Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Dec. 31, 2025	Jan. 30, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2025
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	332-7001
Title of 12(b) Security	Class A Common Stock, par value $0.0001
Trading Symbol	CRGY
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1.3
Entity Common Stock, Shares Outstanding		327,900,272
Entity Central Index Key	0001866175
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Houston, Texas
Auditor Firm ID	34

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 10,157	$ 132,818
Restricted cash	725,702	5,490
Derivative assets – current	322,784	53,273
Prepaid expenses	46,309	42,595
Other current assets	13,271	11,640
Total current assets	1,861,057	788,088
Oil and natural gas properties at cost, successful efforts method
Proved	13,264,097	11,471,299
Unproved	413,444	374,306
Oil and natural gas properties at cost, successful efforts method	13,677,541	11,845,605
Field and other property and equipment, at cost	157,031	226,871
Total property, plant and equipment	13,834,572	12,072,476
Less: accumulated depreciation, depletion, amortization and impairment	(3,558,601)	(3,927,422)
Property, plant and equipment, net	10,275,971	8,145,054
Derivative assets – noncurrent	2,829	6,684
Investments in equity affiliates	8,146	13,810
Deferred tax asset	143,706	0
Other assets	151,498	207,013
TOTAL ASSETS	12,443,207	9,160,649
Current liabilities:
Derivative liabilities – current	0	2,698
Financing lease obligations – current	4,860	3,625
Other current liabilities	86,603	62,254
Total current liabilities	1,259,420	827,363
Long-term debt	5,524,128	3,049,255
Derivative liabilities – noncurrent	13,421	37,732
Asset retirement obligations	383,057	448,945
Deferred tax liability	11,671	370,329
Financing lease obligations – noncurrent	3,228	3,526
Other liabilities	82,847	55,539
Total liabilities	7,277,772	4,792,689
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests	0	1,228,329
Equity:
Preferred stock, $0.0001 par value; 500,000,000 shares authorized and 1,000 Series I preferred shares issued and outstanding as of December 31, 2025 and 2024	0	0
Treasury stock, at cost; 7,079,021 and 2,434,484 shares of Class A common stock as of December 31, 2025 and 2024, respectively	(71,054)	(32,430)
Additional paid-in capital	5,228,928	3,227,450
Retained earnings (accumulated deficit)	0	(64,751)
Noncontrolling interests	7,528	9,336
Total equity	5,165,435	3,139,631
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	12,443,207	9,160,649
Class A Common Stock
Equity:
Common stock	33	19
Class B Common Stock
Equity:
Common stock	0	7
Nonrelated Party
Current assets:
Accounts receivable, net	738,333	535,416
Current liabilities:
Accounts payable and accrued liabilities	1,121,678	740,452
Affiliated Entity
Current assets:
Accounts receivable, net	4,501	6,856
Current liabilities:
Accounts payable and accrued liabilities	$ 46,279	$ 18,334

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2025	Dec. 31, 2024
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
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)	334,979,293	189,505,209
Common stock outstanding (in shares)	327,900,272	187,070,725
Treasury stock (in shares)	7,079,021	2,434,484
Class B Common Stock
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)	0	65,948,124
Common stock outstanding (in shares)	0	65,948,124

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Total revenues	$ 3,579,782	$ 2,930,919	$ 2,382,602
Expenses:
Lease and asset operating expense	767,814	632,042	581,973
Workover expense	74,537	60,312	58,441
Gathering, processing and transportation	408,920	312,931	235,153
Production and other taxes	219,416	162,634	162,963
Depreciation, depletion and amortization	1,166,902	949,480	675,782
Impairment expense	254,551	161,542	153,495
Exploration expense	16,795	16,591	9,328
Midstream and other operating expense	116,945	110,136	39,809
General and administrative expense	472,160	336,219	140,918
(Gain) loss on sale of assets	(147,537)	(29,430)	0
Total expenses	3,350,503	2,712,457	2,057,862
Income (loss) from operations	229,279	218,462	324,740
Other income (expense):
Gain (loss) on derivatives	302,901	(114,348)	166,980
Interest expense	(298,432)	(216,263)	(145,807)
Loss from extinguishment of debt	(29,248)	(59,095)	0
Other income (expense)	(5,018)	1,760	(282)
Income (loss) from equity affiliates	2,188	729	(413)
Total other income (expense)	(27,609)	(387,217)	20,478
Income (loss) before taxes	201,670	(168,755)	345,218
Income tax benefit (expense)	(34,504)	31,072	(23,227)
Net income (loss)	167,166	(137,683)	321,991
Less: net (income) loss attributable to noncontrolling interests	(20,210)	1,215	(472)
Less: net (income) loss attributable to redeemable noncontrolling interests	(14,050)	21,863	(253,909)
Net income (loss) attributable to Crescent Energy	$ 132,906	$ (114,605)	$ 67,610
Class A Common Stock
Net income (loss) per share:
Basic (in USD per share)	$ 0.55	$ (0.88)	$ 1.02
Diluted (in USD per share)	$ 0.54	$ (0.88)	$ 1.02
Weighted average shares outstanding:
Basic (in shares)	242,060,311	130,715,482	66,597,580
Diluted (in shares)	245,058,221	130,715,482	67,402,222
Class B Common Stock
Net income (loss) per share:
Basic (in USD per share)	$ 0	$ 0	$ 0
Diluted (in USD per share)	$ 0	$ 0	$ 0
Weighted average shares outstanding:
Basic (in shares)	16,609,332	70,519,162	104,271,400
Diluted (in shares)	16,609,332	70,519,162	104,271,400
Oil
Revenues:
Total revenues	$ 2,372,726	$ 2,130,418	$ 1,750,961
Natural gas
Revenues:
Total revenues	673,540	349,858	371,066
Natural gas liquids
Revenues:
Total revenues	390,629	316,981	192,870
Midstream and other
Revenues:
Total revenues	$ 142,887	$ 133,662	$ 67,705

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Ridgemar Acquisition	Vital Energy Merger	Class A Common Stock	Class B Common Stock	Common Stock	Common Stock Class A Common Stock	Common Stock Class A Common Stock Ridgemar Acquisition	Common Stock Class A Common Stock Vital Energy Merger	Common Stock Class B Common Stock	Series I Preferred Stock	Treasury Stock	Treasury Stock Vital Energy Merger	Additional Paid-in Capital	Additional Paid-in Capital Ridgemar Acquisition	Additional Paid-in Capital Vital Energy Merger	Retained Earnings (Accumulated Deficit)	Noncontrolling Interest
Common Stock, Beginning balance (in shares) at Dec. 31, 2022							48,282,000			118,645,000
Preferred Stock, Beginning balance (in shares) at Dec. 31, 2022											1,000
Treasury Stock, Beginning balance (in shares) at Dec. 31, 2022												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)	68,082																67,610	472
Contributions	4,738																	4,738
Distributions	(2,500)																	(2,500)
Dividend to Class A common stock	(34,120)																(34,120)
Equity-based compensation (in shares)							80,000					(80,000)
Equity based compensation	39,785											$ 1,305		25,681				12,799
Change in deferred taxes related to basis differences associated with the Class A Conversions	(79,378)													(79,378)
Change in equity associated with the Class A Conversions (in shares)							30,597,000			(30,597,000)
Change in equity associated with the Class A Conversions	679,567						$ 3			$ (3)				679,567
Change in deferred taxes related to basis differences associated with Equity Transactions	(13,122)													(13,122)
Change in equity associated with the Equity Transactions (in shares)							12,650,000
Change in equity associated with the Equity Transactions	209,167						$ 1							209,166
Common Stock, Ending balance (in shares) at Dec. 31, 2023							91,609,000			88,048,000
Preferred Stock, Ending balance (in shares) at Dec. 31, 2023											1,000
Treasury Stock, Ending balance (in shares) at Dec. 31, 2023												1,071,000
Balance at end of period at Dec. 31, 2023	1,734,510						$ 9			$ 9	$ 0	$ (17,143)		1,626,501			95,447	29,687
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(115,820)																(114,605)	(1,215)
Contributions	4,280																	4,280
Distributions	(10,111)																	(10,111)
Dividend to Class A common stock	(65,075)													(19,482)			(45,593)
Equity-based compensation (in shares)							108,000
Equity based compensation	118,475													131,850				(13,375)
Change in deferred taxes related to basis differences associated with the SilverBow Merger	(31,454)													(31,454)
Change in deferred taxes related to basis differences associated with Equity Transactions	(53,272)													(53,272)
Repurchase of redeemable noncontrolling interest	723													653				70
Change in equity associated with the Equity Transactions (in shares)							44,525,000			(22,100,000)
Change in equity associated with the Equity Transactions	821,533						$ 5			$ (2)				821,530
Changes in equity associated with the SilverBow Merger (in shares)							51,562,000					630,000
Changes in equity associated with the SilverBow Merger	747,519						$ 5					$ (7,442)		754,956
Repurchases of Class A common stock (in shares)							(733,000)					(733,000)
Repurchases of Class A common stock	$ (11,677)											$ (7,845)		(3,832)
Common Stock, Ending balance (in shares) at Dec. 31, 2024				187,070,725	65,948,124		187,071,000			65,948,000
Preferred Stock, Ending balance (in shares) at Dec. 31, 2024	1,000										1,000
Treasury Stock, Ending balance (in shares) at Dec. 31, 2024				2,434,484								2,434,000
Balance at end of period at Dec. 31, 2024	$ 3,139,631						$ 19			$ 7	$ 0	$ (32,430)		3,227,450			(64,751)	9,336
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	153,116																132,906	20,210
Distributions	(8,432)																	(8,432)
Repurchase of noncontrolling interest	(33,333)													(18,966)				(14,367)
Dividend to Class A common stock	(115,121)													(46,966)			(68,155)
Equity-based compensation (in shares)							244,000					38,000
Equity based compensation	238,417											$ (416)		238,052				781
Change in deferred taxes related to basis in OpCo	(136,871)													(136,871)
Change in equity associated with the Equity Transactions (in shares)							2,949,000			(2,949,000)
Change in equity associated with the Equity Transactions	34,096													34,096
Changes in equity associated with the SilverBow Merger (in shares)							62,999,000	5,455,000	73,258,000	(62,999,000)			531,000
Changes in equity associated with the SilverBow Merger	1,176,668	$ 108,049	$ 643,808				$ 6	$ 1	$ 7	$ (7)			$ (4,738)	1,176,669	$ 108,048	$ 648,539
Cash distributions on behalf of former redeemable noncontrolling interest holders related to income taxes	(1,013)													(1,013)
Repurchases of Class A common stock (in shares)						(4,076,000)						(4,076,000)
Repurchases of Class A common stock	(33,470)											$ (33,470)
Other	$ (110)													(110)
Common Stock, Ending balance (in shares) at Dec. 31, 2025				327,900,272	0		327,900,000			0
Preferred Stock, Ending balance (in shares) at Dec. 31, 2025	1,000										1,000
Treasury Stock, Ending balance (in shares) at Dec. 31, 2025				7,079,021								7,079,000
Balance at end of period at Dec. 31, 2025	$ 5,165,435						$ 33			$ 0	$ 0	$ (71,054)		$ 5,228,928			$ 0	$ 7,528

