Crescent Energy (CRGY) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001866175
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		48,361,601
Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		118,645,323

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 2,930	$ 0
Accounts receivable, net	467,592	457,071
Accounts receivable – affiliates	2,771	2,681
Derivative assets - current	19,460	14,878
Drilling advances	10,541	14,655
Prepaid and other current assets	36,747	27,454
Total current assets	540,041	516,739
Oil and natural gas properties at cost, successful efforts method
Proved	7,308,862	7,113,819
Unproved	307,925	314,255
Oil and natural gas properties at cost, successful efforts method	7,616,787	7,428,074
Field and other property and equipment, at cost	191,531	176,831
Total property, plant and equipment	7,808,318	7,604,905
Less: accumulated depreciation, depletion, amortization and impairment	(2,303,470)	(2,167,135)
Property, plant and equipment, net	5,504,848	5,437,770
Derivative assets – noncurrent	8,548	0
Investment in equity affiliates	12,602	15,038
Other assets	45,670	50,302
TOTAL ASSETS	6,111,709	6,019,849
Current liabilities:
Accounts payable and accrued liabilities	566,156	524,690
Accounts payable – affiliates	39,513	27,652
Derivative liabilities – current	154,149	312,975
Financing lease obligations – current	3,543	3,341
Other current liabilities	22,755	25,091
Total current liabilities	786,116	893,749
Long-term debt	1,244,587	1,247,558
Derivative liabilities – noncurrent	19,578	63,737
Asset retirement obligations	353,674	346,868
Deferred tax liability	163,196	147,348
Financing lease obligations – noncurrent	7,149	7,412
Other liabilities	13,763	14,183
Total liabilities	2,588,063	2,720,855
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests	2,607,169	2,436,703
Equity:
Preferred stock, $0.0001 par value; 500,000,000 shares authorized and 1,000 Series I preferred shares issued and outstanding as of March 31, 2023 and December 31, 2022	0	0
Treasury stock, at cost; 1,150,991 shares of Class A common stock as of March 31, 2023 and December 31, 2022	(18,448)	(18,448)
Additional paid-in capital	806,399	804,587
Retained earnings (accumulated deficit)	113,543	61,957
Noncontrolling interests	14,966	14,178
Total equity	916,477	862,291
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	6,111,709	6,019,849
Class A
Equity:
Common stock	5	5
Class B
Equity:
Common stock	$ 12	$ 12

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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
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	49,433,154
Common stock outstanding (in shares)	48,282,163	48,282,163
Treasury stock (in shares)	1,150,991	1,150,991
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	118,645,323
Common stock outstanding (in shares)	118,645,323	118,645,323

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Total revenues	$ 590,137	$ 598,910
Expenses:
Lease operating expense	130,954	94,823
Workover expense	12,571	9,959
Asset operating expense	22,218	16,619
Gathering, transportation and marketing	47,403	48,276
Production and other taxes	54,923	46,484
Depreciation, depletion and amortization	146,483	99,019
Exploration expense	0	91
Midstream operating expense	3,779	3,078
General and administrative expense	21,238	22,522
(Gain) loss on sale of assets	0	(4,790)
Total expenses	439,569	336,081
Income (loss) from operations	150,568	262,829
Other income (expense):
Gain (loss) on derivatives	150,310	(673,486)
Interest expense	(29,320)	(16,524)
Other income (expense)	250	(1,499)
Income (loss) from equity affiliates	163	948
Total other income (expense)	121,403	(690,561)
Income (loss) before taxes	271,971	(427,732)
Income tax benefit (expense)	(16,360)	21,725
Net income (loss)	255,611	(406,007)
Less: net (income) loss attributable to noncontrolling interests	(149)	(470)
Less: net (income) loss attributable to redeemable noncontrolling interests	(195,668)	321,477
Net income (loss) attributable to Crescent Energy - basic	$ 59,794	$ (85,000)
Class A common stock
Net income (loss) per share:
Basic (in USD per share)	$ 1.24	$ (2.03)
Diluted (in USD per share)	$ 1.24	$ (2.03)
Weighted average shares outstanding:
Basic (in shares)	48,282,163	41,954,385
Diluted (in shares)	48,665,352	41,954,385
Class B common stock
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)	118,645,323	127,536,463
Diluted (in shares)	118,645,323	127,536,463
Oil
Revenues:
Total revenues	$ 372,336	$ 372,509
Natural gas
Revenues:
Total revenues	162,021	143,311
Natural gas liquids
Revenues:
Total revenues	42,523	71,179
Midstream and other
Revenues:
Total revenues	$ 13,257	$ 11,911

