Mission Statement, Vision, & Core Values (2024) of Crescent Energy Company (CRGY)

An Overview of Crescent Energy Company (CRGY)

General Summary of Crescent Energy Company (CRGY)

Crescent Energy Company, established in 2021, is a publicly traded company listed on the NYSE under the ticker symbol CRGY. The company focuses on the acquisition, exploration, and development of oil and natural gas properties in the United States, primarily targeting the Eagle Ford and Permian basins.

As of 2024, Crescent Energy offers a diverse range of products and services, including:

• Oil and natural gas exploration and production
• Midstream services related to the transportation and processing of hydrocarbons
• Environmental and sustainability initiatives aimed at reducing the carbon footprint

In 2024, Crescent Energy reported total sales of $2.06 billion, reflecting a significant increase compared to previous years, driven by the ongoing expansion of its operational footprint and successful acquisitions.

Company's Financial Performance in the Latest Financial Reports

In the most recent financial report for the quarter ending September 30, 2024, Crescent Energy achieved record-breaking revenues totaling $744.9 million, representing a 16% increase from $642.4 million in the same quarter of the previous year. The significant growth was primarily fueled by rising oil prices and increased production volumes as a result of strategic acquisitions.

The company reported the following key financial metrics:

For the nine months ending September 30, 2024, Crescent Energy's total revenue reached $2.06 billion, compared to $1.72 billion in the prior year, marking a growth of 19%. The company's net income for this period was $32.3 million, a sharp recovery from a loss of $182 million in the same period the previous year.

Introduction to Crescent Energy as a Leading Company in the Industry

Crescent Energy has established itself as a leader in the oil and gas industry, particularly noted for its strategic acquisitions, including the significant SilverBow merger completed in July 2024, which expanded its operational capacity and market presence.

The company is recognized for its robust operational framework and commitment to sustainability, positioning itself favorably against competitors in the sector. Crescent Energy's focus on maximizing free cash flow through efficient capital management and operational excellence further solidifies its standing as a key player in the industry.

For those interested in understanding the dynamics of Crescent Energy's success and its strategic positioning in the market, further exploration of its financial strategies and operational methodologies is encouraged.

Mission Statement of Crescent Energy Company (CRGY)

Mission Statement of Crescent Energy Company

Crescent Energy Company (CRGY) articulates its mission statement as a commitment to delivering value for shareholders through disciplined growth and a focus on sustainable energy practices. The significance of this mission is paramount, as it serves as a guiding principle for the company's long-term strategies and operational decisions, ensuring that all efforts align with both financial performance and responsible stewardship of energy resources.

Core Component 1: Delivering Value for Shareholders

The first core component of Crescent Energy's mission is its commitment to delivering value for shareholders. This is evidenced by the company's financial performance metrics. For the nine months ended September 30, 2024, Crescent reported total revenues of $2.06 billion, up from $1.72 billion in the same period of 2023. The net income attributable to Crescent Energy for the same period was $32.3 million, demonstrating a significant recovery from a net loss of $131.1 million in 2023.

Core Component 2: Disciplined Growth Through Acquisition

The second core component emphasizes disciplined growth through acquisitions. In 2024, Crescent completed several strategic acquisitions to bolster its asset base. For instance, the company acquired interests in oil and gas properties for approximately $235.1 million in October 2023. This strategic focus on growth through acquisitions is reflected in the company's total assets, which increased to $9.25 billion as of September 30, 2024, compared to $6.80 billion at the end of 2023.

Core Component 3: Sustainable Energy Practices

The third core component of Crescent Energy's mission is its commitment to sustainable energy practices. Crescent is a participant in the Oil & Gas Methane Partnership 2.0 Initiative and has received Gold Standard pathway ratings for its efforts in measuring and managing methane emissions. The company's sustainability initiatives are integral to its operational strategy, as they help mitigate environmental risks while enhancing operational performance. This commitment is further illustrated by the establishment of a Sustainability Advisory Council to guide management on sustainability-related issues.