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 167,166	$ (137,683)	$ 321,991
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	1,166,902	949,480	675,782
Impairment expense	254,551	161,542	153,495
Deferred income tax expense (benefit)	35,656	(35,854)	22,733
(Gain) loss on sale of assets	(147,537)	(29,430)	0
(Gain) loss on derivatives	(302,901)	114,348	(166,980)
Net cash (paid) received on settlement of derivatives	81,607	(35,854)	(153,734)
Non-cash equity-based compensation expense	245,468	185,613	82,936
Amortization of debt issuance costs, premium and discount	14,517	13,377	12,826
Loss from debt extinguishment	29,248	59,095	0
Settlement of acquired derivative contracts	83,142	60,787	(61,455)
Other	(29,228)	(32,640)	(24,205)
Changes in operating assets and liabilities:
Accounts receivable	69,340	111,405	(42,091)
Accounts receivable – affiliates	2,355	(4,748)	573
Prepaid and other current assets	12,536	3,223	(6,523)
Accounts payable and accrued liabilities	(31,962)	(128,016)	91,822
Accounts payable – affiliates	32,470	(25,144)	20,773
Other	(3,174)	(6,415)	7,826
Net cash provided by operating activities	1,680,156	1,223,086	935,769
Cash flows from investing activities:
Development of oil and natural gas properties	(951,035)	(685,684)	(581,350)
Acquisitions of oil and natural gas properties, net of cash acquired	(818,873)	(558,600)	(849,254)
Proceeds from the sale of oil and natural gas properties	847,143	54,771	28,946
Purchases of restricted investment securities – HTM	(23,355)	(7,114)	(12,428)
Maturities of restricted investment securities – HTM	23,432	7,200	12,522
Other	0	(8,872)	2,764
Net cash used in investing activities	(922,688)	(1,198,299)	(1,398,800)
Cash flows from financing activities:
Proceeds from the issuance of Senior Notes, after premium, discount and underwriting fees	591,750	2,074,625	984,625
Repurchase of Senior Notes, including extinguishment costs	(522,360)	(714,817)	0
Payment of debt issuance costs	(9,712)	(28,019)	(7,241)
Settlement of acquired deferred acquisition consideration	0	(75,000)	0
Proceeds from the Equity Issuances after underwriting fees	0	330,573	145,665
Payment of costs related to the Equity Issuances	0	(1,296)	(2,340)
Redeemable noncontrolling interest contributions	0	0	1,238
Redeemable noncontrolling interest distributions	0	(293)	(417)
Dividend to Class A common stock	(115,121)	(65,075)	(34,120)
Cash distributions to redeemable noncontrolling interests initiated by Class A common stock dividend	(7,560)	(32,013)	(56,259)
Cash distributions to redeemable noncontrolling interests initiated by Manager Compensation	(8,767)	(22,237)	(33,236)
Cash distributions to redeemable noncontrolling interests initiated by income taxes	(1,108)	(458)	(798)
Noncontrolling interest distributions	(8,432)	(10,111)	(2,500)
Noncontrolling interest contributions	0	4,280	1,771
Cash paid for treasury stock acquired for equity-based compensation tax withholding	(5,153)	(7,536)	(72)
Repurchases of Class A common stock	(33,470)	(7,845)	0
Other	(3,973)	(4,131)	(3,912)
Net cash provided by (used in) financing activities	(245,066)	207,392	456,456
Net change in cash, cash equivalents and restricted cash	512,402	232,179	(6,575)
Cash, cash equivalents and restricted cash, beginning of period	240,908	8,729	15,304
Cash, cash equivalents, and restricted cash, end of period	753,310	240,908	8,729
SilverBow Merger
Cash flows from financing activities:
Repayments of debt acquired in Merger, including extinguishment costs	0	(1,177,138)	0
Vital Energy Merger
Cash flows from financing activities:
Repayments of debt acquired in Merger, including extinguishment costs	(890,000)	0	0
Repurchased in Conjunction with Equity Transaction
Cash flows from financing activities:
Repurchase of redeemable noncontrolling interests related to 2024 Equity Transactions	0	(22,701)	0
Repurchased Directly with Cash
Cash flows from financing activities:
Repurchase of redeemable noncontrolling interests related to 2024 Equity Transactions	0	(9,916)	0
Prior Credit Agreement
Cash flows from financing activities:
Revolving Credit Facility borrowings	4,579,500	3,168,300	2,283,800
Revolving Credit Facility repayments	$ (3,810,660)	$ (3,191,800)	$ (2,819,748)