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Class A	Class B	Common Stock Class A	Common Stock Class B	Series I Preferred Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Noncontrolling Interest
Common Stock, Beginning balance (in shares) at Dec. 31, 2021				41,954,000	127,536,000
Preferred Stock, beginning balance (in shares) at Dec. 31, 2021						1,000
Treasury Stock, Beginning balance (in shares) at Dec. 31, 2021							1,151,000
Balance at beginning of period at Dec. 31, 2021	$ 694,644			$ 4	$ 13	$ 0	$ (18,448)	$ 720,016	$ (19,376)	$ 12,435
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(84,530)								(85,000)	470
Contributions	1,533									1,533
Distributions	(645)									(645)
Dividend to Class A common stock	(5,035)							(5,035)
Equity-based compensation	772							964		(192)
Change in deferred taxes related to basis in OpCo (see Note 2)	20,216							20,216
Adjustment of redeemable noncontrolling interests to redemption amount (see Note 2)	(194,980)							(194,980)
Common Stock, Ending balance (in shares) at Mar. 31, 2022				41,954,000	127,536,000
Balance at end of period at Mar. 31, 2022	$ 431,975			$ 4	$ 13	$ 0	$ (18,448)	541,181	(104,376)	13,601
Preferred Stock, ending balance (in shares) at Mar. 31, 2022						1,000
Treasury Stock, Ending balance (in shares) at Mar. 31, 2022							1,151,000
Common Stock, Beginning balance (in shares) at Dec. 31, 2022		48,282,163	118,645,323	48,282,000	118,645,000
Preferred Stock, beginning balance (in shares) at Dec. 31, 2022	1,000					1,000
Treasury Stock, Beginning balance (in shares) at Dec. 31, 2022		1,150,991					1,151,000
Balance at beginning of period at Dec. 31, 2022	$ 862,291			$ 5	$ 12	$ 0	$ (18,448)	804,587	61,957	14,178
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	59,943								59,794	149
Contributions	3									3
Distributions	(917)									(917)
Dividend to Class A common stock	(8,208)								(8,208)
Equity-based compensation	3,365							1,812		1,553
Common Stock, Ending balance (in shares) at Mar. 31, 2023		48,282,163	118,645,323	48,282,000	118,645,000
Balance at end of period at Mar. 31, 2023	$ 916,477			$ 5	$ 12	$ 0	$ (18,448)	$ 806,399	$ 113,543	$ 14,966
Preferred Stock, ending balance (in shares) at Mar. 31, 2023	1,000					1,000
Treasury Stock, Ending balance (in shares) at Mar. 31, 2023		1,150,991					1,151,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 255,611	$ (406,007)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation, depletion and amortization	146,483	99,019
Deferred income tax expense (benefit)	15,848	(26,675)
(Gain) loss on derivatives	(150,310)	673,486
Net cash (paid) received on settlement of derivatives	(47,157)	(175,801)
Non-cash equity-based compensation expense	7,605	11,115
Amortization of debt issuance costs and discount	1,050	1,597
(Gain) loss on sale of oil and natural gas properties	0	(4,790)
Restructuring of acquired derivative contracts	0	(51,994)
Settlement of acquired derivative contracts	(18,647)	0
Other	(5,125)	(2,781)
Changes in operating assets and liabilities:
Accounts receivable	(8,952)	(179,180)
Accounts receivable – affiliates	(90)	15,206
Prepaid and other current assets	(4,586)	(14,469)
Accounts payable and accrued liabilities	34,681	174,512
Accounts payable – affiliates	11,861	23,611
Other	1,818	442
Net cash provided by operating activities	240,090	137,291
Cash flows from investing activities:
Development of oil and natural gas properties	(190,478)	(93,816)
Acquisitions of oil and natural gas properties	(11,353)	(620,342)
Proceeds from the sale of oil and natural gas properties	4,890	764
Purchases of restricted investment securities – HTM	(1,780)	(1,800)
Maturities of restricted investment securities – HTM	1,800	1,800
Other	1,808	0
Net cash used in investing activities	(195,113)	(713,394)
Cash flows from financing activities:
Proceeds from the issuance of Senior Notes, after premium, discount and underwriting fees	394,000	199,250
Payment of debt issuance costs	(2,621)	(13,081)
Dividend to Class A common stock	(8,208)	(5,035)
Distributions to redeemable noncontrolling interests related to Class A common stock dividend	(20,171)	(15,323)
Distributions to redeemable noncontrolling interests related to Manager Compensation	(9,471)	(2,726)
Distributions to redeemable noncontrolling interests related to income taxes	(54)	0
Noncontrolling interest distributions	(924)	(645)
Noncontrolling interest contributions	3	1,533
Other	(826)	(456)
Net cash (used in) provided by financing activities	(43,672)	561,517
Net change in cash, cash equivalents and restricted cash	1,305	(14,586)
Cash, cash equivalents and restricted cash, beginning of period	15,304	135,117
Cash, cash equivalents, and restricted cash, end of period	16,609	120,531
Prior Credit Agreement
Cash flows from financing activities:
Revolving Credit Facility borrowings	218,000	771,000
Revolving Credit Facility repayments	$ (613,400)	$ (373,000)

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization We are a well-capitalized U.S. independent energy company with a portfolio of assets in key proven basins across the lower 48 states with substantial cash flow supported by a predictable base of production. We seek to deliver attractive risk-adjusted investment returns and predictable cash flows across cycles by employing our differentiated approach to investing in the oil and 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 NGL reserves. We maintain a diverse portfolio of assets in key proven regions across the United States, focused in Texas and the Rockies. 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 representing limited liability interests in OpCo ("OpCo Units"). Shares of Crescent Class A common stock ("Class A Common Stock") have both voting and economic rights, while holders of Crescent Class B common stock ("Class B Common Stock") have voting (but no economic) rights and 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”). At March 31, 2023, shares of our Class A Common Stock represented approximately 29% of the outstanding shares of Class A Common Stock and Class B Common Stock, taken together, and we owned approximately 29% of the outstanding OpCo Units. Additionally, an affiliate of KKR & Co. Inc. (together with its subsidiaries, the "KKR Group") is the sole holder of Crescent's non-economic Series I preferred stock, which entitles the holder thereof to appoint the Board of Directors of Crescent and to certain other approval rights. Basis of Presentation Our unaudited condensed consolidated financial statements (the “financial statements”) include the accounts of the Company and its subsidiaries after the elimination of intercompany transactions and balances, are presented in accordance with U.S. general accepted accounting principles (“GAAP”) and reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective interim periods. We have no elements of other comprehensive income for the periods presented. These condensed consolidated financial statements should be read in conjunction with the audited combined and consolidated financial statements and notes thereto included in our Annual Report. Crescent is a holding company that conducts substantially all of its business through its consolidated subsidiaries, including (i) OpCo, which at March 31, 2023 is owned approximately 29% by Crescent and approximately 71% by holders of our redeemable noncontrolling interests, 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. 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 11 – Related Party Transactions . Certain restrictions and covenants related to the transfer of assets from OpCo are discussed further in NOTE 7 – Debt .

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We use historical experience and various other assumptions and information that are believed to be reasonable under the circumstances in developing our estimates and judgments. Estimates and assumptions about future events and their effects cannot be predicted with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. While we believe that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results may differ from these estimates. Our significant estimates include the fair value of acquired assets and liabilities, oil and natural gas reserves, impairment of proved and unproved oil and natural gas properties and valuation of derivative instruments. 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 composed 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 Prepaid and other current assets and Other assets on our condensed consolidated balance sheets. The following table provides a reconciliation of cash and restricted cash presented on our balance sheets to amounts shown in the statements of cash flows: As of March 31, 2023 2022 (in thousands) Cash and cash equivalents $ 2,930 $ 112,548 Restricted cash – current 8,631 — Restricted cash – noncurrent 5,048 7,983 Total cash, cash equivalents and restricted cash $ 16,609 $ 120,531 Redeemable Noncontrolling Interests 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 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. From December 31, 2022 through March 31, 2023, we recorded adjustments to the value of our redeemable noncontrolling interests as shown below: Redeemable Noncontrolling Interests (in thousands) Balance as of December 31, 2022 $ 2,436,703 Net income attributable to redeemable noncontrolling interests 195,668 Distributions from OpCo related to Class A common stock dividend, Manager compensation and income taxes (20,183) Accrued OpCo distribution (9,471) Equity-based compensation 4,452 Balance as of March 31, 2023 $ 2,607,169 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 its allocable share of any taxable income of OpCo. For the three months ended March 31, 2023 and March 31, 2022, we recognized income tax expense of $16.4 million and income tax benefit of $21.7 million for an effective tax rate of 6.0% and 5.1%, respectively. Our effective tax rate is lower than the U.S. federal statutory income tax rate of 21% primarily due to effects of removing income and losses related to our noncontrolling interests and redeemable noncontrolling interests. We evaluate and update the estimated annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Consequently, based upon the mix and timing of our actual earnings compared to annual projections, our effective tax rate may vary quarterly and may make quarterly comparisons not meaningful. The quarterly income tax provision is generally composed of tax expense on income or benefit on loss at the most recent estimated annual effective tax rate. The tax effect of discrete items is recognized in the period in which they occur at the applicable statutory rate. We continually 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 a valuation allowance is 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. We have federal net operating losses ("NOLs") and recognized built-in-loss ("RBIL") property which are subject to Section 382 limitation. Pursuant to Sections 382 and 383 of the Internal Revenue Code, utilization of our NOLs and RBIL carryforwards is subject to a small annual limitation. These annual limitations may result in the expiration of NOLs and RBIL carryforwards prior to utilization and accordingly we have maintained a valuation allowance related to federal NOLs and RBIL carryforwards that we do not believe are recoverable due these Section 382 limitations. As of March 31, 2023 and December 31, 2022, we did not have any uncertain tax positions. Supplemental Cash Flow Disclosures The following table presents our supplemental cash flow disclosures for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Supplemental cash flow disclosures: Interest paid, net of amounts capitalized $ 7,447 $ 3,650 Income tax (refunds) payments 20 (7) Non-cash investing and financing activities: Capital expenditures included in accounts payable and accrued liabilities $ 88,540 $ 47,569 Debt issuance costs included in accounts payable – affiliates — 1,500 Right-of-use assets obtained in exchange for leases 2,485 542

