 2021 2020 (in thousands) Cash settlement of awards during the period $ — $ 150 $ — Fair value of awards vested during the period $ 2,403 $ 1,768 $ — Target Class A Shares Weighted average grant date fair value (in thousands) Unvested at December 31, 2021 — $ — Granted 130 18.41 Vested — — Forfeited — — Unvested at December 31, 2022 130 $ 18.41 Target Class A Shares (in thousands) Unvested at December 31, 2020 — Granted 4,195 Vested — Forfeited — Unvested at December 31, 2021 4,195 Granted 632 Vested — Forfeited — Unvested at December 31, 2022 4,827

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 2021 2020 (in thousands, except share and per share amounts) Numerator: Net income (loss) $ 480,600 $ (432,227) $ (216,124) Less: net (income) loss attributable to Predecessor — 339,168 118,649 Less: net (income) loss attributable to noncontrolling interests (2,669) 14,922 97,475 Less: net (income) loss attributable to redeemable noncontrolling interests (381,257) 58,761 — Net income (loss) attributable to Crescent Energy - basic $ 96,674 $ (19,376) $ — Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of RSUs 25 — — Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of PSUs 490 — — Net income (loss) attributable to Crescent Energy - diluted $ 97,189 $ (19,376) $ — Denominator: Weighted-average Class A Common Stock outstanding - basic 43,865,176 41,954,385 Add: dilutive effect of RSUs 11,867 — Add: dilutive effect of PSUs 234,780 — Weighted-average Class A common stock outstanding – diluted 44,111,823 41,954,385 Weighted-average Class B Stock outstanding - basic and diluted 124,856,941 127,536,463 Net income (loss) per share: Class A Common Stock - basic (1) $ 2.20 $ (0.46) Class A Common Stock - diluted (1) $ 2.20 $ (0.46) 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, 2022
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, 2022, 2021 and 2020 and the changes in net proved oil, natural gas and NGL reserves during such years. 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 and subsequently sold in 2022, no values are presented for 2022 and 2020. Developed and Undeveloped Oil Natural Gas Natural Gas Liquids Total Consolidated operations Net proved reserves at December 31, 2019 211,533 1,161,239 61,126 466,199 Revisions of previous estimates (1) (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 (2) 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 (3) 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 (4) 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 Revisions of previous estimates (5) (18,859) (14,815) 4,167 (17,158) Extensions, discoveries, and other additions (6) 37,208 60,312 7,751 55,011 Sales of reserves in place (6,006) (19,365) (2,680) (11,915) Purchases of reserves in place (7) 42,444 138,920 — 65,597 Production (21,865) (128,470) (7,110) (50,387) Net proved reserves at December 31, 2022 243,082 1,506,535 78,621 572,793 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 Revisions of previous estimates — — — — Extensions, discoveries, and other additions — — — — Sales of reserves in place (200) (20,357) — (3,593) Purchases of reserves in place — — — — Developed and Undeveloped Oil Natural Gas Natural Gas Liquids Total Production (4) (408) — (72) Net proved reserves at December 31, 2022 — — — — Total company 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 Net proved reserves at December 31, 2022 243,082 1,506,535 78,621 572,793 (1) 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. (2) Purchases in place of 74.2 MMBoe were primarily related to the Permian and DJ Basins. (3) 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. (4) 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. (5) Revisions of previous estimates primarily relate to increased expected future costs driven by inflation and a higher commodity price environment. (6) Extensions, discoveries and other additions of 55.0 MMBoe primarily relate to PUD extensions most of which related to our Eagle Ford asset. (7) Purchases of reserves in place of 65.6 MMBoe primarily related to our Uinta 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, 2022, 2021 and 2020: Proved Developed Reserves Oil (MBbls) Natural Gas (MMcf) Natural Gas Liquids (MBbls) Total (MBoe) Consolidated operations December 31, 2022 160,113 1,398,770 66,803 460,046 December 31, 2021 158,091 1,404,570 66,402 458,588 December 31, 2020 92,024 748,496 44,307 261,079 Equity affiliate December 31, 2022 — — — — December 31, 2021 204 20,765 — 3,665 December 31, 2020 — — — — Proved Undeveloped Reserves Oil (MBbls) Natural Gas (MMcf) Natural Gas Liquids (MBbls) Total (MBoe) Consolidated operations December 31, 2022 82,969 107,765 11,818 112,747 December 31, 2021 52,069 65,383 10,091 73,057 December 31, 2020 75,166 74,368 11,017 98,579 Equity affiliate December 31, 2022 — — — — December 31, 2021 — — — — December 31, 2020 — — — —
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, 2022 and 2021: As of December 31, 2022 2021 (in thousands) Consolidated operations Proved oil and natural gas properties (successful efforts method) $ 7,113,819 $ 6,043,602 Unproved oil and natural gas properties 314,255 308,721 Oil and natural gas properties, at cost 7,428,074 6,352,323 Less: accumulated depreciation, depletion, amortization and impairment (2,102,286) (1,881,933) Net capitalized costs $ 5,325,788 $ 4,470,390 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, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 (in thousands) Consolidated operations Acquisition costs: Proved $ 793,081 $ 1,098,696 $ 355,010 Unproved 71,387 41,355 680 Field and other property and equipment 8,200 — — Exploration costs 3,425 1,180 — Development 624,880 194,828 83,013 Total costs incurred $ 1,500,973 $ 1,336,059 $ 438,703 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, 2022 2021 2020 Average benchmark price per unit: Crude oil (Bbl) $ 93.67 $ 66.56 $ 39.56 Natural gas (MMBtu) $ 6.36 $ 3.60 $ 1.99
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, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 (in thousands) Consolidated operations Future cash inflows $ 33,628,495 $ 21,063,117 $ 8,232,932 Future production costs (14,077,136) (10,194,648) (4,280,563) Future development costs (1) (2,380,931) (1,477,562) (1,353,957) Future income taxes (3) (773,479) (352,136) (30,155) Future net cash flows 16,396,949 9,038,771 2,568,257 Annual discount of 10% for estimated timing (7,262,283) (4,080,471) (1,240,397) Standardized measure of discounted future net cash flows $ 9,134,666 $ 4,958,300 $ 1,327,860 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 during the year ended December 31, 2021. During the year ended December 31, 2022, our equity method investment, Exaro, sold its operations. (3) Our future income taxes are based upon on our allocable share of any taxable income of OpCo. Estimated future taxable income or loss generated by OpCo is generally allocated and passed through to Crescent at our proportionate share of OpCo unit ownership which at December 31, 2022 and 2021 was 28.92% and 24.75%, respectively.
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, 2022, 2021 and 2020: Year Ended December 31, 2022 2021 2020 (in thousands) Consolidated operations Balance at beginning of period $ 4,958,300 $ 1,327,860 $ 3,110,848 Net change in prices and production costs 4,156,736 3,330,299 (1,184,939) Net change in future development costs (132,213) 117,333 160,465 Sales and transfers of oil and natural gas produced, net of production expenses (2,083,147) (872,521) (290,053) Extensions, discoveries, additions and improved recovery, net of related costs 1,105,549 162,657 31,688 Purchases of reserves in place 1,333,452 1,236,388 176,480 Sales of reserves in place (118,253) (84,095) — Revisions of previous quantity estimates (952,958) (295,234) (887,395) Previously estimated development costs incurred 488,934 95,879 32,873 Net change in taxes (251,714) (184,419) 19,350 Accretion of discount 575,440 124,153 283,954 Changes in timing and other 54,540 — (125,411) Balance at end of period $ 9,134,666 $ 4,958,300 $ 1,327,860 Equity affiliate Balance at beginning of period $ 23,178 $ — $ — 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 (2,063) (1,246) — Extensions, discoveries, additions and improved recovery, net of related costs — — — Purchases of reserves in place — 26,154 — Sales of reserves in place (22,845) — — Revisions of previous quantity estimates — — — Previously estimated development costs incurred — — — Net change in taxes 1,730 (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)		1 Months Ended	12 Months Ended
	Dec. 31, 2022 state $ / shares	Sep. 30, 2022	Dec. 31, 2022 segment state $ / shares	Dec. 31, 2021 $ / shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of states in which entity operates | state	48		48
Number of reportable segments | segment			1
Preferred stock, par value (in USD per share)	$ 0.0001		$ 0.0001	$ 0.0001
Class A
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value (in USD per share)	0.0001		0.0001	0.0001
Class B
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value (in USD per share)	$ 0.0001		$ 0.0001	$ 0.0001
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)	71%
Crescent Energy
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership of outstanding shares (as a percent)	29%		28.92%	24.75%
Crescent Energy | Class A
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership of outstanding shares (as a percent)		29%
Crescent Energy | Class B
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership of outstanding shares (as a percent)		29%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 0	$ 128,578	$ 36,861
Restricted cash – current	8,000	0	0
Restricted cash – noncurrent	7,304	6,539	4,559
Total cash, cash equivalents and restricted cash	$ 15,304	$ 135,117	$ 41,420	$ 27,421