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Organization and Basis of Presentation Organization Crescent is a differentiated U.S. energy company committed to delivering value through a disciplined, returns-driven growth through acquisition strategy and consistent return of capital. Our long-life, balanced portfolio combines significant cash flow from stable production with deep, high-quality development inventory. Our activities are focused in the Eagle Ford, Permian Basin and Uinta Basin, and we own minerals and royalty interests across premier U.S. oil and natural gas basins, primarily operated by large, well-capitalized companies, with a core focus in the Eagle Ford. Corporate Structure Our Class A Common Stock is listed on the New York Stock Exchange under the symbol “CRGY.” Crescent is a holding company, the sole material assets of which are units ("OpCo Units") representing limited liability company interest in Crescent Energy OpCo LLC ("OpCo"). The assets and liabilities of OpCo represent substantially all of our consolidated assets and liabilities, with the exception of certain current and deferred taxes and certain liabilities under the Management Agreement, as defined within NOTE 14 – Related Party Transactions. Certain restrictions and covenants related to the transfer of assets from OpCo are discussed further in NOTE 8 – Debt. Shares of Crescent Class A common stock, par value $0.0001 per share ("Class A Common Stock"), have both voting and economic rights with respect to Crescent. . 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, $0.0001 par value per share, which entitles the holder thereof to appoint the Board of Directors of Crescent and to certain other approval rights. Corporate Simplification In April 2025, we announced that our corporate structure had been simplified through the elimination of the Company’s Up-C structure through the exercise by the holders of all remaining shares of Class B Common Stock, par value $0.0001 per share (“Class B Common Stock”), of their redemption rights with respect to all of their OpCo Units (the “Corporate Simplification”). Prior to the Corporate Simplification, the Up-C structure provided for holders of Crescent’s then-outstanding Class B Common Stock, which had voting (but no economic) rights with respect to Crescent, to hold a corresponding amount of economic, non-voting units of OpCo (“OpCo Units, which were generally redeemable or exchangeable for Class A Common Stock on the terms and conditions set forth in OpCo’s Amended and Restated Limited Liability Company Agreement (the “OpCo LLC Agreement”). Pursuant to the aforementioned exercise of such right in the Corporate Simplification, all OpCo Units (other than those held by Crescent) were exchanged for an equivalent number of shares of Class A Common Stock and all outstanding shares of Class B Common Stock were cancelled. As a result of the Corporate Simplification, all of the Company’s common stockholders now hold Class A Common Stock. See NOTE 14 – Related Party Transactions for more information. Basis of Presentation Our consolidated financial statements (the “financial statements”) include the accounts of the Company and its subsidiaries after the elimination of intercompany transactions and balances and are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). We have no elements of other comprehensive income for the periods presented. Crescent is a holding company that conducts substantially all of its business through its consolidated subsidiaries, including (i) OpCo, which, as of December 31, 2025, is wholly-owned by Crescent, and as of December 31, 2024, was 74% owned by Crescent and 26% owned by holders of our redeemable noncontrolling interests representing former owners of Independence, and (ii) Crescent Energy Finance LLC, OpCo's wholly owned subsidiary. Crescent and OpCo have no operations, or material cash flows, assets or liabilities other than their investment in Crescent Energy Finance LLC. As the sole managing member of OpCo, Crescent is responsible for all operational, management and administrative decisions related to OpCo’s business. Because the unit holders of OpCo lacked the characteristics of a controlling financial interest, OpCo was determined to be a variable interest entity. Crescent is considered the primary beneficiary of OpCo as it has both the power to direct OpCo and the right to receive benefits from OpCo. As a result, Crescent consolidates the financial results of OpCo and its subsidiaries, including Crescent Energy Finance LLC. See “— Corporate Structure” above for more information regarding our corporate structure. The financial statements include undivided interests in oil and natural gas properties. We account for our share of oil and natural gas properties by reporting our proportionate share of assets, liabilities, revenues, costs, and cash flows within the accompanying consolidated balance sheets, statements of operations, and statements of cash flows.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

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, valuation of derivative instruments and income taxes.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash deposited in commercial bank accounts and highly liquid investments purchased with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are maintained with major financial institutions in the U.S. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, the financial stability of the financial institutions is regularly monitored, and we believe that we do not have exposure to any significant default risk.

Restricted Cash

Restricted cash consists of funds earmarked for a special purpose and therefore not available for immediate and general use. Our restricted cash is comprised of cash that is contractually required to be restricted for a variety of purposes including to fund acquisitions and to pay for the future abandonment of certain wells. As of the date these financial statements are issued, restrictions associated with $713.7 million were released. Restricted cash is presented separately in current assets while the noncurrent portion is included in Other assets on our consolidated balance sheets.

The following table provides a reconciliation of cash and restricted cash presented on our balance sheets to amounts shown in our consolidated statements of cash flows:


	As of December 31,
	2025		2024		2023
	(in thousands)
Cash and cash equivalents	$	10,157	$	132,818	$	2,974
Restricted cash – current	725,702		5,490		261
Restricted cash – noncurrent	17,451		102,600		5,494
Total cash, cash equivalents and restricted cash	$	753,310	$	240,908	$	8,729

Accounts Receivable

We routinely assess the recoverability of our accounts receivable, which primarily comprise amounts due from (i) purchasers of our oil, natural gas and NGL production and (ii) joint interest owners on properties that we operate. We monitor our exposure to credit risk primarily by reviewing credit ratings, financial statements and payment history. We extend credit terms based on our evaluation of each counterparty’s creditworthiness. Generally, our oil and natural gas receivables are collected within 45 to 60 days of production. Our joint interest billings are collected within the month after they are billed, and we have the ability to withhold future revenue distributions to recover any nonpayment of our joint interest billings.

We establish allowances for credit losses equal to the estimable portions of accounts receivable for which failure to collect is expected to occur primarily based on a historical loss rate analysis. We estimate uncollectible amounts based on the length of time that the accounts receivables have been outstanding, historical collection experience and current and future economic and market conditions. We consider forecasts of future economic conditions in the estimate of our expected credit losses, in particular whether there is an increase in the probability that our counterparties will be unable to pay their obligations when due, and adjust our allowance for expected credit losses, when necessary. We established an allowance for expected credit losses of $7.4 million as of December 31, 2025 related to certain joint interest billings receivables for which we are no longer able to withhold future revenue distributions due to the sale of the attributable oil and gas properties. Our allowance for expected credit losses was nominal as of December 31, 2024. We incurred credit loss expense or bad debt expense related to our accounts receivable of $7.4 million during the year ended December 31, 2025, and we did not incur credit loss expense or bad debt expense related to our accounts receivable as of December 31, 2024, and 2023. We do not have any off-balance sheet credit exposure related to our customers.

Restricted Investment Securities

We hold U.S. Treasury securities, which are contractually required to be set aside to pay for the future abandonment of certain wells in California. Due to this restriction, we report these investment securities as noncurrent and include them within Other assets on our consolidated balance sheets.

We classify our investment in these debt securities at the acquisition date and re-evaluate the classification at each balance sheet date. We classify debt securities purchased with the positive intent and ability to hold until their maturity date as held-to-maturity investments (“HTM”) and carry these investments at amortized cost. Premiums and discounts on purchases are amortized over the remaining time to maturity of the security and the amortization is recorded as an adjustment to interest income. At each of December 31, 2025 and 2024, we had restricted investment securities – HTM with a carrying value of $7.2 million and $7.1 million, respectively.

Oil and Natural Gas Properties

Oil and natural gas producing activities are accounted for under the successful efforts method of accounting. Under this method, exploration costs, other than the costs of drilling exploratory wells, are charged to expense as incurred. Costs that are associated with the drilling of successful exploration wells are capitalized if proved reserves are found. Capitalized costs attributed to the properties are charged as an operating expense through depreciation, depletion and amortization (“DD&A”). Dry hole costs associated with developing proved fields are capitalized. Costs associated with the drilling of exploratory wells that do not find proved reserves, geological and geophysical costs and costs of certain non-producing leasehold costs are expensed once evaluated and determined to be a dry hole. We incurred exploration expense of $16.8 million, $16.6 million, and $9.3 million for the years ended December 31, 2025, 2024 and 2023, respectively, primarily related to seismic transfer fees associated with our acquisitions.

Delay and surface rentals are charged to expense as incurred. The costs to acquire mineral interests in oil and natural gas properties and lease acquisition costs are capitalized when incurred. If proved reserves are found on an undeveloped property, leasehold costs are transferred to proved properties.

The capitalized costs of producing oil and natural gas properties are depleted on a field-by-field basis using the units-of-production method based on the ratio of current production to estimated total net proved oil, natural gas and NGL reserves. Proved developed reserves are used in computing depletion rates for drilling and development costs and total proved reserves are used for depletion rates of leasehold costs.

Upon the sale of a complete or partial unit of a proved property or pipeline and related facilities, the cost and related accumulated DD&A are removed from the property accounts and any gain or loss is recognized.

Estimated dismantlement and abandonment costs for oil and natural gas properties are capitalized at their estimated net present value and amortized on a unit-of-production basis over the remaining life of the related proved developed reserves. Refer to Asset Retirement Obligations below for additional discussion.

During the years ended December 31, 2025, 2024 and 2023, we recognized depletion expense of $1.1 billion, $892.4 million and $626.6 million, respectively.

Other Property, Plant and Equipment

We have other property, plant, and equipment that consists principally of gathering and processing facilities, land, vehicles, computer hardware and software, office furniture and equipment, buildings and leasehold improvements. Other property, plant, and equipment, except land, is recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the respective assets which range from three to thirty years. Leasehold improvements are amortized over the shorter of their economic lives or the lease term. The cost of maintenance and repairs are expensed in the period incurred. Expenditures that extend the life or improve existing property and equipment are capitalized.

Impairment of Oil and Natural Gas Properties

Proved and unproved oil and natural gas properties are reviewed for impairment when events and circumstances indicate a possible decline in the recoverability of the carrying amount of such property. When a triggering event is identified, we compare the carrying amount of our oil and natural gas properties to the estimated undiscounted cash flows our oil and natural gas properties will generate to determine if the carrying amount is recoverable. We perform this analysis on an asset pool basis. If the carrying amount exceeds the estimated undiscounted cash flows, we will write-down the carrying amount of the oil and natural gas properties to fair value. The factors used to determine fair value include, but are not limited to, estimates of reserves, future commodity prices, future production estimates, and discount rates commensurate with the risk associated with realizing the projected cash flows.