Acquisitions and Divestitures

Acquisitions and Divestitures	3 Months Ended
	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Uinta Transaction In March 2022, we consummated the acquisition contemplated by the Membership Interest Purchase Agreement dated February 15, 2022 (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 7 – Debt ). Subsequent to closing the Uinta Transaction, we recorded $11.1 million in customary purchase price adjustments that increased our total purchase price to $632.4 million during the year ended December 31, 2022. We accounted for the Uinta Transaction as an asset acquisition and recorded an additional $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. 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 7 – 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 condensed 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 three months ended March 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 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 one of our subsidiaries to Chama Energy LLC ("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 condensed consolidated balance sheets and recorded an equity method investment 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 non-affiliated 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, Texas in the Permian Basin in exchange for cash consideration, subject to customary purchase price adjustments, of $80.0 million. We consummated this transaction in December 2022 and recorded a loss of $0.9 million.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2023
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 Facility that consists of either a single derivative instrument or a combination of instruments to manage our exposure to these risks. As of March 31, 2023, 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 the 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 will 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 March 31, 2023: Production Period Volumes Weighted Fair Crude oil swaps (Bbls): (in thousands) (in thousands) WTI 2023 6,863 $60.20 $ (96,745) 2024 5,721 $63.82 (37,791) Brent 2023 397 $52.52 (10,071) 2024 276 $68.65 (1,753) Crude oil collars – WTI (Bbls): 2023 2,215 $55.62 - $73.83 (15,611) Natural gas swaps (MMBtu): 2023 44,509 $2.78 2,789 2024 9,604 $4.14 4,594 NGL swaps (Bbls): 2023 678 $40.77 8,850 Crude oil basis swaps (Bbls): 2023 2,291 $1.33 94 2024 914 $1.59 60 Natural gas basis swaps (MMBtu): 2023 17,529 $(0.32) (1,357) Calendar Month Average ("CMA") roll swaps (Bbls): 2023 2,429 $0.09 (644) 2024 915 $0.31 (126) Natural gas collars (MMBtu): 2023 18,300 $3.38 - $4.56 1,992 Total $ (145,719) We use derivative commodity instruments and enter into swap contracts that 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 as of March 31, 2023 and December 31, 2022: Gross Fair Effect of Net Carrying (in thousands) March 31, 2023 Assets: Derivative assets – current $ 33,544 $ (14,084) $ 19,460 Derivative assets – noncurrent 16,044 (7,496) 8,548 Total assets $ 49,588 $ (21,580) $ 28,008 Liabilities: Derivative liabilities – current $ (168,233) $ 14,084 $ (154,149) Derivative liabilities – noncurrent (27,074) 7,496 (19,578) Total liabilities $ (195,307) $ 21,580 $ (173,727) 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) See NOTE 5 – Fair Value Measurements for more information . The amount of gain (loss) recognized in gain (loss) on derivatives in our condensed consolidated statements of operations was as follows for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Derivatives not designated as hedging instruments: Realized gain (loss) on oil positions $ (38,105) $ (100,091) Realized gain (loss) on natural gas positions (16,536) (49,845) Realized gain (loss) on NGL positions 7,484 (25,865) Total realized gain (loss) on derivatives (47,157) (175,801) Unrealized gain (loss) on commodity hedges 197,467 (497,685) Gain (loss) on derivatives $ 150,310 $ (673,486)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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 our valuation of the fair value assets and liabilities within the fair value hierarchy levels. Recurring Fair Value Measurements The following table presents the fair value of our derivative assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 by level within the fair value hierarchy: Fair Value Measurement Using Level 1 Level 2 Level 3 Total (in thousands) March 31, 2023 Financial assets: Derivative assets $ — $ 49,588 $ — $ 49,588 Financial liabilities: Derivative liabilities $ — $ (195,307) $ — $ (195,307) December 31, 2022 Financial assets: Derivative assets $ — $ 32,218 $ — $ 32,218 Financial liabilities: Derivative liabilities $ — $ (394,052) $ — $ (394,052) Non-Recurring Fair Value Measurements Certain nonfinancial assets and liabilities are measured at fair value on a non-recurring basis. We utilize fair value measurement on a non-recurring basis to value our oil and natural gas properties when the carrying value of such property exceeds the respective undiscounted future cash flows. The inputs used to determine such fair value are primarily based upon internally developed cash flow models, as well as market-based valuations and are classified within Level 3. Significant Level 3 assumptions associated with discounted cash flows 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. Oil and natural gas properties are 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 acquisitions are valued based on Level 2 inputs similar to the Company's other commodity price derivatives. Other Fair Value Measurements The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term maturities of these instruments. Our long-term debt obligations under our Revolving Credit Facility also approximate fair value because the associated variable rates of interest are market based. The fair value of the Senior Notes (as defined below) as of March 31, 2023 and December 31, 2022 was approximately $1,044.4 million and $661.5 million based on quoted market prices.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (in thousands) Accounts payable and accrued liabilities: Accounts payable $ 93,110 $ 104,343 Accrued lease and asset operating expense 53,834 58,375 Accrued capital expenditures 70,571 76,246 Accrued general and administrative expense 20,044 13,688 Accrued transportation expense 52,181 31,525 Accrued revenue and royalties payable 193,207 160,775 Accrued interest expense 30,996 11,672 Accrued severance taxes 37,742 55,496 Other 14,471 12,570 Total accounts payable and accrued liabilities $ 566,156 $ 524,690