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	7,100,000	5,300,000
Exploration expense	3,425,000	1,180,000	486,000
Depletion expense	498,300,000	300,000,000	364,700,000
Impairment expense of oil and natural gas properties	65,200,000	0	247,200,000
Drilling advances	14,700,000	200,000
Investment in equity affiliates	$ 15,038,000	15,415,000
Employer matching contribution rate of employee contributions (as a percent)	100%
Defined contribution plan, cost	$ 4,700,000
Goodwill	$ 0	$ 76,564,000	$ 0
Exaro
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest in equity method investment (as a percent)	37%	37%
Investment in equity affiliates		$ 4,700,000
Lost Creek
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership interest in equity method investment (as a percent)		65%
Investment in equity affiliates	$ 10,900,000	$ 10,700,000
Chama
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Investment in equity affiliates	$ 4,200,000
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 - Revenue from Contracts with Customers (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SN EF Maverick, LLC
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)			15.50%
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)	20.80%	18.30%	10.40%
ConocoPhillips
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	15.10%

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Balance at beginning of period	$ 76,564,000	$ 0
Additions	0	76,564,000
Measurement period adjustments	1,125,000	0
Impairment	(77,689,000)	0
Balance at end of period	$ 0	$ 76,564,000

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized	$ 81,920	$ 35,055	$ 33,902
Income taxes paid	8,164	562	14
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	92,518	47,173	12,267
Equity consideration for acquisitions, net of cash acquired	0	647,579	454,599
Right-of-use assets obtained in exchange for leases	13,343	8,573	0
April 2021 Exchange and December 2020 Exchange	0	62,051	657,370
Noncontrolling Interest Carve-out	0	(121,872)	0
Capitalized non-cash equity-based compensation	$ 0	$ 3,373	$ 0

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative (Details)	1 Months Ended								10 Months Ended	12 Months Ended				29 Months Ended
	Mar. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Dec. 31, 2021 USD ($) shares	May 31, 2021 USD ($)	Mar. 31, 2021 USD ($)	Aug. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2022 USD ($) $ / bbl	Dec. 31, 2022 USD ($) $ / bbl	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)	Dec. 31, 2022 USD ($) $ / bbl	Nov. 04, 2022 USD ($)	May 06, 2021 USD ($)	May 05, 2021 USD ($)
Business Acquisition [Line Items]
Derivative swap price (in USD per bbl) | $ / bbl									75	75				75
Notional amount of derivative									$ 54,100,000	$ 54,100,000				$ 54,100,000
Repurchase of treasury shares (in shares) | shares			1,150,991
Reduction in oil and natural gas proved properties										200,000
Goodwill			$ 76,564,000						0	0	$ 76,564,000	$ 0		0
Proceeds from the sale of oil and natural gas properties										93,203,000	25,723,000	9,362,000
Gain (loss) on sale of assets										4,641,000	8,794,000	$ 0
Disposal Group, Held-for-sale, Not Discontinued Operations | Permian and DJ Basins
Business Acquisition [Line Items]
Loss on business disposal											900,000
Consideration received on disposition															$ 80,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Claiborne Parish Divestiture
Business Acquisition [Line Items]
Cash consideration, net of closing adjustments			4,300,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Arkoma Basin Divestiture
Business Acquisition [Line Items]
Cash consideration, net of closing adjustments				$ 22,100,000
Gain (loss) on sale of assets											8,800,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Midland and Ector County Divestiture
Business Acquisition [Line Items]
Consideration received on disposition								$ 7,900,000					$ 7,900,000
Primary term of agreement													4 years
Proceeds from the sale of oil and natural gas properties								$ 4,000,000
Post-closing settlement consideration							$ 3,900,000
Exaro
Business Acquisition [Line Items]
Cash consideration										6,800,000
Chama
Business Acquisition [Line Items]
Gain on deconsolidation of assets and liabilities		$ 4,500,000
Line of Credit | Revolving Credit Facility
Business Acquisition [Line Items]
Borrowing base	$ 1,800,000,000															$ 2,000,000,000	$ 1,300,000,000
Committed amount of credit facility	1,300,000,000															$ 1,300,000,000	$ 700,000,000
Debt issuance costs	13,400,000
Chama
Business Acquisition [Line Items]
Ownership interest by noncontrolling owners (as a percent)		9.40%
Fair value of ownership in noncontrolling interest		$ 3,800,000
Chama | Board of Directors Chairman
Business Acquisition [Line Items]
Ownership interest by noncontrolling owners (as a percent)		17.50%
Uinta Transaction
Business Acquisition [Line Items]
Cash consideration paid for asset acquisition	621,300,000
Adjustment in consideration										11,100,000
Consideration transferred in asset acquisition									632,400,000
Additional proved oil and natural gas properties recorded as part of asset acquisition	863,600,000
Derivative liabilities assumed	179,700,000
Accounts payable assumed	14,300,000
Asset retirement liability assumed	$ 37,200,000
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
ARO asset recorded as part of asset acquisition			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 (as a percent)					35.60%
Purchase price allocation, unproved oil and gas properties (as a percent)					64.40%
Contango Merger
Business Acquisition [Line Items]
Fair value of consideration transferred			654,616,000
Increase in accounts receivable, net										5,600,000
Increase in accounts payable and accrued liabilities										6,500,000
Goodwill			77,689,000						77,700,000	77,700,000	77,689,000			77,700,000
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 Merger | Class A
Business Acquisition [Line Items]
Consideration transferred, equity interests issued and issuable (in shares) | shares			39,834,461
Stock issued to settle acquiree equity based compensation plans (in shares) | shares			3,270,915
Titan Acquisition
Business Acquisition [Line Items]
Consideration transferred, equity interests issued and issuable (in shares) | 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												$ 455,100,000		$ 461,983,000
Additional consideration transferred equity interests issued and issuable											$ 7,200,000
Titan Acquisition | DJ Basin Erie Hub Gathering System
Business Acquisition [Line Items]
Ownership interest acquired (as a percent)						50%

Acquisitions and Divestitures_2

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

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Estimated Fair Value of Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)	1 Months Ended		12 Months Ended	29 Months Ended
	Dec. 31, 2021	Aug. 31, 2020	Dec. 31, 2020	Dec. 31, 2022
Assets acquired and liabilities assumed:
Goodwill	$ 76,564,000		$ 0	$ 0
Contango Merger
Consideration transferred:
Equity consideration	654,616,000
Total	654,616,000
Assets acquired and liabilities assumed:
Cash and cash equivalents	14,202,000
Accounts receivable, net	151,331,000
Derivative assets – current	0
Prepaid and other current assets	8,275,000
Oil and natural gas properties - proved	1,001,942,000
Field and other property and equipment	6,955,000
Derivative assets – noncurrent	0
Goodwill	77,689,000			77,700,000
Investment in equity affiliates	15,047,000
Other assets	3,514,000
Accounts payable and accrued liabilities	(193,195,000)
Derivative liabilities – current	(44,002,000)
Long-term debt	(140,000,000)
Deferred tax liability	(83,250,000)
Derivative liabilities – noncurrent	(14,592,000)
Asset retirement obligations	(142,100,000)
Other liabilities	(7,200,000)
Fair value of net assets acquired	$ 654,616,000
Titan Acquisition
Consideration transferred:
Equity consideration			$ 455,100,000	$ 461,983,000
Total		$ 461,983,000
Assets acquired and liabilities assumed:
Cash and cash equivalents		482,000
Accounts receivable, net		29,044,000
Derivative assets – current		12,000,000
Prepaid and other current assets		49,079,000
Oil and natural gas properties - proved		375,014,000
Field and other property and equipment		30,232,000
Derivative assets – noncurrent		114,000
Goodwill		0
Investment in equity affiliates		0
Other assets		0
Accounts payable and accrued liabilities		(6,539,000)
Derivative liabilities – current		(4,550,000)
Long-term debt		0
Deferred tax liability		0
Derivative liabilities – noncurrent		(1,484,000)
Asset retirement obligations		(21,409,000)
Other liabilities		0
Fair value of net assets acquired		$ 461,983,000

