$CRGY

Crescent Energy Q2 Adjusted Earnings, Revenue Rise; Quarterly Dividend Maintained

Crescent Energy (CRGY) reported Q2 adjusted earnings late Monday of $0.69 per diluted share, up from $0.40 a year earlier.Analysts polled by FactSet expected $0.59.Revenue for the three months ended June 30 was $1.39 billion, up from $898 million a year earlier.Analysts expected $1.26 billion.The company maintained its quarterly dividend at $0.12 per share, payable Aug. 31 to stockholders of record Aug. 17.

Earnings Flash (CRGY) Crescent Energy Posts Q2 Revenue $1.39B, vs. FactSet Est of $1.26B

Earnings Flash (CRGY) Crescent Energy Posts Q2 EPS $1.30, vs. FactSet Est of $0.50

US Land Rig Count Holds at 572 While Oilfield Services Stocks Decline, RBC Says

US active land drilling rigs held steady at 572 last week as the Permian added rigs, while oilfield services stocks declined and basin activity remained mixed, RBC Capital Markets said in a Monday note.The Baker Hughes (BKR) US land rig count remained unchanged at 572. Oil rigs held at 436 and gas rigs stayed at 127, while oil rigs increased by four over the month and gas rigs rose by one.The Permian added two rigs to 260, accounting for 59% of Lower 48 oil rigs and 45% of total US land rigs, according to RBC.Among drillers, Helmerich & Payne (HP) operated 90 Permian rigs, or 32% of the total, followed by Patterson-UTI (PTEN) with 32 rigs, or 11%, and Nabors Industries (NBR) with 29 rigs, or 10%, RBC said.Among operators, ExxonMobil (XOM) led the Permian with 35 rigs, followed by Devon Energy (DVN) and Occidental Petroleum (OXY) with 21 rigs each. Private operators accounted for 45% of active Permian rigs, up from 42% a year earlier.The Eagle Ford also added two rigs to 49. Among drillers, Helmerich & Payne operated 17 rigs, Nabors Industries had 12 and Patterson-UTI had seven, RBC said.Among operators, ConocoPhillips (COP) led the Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators accounted for 54% of active Eagle Ford rigs, up from 36% a year earlier, RBC said.The Williston rig count remained unchanged at 27. Among drillers, Nabors Industries operated 16 rigs, Patterson-UTI had seven and Helmerich & Payne had five, according to RBC.Among operators, Chord Energy (CHRD) led the Williston with five rigs, while Chevron (CVX) and ConocoPhillips each operated three. Public operators accounted for 37% of active rigs, compared with 38% a year earlier, RBC said.Oilfield services stocks under RBC coverage declined 3.3% over the week, while West Texas Intermediate crude fell 3.8%. Liberty Energy (LBRT) gained 7.8%, Baker Hughes rose 5.7% and Nabors Industries advanced 2.8%.The weakest performers were Atlas Energy Solutions (AESI), down 9.8%, Trican Well Service, down 11%, and Ensign Energy Services, down 11.6%.RBC added that its oilfield services coverage group has gained 30.1% year to date, compared with a 10.1% gain for the S&P 500 Index.Price: $60.46, Change: $-0.03, Percent Change: -0.05%

Higher Oil Prices Ease SM Energy, Crescent Energy Debt Concerns, Shift Focus to Execution, UBS Says