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Senior Notes In February 2023, we issued $400.0 million aggregate principal amount of 9.250% senior notes due 2028 (the "2028 Notes") at par. The proceeds of the offering were approximately $391.3 million, after deducting the initial purchasers' discount and offering expenses. We used the proceeds therefrom to repay a portion of our outstanding balance under our Revolving Credit Facility (as defined herein). 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 may, at our option, redeem all or a portion of the 2028 Notes at any time on or after February 15, 2025 at certain redemption prices. In addition, prior to February 15, 2025, we may redeem some or all of the 2028 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. In May 2021, we issued $500.0 million aggregate principal amount of 7.250% 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. 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. The 2026 Notes and the 2028 Notes (collectively, the "Senior Notes") are our senior unsecured obligations and the Senior Notes and the related guarantees rank equally in right of payment with the borrowings under our Revolving Credit Facility and any of our other future senior indebtedness and senior to any of our future subordinated indebtedness. The Senior Notes are guaranteed on a senior unsecured basis by each of our existing and future subsidiaries that will guarantee our Revolving Credit Facility. The Senior Notes and the guarantees are effectively subordinated to all of our secured indebtedness (including all borrowings and other obligations under our Revolving Credit Facility) to the extent of the value of the collateral securing such indebtedness and structurally subordinated in right of payment to all existing and future indebtedness and other liabilities (including trade payables) of any future subsidiaries that do not guarantee the Senior Notes. The indentures governing the Senior Notes contain covenants that, among other things, limit the ability of 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. If we experience certain kinds of changes of control accompanied by a ratings decline, holders of the Senior Notes may require us to repurchase all or a portion of their notes at certain redemption prices. The Senior Notes are not listed, and we do not intend to list the notes in the future, on any securities exchange, and currently there is no public market for the notes. Revolving Credit Facility Overview We are party to 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. From time to time, 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 SOFR (as defined herein) 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 Revolving Credit Facility contains terms that if certain conditions regarding our outstanding Senior Notes exist in January 2026, it will mature in January 2026 prior to the extended maturity date. At March 31, 2023, we had $164.0 million of borrowings and $9.7 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. 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 secured overnight financing rate (“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 condensed consolidated statements of operations. Our weighted average interest rate on loan amounts outstanding as of March 31, 2023 and December 31, 2022 was 7.17% and 6.98%, 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 March 31, 2023 and December 31, 2022, we had letters of credit outstanding of $9.7 million and $9.8 million, which reduce the amount available to borrow under our Revolving Credit Facility. Total Debt Outstanding The following table summarizes our debt balances as of March 31, 2023 and December 31, 2022: Debt Outstanding Letters of Credit Issued Borrowing Base Maturity (in thousands) March 31, 2023 Revolving Credit Facility $ 164,049 $ 9,719 $ 2,000,000 9/23/2027 7.250% Senior Notes due 2026 700,000 — — 5/1/2026 9.250% Senior Notes due 2028 400,000 — — 2/15/2028 Less: Unamortized discount and issuance costs (19,462) Total long-term debt $ 1,244,587 December 31, 2022 Revolving Credit Facility $ 559,449 $ 9,770 $ 2,000,000 9/23/2027 7.250% Senior Notes due 2026 700,000 — — 5/1/2026 Less: Unamortized discount and issuance costs (11,891) Total long-term debt $ 1,247,558

Asset Retirement Obligations

Asset Retirement Obligations	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023: Three Months Ended March 31, 2023 (in thousands) Balance at beginning of period $ 365,614 Additions 289 Retirements (1,626) Accretion expense 6,640 Balance at end of period 370,917 Less: current portion (17,243) Balance at end of period, noncurrent portion $ 353,674

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
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. In accordance with ASC 450, Contingencies , an accrual is recorded for a material loss contingency when its occurrence is probable and damages are reasonably estimable based on the anticipated most likely outcome or the minimum amount within a range or possible outcomes. Legal proceedings are inherently unpredictable, and unfavorable resolutions can occur. Assessing contingencies is highly subjective and requires judgement about uncertain future events. When evaluating contingencies related to legal proceedings, we may be unable to estimate losses due to a number of factors, including potential defenses, the procedural status of the matter in question, the presence of complex legal and/or factual issues, and the ongoing discovery and/or development of information important to the matter. We are unable to make an estimate of the range of reasonably possible losses related to our contingencies, but 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 and regulations 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 laws and regulations. Accordingly, no liability or loss associated with environmental remediation was recognized as of March 31, 2023. 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. As of March 31, 2023, we have filed no later or missing C-115 reports and are in full compliance with the Order.

Incentive Compensation Arrangem

Incentive Compensation Arrangements	3 Months Ended
	Mar. 31, 2023
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 interests, restricted stock units ("RSUs"), performance stock units ("PSUs") and other incentive awards to our employees, our Manager, and non-employee directors. Our incentive compensation awards may contain certain service-based, performance-based, and market-based vesting conditions. The following table summarizes compensation expense we recognized in connection with our incentive compensation awards for the periods indicated: Three Months Ended March 31, 2023 2022 (in thousands) Recognized in expense (income): ASC 718 liability-classified profits interest awards (212) 7,220 ASC 718 equity-classified profits interest awards 1,553 — ASC 718 equity-classified RSU awards 391 — ASC 718 equity-classified PSU awards 5,873 3,895 Total expense (income) $ 7,605 $ 11,115 2023 Grant Activity We did not grant any incentive compensation awards during the three months ended March 31, 2023. one