Property, Plant and Equipment -

Property, Plant and Equipment - Oil and Natural Gas Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Oil and Gas Property, Successful Effort Method, Net [Abstract]
Proved oil and natural gas properties (successful efforts method)	$ 7,113,819	$ 6,043,602
Unproved oil and natural gas properties	314,255	308,721
Oil and natural gas properties at cost, successful efforts method	7,428,074	6,352,323
Less: accumulated depreciation, depletion, amortization and impairment	(2,102,286)	(1,881,934)
Oil and natural gas properties, net	$ 5,325,788	$ 4,470,389

Property, Plant and Equipment_2

Property, Plant and Equipment - Other Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Financing right of use asset	$ 13,120	$ 5,249
Total property, plant and equipment	7,604,905	6,496,641
Less: accumulated depreciation, amortization and impairment	(2,167,135)	(1,941,528)
Property, plant and equipment, net	5,437,770	4,555,113
Field and other property, plant and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	176,831	144,318
Less: accumulated depreciation, amortization and impairment	(64,849)	(59,594)
Property, plant and equipment, net	$ 111,982	84,724
Gathering and pipeline system
Property, Plant and Equipment [Line Items]
Estimated useful life	30 years
Property, plant and equipment, gross	$ 106,022	106,023
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 13,126	10,836
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	$ 5,799	7,175
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	$ 6,008	6,641
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	$ 5,374	5,467
Lease Agreements | Minimum
Property, Plant and Equipment [Line Items]
Financing right of use asset	1 year
Lease Agreements | Maximum
Property, Plant and Equipment [Line Items]
Financing right of use asset	5 years
Field inventory
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 27,382	$ 2,927

Property, Plant, and Equipment

Property, Plant, and Equipment - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Capitalized exploratory well costs	$ 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, 2022 USD ($) MMBTU $ / MMBTU $ / bbl bbl
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ (361,834)
2023 | Swap | Crude oil
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	2,736
Weighted Average Fixed Price (in USD per unit) | $ / bbl	0.05
Fair Value	$ (896)
2023 | Swap | Crude oil | WTI
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	9,710
Weighted Average Fixed Price (in USD per unit) | $ / bbl	60
Fair Value	$ (180,441)
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	$ (15,690)
2023 | Swap | Natural gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) | MMBTU	62,248
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	2.73
Fair Value	$ (92,657)
2023 | Swap | Natural gas liquids
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	1,379
Weighted Average Fixed Price (in USD per unit) | $ / bbl	40.80
Fair Value	$ 15,710
2023 | Collar | Crude oil | WTI
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	1,155
Fair Value	$ (24,467)
2023 | Collar | Natural gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) | MMBTU	550
Fair Value	$ (659)
2023 | Collar | Minimum | Crude oil | WTI
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) | $ / bbl	48.68
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 | Crude oil | WTI
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) | $ / bbl	57.87
2023 | Collar | Maximum | Natural gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	3.01
2023 | Basis Swap | Crude oil
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	2,461
Weighted Average Fixed Price (in USD per unit) | $ / bbl	1.15
Fair Value	$ 23
2023 | Basis Swap | Natural gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) | MMBTU	8,202
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	(0.43)
Fair Value	$ 980
2024 | Swap | Crude oil | WTI
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	5,721
Weighted Average Fixed Price (in USD per unit) | $ / bbl	63.82
Fair Value	$ (54,455)
2024 | Swap | Crude oil | Brent
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	276
Weighted Average Fixed Price (in USD per unit) | $ / bbl	68.65
Fair Value	$ (2,536)
2024 | Swap | Natural gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) | MMBTU	9,604
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	4.14
Fair Value	$ (1,139)
2024 | Collar | Natural gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) | MMBTU	18,300
Fair Value	$ (5,607)
2024 | Collar | Minimum | Natural gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	3.38
2024 | Collar | Maximum | Natural gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	4.56

Derivatives - Netting Arrangeme

Derivatives - Netting Arrangements (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Gross Fair Value	$ 32,218	$ 7,817
Effect of Counterparty Netting	(17,340)	(7,238)
Net Carrying Value	14,878	579
Liabilities:
Gross Fair Value	(394,052)	(394,234)
Effect of Counterparty Netting	17,340	7,238
Net Carrying Value	(376,712)	(386,996)
Derivative assets – current
Assets:
Gross Fair Value	21,880	2,983
Effect of Counterparty Netting	(7,002)	(2,983)
Net Carrying Value	14,878	0
Derivative assets – noncurrent
Assets:
Gross Fair Value	10,338	4,834
Effect of Counterparty Netting	(10,338)	(4,255)
Net Carrying Value	0	579
Derivative liabilities – current
Liabilities:
Gross Fair Value	(319,977)	(256,508)
Effect of Counterparty Netting	7,002	2,983
Net Carrying Value	(312,975)	(253,525)
Derivative liabilities – noncurrent
Liabilities:
Gross Fair Value	(74,075)	(137,726)
Effect of Counterparty Netting	10,338	4,255
Net Carrying Value	$ (63,737)	$ (133,471)

Derivatives - Gain (Loss) on De

Derivatives - Gain (Loss) on Derivatives Included in Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss) on derivatives	$ (676,902)	$ (866,020)	$ 195,284
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Total realized gain (loss)	(779,260)	(535,652)	184,374
Unrealized gain (loss) on derivatives	102,358	(330,368)	10,910
Total gain (loss) on derivatives	(676,902)	(866,020)	195,284
Interest Hedges | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives, cash settled	0	(7,373)	(12,435)
Unrealized gain (loss) on derivatives	0	7,347	2,074
Commodity Hedges | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives	102,358	(337,715)	8,836
Oil | Energy Hedges | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives, cash settled	(395,147)	(180,572)	149,713
Realized gain (loss) on derivatives, early settlement	0	(198,688)	0
Natural gas | Energy Hedges | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives, cash settled	(327,098)	(80,253)	32,638
Natural gas liquids | Energy Hedges | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives, cash settled	$ (57,015)	$ (68,766)	$ 14,458

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial assets:
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Derivative assets – current, Derivative assets – noncurrent	Derivative assets – current, Derivative assets – noncurrent
Financial Liabilities:
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Derivative liabilities – current, Derivative liabilities – noncurrent	Derivative liabilities – current, Derivative liabilities – noncurrent
Fair Value, Recurring
Financial assets:
Derivative assets	$ 32,218	$ 7,817
Financial Liabilities:
Derivative liabilities	(394,052)	(394,234)
Fair Value, Recurring | Level 1
Financial assets:
Derivative assets	0	0
Financial Liabilities:
Derivative liabilities	0	0
Fair Value, Recurring | Level 2
Financial assets:
Derivative assets	32,218	7,817
Financial Liabilities:
Derivative liabilities	(394,052)	(394,234)
Fair Value, Recurring | 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, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Goodwill, impairment	$ 77,689	$ 0
Impairment expense of oil and natural gas properties	65,200	0	$ 247,200
Fair value based on quoted market prices	$ 661,500	$ 521,500

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts payable	$ 104,343	$ 87,336
Accrued lease and asset operating expense	58,375	55,228
Accrued capital expenditure	76,246	60,647
Accrued general and administrative	13,688	12,193
Accrued transportation expense	31,525	20,639
Accrued revenue and royalties payable	160,775	75,827
Accrued interest expense	11,672	6,325
Accrued severance taxes	55,496	5,062
Other	12,570	14,624
Total accounts payable and accrued liabilities	$ 524,690	$ 337,881

Debt - 2026 Notes (Details)