During the year ended December 31, 2025, in conjunction with our asset divestitures, we determined certain of those assets were impaired and we recorded impairment expense of $233.7 million to write down those assets to the estimated transaction price less cost to sell. During the years ended December 31, 2024 and 2023, we determined that there were triggering events requiring the evaluation of the recoverability of certain of our oil and natural gas properties and recorded an impairment expense of $161.5 million and $149.6 million.

Investments in Equity Affiliates

If an entity is organized as a limited partnership or limited liability company and maintains separate ownership accounts, we generally account for our investment using the equity method if our ownership interest is between 3% and 50%, unless our interest is so minor that we have virtually no influence over the investee’s operating and financial policies. For all other types of investments, we generally apply the equity method of accounting if our ownership interest is between 20% and 50% and we exercise significant influence over the investee’s operating and financial policies. We eliminate our proportionate share of profits and losses from transactions with equity affiliates to the extent such amounts remain on our consolidated balance sheets (or those of our equity affiliates).

Under the equity method, our proportionate share of each investees' net income increases the balance of our investment, while a net loss or receipt of dividends decreases the balance of our investment. Our proportionate share of net income from our equity affiliates are reported as a single line item within income (loss) from equity affiliates in our consolidated statements of operations.

During the year ended December 31, 2023, we identified an indicator that the carrying value of our equity method investment was not recoverable and thus recorded an other-than-temporary impairment charge of $3.9 million.

Debt Issuance Costs

We capitalize costs incurred in connection with obtaining financing associated with our Revolving Credit Facility and the 2028 Notes, 2029 Notes, 2030 Notes, Vital 2032 Notes, 2032 Notes, 2033 Notes and 2034 Notes (each as defined below and collectively, the "Senior Notes") and amortize such costs as additional interest expense over the life of the underlying indebtedness. These costs include fees paid to financial institutions and professional fees. Debt issuance costs associated with our Revolving Credit Facility are included in Other assets in our consolidated balance sheets. Debt issuance costs associated with our Senior Notes are included as a contra-liability in Long-term debt in our consolidated balance sheets.

Revenue Recognition

Oil, Gas and NGL Revenues

We hold operated and non-operated working interests and mineral and royalty interests in producing assets that function as follows:

Operated working interests: We are responsible for the day-to-day management and operation of the field as well as negotiations required for post-production transportation, gathering, processing and marketing. We remit proceeds from sales of resulting hydrocarbons to third parties back to non-operators less costs as agreed in the applicable joint operating agreement. We sell oil production at the contractually specified delivery point, and collect an agreed-upon index price, net of pricing differentials. Under our natural gas contracts, we deliver natural gas to a midstream processor at a contractually specified delivery point. The midstream processor gathers and processes the natural gas and then markets and remits proceeds to us for the resulting sale of the residue gas and NGLs.

Non-operated working interests: An operator of these assets is responsible for the day-to-day management and operation of the field as well as negotiations required for post-production transportation, gathering, processing, and marketing. The operator then remits proceeds from sales of resulting hydrocarbons to third parties back to non-operators less costs as agreed in the applicable joint operating agreement. Proceeds reflect post-production expenses such as gathering, processing and other expenses incurred in marketing of that production.

Mineral and royalty interests: The owner of this share of production does not bear any of the cost of exploration, drilling, producing, operating or any other expense associated with drilling and producing an oil and gas well. Mineral and royalty interests may be burdened by some or all of the post-production costs related to gathering, processing and marketing.

Performance Obligations

Under product sales contracts, each unit of product generally represents a separate performance obligation. We record revenue for our product sales contracts at the point-in-time control of a commodity is transferred to the customer. However, settlement statements from non-operated working interests may not be received for 30 to 60 days after the date production is delivered, and as a result, we are required to estimate the amount of production delivered to the customer and the net commodity price that will be received for the sale of these commodity products.

At the end of the reporting period, we did not have any unsatisfied performance obligations. Our contracts with customers typically include variable consideration based on monthly pricing tied to local indices and volumes delivered in the current month. The nature of our contracts with customers does not require us to constrain variable consideration for accounting purposes.

Revenue is recognized to the extent it is determined that it is probable that a significant reversal will not occur. We record the differences between our revenue estimates and the actual amounts received in the month that payment is received from the operator.

Equity-Based Compensation Awards

Equity-based compensation awards include share-based payments that are issued to employees, directors and non-employees in exchange for services provided to us. Equity-classified share-based payment awards are recognized at fair value on the grant date, and amortized over the life of the award. Liability-classified share-based payment awards are remeasured at fair value until settlement. For awards with service-based vesting conditions only, we recognize compensation cost using straight-line attribution. For awards that contain market or performance conditions we use accelerated attribution. Our policy is to recognize forfeitures as they occur.

Equity-based compensation cost is presented as "General and administrative expense" on our consolidated statements of operations. See NOTE 13 – Equity-Based Compensation Awards for additional discussion.

Defined Contribution Plan

We offer our employees a defined contribution 401(k) Plan (the “401(k) Plan”) which allows eligible employees to make tax-deferred contributions, not to exceed annual limits established by the Internal Revenue Service. We match 100% of employee contributions up to a certain threshold of compensation with immediate vesting for existing employees. During the years ended December 31, 2025, 2024, and 2023, we made contributions of $6.4 million, $4.5 million and $4.2 million, respectively, to the plan.

Business Combinations

We recognize the identifiable assets acquired and liabilities assumed at the estimated acquisition date fair values. Fair value is the price that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market

participants at the measurement date. The fair value measurement is based on the assumptions of market participants and not those of the reporting entity. Therefore, entity-specific intentions do not impact the measurement of fair value. These fair values are accounted for at the date of acquisition and included in our consolidated balance sheets as of December 31, 2025 and 2024. The results of operations of an acquired business are included in our consolidated statements of operations from the date of the acquisition.

Assets Held for Sale

We may market certain non-core natural gas and oil assets or other properties for sale. At the end of each reporting period, we evaluate if these assets should be classified as held for sale. The held for sale criteria includes the following: management commits to a plan to sell, the asset is available for immediate sale, an active program to locate a buyer exists, the sale of the asset is probable and expected to be completed within a year, the asset is actively being marketed for sale and that it is unlikely that significant changes to the plan will be made. If each of the criteria are met, then the assets and associated liabilities are classified as held for sale. Additionally, once assets are classified as held for sale, we cease depreciation on those related assets.

Credit and Concentration Risk

We sell a significant amount of our oil, natural gas and NGL production to a limited number of purchasers. This concentration has the potential to impact our overall exposure to credit risk, either positively or negatively, in that our purchasers may be similarly affected by changes in economic, industry or other conditions. If these counterparties were to fail to pay amounts due to us, our financial position and results of operations could be materially affected.

The below purchasers represented greater than 10% of our revenues during the years ended December 31, 2025, 2024 and 2023:


	2025	2024	2023
Shell Trading US Company	21.4%	23.7%	18.3%
ConocoPhillips	13.5%	16.5%	*
Enterprise Products Partners L.P.	11.7%	*	*

*Purchaser did not account for greater than 10% of revenue for the year

We believe that the loss of any of our purchasers would not result in a material adverse effect on our ability to market future oil and natural gas production.

Risks and Uncertainties

Our future financial condition, results of operations and cash flows are dependent on the demand and prices received for oil, natural gas and NGL production. These prices historically have been volatile, and we expect such volatility to continue in the future, as they are subject to wide fluctuation in response to relatively minor changes in the supply of and demand for oil, natural gas and NGL, market uncertainty and a variety of additional factors beyond our control. These factors include weather conditions, government regulations and taxes, the price and availability of alternative fuels and overall economic conditions. A decline in oil, natural gas or NGL prices may adversely affect our financial position, cash flows and results of operations. Lower oil, natural gas or NGL prices also may reduce the amount of oil, natural gas and NGL that can be produced economically.

Our revenues are derived principally from uncollateralized sales to numerous companies in the oil and natural gas industry; therefore, our customers may be similarly affected by changes in economic and other conditions within the industry.

Risk Management

We periodically enter into derivative contracts to manage our exposure to commodity price and interest rate changes. These derivative contracts may take the form of forward contracts, futures contracts, swaps, swaptions, collars or other options. We do not use derivative contracts for speculative purposes and have not designated any derivative instruments as hedging instruments for accounting purposes. As such, unrealized gains and losses from changes in the valuation of our unsettled derivative contracts, as well as realized gains and losses on the settlement of derivative contracts, are reported in Gain (loss) on derivatives in our consolidated statements of operations.