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions KKR Group Management Agreement We have 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 ("Manager 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, Manager 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 Manager Compensation will not apply to the issuance of our shares upon the redemption or exchange of OpCo Units. During the three months ended March 31, 2023 and 2022, we recorded general and administrative expense of $3.9 million and $3.3 million, respectively, and made cash distributions of $9.5 million and $2.7 million, respectively, to our redeemable noncontrolling interests related to the Management Agreement. In addition, at March 31, 2023, in relation to the Management Agreement, we accrued a $9.5 million distribution to redeemable noncontrolling interests that will be paid during the second quarter of 2023. At March 31, 2023 and December 31, 2022 we had $13.3 million included within Accounts payable – affiliates on our condensed consolidated balance sheets associated with the Management Agreement. Additionally, the Manager is entitled to receive incentive compensation ("Incentive Compensation") under which the Manager is targeted to receive 10% of our outstanding Class A Common Stock based on the achievement of certain performance-based measures. The Incentive Compensation consists of five tranches that settle over a five-year period beginning in 2024, and each tranche relates to a target number of shares of Class A Common Stock equal to 2% of the outstanding Class A Common Stock as of the time such tranche is settled. So long as the Manager continuously provides services to us until the end of the performance period applicable to a tranche, the Manager is entitled to settlement of such tranche with respect to a number of shares of Class A Common Stock ranging from 0% to 4.8% of the of the outstanding Class A Common Stock at the time each tranche is settled. During the three months ended March 31, 2023 and 2022, we recorded general and administrative expense of $5.9 million and $3.9 million, respectively, related to Incentive Compensation. See NOTE 10 – 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 ("MSAs") 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 March 31, 2023 and December 31, 2022, we had a related party receivable of $0.6 million and $0.8 million, respectively, included within Accounts receivable – affiliates and a related party payable of $25.9 million and $14.0 million, respectively, included within Accounts payable – affiliates on our condensed consolidated balance sheets associated with KKR Funds transactions. Other Transactions During the three months ended March 31, 2023 and 2022, we incurred $1.1 million and $0.7 million, respectively, in fees to KKR Capital Markets LLC ("KCM"), an affiliate of KKR Group, in connection with transactions relating to the 2028 Notes and the 2026 Notes, respectively. We recorded these fees as debt issuance costs within Long-term debt on the condensed consolidated balance sheets. In April 2022, we paid an additional $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 condensed consolidated balance sheets. See NOTE 7 – Debt.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
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. 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 three months ended March 31, 2022 that were antidilutive. The following table sets forth the computation of basic and diluted net income (loss) per share: Three Months Ended March 31, 2023 2022 (in thousands, except share and per share amounts) Numerator: Net income (loss) $ 255,611 $ (406,007) Less: net loss attributable to Predecessor — — Less: net (income) loss attributable to noncontrolling interests (149) (470) Less: net (income) loss attributable to redeemable noncontrolling interests (195,668) 321,477 Net income (loss) attributable to Crescent Energy - basic 59,794 (85,000) Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of RSUs 55 — Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of PSUs 360 — Net income (loss) attributable to Crescent Energy - diluted $ 60,209 $ (85,000) Denominator: Weighted-average Class A common stock outstanding – basic 48,282,163 41,954,385 Add: dilutive effect of RSUs 50,579 — Add: dilutive effect of PSUs 332,610 — Weighted-average Class A common stock outstanding – diluted 48,665,352 41,954,385 Weighted-average Class B common stock outstanding – basic and diluted 118,645,323 127,536,463 Net income (loss) per share: Class A common stock – basic $ 1.24 $ (2.03) Class A common stock – diluted $ 1.24 $ (2.03) Class B common stock – basic and diluted $ — $ —

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividend On May 10, 2023, the Board of Directors approved a quarterly cash dividend of $0.12 per share, or $0.48 per share on an annualized basis, to be paid to shareholders of our Class A Common Stock with respect to the first quarter of 2023. The quarterly dividend is payable on June 7, 2023 to shareholders of record as of the close of business on May 24, 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. Western Eagle Ford Bolt-On Acquisition On May 2, 2023, one of our subsidiaries entered into a Purchase and Sale Agreement (the “Mesquite Purchase Agreement” and the transactions contemplated therein, the "Mesquite Acquisition") with Mesquite Comanche Holdings, LLC (“Comanche Holdings”) and SN EF Maverick, LLC (“SN EF Maverick,” and collectively with Comanche Holdings, the “Seller”), pursuant to which our subsidiary agreed to acquire from the Seller certain interests in oil and gas properties, rights and related assets in the Eagle Ford basin for aggregate cash consideration of approximately $600 million, subject to customary purchase price adjustments set forth in the Mesquite Purchase Agreement. Subject to the terms of the Mesquite Purchase Agreement, the acquisition is expected to close in the third quarter of 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationOur unaudited condensed consolidated financial statements (the “financial statements”) include the accounts of the Company and its subsidiaries after the elimination of intercompany transactions and balances, are presented in accordance with U.S. general accepted accounting principles (“GAAP”) and reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective interim periods.
Basis of Consolidation	Basis of PresentationOur unaudited condensed consolidated financial statements (the “financial statements”) include the accounts of the Company and its subsidiaries after the elimination of intercompany transactions and balances, are presented in accordance with U.S. general accepted accounting principles (“GAAP”) and reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective interim periods.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We use historical experience and various other assumptions and information that are believed to be reasonable under the circumstances in developing our estimates and judgments. Estimates and assumptions about future events and their effects cannot be predicted with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. While we believe that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results may differ from these estimates. Our significant estimates include the fair value of acquired assets and liabilities, oil and natural gas reserves, impairment of proved and unproved oil and natural gas properties and valuation of derivative instruments.
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 composed 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 Prepaid and other current assets and Other assets on our condensed consolidated balance sheets.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling InterestsPursuant 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 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.
Income Taxes	Income TaxesCrescent 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 its allocable share of any taxable income of OpCo.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and restricted cash presented on our balance sheets to amounts shown in the statements of cash flows: As of March 31, 2023 2022 (in thousands) Cash and cash equivalents $ 2,930 $ 112,548 Restricted cash – current 8,631 — Restricted cash – noncurrent 5,048 7,983 Total cash, cash equivalents and restricted cash $ 16,609 $ 120,531
Schedule of Restricted Cash and Restricted Cash Equivalents	The following table provides a reconciliation of cash and restricted cash presented on our balance sheets to amounts shown in the statements of cash flows: As of March 31, 2023 2022 (in thousands) Cash and cash equivalents $ 2,930 $ 112,548 Restricted cash – current 8,631 — Restricted cash – noncurrent 5,048 7,983 Total cash, cash equivalents and restricted cash $ 16,609 $ 120,531
Schedule of Redeemable Noncontrolling Interest	From December 31, 2022 through March 31, 2023, we recorded adjustments to the value of our redeemable noncontrolling interests as shown below: Redeemable Noncontrolling Interests (in thousands) Balance as of December 31, 2022 $ 2,436,703 Net income attributable to redeemable noncontrolling interests 195,668 Distributions from OpCo related to Class A common stock dividend, Manager compensation and income taxes (20,183) Accrued OpCo distribution (9,471) Equity-based compensation 4,452 Balance as of March 31, 2023 $ 2,607,169
Schedule of Supplemental Cash Flow	The following table presents our supplemental cash flow disclosures for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Supplemental cash flow disclosures: Interest paid, net of amounts capitalized $ 7,447 $ 3,650 Income tax (refunds) payments 20 (7) Non-cash investing and financing activities: Capital expenditures included in accounts payable and accrued liabilities $ 88,540 $ 47,569 Debt issuance costs included in accounts payable – affiliates — 1,500 Right-of-use assets obtained in exchange for leases 2,485 542