Debt - 2026 Notes (Details) - USD ($)		1 Months Ended	12 Months Ended
	May 06, 2021	Feb. 28, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Proceeds from issuance of the 2026 Notes, net of discount			$ 199,250,000	$ 490,625,000	$ 0
7.25% senior notes due 2026 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	7.25%
Proceeds from issuance of the 2026 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%
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%
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%
7.25% senior notes due 2026 | New Notes | Independence Energy Finance LLC
Debt Instrument [Line Items]
Proportion of face amount (as a percent)		101%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - USD ($) $ in Thousands		12 Months Ended
	May 06, 2021	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	May 05, 2021
Debt Instrument [Line Items]
Letters of credit outstanding		$ 9,770		$ 20,653
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Committed amount of credit facility	$ 1,300,000		$ 1,300,000		$ 700,000
Borrowing base	2,000,000		$ 1,800,000		1,300,000
Maximum credit amount	$ 3,000,000				$ 1,500,000
Basis spread on variable rate, period decrease	0.50%
Borrowings under credit facility		$ 559,400
Minimum mortgage maintenance rate of net present value (as a percent)	85%
Discount rate (as a percent)	9%
Minimum aggregate purchase price of the effective borrowing base (as a percent)	5%
Unused capacity commitment fee (as a percent)		0.50%
Weighted-average interest rate (as a percent)		6.98%		3.13%
Line of Credit | Revolving Credit Facility | Minimum | SOFR
Debt Instrument [Line Items]
Debt instrument, variable rate (as percent)	2.35%
Line of Credit | Revolving Credit Facility | Minimum | Base Rate
Debt Instrument [Line Items]
Debt instrument, variable rate (as percent)	1.25%
Line of Credit | Revolving Credit Facility | Maximum | SOFR
Debt Instrument [Line Items]
Debt instrument, variable rate (as percent)	3.35%
Line of Credit | Revolving Credit Facility | Maximum | Base Rate
Debt Instrument [Line Items]
Debt instrument, variable rate (as percent)	2.25%
Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding		$ 9,800		$ 20,700

Debt - Schedule of Debt Balance

Debt - Schedule of Debt Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	May 06, 2021
Debt Instrument [Line Items]
Less: Unamortized discount and issuance costs	$ (11,891)	$ (12,594)
Total long-term debt	1,247,558	1,030,406
Letters of Credit Issued	9,770	20,653
Letter of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	559,449	543,000
Borrowing Base	2,000,000	1,300,000
Senior Notes | 7.25% senior notes due 2026
Debt Instrument [Line Items]
Long-term debt, gross	$ 700,000	$ 500,000
Stated interest rate (as a percent)			7.25%

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 266,007	$ 109,616
Additions	38,198	156,201
Retirements	(6,489)	(1,252)
Accretion expense	20,814	7,121
Revisions	63,900	0
Noncontrolling Interest Carve-out	0	(3,810)
Sale	(16,816)	(1,869)
Balance at end of period	365,614	266,007
Less: current portion	(18,746)	(7,905)
Balance at end of period, noncurrent portion	$ 346,868	$ 258,102

Equity and Redeemable Noncont_3

Equity and Redeemable Noncontrolling Interests - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended				11 Months Ended	12 Months Ended
	Dec. 31, 2022 shares	Sep. 30, 2022 USD ($) $ / shares shares	May 31, 2021 USD ($)	Apr. 30, 2021 shares	Dec. 31, 2020 USD ($) shares	Dec. 06, 2021 equity_class	Dec. 31, 2022 USD ($) class $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 shares
Redeemable Noncontrolling Interest [Line Items]
Repurchase of noncontrolling interest | $							$ (4,060)	$ (2,462)
Number of classes of equity | class							2
Reclassification for exchange | $								0	$ 0
Noncontrolling interest contributions | $			$ 35,500				$ 55	$ 35,460	$ 0
Members' Equity
Redeemable Noncontrolling Interest [Line Items]
Issuance of Class A Units in exchange for the Contributed Entities (in shares)									620,000
Exchange (in shares)				9,508	220,421			10,000	220,000
Reclassification for exchange | $					$ 657,400			$ 62,051	$ 657,370
Merger Transactions (in shares)								(1,230,000)
Independence Minerals Holdings LLC
Redeemable Noncontrolling Interest [Line Items]
Number of classes of equity | equity_class						2
Crescent Energy
Redeemable Noncontrolling Interest [Line Items]
Ownership of outstanding shares (as a percent)	29%						28.92%	24.75%
Repurchase of noncontrolling interest | $		$ (158,100)
APIC increase | $		$ 121,800
Barnett Basin Natural Gas Assets | Members' Equity
Redeemable Noncontrolling Interest [Line Items]
Ownership interest exchanged (as a percent)				100%
Consolidated Subsidiaries | Members' Equity
Redeemable Noncontrolling Interest [Line Items]
Ownership interest exchanged (as a percent)					100%				100%
Certain Subsidiaries | Third-Party Investors | Minimum
Redeemable Noncontrolling Interest [Line Items]
Ownership interest by investor (as a percent)			2.21%
Certain Subsidiaries | Third-Party Investors | Maximum
Redeemable Noncontrolling Interest [Line Items]
Ownership interest by investor (as a percent)			7.38%
Class A
Redeemable Noncontrolling Interest [Line Items]
Common stock outstanding (in shares)	48,282,163						48,282,163	41,954,385
Common stock dividends declared per share (in USD per share) | $ / shares							$ 0.63
Common stock dividends paid per share (in USD per share) | $ / shares							$ 0.63
Number of exchanged units		6,300,000
Decrease in number of common stock (in shares)		8,900,000					6,300,000
Class A | Common Stock
Redeemable Noncontrolling Interest [Line Items]
Common stock outstanding (in shares)	48,282,000				0		48,282,000	41,954,000	0	0
Merger Transactions (in shares)								43,105,000
Class A | Offering
Redeemable Noncontrolling Interest [Line Items]
Decrease in number of common stock (in shares)		6,300,000
Issuance of Class A Units in exchange for the Contributed Entities (in shares)		600,000
Class A | Independence Energy Aggregator L.P | Affiliated Entity | Offering
Redeemable Noncontrolling Interest [Line Items]
Sale of stock, number of shares issued in transaction (in shares)		5,750,000
Share price (in USD per share) | $ / shares		$ 15
Share price, net (in USD per share) | $ / shares		$ 14.10
Class A | Crescent Energy
Redeemable Noncontrolling Interest [Line Items]
Ownership of outstanding shares (as a percent)		29%
Class B
Redeemable Noncontrolling Interest [Line Items]
Common stock outstanding (in shares)	118,645,323						118,645,323	127,536,463
Decrease in number of common stock (in shares)		8,900,000
Class B | Common Stock
Redeemable Noncontrolling Interest [Line Items]
Common stock outstanding (in shares)	118,645,000				0		118,645,000	127,536,000	0	0
Merger Transactions (in shares)							127,500,000	127,536,000
Class B | Independence Energy Aggregator L.P | Affiliated Entity | Offering
Redeemable Noncontrolling Interest [Line Items]
Number of common stock shares purchased or canceled (in shares)		2,600,000
Value of common shares purchased or canceled | $		$ 36,200
Class B | Crescent Energy
Redeemable Noncontrolling Interest [Line Items]
Ownership of outstanding shares (as a percent)		29%
Class B | Crescent Energy | Independence Minerals Holdings LLC
Redeemable Noncontrolling Interest [Line Items]
Ownership interest by noncontrolling owners (as a percent)	100%						100%

Equity and Redeemable Noncont_4

Equity and Redeemable Noncontrolling Interests - Effects of Changes in Ownership (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Net income (loss) attributable to Crescent Energy and its Predecessor	$ 96,674	$ (358,544)	$ (118,649)
Transfers (to) from noncontrolling interests
Decrease in Predecessor members’ equity related to the Independence Reorganization	0	0	(101,926)
Increase in Predecessor members’ equity related to the December 2020 Exchange	0	0	657,370
Increase in Predecessor members’ equity related to the April 2021 Exchange	0	62,051	0
Net transfers (to) from noncontrolling interests	0	62,051	555,444
Changes from net income (loss) attributable to Crescent Energy and its Predecessor and transfers (to) from noncontrolling interests	$ 96,674	$ (296,493)	$ 436,795

Equity and Redeemable Noncont_5

Equity and Redeemable Noncontrolling Interests - Adjustments to Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Redeemable Noncontrolling Interest
Beginning balance	$ 2,353,977	$ 2,325,013
Net loss attributable to redeemable noncontrolling interests	(58,761)	381,257	$ (58,761)	$ 0
Accrued OpCo distribution	(2,706)	(9,513)
Equity-based compensation, net of withholding taxes	16,412	18,623
Cancellation of OpCo Units associated with repurchase of treasury stock	16,091	(158,065)
Contributions		5,985
Distributions		(213)
Ending balance	$ 2,325,013	2,436,703	$ 2,325,013
Class A
Redeemable Noncontrolling Interest
Distributions from OpCo related to Class A common stock dividend, Manager compensation and income taxes		$ (126,384)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Examination [Line Items]
Federal and state NOL valuation allowance	$ 43,986,000	$ 30,567,000
Additional valuation allowance	19,300,000
Uncertain tax positions	0	$ 0
Additional Paid-in Capital
Income Tax Examination [Line Items]
Decrease in deferred tax assets	$ 32,000,000