Such derivative instruments are initially recorded at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value at each reporting date. Derivatives are carried as assets when the fair value is positive or as liabilities when the fair value is negative and are classified as current and long term based on the delivery periods of the financial instruments. If the right of offset exists and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on our consolidated balance sheets.

See NOTE 6 – Fair Value Measurements for additional discussion.

Contingencies

Certain conditions may exist as of the date our financial statements are issued, which may result in a loss to us but which will only be resolved when one or more future events occur or fail to occur. In the preparation of our financial statements, management assesses the need for accounting recognition or disclosure of these contingencies, if any, and such assessment inherently involves an exercise in judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, our management and legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

When applicable, we will accrue an undiscounted liability for contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum amount within the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when it is believed to be only reasonably possible or remote.

For contingencies where an unfavorable outcome is reasonably possible and the impact would be material, we disclose the nature of the contingency and, if feasible, an estimate of the possible loss or range of loss. Loss contingencies considered remote are generally not disclosed. See NOTE 12 – Commitments and Contingencies.

Income Taxes

Crescent is a holding company and its sole material asset is OpCo Units. OpCo is a partnership and is generally not subject to U.S. federal and certain state taxes. Crescent is subject to U.S. federal and certain state taxes on our allocable share of any taxable income of OpCo. Taxable income or loss generated by OpCo is generally allocated and passed through to the holders of OpCo Units, including Crescent, based on their proportionate share of OpCo Unit ownership. Following the 2025 Class A Redemption (as defined below) and the Corporate Simplification, the Company is the sole holder of all outstanding OpCo Units.

On July 4, 2025, the OBBBA was enacted into law. The OBBBA is a significant piece of tax legislation that includes provisions that permanently restore an EBITDA-based section 163(j) calculation for tax years beginning after December 31, 2024 and 100% bonus depreciation under section 168(k) for property acquired and placed in service after January 19, 2025, deferring the recognition of a significant portion of current federal tax for multiple years.

The amount of income taxes we record requires interpretations of complex rules and regulations of various tax jurisdictions throughout the United States. We recognize deferred tax assets and liabilities for temporary differences, operating losses and tax credit carryforwards. Temporary differences arise when there are differences between the financial statement carrying amount and the tax basis of existing assets and liabilities as these differences create taxable or tax-deductible amounts for future periods. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized. For additional information regarding income taxes, see NOTE 11 – Income Taxes.

Accounting Standards Codification (“ASC") Topic 740, Income Taxes, specifies the accounting for uncertainty in income taxes by prescribing a minimum recognition threshold for a tax position to be reflected in the financial statements. If recognized, the tax benefit is measured as the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement. Management has considered the amounts and the probabilities of the outcomes that could be realized upon ultimate settlement and believes that it is more likely than not that the Company's recorded income tax benefits will be fully realized, or recognizes a valuation allowance against deferred tax assets in cases where we do not forecast sufficient future income to recognize the deferred tax asset.

Leases

We record a net operating lease right-of-use ("ROU") asset and operating lease liability on the consolidated balance sheets for all operating leases with a lease term in excess of 12 months.

We enter into contractual lease arrangements to rent buildings, compressors, drilling rigs, office and rental equipment and vehicles from third-party lessors. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make future lease payments arising from the lease. Operating lease ROU assets and liabilities are recorded at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets. We recognize lease expense for these short-term leases on a straight-line basis over the lease term. We use our incremental borrowing rate based on the information available at commencement date of the contract in determining the present value of future lease payments. The incremental borrowing rate is calculated using our collateralized incremental borrowing rate based on our debt structure. The operating lease ROU asset also includes any lease incentives received in the recognition of the present value of future lease payments. Certain of our leases may also include escalation clauses or options to extend or terminate the lease. These options are included in the present value recorded for the leases when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

If an arrangement is determined to be a lease, we record the resulting ROU asset on the consolidated balance sheets with offsetting liabilities at the commencement date. We recognize a lease in the financial statements when the arrangement either explicitly or implicitly involves property, plant or equipment ("PP&E"), the contract terms are dependent on the use of the PP&E, and we have the ability or right to control the PP&E or to direct others to control the PP&E and receive the majority of the economic benefits of the assets. As of December 31, 2025 and 2024, we had financing right-of-use asset of $23.3 million and $18.4 million in field and other property and equipment, at cost, and operating right-of-use asset of $81.3 million and $66.6 million in Other assets, respectively. During the year ended December 31, 2025 we recorded an impairment on our ROU assets of $20.8 million as part of our restructuring costs.

Asset Retirement Obligations

An ARO represents the legal obligation associated with the future abandonment of tangible assets, such as wells, service assets, pipelines, and other facilities. We record an ARO liability and capitalize the asset retirement cost in oil and natural gas properties in the period in which the ARO liability is incurred based upon the estimated fair value of the obligation to perform site reclamation, dismantle facilities or plug and abandon wells. After recording these amounts, the ARO liability is accreted to its future estimated value using an estimated credited-adjusted risk-free rate and the capitalized asset retirement cost is depleted on a unit-of-production basis. Both the accretion expense and the depletion expense are included in Depreciation, depletion and amortization expense on our consolidated statements of operations.

Measuring the future ARO liability requires management to make estimates, assumptions and judgments inherent in the present value calculation including the ultimate costs, inflation factors, credit adjusted discount rates, timing of settlement and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the present value of the existing ARO liability, a corresponding adjustment is made to the related asset. If the ARO liability is settled for an amount other than the recorded amount, a gain or loss is recognized at settlement and included in Depreciation, depletion and amortization expense on our consolidated statements of operations.

See NOTE 9 – Asset Retirement Obligations.

Environmental Expenditures

In addition to our ARO liability, management also reviews our estimates of the cleanup costs of various sites on an annual basis. When it is probable that obligations have been incurred, and where a reasonable estimate of the cost of compliance or remediation can be determined, the applicable amount is accrued. For other potential liabilities, the timing of accruals coincides with the related ongoing site assessments. We do not discount any of these liabilities. Recoveries for environmental remediation costs from third parties, which are probable of realization, are separately recorded and are not offset against the related environmental liability. As of December 31, 2025 and 2024, we did not have any significant probable environmental remediation costs.

Supplemental Cash Flow Disclosures

The following are our supplemental cash flow disclosures for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized	$	272,765	$	141,760	$	113,796
Income tax payments (refunds)	9,968		1,851		(1,391)
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	181,631		180,172		83,841
Equity consideration for acquisitions	730,684		611,423		—
Right-of-use assets obtained in exchange for leases	67,046		62,468		29,624

Recent Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 prospectively during 2025, see NOTE 11 – Income Taxes.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which requires an entity involved in an acquisition

transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business to consider the factors in paragraphs 805-10-55-12 through 55-15 to determine which entity is the

accounting acquirer. ASU 2025-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-03.

Acquisitions and Divestitures

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions and Divestitures

During the three years ended December 31, 2025, we completed the following acquisitions and divestitures:

Acquisitions

Vital Energy Merger

In December 2025, we consummated the transactions contemplated by the Agreement and Plan of Merger, dated August 24, 2025 (the "Vital Energy Merger Agreement") (the transactions contemplated within the Vital Energy Merger Agreement, the "Vital Energy Merger"), between Crescent, Venus Merger Sub I Inc. ("Venus MS Inc."), Venus Merger Sub II LLC ("Venus MS LLC") and Vital Energy, Inc. ("Vital"). The Vital Energy Merger has been accounted for as a business combination using the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations ("ASC 805"), with Crescent being identified as the accounting acquirer.

Venus MS Inc., a wholly owned subsidiary of Crescent, merged with and into Vital, with Vital continuing as the surviving corporation (the "First Company Merger"). Immediately following the First Company Merger, Vital merged with and into Venus MS LLC, a direct, wholly owned subsidiary of Crescent, with Venus MS LLC continuing as the surviving company (the "Second Company Merger"). Promptly following the completion of the Second Company Merger, Crescent effected an internal

reorganization for financing purposes pursuant to which the surviving company was contributed to OpCo and subsequently to Crescent Energy Finance LLC, the operating subsidiaries of Crescent Energy Finance LLC were contributed to the surviving company, and the surviving company was merged with and into Crescent Energy Finance LLC, with Crescent Energy Finance LLC surviving the merger.