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table details our net volume positions by commodity as of March 31, 2023: Production Period Volumes Weighted Fair Crude oil swaps (Bbls): (in thousands) (in thousands) WTI 2023 6,863 $60.20 $ (96,745) 2024 5,721 $63.82 (37,791) Brent 2023 397 $52.52 (10,071) 2024 276 $68.65 (1,753) Crude oil collars – WTI (Bbls): 2023 2,215 $55.62 - $73.83 (15,611) Natural gas swaps (MMBtu): 2023 44,509 $2.78 2,789 2024 9,604 $4.14 4,594 NGL swaps (Bbls): 2023 678 $40.77 8,850 Crude oil basis swaps (Bbls): 2023 2,291 $1.33 94 2024 914 $1.59 60 Natural gas basis swaps (MMBtu): 2023 17,529 $(0.32) (1,357) Calendar Month Average ("CMA") roll swaps (Bbls): 2023 2,429 $0.09 (644) 2024 915 $0.31 (126) Natural gas collars (MMBtu): 2023 18,300 $3.38 - $4.56 1,992 Total $ (145,719)
Schedule of Offsetting Assets	The following table shows the effects of master netting arrangements on the fair value of our derivative contracts as of March 31, 2023 and December 31, 2022: Gross Fair Effect of Net Carrying (in thousands) March 31, 2023 Assets: Derivative assets – current $ 33,544 $ (14,084) $ 19,460 Derivative assets – noncurrent 16,044 (7,496) 8,548 Total assets $ 49,588 $ (21,580) $ 28,008 Liabilities: Derivative liabilities – current $ (168,233) $ 14,084 $ (154,149) Derivative liabilities – noncurrent (27,074) 7,496 (19,578) Total liabilities $ (195,307) $ 21,580 $ (173,727) 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)
Schedule of Offsetting Liabilities	The following table shows the effects of master netting arrangements on the fair value of our derivative contracts as of March 31, 2023 and December 31, 2022: Gross Fair Effect of Net Carrying (in thousands) March 31, 2023 Assets: Derivative assets – current $ 33,544 $ (14,084) $ 19,460 Derivative assets – noncurrent 16,044 (7,496) 8,548 Total assets $ 49,588 $ (21,580) $ 28,008 Liabilities: Derivative liabilities – current $ (168,233) $ 14,084 $ (154,149) Derivative liabilities – noncurrent (27,074) 7,496 (19,578) Total liabilities $ (195,307) $ 21,580 $ (173,727) 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)
Schedule of Derivative Contracts on Operations	The amount of gain (loss) recognized in gain (loss) on derivatives in our condensed consolidated statements of operations was as follows for the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 (in thousands) Derivatives not designated as hedging instruments: Realized gain (loss) on oil positions $ (38,105) $ (100,091) Realized gain (loss) on natural gas positions (16,536) (49,845) Realized gain (loss) on NGL positions 7,484 (25,865) Total realized gain (loss) on derivatives (47,157) (175,801) Unrealized gain (loss) on commodity hedges 197,467 (497,685) Gain (loss) on derivatives $ 150,310 $ (673,486)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents the fair value of our derivative assets and liabilities that were accounted for at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 by level within the fair value hierarchy: Fair Value Measurement Using Level 1 Level 2 Level 3 Total (in thousands) March 31, 2023 Financial assets: Derivative assets $ — $ 49,588 $ — $ 49,588 Financial liabilities: Derivative liabilities $ — $ (195,307) $ — $ (195,307) December 31, 2022 Financial assets: Derivative assets $ — $ 32,218 $ — $ 32,218 Financial liabilities: Derivative liabilities $ — $ (394,052) $ — $ (394,052)

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, 2022 (in thousands) Accounts payable and accrued liabilities: Accounts payable $ 93,110 $ 104,343 Accrued lease and asset operating expense 53,834 58,375 Accrued capital expenditures 70,571 76,246 Accrued general and administrative expense 20,044 13,688 Accrued transportation expense 52,181 31,525 Accrued revenue and royalties payable 193,207 160,775 Accrued interest expense 30,996 11,672 Accrued severance taxes 37,742 55,496 Other 14,471 12,570 Total accounts payable and accrued liabilities $ 566,156 $ 524,690

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt Balances	The following table summarizes our debt balances as of March 31, 2023 and December 31, 2022: Debt Outstanding Letters of Credit Issued Borrowing Base Maturity (in thousands) March 31, 2023 Revolving Credit Facility $ 164,049 $ 9,719 $ 2,000,000 9/23/2027 7.250% Senior Notes due 2026 700,000 — — 5/1/2026 9.250% Senior Notes due 2028 400,000 — — 2/15/2028 Less: Unamortized discount and issuance costs (19,462) Total long-term debt $ 1,244,587 December 31, 2022 Revolving Credit Facility $ 559,449 $ 9,770 $ 2,000,000 9/23/2027 7.250% Senior Notes due 2026 700,000 — — 5/1/2026 Less: Unamortized discount and issuance costs (11,891) Total long-term debt $ 1,247,558

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	3 Months Ended
	Mar. 31, 2023
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Change in Asset Retirement Obligations	The following table summarizes activity related to our ARO liabilities for the three months ended March 31, 2023: Three Months Ended March 31, 2023 (in thousands) Balance at beginning of period $ 365,614 Additions 289 Retirements (1,626) Accretion expense 6,640 Balance at end of period 370,917 Less: current portion (17,243) Balance at end of period, noncurrent portion $ 353,674

Incentive Compensation Arrang_2

Incentive Compensation Arrangements (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-Based Compensation Expense	The following table summarizes compensation expense we recognized in connection with our incentive compensation awards for the periods indicated: Three Months Ended March 31, 2023 2022 (in thousands) Recognized in expense (income): ASC 718 liability-classified profits interest awards (212) 7,220 ASC 718 equity-classified profits interest awards 1,553 — ASC 718 equity-classified RSU awards 391 — ASC 718 equity-classified PSU awards 5,873 3,895 Total expense (income) $ 7,605 $ 11,115

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
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: Three Months Ended March 31, 2023 2022 (in thousands, except share and per share amounts) Numerator: Net income (loss) $ 255,611 $ (406,007) Less: net loss attributable to Predecessor — — Less: net (income) loss attributable to noncontrolling interests (149) (470) Less: net (income) loss attributable to redeemable noncontrolling interests (195,668) 321,477 Net income (loss) attributable to Crescent Energy - basic 59,794 (85,000) Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of RSUs 55 — Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of PSUs 360 — Net income (loss) attributable to Crescent Energy - diluted $ 60,209 $ (85,000) Denominator: Weighted-average Class A common stock outstanding – basic 48,282,163 41,954,385 Add: dilutive effect of RSUs 50,579 — Add: dilutive effect of PSUs 332,610 — Weighted-average Class A common stock outstanding – diluted 48,665,352 41,954,385 Weighted-average Class B common stock outstanding – basic and diluted 118,645,323 127,536,463 Net income (loss) per share: Class A common stock – basic $ 1.24 $ (2.03) Class A common stock – diluted $ 1.24 $ (2.03) Class B common stock – basic and diluted $ — $ —

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2023 state
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of states in which entity operates	48
OpCo
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership of outstanding shares (as a percent)	29%
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%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 2,930	$ 0	$ 112,548
Restricted cash – current	8,631		0
Restricted cash – noncurrent	5,048		7,983
Total cash, cash equivalents and restricted cash	$ 16,609	$ 15,304	$ 120,531	$ 135,117