Higher crude prices have eased investor concerns over debt reduction at SM Energy (SM) and Crescent Energy (CRGY), shifting attention toward acquisition integration and operational execution, UBS said in a Monday note.UBS said its small- and mid-cap oil and gas coverage climbed about 9% on average in July, rebounding from a 21% average decline in the second quarter as West Texas Intermediate crude rose more than 20% amid Middle East tensions.The bank said the 2027 West Texas Intermediate strip has risen more than 8% to above $70 per barrel, strengthening cash flows and supporting deleveraging across much of the sector.Investor feedback following UBS' initiation of coverage on SM Energy and Crescent Energy centered on whether both companies could continue reducing debt if oil prices weaken. UBS said each company can still achieve that goal.UBS said sustained oil-price strength would likely shift investor attention toward execution on recent acquisitions. The bank expects second-quarter earnings to provide updates on operational improvements and synergy gains at both companies.Investors expressed confidence in SM Energy's management team and its plans to increase shareholder returns. Most questions focused on whether the company can lower debt enough to support higher capital returns in a weaker oil-price environment.UBS estimated SM Energy reaches cash-flow neutrality in fiscal 2027 before and after dividends at West Texas Intermediate prices of $49.30/bbl and $52.70/bbl, well below the current 2027 strip of near $71/bbl.Investors also questioned SM Energy's drilling inventory after the Civitas (CIVI) acquisition. UBS estimated reserve life at about 8.6 years following the South Texas sale, below the preferred 10-year level but broadly competitive with peers.UBS said additional appraisal across the Midland Basin, including the Woodford-Barnett interval and Wolfcamp D formation, could expand SM Energy's resource base. The bank also highlighted an 11% increase in 2025 Uinta proved reserves.Investors also sought UBS' view on Crescent Energy's acquisition strategy. The bank expects the company to eventually expand in the Texas Delaware Basin but believes management remains focused on integrating the Vital Energy (VTLE) acquisition and capturing synergies.UBS said investors viewed Crescent Energy's royalty business favorably and supported its estimate of $2.50 to $3.50 per share in equity value for Crescent Royalties.UBS said investors expressed fewer concerns about Crescent Energy's debt than SM Energy's despite both companies carrying leverage of about 2x at the end of the second quarter.Crescent Energy's projected debt of $5.0 billion, versus $6.5 billion for SM Energy, alongside first-quarter synergy capture of more than 120% of target, supports further debt reduction, the bank said.UBS lowered Crescent Energy's projected gas realizations to reflect weaker Waha pricing during the second quarter while raising expected oil realizations.The bank expects SM Energy to expand reserves primarily through discoveries and extensions as it develops acreage across its portfolio, rather than pursuing additional acquisitions to build inventory.UBS said SM Energy continues drilling appraisal and step-out wells across its Midland Basin position and plans to advance secondary bench testing on inherited CIVI acreage, particularly in the Wolfcamp D formation.UBS said SM Energy's integration of its Uinta assets demonstrates its ability to expand reserves organically.After acquiring the assets in 2024, the company increased proved reserves to 110.9 million barrels of oil equivalent at year-end 2025, including 37.3 million boe from discoveries, extensions and positive revisions.The bank expects similar execution on the acquired Permian assets to support future reserve growth and extend inventory.Price: $29.54, Change: $-0.76, Percent Change: -2.51%

US Land Drilling Activity Holds Firm Despite Minor Oil, Gas Rig Changes, RBC Says

US land drillers kept the active rig count unchanged at 572 over the week, with only minor shifts between oil and gas rigs, RBC Capital Markets said in a Sunday note.RBC said the Baker Hughes (BKR) US land rig count remained at 572. The US oil rig count fell by one to 436, while the gas rig count increased by one to 127, the note said.Oil rigs increased by eight over the month, while gas rigs added two. The Permian Basin lost one rig to 258, representing 59% of Lower 48 oil rigs and 45% of total US land rigs.RBC said Helmerich & Payne (HP) remained the largest Permian driller with 90 rigs, representing 33% of basin activity. Patterson-UTI Energy (PTEN) operated 33 rigs, accounting for 12%, while Nabors Industries (NBR) ran 29 rigs, or 11%.The note said Exxon Mobil (XOM) led Permian operators with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active rigs, up from 43% a year earlier.RBC said Eagle Ford activity remained unchanged at 47 rigs. Among drilling contractors, Helmerich & Payne led with 17 rigs, representing 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%.The note said ConocoPhillips (COP) led operators in the Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share to 53% from 38% a year earlier.Haynesville added one rig over the week to 56. Among drilling contractors, Helmerich & Payne led with 11 rigs, representing 18% of the total, followed by Independence Contract Drilling with nine rigs, or 15%, and Nabors Industries with eight rigs, or 13%.Apex remained the largest operator in the Haynesville with 14 rigs, while Adamas operated seven and Expand Energy (EXE) ran five. Private operators accounted for 74% of active rigs, compared with 70% a year earlier.RBC said its oilfield services coverage group advanced 1.1% over the week, while West Texas Intermediate crude climbed 7.8% during the same period.The note said Element Technical Services posted the strongest weekly gain at 15.8%, followed by SLB (SLB) at 11.6% and NOV (NOV) at 6.4%.RBC said Halliburton (HAL) declined 5.3%, Atlas Energy Solutions (AESI) dropped 15.0%, and Liberty Energy (LBRT) fell 27.2%. Its oilfield services coverage group has gained 34.1% over the year, compared with an 8.9% increase in the S&P 500 Index.