Income Taxes - Income Tax Provi

Income Taxes - Income Tax Provisions and Deferred Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Federal income tax expense (benefit)
Current	$ 323	$ 0	$ 0
Deferred	38,002	(935)	0
State income tax expense (benefit)
Current	2,790	629	14
Deferred	(4,824)	0	0
Total income tax expense (benefit)	$ 36,291	$ (306)	$ 14

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal income taxes statutory rate (as a percent)	21%	21%	0%
Increase (decrease) in rate as a result of:
State income tax provision, net of federal benefit	(0.60%)	(0.10%)	0%
Change in valuation allowance	2.60%	0%	0%
Permanent adjustments	0.90%	(1.70%)	0%
Income attributable to Predecessor that was not subject to corporate income tax	0%	(18.40%)	0%
Income attributable to noncontrolling interests and redeemable noncontrolling interests	(15.60%)	(0.70%)	0%
Other	(1.30%)	0%	0%
Effective income tax rate	7%	0.10%	0%

Income Taxes - Deferred Income

Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax liabilities
Outside basis in OpCo	$ 148,655	$ 98,079
OpCo state deferred tax	2,567	0
Total deferred tax liabilities	151,222	98,079
Deferred tax assets
Federal and state NOL	25,417	38,317
Recognized built-in loss carryforward	19,286	6,872
NOL and RBIL valuation allowance	(43,986)	(30,567)
Other	3,157	920
Total deferred tax assets, net of valuation allowance	3,874	15,542
Net deferred income tax liability	147,348	82,537
Expiration Dates Beginning In 2026 | Federal
Deferred tax assets
Federal and state NOL	1,900	1,900
Generated After 2017
Deferred tax assets
Federal and state NOL	$ 23,400	$ 36,400

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) Mcf in Thousands			12 Months Ended
	Nov. 16, 2022 USD ($)	Feb. 14, 2022 USD ($)	Dec. 31, 2022 USD ($) purchase_agreement Mcf	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Civil penalty expense	$ 100,000	$ 900,000
Civil penalty per day	$ 500
Number of purchase agreements | purchase_agreement			1
Long-term purchase commitment, minimum daily volume required | Mcf			119
Transportation expense			$ 4,500,000	$ 5,800,000	$ 14,500,000

Commitments and Contingencies_2

Commitments and Contingencies - Future Commitments (Details) - Oil and Natural Gas Transportation and Gathering Commitments $ in Thousands	Dec. 31, 2022 USD ($)
Other Commitments [Line Items]
2023	$ 13,542
2024	4,528
2025	3,808
2026	3,301
2027	2,906
Thereafter	12,834
Total minimum future commitments	$ 40,919

Incentive Compensation Arrang_3

Incentive Compensation Arrangements - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)	$ 39,084	$ 39,919	$ (797)
Capitalized costs	0	3,373	0
Total compensation cost	39,084	43,292	(797)
ASC Topic 710 profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)	1,021	0	0
ASC Topic 718 liability-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)	10,137	(2,043)	(797)
Capitalized costs	0	1,806	0
ASC Topic 718 equity-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)	2,403	1,563	0
Capitalized costs	0	1,567	0
ASC Topic 718 equity-classified RSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)	1,192	0	0
ASC Topic 718 equity-classified PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)	24,331	1,120	0
ASC Topic 718 equity-classified Contango PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)	$ 0	$ 39,279	$ 0

Incentive Compensation Arrang_4

Incentive Compensation Arrangements - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)		$ 39,084	$ 39,919	$ (797)
Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Decrease in number of common stock (in shares)	8,900,000	6,300,000
ASC Topic 710 profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)		$ 1,021	0	0
ASC Topic 718 liability-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)		10,137	(2,043)	(797)
ASC Topic 718 liability-classified profits interest awards | Other Noncurrent Liabilities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		10,100	7,100
ASC Topic 718 liability-classified profits interest awards | Other Noncurrent Liabilities | Award Amendment Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		7,300
ASC 718 liability-classified profits interest awards, time-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		3,700	2,800
ASC Topic 718 equity-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)		2,403	$ 1,563	$ 0
Unrecognized compensation cost		$ 28,300
Service requirements period		2 years 8 months 12 days
Unvested awards, weighted average grant date fair value (in USD per share)		$ 0.66	$ 0	$ 0
ASC Topic 718 equity-classified RSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)		$ 1,192	$ 0	$ 0
Unrecognized compensation cost		$ 1,200
Unvested awards, weighted average grant date fair value (in USD per share)		$ 18.41	$ 0
ASC Topic 718 equity-classified PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)		$ 24,331	$ 1,120	0
Performance/vesting period		3 years
Unrecognized compensation cost		$ 84,400
Target receipt as proportion of common stock issued and outstanding (as a percent)		2%
Award reclassified, weighted average grant date fair value (in dollars per share)		$ 22.75
Additional expense recognized		$ 2,500
Unvested awards, weighted average grant date fair value (in USD per share)		$ 22.75
Weighted average recognition period		3 years 10 months 24 days
Target Class A Shares | Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target shares increase (in shares)		600,000
ASC Topic 718 equity-classified Contango PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expense (income)		$ 0	$ 39,279	$ 0
Value of awards as proportion of common stock value (as a percent)		300%
ASC 718 liability-classified profits interest awards, performance-based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 0
Equit-Classified Profit Interest Awards, Time Based
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 39,200
Minimum | ASC Topic 718 liability-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance/vesting period		1 year
Minimum | ASC Topic 718 equity-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance/vesting period		1 year
Minimum | ASC Topic 718 equity-classified RSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance/vesting period		1 year
Number of shares issuable (in shares)		1
Minimum | ASC Topic 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%
Maximum | ASC Topic 718 liability-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance/vesting period		4 years
Maximum | ASC Topic 718 equity-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance/vesting period		4 years
Maximum | ASC Topic 718 equity-classified RSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance/vesting period		3 years
Maximum | ASC Topic 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%

Incentive Compensation Arrang_5

Incentive Compensation Arrangements - ASC 718 Stock-based Compensation Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASC Topic 718 liability-classified profits interest awards
Number of Shares
Beginning balance (in shares)	708	888	1,215
Granted (in shares)	0	708	0
Vested (in shares)	0	(110)	(203)
Forfeited (in shares)	(707)	(778)	(125)
Ending balance (in shares)	1	708	888
Fair value of vested awards	$ 0	$ 2,900	$ 7,700
Cash settlements of liability-classified profits interest awards	$ 0	$ 900	$ 0
ASC Topic 718 equity-classified profits interest awards
Number of Shares
Beginning balance (in shares)	199	0
Granted (in shares)	132,691	477
Modified (in shares)	1,778
Vested (in shares)	(15,840)	(25)
Forfeited (in shares)	(27)	(253)
Ending balance (in shares)	118,801	199	0
Fair value of vested awards	$ 2,403	$ 1,768	$ 0
Cash settlements of liability-classified profits interest awards	$ 0	$ 150	$ 0
Weighted average grant date fair value
Beginning balance (in USD per share)	$ 0	$ 0
Granted (in USD per share)	0.11	10.98
Modified (in USD per share)	35.10
Vested (in USD per share)	0.15	10.61
Forfeitures (in USD per share)	0	11.02
Ending balance (in USD per share)	$ 0.66	$ 0	$ 0
ASC Topic 718 equity-classified RSU awards
Number of Shares
Beginning balance (in shares)	0
Granted (in shares)	130
Vested (in shares)	0
Forfeited (in shares)	0
Ending balance (in shares)	130	0
Weighted average grant date fair value
Beginning balance (in USD per share)	$ 0
Granted (in USD per share)	18.41
Vested (in USD per share)	0
Forfeitures (in USD per share)	0
Ending balance (in USD per share)	$ 18.41	$ 0
ASC Topic 718 equity-classified PSU awards
Number of Shares
Beginning balance (in shares)	4,195	0
Granted (in shares)	632	4,195
Vested (in shares)	0	0
Forfeited (in shares)	0	0
Ending balance (in shares)	4,827	4,195	0
Weighted average grant date fair value
Ending balance (in USD per share)	$ 22.75