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounting Policies [Abstract]
Income tax benefit	$ 16,360	$ (21,725)
Effective income tax rate (as a percent)	6%	5.10%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Adjustments to Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Redeemable Noncontrolling Interests
Beginning balance	$ 2,436,703
Net loss attributable to redeemable noncontrolling interests	195,668	$ (321,477)
Distributions from OpCo related to Class A common stock dividend, Manager compensation and income taxes	(20,183)
Accrued OpCo distribution	(9,471)
Equity-based compensation	4,452
Ending balance	$ 2,607,169

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized	$ 7,447	$ 3,650
Income tax (refunds) payments	20	(7)
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	88,540	47,569
Debt issuance costs included in accounts payable – affiliates	0	1,500
Right-of-use assets obtained in exchange for leases	$ 2,485	$ 542

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($) $ / bbl	Feb. 28, 2022 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Nov. 04, 2022 USD ($)	May 05, 2021 USD ($)
Business Acquisition [Line Items]
Derivative swap price (in USD per bbl) | $ / bbl		75
Notional amount of derivative		$ 54,100
Disposal Group, Held-for-sale, Not Discontinued Operations | Permian and DJ Basins
Business Acquisition [Line Items]
Consideration received on disposition						$ 80,000
Loss on business disposal	$ 900
Chama Energy LLC
Business Acquisition [Line Items]
Ownership interest by noncontrolling owners (as a percent)			9.40%
Fair value of ownership in noncontrolling interest			$ 3,800
Chama Energy LLC | Board of Directors Chairman
Business Acquisition [Line Items]
Ownership interest by noncontrolling owners (as a percent)			17.50%
Exaro
Business Acquisition [Line Items]
Cash consideration				$ 6,800
Chama Energy LLC
Business Acquisition [Line Items]
Gain on deconsolidation of assets and liabilities			$ 4,500
Line of Credit | Revolving Credit Facility
Business Acquisition [Line Items]
Borrowing base		1,800,000			$ 2,000,000		$ 1,300,000
Committed amount of credit facility		1,300,000			$ 1,300,000		$ 700,000
Debt issuance costs		13,400
Uinta Transaction
Business Acquisition [Line Items]
Cash consideration paid for asset acquisition		621,300
Adjustment in consideration				11,100
Consideration transferred in asset acquisition				$ 632,400
Additional proved oil and natural gas properties recorded as part of asset acquisition		863,600
Derivative liabilities assumed		179,700
Accounts payable assumed		14,300
Asset retirement liability assumed		$ 37,200

Derivatives - Net Volume Positi

Derivatives - Net Volume Positions by Commodity (Details) bbl in Thousands, MMBTU in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) MMBTU $ / bbl $ / MMBTU bbl
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ (145,719)
2023 | Swap | Crude Oil
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	2,429
Weighted Average Fixed Price (in USD per unit) | $ / bbl	0.09
Fair Value	$ (644)
2023 | Swap | Crude Oil | WTI
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	6,863
Weighted Average Fixed Price (in USD per unit) | $ / bbl	60.20
Fair Value	$ (96,745)
2023 | Swap | Crude Oil | Brent
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	397
Weighted Average Fixed Price (in USD per unit) | $ / bbl	52.52
Fair Value	$ (10,071)
2023 | Swap | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) | MMBTU	44,509
Weighted Average Fixed Price (in USD per unit) | $ / bbl	2.78
Fair Value	$ 2,789
2023 | Swap | Natural gas liquids
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	678
Weighted Average Fixed Price (in USD per unit) | $ / bbl	40.77
Fair Value	$ 8,850
2023 | Basis Swap | Crude Oil
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	2,291
Weighted Average Fixed Price (in USD per unit) | $ / bbl	1.33
Fair Value	$ 94
2023 | Basis Swap | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) | MMBTU	17,529
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	(0.32)
Fair Value	$ (1,357)
2024 | Swap | Crude Oil
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	915
Weighted Average Fixed Price (in USD per unit) | $ / bbl	0.31
Fair Value	$ (126)
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	$ (37,791)
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	$ (1,753)
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) | $ / bbl	4.14
Fair Value	$ 4,594
2024 | Collar | Crude Oil | WTI
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	2,215
Fair Value	$ (15,611)
2024 | Collar | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) | MMBTU	18,300
Fair Value	$ 1,992
2024 | Collar | Minimum | Crude Oil | WTI
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) | $ / bbl	55.62
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 | Crude Oil | WTI
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) | $ / bbl	73.83
2024 | Collar | Maximum | Natural Gas
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) | $ / MMBTU	4.56
2024 | Basis Swap | Crude Oil
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) | bbl	914
Weighted Average Fixed Price (in USD per unit) | $ / bbl	1.59
Fair Value	$ 60

Derivatives - Netting Arrangeme

Derivatives - Netting Arrangements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Gross Fair Value	$ 49,588	$ 32,218
Effect of Counterparty Netting	(21,580)	(17,340)
Net Carrying Value	28,008	14,878
Liabilities:
Gross Fair Value	(195,307)	(394,052)
Effect of Counterparty Netting	21,580	17,340
Net Carrying Value	(173,727)	(376,712)
Derivative assets – current
Assets:
Gross Fair Value	33,544	21,880
Effect of Counterparty Netting	(14,084)	(7,002)
Net Carrying Value	19,460	14,878
Derivative assets – noncurrent
Assets:
Gross Fair Value	16,044	10,338
Effect of Counterparty Netting	(7,496)	(10,338)
Net Carrying Value	8,548	0
Derivative liabilities – current
Liabilities:
Gross Fair Value	(168,233)	(319,977)
Effect of Counterparty Netting	14,084	7,002
Net Carrying Value	(154,149)	(312,975)
Derivative liabilities – noncurrent
Liabilities:
Gross Fair Value	(27,074)	(74,075)
Effect of Counterparty Netting	7,496	10,338
Net Carrying Value	$ (19,578)	$ (63,737)

Derivatives - Gain (Loss) on De

Derivatives - Gain (Loss) on Derivatives Included in Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives	$ 150,310	$ (673,486)
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Total realized gain (loss) on derivatives	(47,157)	(175,801)
Gain (loss) on derivatives	150,310	(673,486)
Commodity Hedges | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on commodity hedges	197,467	(497,685)
Oil | Energy Hedges | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives, cash settled	(38,105)	(100,091)
Natural Gas | Energy Hedges | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives, cash settled	(16,536)	(49,845)
Natural gas liquids | Energy Hedges | Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives, cash settled	$ 7,484	$ (25,865)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
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	$ 49,588	$ 32,218
Financial Liabilities:
Derivative liabilities	(195,307)	(394,052)
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	49,588	32,218
Financial Liabilities:
Derivative liabilities	(195,307)	(394,052)
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 Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair value based on quoted market prices	$ 1,044.4	$ 661.5