In accordance with the terms of the Vital Energy Merger Agreement, each share of Vital common stock issued and outstanding immediately prior to the Effective Time, was converted into the right to receive from Crescent 1.9062 shares of Crescent Class A common stock, with cash paid in lieu of any fractional shares of Crescent Class A common stock. Each Vital restricted stock award that was outstanding immediately prior to the Vital Energy Merger vested in full and was cancelled and converted into the right to receive, without interest, the merger consideration in respect of each share of Vital common stock subject thereto, with cash paid in lieu of any fractional shares of Crescent Class A common stock. Each Vital cash-settled performance unit that was outstanding immediately prior to the Effective Time vested in full, with performance conditions deemed to have been satisfied at the target performance level, and was cancelled and converted into the right to receive a lump-sum cash payment equal to the product of (i) the total number of shares of Vital common stock subject to such Vital cash-settled performance unit and (ii) the closing trading price per share of Vital common stock reported on the NYSE on the trading day immediately preceding the closing of the Vital Energy Merger, less applicable tax withholdings.

The initial accounting for the Vital Energy Merger is preliminary, and adjustments to provisional amounts (such as certain accrued liabilities and deferred tax assets) or recognition of additional assets acquired or liabilities assumed, may occur as additional information is obtained about facts and circumstances that existed as of the acquisition date during the measurement period, which will not exceed 12 months from the date of the Vital Energy Merger.

Crescent issued 73.3 million shares of Class A Common Stock in the Vital Energy Merger and paid $3.7 million in cash to settle outstanding Vital equity awards. See NOTE 13 – Equity-Based Compensation Awards.

From the date of the Vital Energy Merger through December 31, 2025, revenues and net income associated with operations acquired through the Vital Energy Merger were $76.1 million and $18.1 million, respectively. We recognized transaction related expenses of $78.3 million within General and administrative expense on the consolidated statements of operations for the year ended December 31, 2025.

Ridgemar Acquisition

On December 3, 2024, we entered into the Ridgemar Acquisition Agreement, pursuant to which we acquired all of the outstanding equity interests in Ridgemar (Eagle Ford) LLC (“Ridgemar”). On January 31, 2025, we acquired all of the outstanding equity interests in Ridgemar for $807.2 million in cash and 5.5 million shares of our Class A Common Stock. In addition, up to $170.0 million in contingent earn-out consideration may be paid in fiscal years 2026 and 2027 if quarterly NYMEX WTI prices of crude oil are above certain thresholds in 2026 and 2027. We accounted for the Ridgemar Acquisition as an asset acquisition.

SilverBow Merger

On July 30, 2024, we consummated the transactions contemplated by the Agreement and Plan of Merger, dated May 15, 2024 (the transactions contemplated therein, the "SilverBow Merger"), between Crescent, SilverBow Resources, Inc. ("SilverBow"), Artemis Acquisition Holdings Inc. ("Artemis Holdings"), Artemis Merger Sub Inc. ("Artemis MS Inc.") and Artemis Merger Sub II LLC ("Artemis MS LLC"). The SilverBow Merger has been accounted for as a business combination using the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations ASC 805, with Crescent being identified as the accounting acquirer.

Artemis MS Inc., a Delaware corporation and a direct wholly owned subsidiary of Crescent, merged with and into SilverBow (the "Initial Merger"), with SilverBow surviving the merger (the "Initial Surviving Corporation"), and immediately following the Initial Merger, the Initial Surviving Corporation merged with and into Artemis MS LLC, a Delaware limited liability company and a direct, wholly owned subsidiary of Artemis Holdings, a Delaware corporation and a direct wholly owned subsidiary of Crescent (the "Subsequent Merger" and together with the Initial Merger, the "Mergers"), with Artemis MS LLC continuing as the surviving company of the Subsequent Merger (the "Subsequent Surviving Company") as a direct wholly owned subsidiary of Artemis Holdings. Promptly following the completion of the Mergers, Artemis Holdings contributed the Subsequent Surviving Company to OpCo, a Delaware limited liability company, of which Crescent is the managing member, which in turn contributed the Subsequent Surviving Company to its wholly owned subsidiary, Crescent Energy Finance, a Delaware limited liability company.

Subject to the terms and conditions of the Merger Agreement, each share of SilverBow's common stock, par value $0.01 per share ("SilverBow Common Stock") issued and outstanding immediately prior to the merger close date, was converted into the right to receive, pursuant to an election made and not revoked, one of the following forms of consideration: (A) 3.125 shares of Crescent Class A Common Stock, (B) a combination of 1.866 shares of Crescent Class A Common Stock and $15.31 in cash or (C) $38.00 in cash, subject to an aggregate cap of $400.0 million on the total cash consideration payable for the SilverBow Common Stock in the SilverBow Merger. The Merger Agreement also provided that each outstanding SilverBow restricted stock unit, performance-based stock unit (assuming maximum performance) and in-the money stock option, whether vested or unvested, held by certain employees and directors of SilverBow (collectively, the "SilverBow Equity Awards") became fully vested and was canceled and converted into a right to receive a cash payment (less the exercise price in the case of stock options) or, in the case of the restricted stock units and performance-based stock units, a partial cash payment and partial settlement in shares of Crescent Class A Common Stock. Each stock option with an exercise price that equaled or exceeded the amount of such cash payment was cancelled for no consideration. See the table below for consideration transferred and final purchase price allocation. Crescent issued 51.6 million shares of Class A Common Stock in the SilverBow Merger and paid $382.4 million in cash to former SilverBow shareholders, including amounts payable in respect of outstanding SilverBow equity awards. See NOTE 13 – Equity-Based Compensation Awards.

From the date of the SilverBow Merger through December 31, 2024, revenues and net income associated with operations acquired through the SilverBow Merger were $430.2 million and $156.9 million, respectively. We recognized transaction related expenses of $42.8 million within General and administrative expense on the consolidated statements of operations for the year ended December 31, 2024.

As part of the SilverBow Merger we acquired a deferred acquisition liability from historical SilverBow acquisitions. Per the terms of the acquired contract we were required to make a $75.0 million payment in the fourth quarter of 2024 related to deferred purchase consideration of $50.0 million and a WTI-based contingent earn-out payment of $25.0 million since the average settlement price of WTI was between $75 per barrel and $80 per barrel during the 12-month period that began in December 2023.

During 2024 and 2025 we reorganized our business, primarily as a result of the Vital Energy Merger, SilverBow Merger and divestitures, which included one-time termination costs and exit costs for the closure of legacy corporate offices. As of December 31, 2025 and December 31, 2024, we expected the total amount of one-time employee termination benefits incurred to be $51.3 million and $11.4 million, and lease termination and other costs of $10.9 million and $5.5 million, respectively. During the years ended December 31, 2025 and 2024, we recognized $46.3 million and $14.3 million in General and administrative expense, and $15.9 million and $2.7 million in Lease and asset operating expense, respectively, on the consolidated statements of operations. The following is a reconciliation of our restructuring liability, which is included within Accounts payable and accrued liabilities on the consolidated balance sheets.


	One-time employee termination benefits		Lease termination and other costs		Total
	(in thousands)
December 31, 2023	$	—	$	—	$	—
Costs incurred and charged to expense	11,433		5,516		16,949
Costs paid	(6,531)		(5,516)		(12,047)
December 31, 2024	$	4,902	$	—	$	4,902
Costs incurred and charged to expense	51,267		10,920		62,187
Costs paid	(4,003)		(1,767)		(5,770)
December 31, 2025	$	52,166	$	9,153	$	61,319

Other Acquisitions

Webb Gas Acquisition

In January 2025, we acquired additional interests in Crescent operated oil and gas properties located in Webb County, Texas from unaffiliated third parties for aggregate consideration of approximately $21.2 million, subject to customary post closing adjustments (the “Webb Gas Acquisition”).

Minerals Acquisition

In July 2025, we acquired a portfolio of oil and natural gas mineral interests located in various U.S. oil and gas basins from an unrelated third-party for total cash consideration of approximately $67.9 million, subject to customary purchase price adjustments (the "Minerals Acquisition"). The purchase price was funded using borrowings under our Revolving Credit Facility.

Central Eagle Ford Acquisition

In October 2024, we acquired from unaffiliated third parties certain interests in oil and gas properties, rights and related assets located in Atascosa, Frio, La Salle and McMullen Counties, Texas for aggregate consideration of approximately $156.0 million, including certain customary purchase price adjustments in the Central Eagle Ford Acquisition.

The Central Eagle Ford Acquisition has been accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805, with Crescent being identified as the accounting acquirer. From the date of the Central Eagle Ford Acquisition through December 31, 2024, revenues and net income associated with operations acquired through the Central Eagle Ford Acquisition were $10.4 million and $3.1 million, respectively. We recognized transaction related expenses of $5.6 million within General and administrative expense on the consolidated statements of operations for the year ended December 31, 2024.