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands		1 Months Ended		12 Months Ended
	Sep. 20, 2021 USD ($)	May 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) tranche	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Accrued distribution			$ 2,706	$ 9,513
Affiliated Entity | Offering | KCM
Related Party Transaction [Line Items]
Proceeds from underwrite discounts and commissions				$ 1,300
Affiliated Entity | Management Agreement
Related Party Transaction [Line Items]
Agreement initial term (years)				3 years
Agreement additional initial term (years)				3 years
Asset operating expenses				$ 14,300	$ 900
Accrued distribution				32,300
Accrual to distribution redeemable noncontrolling interests			$ 3,600	13,300	3,600
Affiliated Entity | Management Agreement, Ownership of Subsidiary | OpCo
Related Party Transaction [Line Items]
Amount of related party transaction				$ 53,300
Affiliated Entity | Management Agreement, Compensation Increase
Related Party Transaction [Line Items]
Related party transaction rate (as a percent)				1.50%
Affiliated Entity | Management Agreement, Incentive Compensation
Related Party Transaction [Line Items]
Asset operating expenses				$ 24,300	$ 1,100
Incentive target rate (as a percent)				10%
Number of tranches | tranche				5
Incentive compensation settled period (years)				5 years
Incentive compensation settled rate (as a percent)				2%
Affiliated Entity | Management Agreement, Incentive Compensation | Minimum
Related Party Transaction [Line Items]
Initial target amount (as a percent)				0%
Affiliated Entity | Management Agreement, Incentive Compensation | Maximum
Related Party Transaction [Line Items]
Initial target amount (as a percent)			4.80%		4.80%
Affiliated Entity | Oil and gas investments
Related Party Transaction [Line Items]
Amount due from related party			$ 3,300	$ 800	$ 3,300
Amount due to related party			3,400	14,000	3,400
Affiliated Entity | Other Transactions - New Notes | KKR Capital Markets LLC
Related Party Transaction [Line Items]
Amount of related party transaction				700	1,600
Affiliated Entity | Other Transactions - Debt Amendment | KKR Capital Markets LLC
Related Party Transaction [Line Items]
Amount of related party transaction				1,500
Affiliated Entity | Professional Fee Support | KKR Capstone Americas LLC
Related Party Transaction [Line Items]
Amount of related party transaction					100
Affiliated Entity | Distributions To Pay Income Taxes
Related Party Transaction [Line Items]
Amount of related party transaction				(18,100)
Affiliated Entity | Distribution For Taxes Paid In Prior Periods
Related Party Transaction [Line Items]
Net related party payable				100
Affiliated Entity | FDL - Management Agreement | FDL
Related Party Transaction [Line Items]
Net related party payable			16,900		16,900
Affiliated Entity | FDL - Management Agreement | FDL | Class A
Related Party Transaction [Line Items]
Purchases from related party		$ 8,800
Affiliated Entity | Oil And Natural Gas Property Operating And Services Agreement, Termination Costs | FDL
Related Party Transaction [Line Items]
Amount of related party transaction	$ 6,700
Expenses from transactions with related party					3,300
Affiliated Entity | Oil And Natural Gas Property Operating And Services Agreement, Additional Wind Down Costs | FDL
Related Party Transaction [Line Items]
Escrow deposit				$ 1,900
Affiliated Entity | Master Management Services Agreement | RPM
Related Party Transaction [Line Items]
Amount due to related party			$ 1,700		$ 1,700

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2022 class shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of classes of equity | class	2
ASC Topic 718 equity-classified PSU awards
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effective antidilutive shares (in shares)		4,200
Nonvested awards (in shares)	4,827	4,195	0

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income (loss)		$ 480,600	$ (432,227)	$ (216,124)
Less: net (income) loss attributable to Predecessor		0	339,168	118,649
Less: net (income) loss attributable to noncontrolling interests		(2,669)	14,922	97,475
Less: net (income) loss attributable to redeemable noncontrolling interests	$ 58,761	(381,257)	58,761	0
Net income (loss) attributable to Crescent Energy		96,674	(19,376)	0
Net income (loss) attributable to Crescent Energy - diluted		97,189	(19,376)	0
RSUs
Numerator:
Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of RSUs		$ 25	$ 0	0
Denominator:
Add: dilutive effect of RSUs (in shares)		11,867	0
PSUs
Numerator:
Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of RSUs		$ 490	$ 0	$ 0
Denominator:
Add: dilutive effect of RSUs (in shares)		234,780	0
Class A
Denominator:
Weighted-average Common Stock outstanding - basic (in shares)		43,865,176	41,954,385
Weighted-average common stock outstanding – diluted (in shares)		44,111,823	41,954,385
Net income (loss) per share:
Common stock - basic (in USD per share)		$ 2.20	$ (0.46)
Common stock - diluted (in USD per share)		$ 2.20	$ (0.46)
Class B
Denominator:
Weighted-average Common Stock outstanding - basic (in shares)		124,856,941	127,536,463
Weighted-average common stock outstanding – diluted (in shares)		124,856,941	127,536,463
Net income (loss) per share:
Common stock - basic (in USD per share)		$ 0	$ 0
Common stock - diluted (in USD per share)		$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)			1 Months Ended	12 Months Ended
	Mar. 31, 2023	Mar. 07, 2023	Feb. 28, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Proceeds from issuance of Notes				$ 199,250,000	$ 490,625,000	$ 0
Payment of debt issuance costs				$ 20,051,000	$ 14,611,000	$ 3,333,000
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared per share (in USD per share)		$ 0.17
Annual common stock dividends per share (in USD per share)		$ 0.68
Subsequent Event | 9.250% Senior Notes Due 2028 | Senior Notes
Subsequent Event [Line Items]
Face amount of debt instrument			$ 400,000,000
Stated interest rate (as a percent)			9.25%
Proceeds from issuance of Notes			$ 391,300,000
Payment of debt issuance costs			$ 1,100,000
Subsequent Event | Forecast
Subsequent Event [Line Items]
Common stock dividends paid per share (in USD per share)	$ 0.17

Supplemental Oil and Natural _3

Supplemental Oil and Natural Gas Disclosures (Unaudited) - Narrative (Details)	Dec. 31, 2022	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%	37%