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 93,110	$ 104,343
Accrued lease and asset operating expense	53,834	58,375
Accrued capital expenditures	70,571	76,246
Accrued general and administrative expense	20,044	13,688
Accrued transportation expense	52,181	31,525
Accrued revenue and royalties payable	193,207	160,775
Accrued interest expense	30,996	11,672
Accrued severance taxes	37,742	55,496
Other	14,471	12,570
Total accounts payable and accrued liabilities	$ 566,156	$ 524,690

Debt - Senior Notes (Details)

Debt - Senior Notes (Details) - USD ($)	1 Months Ended		3 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	May 31, 2021
Debt Instrument [Line Items]
Proceeds from the issuance of Senior Notes, after premium, discount and underwriting fees			$ 394,000,000	$ 199,250,000
9.250% Senior Notes due 2028 | Senior Notes
Debt Instrument [Line Items]
Face amount of debt instrument	$ 400,000,000
Stated interest rate (as a percent)	9.25%		9.25%
Proceeds from the issuance of Senior Notes, after premium, discount and underwriting fees	$ 391,300,000
7.250% Senior Notes due 2026 | Senior Notes
Debt Instrument [Line Items]
Face amount of debt instrument						$ 500,000,000
Stated interest rate (as a percent)		7.25%	7.25%		7.25%	7.25%
Proceeds from the issuance of Senior Notes, after premium, discount and underwriting fees		$ 200,000,000
7.250% Senior Notes due 2026 | New Notes
Debt Instrument [Line Items]
Proportion of face amount (as a percent)		101%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	May 31, 2021	May 05, 2021
Debt Instrument [Line Items]
Letters of credit outstanding		$ 9,719	$ 9,770
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		$ 164,000
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)		7.17%	6.98%
Line of Credit | Revolving Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
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 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
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		$ 9,700	$ 9,800

Debt - Summary (Details)

Debt - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Feb. 28, 2023	Dec. 31, 2022	Feb. 28, 2022	May 31, 2021
Debt Instrument [Line Items]
Less: Unamortized discount and issuance costs	$ (19,462)		$ (11,891)
Total long-term debt	1,244,587		1,247,558
Letters of Credit Issued	9,719		9,770
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 164,049		559,449
Borrowing Base			$ 2,000,000
Senior Notes | 7.250% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate (as a percent)	7.25%		7.25%	7.25%	7.25%
Long-term debt, gross	$ 700,000		$ 700,000
Senior Notes | 9.250% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate (as a percent)	9.25%	9.25%
Long-term debt, gross	$ 400,000

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 365,614
Additions	289
Retirements	(1,626)
Accretion expense	6,640
Balance at end of period	370,917
Less: current portion	(17,243)
Balance at end of period, noncurrent portion	$ 353,674	$ 346,868

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Nov. 16, 2022	Feb. 14, 2022
Commitments and Contingencies Disclosure [Abstract]
Civil penalty expense	$ 100,000	$ 900,000
Civil penalty per day	$ 500

Incentive Compensation Arrang_3

Incentive Compensation Arrangements - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expense (income)	$ 7,605	$ 11,115
ASC 718 liability-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expense (income)	(212)	7,220
ASC 718 equity-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expense (income)	1,553	0
ASC 718 equity-classified RSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expense (income)	391	0
ASC 718 equity-classified PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total expense (income)	$ 5,873	$ 3,895

Incentive Compensation Arrang_4

Incentive Compensation Arrangements - Narrative (Details) - RSUs - Directors, Officers and Employees - Subsequent Event	1 Months Ended
	Apr. 30, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	140,856
Granted (in USD per share) | $ / shares	$ 11.31
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance/vesting period	1 year
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance/vesting period	3 years

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) tranche	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Distributions to redeemable noncontrolling interests related to Manager Compensation		$ 9,471	$ 2,726
Affiliated Entity | John C. Goff
Related Party Transaction [Line Items]
Lease term		10 years
Lease, annual base rent		$ 276
Affiliated Entity | Management Agreement
Related Party Transaction [Line Items]
Agreement initial term (years)		3 years
Agreement additional initial term (years)		3 years
General and administrative expense		$ 3,900	3,300
Distributions to redeemable noncontrolling interests related to Manager Compensation		9,500	2,700
Accrual to redeemable noncontrolling interests		9,500
Accounts payable - affiliates		13,300		$ 13,300
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]
General and administrative expense		$ 5,900	3,900
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%
Affiliated Entity | Oil and gas investments
Related Party Transaction [Line Items]
Amount due from related party		$ 600		800
Amount due to related party		25,900		$ 14,000
Affiliated Entity | Other Transactions - New Notes | KKR Capital Markets LLC
Related Party Transaction [Line Items]
Amount of related party transaction		$ 1,100	$ 700
Affiliated Entity | Other Transactions - Debt Amendment | KKR Capital Markets LLC | Subsequent Event
Related Party Transaction [Line Items]
Amount of related party transaction	$ 1,500

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) shares in Millions	3 Months Ended
	Mar. 31, 2023 class	Mar. 31, 2022 shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of classes of equity | class	2
ASC 718 equity-classified PSU awards
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effective antidilutive shares (in shares) | shares		4.2

Earnings Per Share - Summary (D

Earnings Per Share - Summary (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net income (loss)	$ 255,611	$ (406,007)
Less: net loss attributable to Predecessor	0	0
Less: net (income) loss attributable to noncontrolling interests	(149)	(470)
Less: net (income) loss attributable to redeemable noncontrolling interests	(195,668)	321,477
Net income (loss) attributable to Crescent Energy - basic	59,794	(85,000)
Net income (loss) attributable to Crescent Energy - diluted	60,209	(85,000)
RSUs
Numerator:
Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of RSUs	$ 55	$ 0
Denominator:
Add: dilutive effect of RSUs (in shares)	50,579	0
PSUs
Numerator:
Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of RSUs	$ 360	$ 0
Denominator:
Add: dilutive effect of RSUs (in shares)	332,610	0
Class A
Denominator:
Weighted-average common stock outstanding - basic (in shares)	48,282,163	41,954,385
Weighted-average common stock outstanding - diluted (in shares)	48,665,352	41,954,385
Net income (loss) per share:
Common stock - basic (in USD per share)	$ 1.24	$ (2.03)
Common stock - diluted (in USD per share)	$ 1.24	$ (2.03)
Class B
Denominator:
Weighted-average common stock outstanding - basic (in shares)	118,645,323	127,536,463
Weighted-average common stock outstanding - diluted (in shares)	118,645,323	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) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	May 10, 2023	May 02, 2023
Subsequent Event [Line Items]
Common stock dividends declared per share (in USD per share)	$ 0.12
Common stock dividends paid per share (in USD per share)	0.12
Annual common stock dividends per share (in USD per share)	$ 0.48
Disposal Group, Held-for-sale, Not Discontinued Operations | Western Eagle Ford
Subsequent Event [Line Items]
Consideration received on disposition		$ 600