Permian Drives US Land Rig Count Higher, Oilfield Services Stocks Outperform S&P 500 YTD, RBC Says

The US active land rig count rose by seven over the week to 572 as oil drilling activity strengthened, led by Permian Basin gains, RBC Capital Markets said in a Friday note.Baker Hughes (BKR) reported that US oil land rigs increased by seven to 437 during the latest week, while the gas land rig count remained at 126. Oil rigs increased by 15 over the month, while gas rigs added four, RBC said.The Permian Basin added three rigs over the week to 259, accounting for 59% of Lower 48 oil rigs and 45% of total US land rigs, according to RBC.Helmerich & Payne (HP) remained the most active driller in the Permian with 90 rigs, accounting for 33% of the total, followed by Patterson-UTI Energy (PTEN) with 34 rigs and Nabors Industries (NBR) with 27, RBC said.Among operators, Exxon Mobil (XOM) led the Permian with 33 rigs, followed by Devon Energy (DVN) with 22 and Occidental Petroleum (OXY) with 20. Private operators accounted for 44% of active Permian rigs, up from 43% a year earlier, the note said.The Eagle Ford rig count held at 47. Helmerich & Payne remained the most active driller with 17 rigs, accounting for 33% of the total, followed by Nabors Industries with 12 rigs, or 24%, and Patterson-UTI Energy with seven rigs, or 14%, the note added.Among operators, ConocoPhillips (COP) led Eagle Ford with seven rigs, followed by EOG Resources (EOG) with six and Crescent Energy (CRGY) with four. Private operators increased their share of active rigs to 53% from 38% a year earlier.The Williston Basin also held steady at 27 rigs. Nabors Industries remained the leading driller with 16 rigs, followed by Patterson-UTI Energy with seven and Helmerich & Payne with five, according to RBC.Among operators, Chord Energy (CHRD) led Williston with five rigs, while Chevron (CVX) and ConocoPhillips (COP) each operated three. Public operators accounted for 40% of active rigs, up from 34% a year earlier, RBC said.Oilfield services stocks under RBC coverage gained 1.1% over the week as West Texas Intermediate crude climbed 11.5%.The top performers over the week included Patterson-UTI Energy, which gained 6.7%, followed by Nov (NOV), up 3.3%, and Precision Drilling (PDS), which advanced 3.1%, RBC said.The weakest performers included Baker Hughes (BKR), which fell 2.8%, Liberty Energy (LBRT), down 2.7%, and Enerflex (EFXT), which lost 2.6%. RBC said its oilfield services coverage has gained 32.8% year to date, compared with a 10.8% increase in the S&P 500 Index.

UBS Initiates Coverage on Crescent Energy With Buy Rating, $13 Price Target

Crescent Energy Company (CRGY) has an average rating of Buy and mean price target of $16.63, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

Crescent Energy Posts Q1 Earnings, Boosted by Oil, Gas Volume Gains

Crescent Energy Company (CRGY) reported Q1 earnings Monday, showing average daily net sales volumes of 341,000 barrels of oil equivalent per day, up from 258,000 boe/d a year earlier.Crescent reported that it had outperformed average daily net sales volume estimates of 328,000 boe/d by about 4%.The company reported average daily net oil sales volumes of 140,000 barrels per day for the quarter ended March 31, up from 102,000 b/d a year earlier.Average daily net sales volumes for natural gas rose to 743 million cubic feet per day for the quarter, up from 655 MMcf/d, the company said.The company reported average daily net sales for natural gas liquids at 77,000 b/d, up from 47,000 b/d a year earlier, it added.Crescent Energy said it has achieved about $120 million in cost savings to date from its Permian integration, ahead of its original target.The company drilled 38 operated wells in Q1 and brought 37 wells online, while capital expenditures reached $385 million for the quarter, it said.Crescent Energy completed two Eagle Ford mineral acquisitions totaling about $355 million in Q1 2026, expanding its portfolio with additional exposure to undeveloped resources.

Crescent Energy Q1 Adjusted Earnings Fall, Revenue Rises

Crescent Energy (CRGY) reported Q1 adjusted earnings late Monday of $0.53 per share, down from $0.57 a year earlier.Analysts polled by FactSet expected $0.38.Revenue in the three months ended March 31 rose to $1.18 billion from $950.2 million a year earlier.Analysts surveyed by FactSet expected $1.15 billion.

Earnings Flash (CRGY) Crescent Energy Posts Q1 Revenue $1.18 Billion, vs. FactSet Est of $1.15 Billion

Earnings Flash (CRGY) Crescent Energy Posts Q1 Adjusted EPS $0.53, vs. FactSet Est of $0.38