Crescent Energy Prices 80 Million Shares At $12.50 To Help Fund Devon Eagle Ford Purchase
A KKR-affiliated holder agreed to buy 40 million shares, and underwriters took up their full 12 million-share option on Friday.
Crescent Energy priced an offering of 80,000,000 Class A shares at $12.50 each on Thursday, according to an 8-K filed Friday. The money is meant to pay part of the cash price of its planned purchase of Eagle Ford assets from Devon Energy.
What the 8-K says
Independence Energy Aggregator L.P., an affiliate of KKR & Co. that holds about 7.9% of Crescent's Class A stock, agreed to buy 40,000,000 of the shares at the public price and on the same terms as other buyers. When the deal launched Thursday, the company had said it intended to sell $1.0 billion of stock, and the KKR affiliate had indicated interest in up to $500,000,000.
The underwriters held a 30-day option on up to 12,000,000 more shares. The filing says they exercised it in full on Friday.
Crescent expects about $1,115.9 million in net proceeds, including the option shares, after underwriting discounts and offering expenses. Right after the offering closes, it will have 422,456,708 Class A shares outstanding.
J.P. Morgan Securities, KKR Capital Markets and Raymond James & Associates are the underwriters' representatives.
Where the money goes
Crescent intends to put the proceeds toward the cash price of the Devon Eagle Ford purchase. Until then, the proceeds will temporarily pay down borrowings on its revolving credit facility.
The offering does not depend on the Devon deal closing. If the purchase falls through, the money goes to general corporate purposes, including repaying debt of the company's subsidiaries.
The Devon deal was announced Thursday at $4.2 billion in cash, according to qz.com. The filing says it is expected to close in the fourth quarter of 2026 or early 2027, subject to conditions including the end of the waiting period under the Hart-Scott-Rodino antitrust law.
What to watch
The offering is expected to close on Tuesday, and the company will file its final prospectus supplement around then.
The next dated step is Tuesday's expected closing, when the 422,456,708-share count takes effect.
Sources
- 8-K Filing — Crescent Energy Co (CRGY) — SEC EDGAR
- Exhibit grgypricing8-koct2026xex991.htm — Crescent Energy Co 8-K exhibit — SEC EDGAR
- Exhibit crgypricing8-koct2026xex992.htm — Crescent Energy Co 8-K exhibit — SEC EDGAR
- Crescent Energy Company Announces Pricing of Public Offering of Class A Common Stock – Company Announcement - FT.com — Financial Times
- Crescent Energy Company Announces Public Offering of Class A Common Stock – Company Announcement - FT.com — Financial Times
- Devon Energy sells Eagle Ford shale assets to Crescent for $4.2B — qz.com
- Crescent Energy (CRGY) Is Spending $4.2 Billion On Eagle Ford Assets — Yahoo Finance