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, 2022 Boe bbl Mcf	Dec. 31, 2021 Boe Mcf bbl	Dec. 31, 2020 Boe bbl Mcf
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Net proved reserves at beginning of period | Boe	535,310	359,658
Revisions of previous estimates | Boe			(92,000)
Purchases of reserves in place | Boe		125,600
Net proved reserves at end of period | Boe	572,793	535,310	359,658
(Downward) upward revision of previous estimates | Boe			(92,000)
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
Uinta Transaction
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Purchases of reserves in place | Boe	65,600
Eagle Ford Divestiture
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Revisions of previous estimates | Boe	(55,000)
(Downward) upward revision of previous estimates | Boe	(55,000)
MMBoe Downward Revision
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Revisions of previous estimates | Boe		(21,100)
(Downward) upward revision of previous estimates | Boe		(21,100)
MMBoe Upward Revision
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Revisions of previous estimates | Boe		92,700
(Downward) upward revision of previous estimates | Boe		92,700
Oil
Proved Developed and Undeveloped Reserves [Roll Forward]
Net proved reserves at beginning of period	210,364	167,190
Net proved reserves at end of period	243,082	210,364	167,190
Natural gas
Proved Developed and Undeveloped Reserves [Roll Forward]
Net proved reserves at beginning of period | Mcf	1,490,718	822,864
Net proved reserves at end of period | Mcf	1,506,535	1,490,718	822,864
Natural gas liquids
Proved Developed and Undeveloped Reserves [Roll Forward]
Net proved reserves at beginning of period	76,493	55,324
Net proved reserves at end of period	78,621	76,493	55,324
Consolidated operations
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Net proved reserves at beginning of period | Boe	531,645	359,658	466,199
Revisions of previous estimates | Boe	(17,158)	78,389	(157,680)
Extensions, discoveries, and other additions | Boe	55,011	11,975	8,271
Sales of reserves in place | Boe	(11,915)	(17,762)	0
Purchases of reserves in place | Boe	65,597	133,630	74,168
Production | Boe	(50,387)	(34,245)	(31,300)
Net proved reserves at end of period | Boe	572,793	531,645	359,658
(Downward) upward revision of previous estimates | Boe	(17,158)	78,389	(157,680)
Proved Developed Reserves (Energy) | Boe	460,046	458,588	261,079
Proved Undeveloped Reserves (Energy) | Boe	112,747	73,057	98,579
Consolidated operations | Oil
Proved Developed and Undeveloped Reserves [Roll Forward]
Net proved reserves at beginning of period	210,160	167,190	211,533
Revisions of previous estimates	(18,859)	9,147	(57,708)
Extensions, discoveries, and other additions	37,208	7,007	4,088
Sales of reserves in place	(6,006)	(6,333)	0
Purchases of reserves in place	42,444	46,386	22,409
Production	(21,865)	(13,237)	(13,132)
Net proved reserves at end of period	243,082	210,160	167,190
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Proved Developed Reserves	160,113	158,091	92,024
Proved Undeveloped Reserves	82,969	52,069	75,166
Consolidated operations | Natural gas
Proved Developed and Undeveloped Reserves [Roll Forward]
Net proved reserves at beginning of period | Mcf	1,469,953	822,864	1,161,239
Revisions of previous estimates | Mcf	(14,815)	316,572	(478,153)
Extensions, discoveries, and other additions | Mcf	60,312	17,247	21,479
Sales of reserves in place | Mcf	(19,365)	(48,977)	0
Purchases of reserves in place | Mcf	138,920	451,702	196,840
Production | Mcf	(128,470)	(89,455)	(78,541)
Net proved reserves at end of period | Mcf	1,506,535	1,469,953	822,864
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Proved Developed Reserves | Mcf	1,398,770	1,404,570	748,496
Proved Undeveloped Reserves | Mcf	107,765	65,383	74,368
Consolidated operations | Natural gas liquids
Proved Developed and Undeveloped Reserves [Roll Forward]
Net proved reserves at beginning of period	76,493	55,324	61,126
Revisions of previous estimates	4,167	16,480	(20,279)
Extensions, discoveries, and other additions	7,751	2,093	603
Sales of reserves in place	(2,680)	(3,265)	0
Purchases of reserves in place	0	11,960	18,952
Production	(7,110)	(6,099)	(5,078)
Net proved reserves at end of period	78,621	76,493	55,324
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Proved Developed Reserves	66,803	66,402	44,307
Proved Undeveloped Reserves	11,818	10,091	11,017
Equity affiliate
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Net proved reserves at beginning of period | Boe	3,665	0
Revisions of previous estimates | Boe	0	0
Extensions, discoveries, and other additions | Boe	0	0
Sales of reserves in place | Boe	(3,593)	0
Purchases of reserves in place | Boe	0	3,685
Production | Boe	(72)	(20)
Net proved reserves at end of period | Boe	0	3,665	0
(Downward) upward revision of previous estimates | Boe	0	0
Proved Developed Reserves (Energy) | Boe	0	3,665	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	204	0
Revisions of previous estimates	0	0
Extensions, discoveries, and other additions	0	0
Sales of reserves in place	(200)	0
Purchases of reserves in place	0	205
Production	(4)	(1)
Net proved reserves at end of period	0	204	0
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Proved Developed Reserves	0	204	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	20,765	0
Revisions of previous estimates | Mcf	0	0
Extensions, discoveries, and other additions | Mcf	0	0
Sales of reserves in place | Mcf	(20,357)	0
Purchases of reserves in place | Mcf	0	20,880
Production | Mcf	(408)	(115)
Net proved reserves at end of period | Mcf	0	20,765	0
Proved Developed and Undeveloped Reserve (Energy) [Roll Forward]
Proved Developed Reserves | Mcf	0	20,765	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	0
Revisions of previous estimates	0	0
Extensions, discoveries, and other additions	0	0
Sales of reserves in place	0	0
Purchases of reserves in place	0	0
Production	0	0
Net proved reserves at end of period	0	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, 2022	Dec. 31, 2021
Consolidated operations
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Proved oil and natural gas properties (successful efforts method)	$ 7,113,819	$ 6,043,602
Unproved oil and natural gas properties	314,255	308,721
Oil and natural gas properties, at cost	7,428,074	6,352,323
Less: accumulated depreciation, depletion, amortization and impairment	(2,102,286)	(1,881,933)
Net capitalized costs	5,325,788	4,470,390
Equity affiliate
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items]
Proved oil and natural gas properties (successful efforts method)	0	9,043
Unproved oil and natural gas properties	0	0
Oil and natural gas properties, at cost	0	9,043
Less: accumulated depreciation, depletion, amortization and impairment	0	(67)
Net capitalized costs	$ 0	$ 8,976

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated operations
Acquisition costs:
Proved	$ 793,081	$ 1,098,696	$ 355,010
Unproved	71,387	41,355	680
Field and other property and equipment	8,200	0	0
Exploration costs	3,425	1,180	0
Development	624,880	194,828	83,013
Total costs incurred	1,500,973	1,336,059	438,703
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, 2022 $ / MMBTU $ / bbl	Dec. 31, 2021 $ / MMBTU $ / bbl	Dec. 31, 2020 $ / 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	93.67	66.56	39.56
Natural gas
Oil and Gas, Average Sale Price and Production Cost Per Unit [Line Items]
Average benchmark price (in USD per unit) | $ / MMBTU	6.36	3.60	1.99

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, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / MMBTU $ / bbl	Dec. 31, 2021 USD ($) $ / MMBTU $ / bbl	Dec. 31, 2020 USD ($) $ / bbl $ / MMBTU	Dec. 31, 2019 USD ($)
Crescent Energy
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Ownership of outstanding shares (as a percent)	29%	28.92%	24.75%
Crude oil
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Average benchmark price (in USD per unit) | $ / bbl		93.67	66.56	39.56
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		6.36	3.60	1.99
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	$ 33,628,495	$ 33,628,495	$ 21,063,117	$ 8,232,932
Future production costs	(14,077,136)	(14,077,136)	(10,194,648)	(4,280,563)
Future development costs	(2,380,931)	(2,380,931)	(1,477,562)	(1,353,957)
Future income taxes	(773,479)	(773,479)	(352,136)	(30,155)
Future net cash flows	16,396,949	16,396,949	9,038,771	2,568,257
Annual discount of 10% for estimated timing	(7,262,283)	(7,262,283)	(4,080,471)	(1,240,397)
Standardized measure of discounted future net cash flows	9,134,666	9,134,666	4,958,300	1,327,860	$ 3,110,848
Equity affiliate
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Future cash inflows	0	0	99,290	0
Future production costs	0	0	(55,371)	0
Future development costs	0	0	(2,309)	0
Future income taxes	0	0	(1,730)	0
Future net cash flows	0	0	39,880	0
Annual discount of 10% for estimated timing	0	0	(16,702)	0
Standardized measure of discounted future net cash flows	$ 0	$ 0	$ 23,178	$ 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, 2022	Dec. 31, 2021	Dec. 31, 2020
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	$ 4,958,300	$ 1,327,860	$ 3,110,848
Net change in prices and production costs	4,156,736	3,330,299	(1,184,939)
Net change in future development costs	(132,213)	117,333	160,465
Sales and transfers of oil and natural gas produced, net of production expenses	(2,083,147)	(872,521)	(290,053)
Extensions, discoveries, additions and improved recovery, net of related costs	1,105,549	162,657	31,688
Purchases of reserves in place	1,333,452	1,236,388	176,480
Sales of reserves in place	(118,253)	(84,095)	0
Revisions of previous quantity estimates	(952,958)	(295,234)	(887,395)
Previously estimated development costs incurred	488,934	95,879	32,873
Net change in taxes	(251,714)	(184,419)	19,350
Accretion of discount	575,440	124,153	283,954
Changes in timing and other	54,540	0	(125,411)
Balance at end of period	9,134,666	4,958,300	1,327,860
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	23,178	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	(2,063)	(1,246)	0
Extensions, discoveries, additions and improved recovery, net of related costs	0	0	0
Purchases of reserves in place	0	26,154	0
Sales of reserves in place	(22,845)	0	0
Revisions of previous quantity estimates	0	0	0
Previously estimated development costs incurred	0	0	0
Net change in taxes	1,730	(1,730)	0
Accretion of discount	0	0	0
Changes in timing and other	0	0	0
Balance at end of period	$ 0	$ 23,178	$ 0