Vision Statement of Crescent Energy Company (CRGY)

Vision Statement Overview

Crescent Energy Company (CRGY) aims to be a leading energy producer in the U.S. by focusing on sustainable practices while delivering value to shareholders. As of 2024, the vision emphasizes a commitment to operational excellence, innovative technologies, and a responsible approach to energy production.

Commitment to Sustainable Practices

The 2024 vision statement highlights Crescent's dedication to sustainable energy production. This includes participation in initiatives such as the Oil & Gas Methane Partnership 2.0, which focuses on accurate reporting and mitigation of methane emissions. Crescent received Gold Standard pathway ratings in both 2022 and 2023, showcasing its commitment to sustainability.

Operational Excellence

Crescent Energy's vision includes a strong focus on operational efficiency and cost management. The company reported total revenues of $744.9 million for Q3 2024, a significant increase from $642.4 million in Q3 2023. The emphasis on reducing lease operating expenses and improving production efficiency underpins this commitment.

Innovative Technologies

As part of its vision, Crescent Energy is committed to leveraging innovative technologies to enhance production capabilities. The company focuses on deep, high-quality development inventory to ensure sustainable growth. Investments in advanced drilling technologies and data analytics are pivotal to driving operational improvements.

Financial Performance and Shareholder Value

Crescent aims to deliver consistent returns to shareholders. The company's net income for the nine months ending September 30, 2024, was reported at $32.3 million, demonstrating a robust financial performance despite the challenges in the energy sector.

Market Position and Strategic Growth

Crescent Energy's vision includes strategic growth through acquisitions and enhancing market share. The completion of the SilverBow Merger in July 2024 is a key component of this strategy, which expanded Crescent's operational footprint significantly.

Core Values of Crescent Energy Company (CRGY)

Core Value: Stewardship

The core value of stewardship emphasizes Crescent Energy's commitment to responsible management of resources and environmental sustainability. This value underlines the company's belief that being a responsible operator enhances both financial returns and societal benefits.

Crescent Energy is a participant in the Oil & Gas Methane Partnership 2.0 Initiative, having received Gold Standard pathway ratings in 2022 and 2023 for its methane emissions measurement plan. The company also established a Sustainability Advisory Council to guide its sustainability efforts. In 2023, Crescent released its third Sustainability Report, outlining its environmental initiatives.

Core Value: Integrity

Integrity is a foundational value at Crescent Energy, driving its commitment to ethical practices and transparency in all operations. The company strives to uphold the highest ethical standards in its dealings with stakeholders.

Crescent’s management team is guided by a robust code of ethics, which governs interactions with employees, partners, and the community. This commitment was evident in the company’s handling of the SilverBow Merger, where transparency was prioritized throughout the acquisition process.

Core Value: Innovation

Innovation at Crescent Energy reflects the company’s dedication to advancing technologies and practices that improve operational efficiency and reduce environmental impact. This value is crucial in a rapidly evolving energy sector.

The company has invested in advanced drilling technologies and data analytics to optimize production. As of September 30, 2024, Crescent reported an increase in production volumes, demonstrating the effectiveness of its innovative strategies.

Core Value: Collaboration

Collaboration is a key value that underscores Crescent Energy's approach to building strong partnerships with stakeholders, including employees, investors, and local communities. This value emphasizes teamwork and collective success.

The company actively engages with community stakeholders and participates in local initiatives. Crescent's commitment to collaboration is also reflected in its management agreement with KKR Energy Assets Manager LLC, which facilitates shared expertise and resources.

Core Value: Accountability

Accountability at Crescent Energy pertains to the responsibility each employee and leader has to uphold the company’s values and performance standards. This commitment ensures that actions align with the company's mission and objectives.

The company’s performance metrics include Adjusted EBITDAX and Levered Free Cash Flow, which are regularly reviewed to ensure accountability in financial performance. For the nine months ending September 30, 2024, Crescent reported an Adjusted EBITDAX of $356,139 thousand.

Updated on 16 Nov 2024

Resources:

1. Crescent Energy Company (CRGY) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Crescent Energy Company (CRGY)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Crescent Energy Company (CRGY)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.