Eagle Ford Minerals Acquisition

In February 2024, we acquired a portfolio of oil and natural gas mineral interests located in the Karnes Trough of the Eagle Ford Basin from an unrelated third-party (the "Eagle Ford Minerals Acquisition") for total cash consideration of approximately $25.0 million, including customary purchase price adjustments. The purchase price was funded using borrowings under our Revolving Credit Facility.

Western Eagle Ford Acquisitions

In July 2023, we consummated the acquisition contemplated by the Purchase and Sale Agreement, dated as of May 2, 2023, between our subsidiary and Comanche Holdings, LLC ("Comanche Holdings") and SN EF Maverick, LLC ("SN EF Maverick," and together with Comanche Holdings, the "Seller"), pursuant to which we agreed to acquire operatorship and incremental working interests (the "July Western Eagle Ford Acquisition") in certain of our existing Western Eagle Ford assets from the Seller for aggregate cash consideration of approximately $592.7 million, including capitalized transaction costs and certain final purchase price adjustments.

In October 2023, we consummated the unrelated acquisition contemplated by the Purchase and Sale Agreement, dated as of August 22, 2023, between our subsidiary and an unaffiliated third party, pursuant to which we agreed to acquire certain incremental working interests in oil and natural gas properties (the "October Western Eagle Ford Acquisition," and together with the July Western Eagle Ford Acquisition, the "Western Eagle Ford Acquisitions") in certain of our existing Western Eagle Ford assets from the seller for aggregate cash consideration of approximately $235.1 million, including certain customary purchase price adjustments.

Consideration Transferred

The following table summarizes the consideration transferred and the net assets acquired for our significant asset acquisitions and business combinations during the three years ended December 31, 2025 that impact the periods presented:


	Asset Acquisitions												Business Combinations
	Minerals Acquisition		Ridgemar Acquisition		Webb Gas Acquisition		Eagle Ford Minerals Acquisition		July Western Eagle Ford Acquisition		October Western Eagle Ford Acquisition		Vital Energy Merger		SilverBow Merger		Central Eagle Ford Acquisition
Acquisition period	2025						2024		2023				2025		2024
	(in thousands)
Consideration transferred:
Cash consideration:
Cash	$	67,369	$	807,247	$	21,204	$	25,000	$	592,735	$	235,069	$	—	$	358,092	$	156,031
Settlement of Equity Awards in cash	—		—		—		—		—		—		3,693		18,858		—
Equity consideration:
Fair value of Class A Common Stock issued	—		82,145		—		—		—		—		640,982		595,294		—
Settlement of Equity Awards in Class A Common Stock	—		—		—		—		—		—		7,557		16,129		—
Fair value of contingent earn-out consideration	—		51,746		—		—		—		—		—		—		—
Transaction costs capitalized	490		18,484		—		—		—		—		—		—		—
Total	$	67,859	$	959,622	$	21,204	$	25,000	$	592,735	$	235,069	$	652,232	$	988,373	$	156,031
Assets acquired and liabilities assumed:
Cash and cash equivalents	$	—	$	—	$	—	$	—	$	—	$	—	$	122,923	$	5,200	$	—
Accounts receivable, net	—		1,150		—		—		—		—		279,731		135,210		—
Derivative assets – current	—		—		—		—		—		—		184,247		100,601		—
Prepaid expenses	—		—		—		—		355		—		25,857		6,154		—
Other current assets	—		—		—		—		—		—		—		945		—
Oil and natural gas properties - proved	57,200		988,758		21,204		12,865		595,025		239,573		2,207,966		1,985,363		144,085
Oil and natural gas properties - unproved	11,044		—		—		12,135		22,310		9,819		137,055		229,459		—
Field and other property and equipment	—		3,240		—		—		—		—		50,156		4,586		17,848
Derivative assets – noncurrent	—		—		—		—		—		—		2,471		37,870		—


Deferred tax asset	—		—		—		—		—		—		695,291		—		—
Other assets	—		—		—		—		—		—		62,847		25,199		—
Accounts payable and accrued liabilities	(385)		(9,565)		—		—		(12,668)		(5,790)		(421,231)		(198,831)		(1,212)
Acquired deferred acquisition consideration	—		—		—		—		—		—		—		(76,550)		—
Other current liabilities	—		(573)		—		—		—		—		(30,465)		(10,029)		—

Short-term debt	—		—		—		—		—		—		—		(37,500)		—
Long-term debt	—		—		—		—		—		—		(2,490,578)		(1,103,125)		—
Deferred tax liability	—		—		—		—		—		—		—		(79,070)		—
Derivative liabilities – noncurrent	—		—		—		—		—		—		(7,329)		—
Asset retirement obligations	—		(22,855)		—		—		(10,541)		(7,908)		(127,821)		(25,683)		(4,690)
Other liabilities	—		(533)		—		—		(1,746)		(625)		(38,888)		(11,426)		—
Net assets acquired	$	67,859	$	959,622	$	21,204	$	25,000	$	592,735	$	235,069	$	652,232	$	988,373	$	156,031

Supplemental Pro Forma Information (Unaudited)

The following table summarizes our unaudited pro forma financial information for the three years ended December 31, 2025, as if the Vital Energy Merger occurred on January 1, 2024 and the SilverBow Merger and Central Eagle Ford Acquisition occurred on January 1, 2023:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Revenues	$	5,278,646	$	5,785,570	$	3,610,300
Net income	(418,510)		282,494		782,563

Divestitures

During 2025, we entered into agreements with certain unrelated third-party buyers to sell non-core assets as part of our previously announced non-core asset divestiture program for total consideration in excess of $900.0 million, subject to customary purchase price adjustments and transaction costs, and we received $847.1 million in aggregate cash proceeds after preliminary customary purchase price adjustments. In connection with these transactions, we performed an assessment of the fair value of the associated net assets and liabilities and determined certain of those assets were impaired, and as such, we recorded impairment expense of $233.7 million to write down those assets to the estimated transaction price less cost to sell. In addition, we recorded a gain of $147.5 million on the sale of certain other assets.

During the year ended December 31, 2024, we sold non-core assets to unrelated third-party buyers for $54.8 million in aggregate cash proceeds and recorded a gain of approximately $29.4 million on the sale of these assets.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The following table summarizes our oil and natural gas properties as of December 31, 2025 and 2024:


	As of December 31,
	2025		2024
	(in thousands)
Proved oil and natural gas properties (successful efforts method)	$	13,264,097	$	11,471,299
Unproved oil and natural gas properties	413,444		374,306
Oil and natural gas properties, at cost	13,677,541		11,845,605
Less: accumulated depreciation, depletion, amortization and impairment	(3,529,964)		(3,840,344)
Oil and natural gas properties, net	$	10,147,577	$	8,005,261

Other Property

The following table summarizes other property, plant and equipment as of December 31, 2025 and 2024:


	Estimated useful life	As of December 31,
		2025		2024
	(years)	(in thousands)
Gathering and pipeline system	30	$	—	$	109,324
Vehicles	3-5	10,925		19,309
Computers, furniture, and equipment	3-10	22,656		12,491
Buildings and improvements	5-30	19,520		14,177
Land		37,391		20,694
Financing right-of-use asset	1-5	23,339		18,435
Field inventory		43,200		32,441
Field and other property and equipment, at cost		157,031		226,871
Less: accumulated depreciation, amortization and impairment		(28,637)		(87,078)
Field and other property and equipment, net		$	128,394	$	139,793

Capitalized Exploratory Well Costs

Capitalized exploratory well costs are included in unproved oil and natural gas properties. As of December 31, 2025 and 2024, we did not have any capitalized exploratory well costs.

Derivatives

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 consist of either a single derivative instrument or a combination of instruments to manage our exposure to these risks.

As of December 31, 2025, our commodity derivative instruments consisted of fixed price and basis swaps and collars which are described below:

Fixed Price and Basis Swaps: Fixed price swaps receive a fixed price and pay a floating market price to counterparty on the notional amount. Our basis swaps fix the basis differentials between the index price at which we sell our production as compared to the index price used in the basis swap. Under a swap contract, we will receive payment if the settlement price is less than the fixed price and would be required to make a payment to the counterparty if the settlement price is greater than the fixed price.

Two-Way and Three-Way Collars: Two-way collars provide a minimum (“fixed floor price”) and maximum (“fixed ceiling price”) price on a notional amount of sales volume. Under a two-way collar, we will receive payment if the settlement price is less than the fixed floor price and make a payment to the counterparty if the settlement price is greater than the fixed ceiling price. We would not be required to make a payment or receive payment if the settlement price falls between the fixed floor price and fixed ceiling price. A three-way collar adds a secondary lower price below the fixed floor price (“fixed subfloor price”). In this structure, if the settlement price falls between the fixed floor price and the fixed subfloor price, we receive payment equal to the difference between the fixed floor price and the settlement price. If the settlement price falls below the fixed subfloor price, we receive payment equal to the difference between the fixed floor price and the fixed subfloor price. We still make a payment to the counterparty if the settlement price is greater than the fixed ceiling price, and we would still not be required to make or receive payment if the settlement price falls between the fixed ceiling price and the fixed floor price.