Schedule I - Condensed Financ_2

Schedule I - Condensed Financial Information of Registrant - Parent Company Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 07, 2021
ASSETS
Total current assets	$ 516,739	$ 479,618
TOTAL ASSETS	6,019,849	5,157,462
Current liabilities:
Accounts payable – affiliates	27,652	8,675
Total current liabilities	893,749	616,125
Deferred tax liability	147,348	82,537
Total liabilities	2,720,855	2,137,805
Contingencies (Note 3)
Redeemable noncontrolling interests	2,436,703	2,325,013	$ 2,353,977
Equity:
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, 2022 and 2021	0	0
Treasury stock, at cost; 1,150,991 shares of Class A common stock as of December 31, 2022 and 2021	(18,448)	(18,448)
Additional paid-in capital	804,587	720,016
Retained earnings (accumulated deficit)	61,957	(19,376)
Noncontrolling interests	14,178	12,435
Total equity	862,291	694,644
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	$ 6,019,849	$ 5,157,462
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	1,000
Preferred stock outstanding (in shares)	1,000	1,000
Treasury stock (in shares)	1,150,991	1,150,991
Parent Company
ASSETS
Income tax receivable	$ 5,304	$ 0
Accounts receivable – affiliates	3,852	914
Total current assets	9,156	914
Investment in subsidiary	3,439,524	3,102,262
TOTAL ASSETS	3,448,680	3,103,176
Current liabilities:
Accounts payable – affiliates	3,854	914
Accrued liabilities	1,051	68
Total current liabilities	4,905	982
Deferred tax liability	144,781	82,537
Total liabilities	149,686	83,519
Contingencies (Note 3)
Redeemable noncontrolling interests	2,436,703	2,325,013
Equity:
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, 2022 and 2021	0	0
Treasury stock, at cost; 1,150,991 shares of Class A common stock as of December 31, 2022 and 2021	(18,448)	(18,448)
Additional paid-in capital	804,587	720,016
Retained earnings (accumulated deficit)	61,957	(19,376)
Noncontrolling interests	14,178	12,435
Total equity	862,291	694,644
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	$ 3,448,680	$ 3,103,176
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
Preferred stock outstanding (in shares)	1,000
Class A
Equity:
Common stock	$ 5	$ 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)	49,433,154	43,105,376
Common stock outstanding (in shares)	48,282,163	41,954,385
Class A | Parent Company
Equity:
Common stock	$ 5	$ 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)	49,433,154	43,105,376
Common stock outstanding (in shares)	48,282,163	41,954,385
Treasury stock (in shares)	1,150,991
Class B
Equity:
Common stock	$ 12	$ 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)	118,645,323	127,536,463
Common stock outstanding (in shares)	118,645,323	127,536,463
Class B | Parent Company
Equity:
Common stock	$ 12	$ 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)	118,645,323	127,536,463
Common stock outstanding (in shares)	118,645,323	127,536,463

Schedule I - Condensed Financ_3

Schedule I - Condensed Financial Information of Registrant - Parent Company Statements Of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Income Statements, Captions [Line Items]
Total revenues		$ 3,057,065	$ 1,476,977	$ 754,221
Expenses:
General and administrative expense		84,990	78,342	16,542
Total expenses		1,772,900	993,238	1,127,849
Income tax benefit (expense)		(36,291)	306	(14)
Net income (loss)		480,600	(432,227)	(216,124)
Less: net (income) loss attributable to Predecessor		0	339,168	118,649
Less: net (income) loss attributable to noncontrolling interests		(2,669)	14,922	97,475
Less: net (income) loss attributable to redeemable noncontrolling interests	$ 58,761	(381,257)	58,761	0
Net income (loss) attributable to Crescent Energy		96,674	(19,376)	0
Parent Company
Condensed Income Statements, Captions [Line Items]
Total revenues		0	0	0
Expenses:
General and administrative expense		14,313	914	0
Total expenses		14,313	914	0
Income (loss) from operations		(14,313)	(914)	0
Income tax benefit (expense)		(31,979)	867	0
Income (loss) before equity in income (losses) of subsidiary		(46,292)	(47)	0
Equity in income (losses) of subsidiary, net of tax		526,892	(432,180)	(216,124)
Net income (loss)		480,600	(432,227)	(216,124)
Less: net (income) loss attributable to Predecessor		0	339,168	118,649
Less: net (income) loss attributable to noncontrolling interests		(2,669)	14,922	97,475
Less: net (income) loss attributable to redeemable noncontrolling interests		(381,257)	58,761	0
Net income (loss) attributable to Crescent Energy		$ 96,674	$ (19,376)	$ 0
Class A
Net income (loss) per Share:
Common stock - basic (in USD per share)		$ 2.20	$ (0.46)
Common stock - diluted (in USD per share)		$ 2.20	$ (0.46)
Weighted Average Shares Outstanding:
Common stock - basic (in shares)		43,865,176	41,954,385
Common stock - diluted (in shares)		44,111,823	41,954,385
Class A | Parent Company
Net income (loss) per Share:
Common stock - basic (in USD per share)		$ 2.20	$ (0.46)
Common stock - diluted (in USD per share)		$ 2.20	$ (0.46)
Weighted Average Shares Outstanding:
Common stock - basic (in shares)		43,865,000	41,954,000
Common stock - diluted (in shares)		44,112,000	41,954,000
Class B
Net income (loss) per Share:
Common stock - basic (in USD per share)		$ 0	$ 0
Common stock - diluted (in USD per share)		$ 0	$ 0
Weighted Average Shares Outstanding:
Common stock - basic (in shares)		124,856,941	127,536,463
Common stock - diluted (in shares)		124,856,941	127,536,463
Class B | Parent Company
Net income (loss) per Share:
Common stock - basic (in USD per share)		$ 0	$ 0
Common stock - diluted (in USD per share)		$ 0	$ 0
Weighted Average Shares Outstanding:
Common stock - basic (in shares)		124,857,000	127,536,000
Common stock - diluted (in shares)		124,857,000	127,536,000

Schedule I - Condensed Financ_4

Schedule I - Condensed Financial Information of Registrant - Parent Company Statements Of Cash Flows (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)		$ 480,600	$ (432,227)	$ (216,124)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income tax expense (benefit)		33,178	(935)	0
Accounts receivable		(128,820)	(71,301)	14,652
Changes in operating assets and liabilities:
Accounts payable – affiliates		12,044	(358)	657
Net cash provided by operating activities		1,012,372	233,147	411,028
Net cash provided by investing activities		(1,124,344)	(244,595)	(124,940)
Noncontrolling interest contributions	$ 35,500	55	35,460	0
Net cash provided by (used in) financing activities		(7,841)	105,145	(272,089)
Dividend to Class A common stock		(27,509)	0	0
Net change in cash, cash equivalents and restricted cash		(119,813)	93,697	13,999
Cash, cash equivalents and restricted cash, beginning of period		135,117	41,420	27,421
Cash, cash equivalents, and restricted cash, end of period		15,304	135,117	41,420
Parent Company
Cash flows from operating activities:
Net income (loss)		480,600	(432,227)	(216,124)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in (income) losses of subsidiary		(526,892)	432,180	216,124
Deferred income tax expense (benefit)		30,611	(935)	0
Accounts receivable		(5,304)	0	0
Changes in operating assets and liabilities:
Accounts payable – affiliates		2,940	914	0
Accrued liabilities		983	68	0
Net cash provided by operating activities		(17,062)	0	0
Net cash provided by investing activities		0	0	0
Noncontrolling interest contributions		44,571	0	0
Net cash provided by (used in) financing activities		17,062	0	0
Dividend to Class A common stock		(27,509)	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
Cash, cash equivalents, and restricted cash, end of period		$ 0	$ 0	$ 0

Schedule I - Condensed Financ_5

Schedule I - Condensed Financial Information of Registrant - Narrative (Details) - $ / shares		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Condensed Income Statements, Captions [Line Items]
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001	$ 0.0001
Class A
Condensed Income Statements, Captions [Line Items]
Common stock, par value (in USD per share)	0.0001	0.0001	0.0001
Class B
Condensed Income Statements, Captions [Line Items]
Common stock, par value (in USD per share)	0.0001	0.0001	0.0001
Parent Company
Condensed Income Statements, Captions [Line Items]
Preferred stock, par value (in USD per share)	0.0001	0.0001	0.0001
Parent Company | Class A
Condensed Income Statements, Captions [Line Items]
Common stock, par value (in USD per share)	0.0001	0.0001	0.0001
Parent Company | Class B
Condensed Income Statements, Captions [Line Items]
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001	$ 0.0001
OpCo | Parent Company
Condensed Income Statements, Captions [Line Items]
Ownership of outstanding shares (as a percent)		29%	25%
OpCo | Independence Minerals Holdings LLC And Crescent Energy Finance LLC
Condensed Income Statements, Captions [Line Items]
Ownership of outstanding shares (as a percent)	71%
OpCo | Independence Minerals Holdings LLC And Crescent Energy Finance LLC | Parent Company
Condensed Income Statements, Captions [Line Items]
Ownership of outstanding shares (as a percent)		71%	75%

Uncategorized Items - crgy-2022

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