The following table details our net volume positions by commodity as of December 31, 2025:


Production Period	Volumes	Weighted Average Fixed Price
	(in thousands)
Crude oil swaps – WTI (Bbls):
2026	21,836	$65.07
2026 (1)	368	$67.03
2027 (2)	3,650	$75.00
2027	3,285	$61.07



Crude oil two-way collars – WTI (Bbls):
2026	4,361	$60.25			—	$70.37

Crude oil three-way collars – WTI (Bbls):
2026	1,643	$48.00	—	$60.00			—	$72.00
Crude oil two-way collars – Brent (Bbls):
2026	183	$60.00			—	$82.00

Natural gas swaps (MMBtu):
2026	91,020	$4.03
2027	7,300	$4.21
2027 (3)	18,250	$4.19
Natural gas two-way collars (MMBtu):
2026	46,180	$3.08			—	$4.79



Crude oil basis swaps (Bbls):
2026	11,309	$1.55

Natural gas basis swaps (MMBtu):
2026	103,960	$(0.43)
2027	91,250	$(0.42)
Calendar Month Average roll swaps (Bbls):
2026	1,825	$0.20
Natural Gas Fixed Index Swaps – Waha (MMBtu):
2026	55,480	$2.41
2027	43,800	$2.69

(1) Represents outstanding crude oil swap options exercisable by the counterparty until June 2026.

(2) Represents outstanding crude oil swap options exercisable by the counterparty until December 2026.

(3) Represents outstanding crude oil collar options exercisable by the counterparty until December 2026.

Ridgemar Contingent Consideration: The former owners of Ridgemar are entitled to receive contingent consideration payments from us if the daily average price of NYMEX WTI crude oil exceeds certain thresholds during specified quarterly periods. For each quarterly period in 2026, we will be required to pay $15.0 million if the average WTI price for the quarter is equal to or greater than $70 per barrel, and an additional $15.0 million if the average price equals or exceeds $75 per barrel. For each quarterly period in 2027, we will be required to pay $12.5 million if the average price NYMEX WTI crude oil for the quarter equals or exceeds $70 per barrel. The fair value of the Ridgemar Contingent Consideration is determined by a third-party valuation specialist using a Monte Carlo simulation. The significant inputs used in the valuation are the NYMEX WTI forward price curve, mean reversion rate, and volatility. We determined these were Level 2 fair value inputs that are substantially observable in active markets or can be derived from observable data. Contingent earn-out consideration is included in Other current liabilities and Other liabilities on the consolidated balance sheets.

Vital Contingent Consideration: As part of the Vital Energy Merger, Crescent acquired a contingent consideration arrangement in which Crescent is entitled to receive contingent consideration payments from a third party if certain performance conditions are met as it relates to certain assets previously sold by Vital. Crescent is entitled to up to $9.0 million in 2026, and $58.6 million in 2027 if certain performance conditions are met within those periods. The fair value of the Vital Contingent Consideration is determined by a third-party valuation specialist using a Monte Carlo simulation. The significant inputs used in the valuation include Crescent’s internally developed cash flow projections for the underlying assets and a risk-adjusted discount rate, which is developed by the third-party valuation specialist based on market participant assumptions and prevailing market conditions. We determined that these Level 3 fair value inputs are primarily based on unobservable inputs. Contingent earn-out consideration is included in Other assets on the consolidated balance sheets.

We use derivative commodity instruments and enter into swap contracts which are governed by International Swaps and Derivatives Association (ISDA) master agreements. The following table shows the effects of master netting arrangements on the fair value of our derivative contracts at December 31, 2025 and 2024:


	Gross Fair Value		Effect of Counterparty Netting		Net Carrying Value
	(in thousands)
December 31, 2025
Assets:
Derivative assets – current	$	346,849	$	(24,065)	$	322,784
Derivative assets – noncurrent	22,875		(20,046)		2,829
Other assets	17,590		—		17,590
Total assets	$	387,314	$	(44,111)	$	343,203
Liabilities:
Derivative liabilities – current	$	(24,065)	$	24,065	$	—
Other current liabilities	(16,153)		—		(16,153)
Derivative liabilities – noncurrent	(33,467)		20,046		(13,421)
Other liabilities	(10,717)		—		(10,717)
Total liabilities	$	(84,402)	$	44,111	$	(40,291)
December 31, 2024
Assets:
Derivative assets – current	$	95,484	$	(42,211)	$	53,273
Derivative assets – noncurrent	25,287		(18,603)		6,684
Total assets	$	120,771	$	(60,814)	$	59,957
Liabilities:
Derivative liabilities – current	$	(44,909)	$	42,211	$	(2,698)
Derivative liabilities – noncurrent	(56,335)		18,603		(37,732)
Total liabilities	$	(101,244)	$	60,814	$	(40,430)

See NOTE 6 – Fair Value Measurements for more information.

The amount of realized and unrealized gain (loss) recognized in Gain (loss) on derivatives in our consolidated statements of operations was as follows for the years ended December 31, 2025, 2024 and 2023:


	Years ended December 31,
	2025		2024		2023
	(in thousands)
Derivatives not designated as hedging instruments:
Realized gain (loss) on oil positions	$	85,224	$	(112,777)	$	(171,274)

Realized gain (loss) on natural gas positions	(2,701)		77,546		(1,022)
Realized gain (loss) on NGL positions	(916)		(623)		18,562

Total realized gain (loss) on derivatives	81,607		(35,854)		(153,734)
Unrealized gain (loss) on commodity derivatives	196,418		(78,494)		320,714
Unrealized gain (loss) on contingent earn-out consideration	24,876		—		—
Total unrealized gain (loss)	221,294		(78,494)		320,714
Gain (loss) on derivatives	$	302,901	$	(114,348)	$	166,980

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Generally, the determination of fair value requires the use of significant judgment and different approaches and models under varying circumstances. Under a market-based approach, we consider prices of similar assets, consult with brokers and experts, or employ other valuation techniques. Under an income-based approach, we generally estimate future cash flows and then discount them at a risk-adjusted rate. We classify the inputs used to measure the fair value of our financial assets and liabilities into the following hierarchy:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis.

Level 2: Quoted market prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active or other than quoted prices that are observable, either directly or indirectly, and can be corroborated by observable market data.

Level 3: Unobservable inputs that reflect management’s best estimates and assumptions of what market participants would use in measuring the fair value of an asset or liability.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of significance for a particular input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities within the fair value hierarchy levels.

Recurring Fair Value Measurements

The following table presents the location and fair value of our derivative assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2025 and 2024, by level within the fair value hierarchy:


	Fair Value Measurement Using
	Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2025
Financial assets:
Derivative assets	$	—	$	369,724	$	—	$	369,724
Contingent earn-out consideration	—		—		17,590		17,590
Financial Liabilities:
Derivative liabilities	$	—	$	(57,532)	$	—	$	(57,532)
Contingent earn-out consideration	—		(26,870)		—		(26,870)

December 31, 2024
Financial assets:
Derivative assets	$	—	$	120,771	$	—	$	120,771
Financial Liabilities:
Derivative liabilities	$	—	$	(101,244)	$	—	$	(101,244)

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 events and circumstances indicate a possible decline in the recoverability of the carrying amount of such property. When a triggering event is identified, we compare the carrying amount of our oil and natural gas properties to the estimated undiscounted cash flows our oil and natural gas properties will generate to determine if the carrying amount is recoverable. We perform this analysis on an asset pool basis. If the carrying amount exceeds the estimated undiscounted cash flows, we will write-down the carrying amount of the oil and natural gas properties to fair value. The Level 3 inputs used to determine such fair value are primarily based upon internally developed cash flow models and estimated net proceeds upon the potential sale of an asset pool as discussed in Note 2 and are classified within Level 3. Significant Level 3 assumptions associated with discounted cash flows include, but are not limited to, estimates of reserves, future commodity prices, future production estimates, and discount rates commensurate with the risk associated with realizing the projected cash flows.

As stated in NOTE 2 – Summary of Significant Accounting Policies, our oil and natural gas properties were written down to their fair value resulting in an impairment expense. We also perform a separate impairment analysis when certain assets are classified as held for sale. The analysis is based on the agreed-upon proceeds less costs to sell, a Level 2 fair value measurement. For assets classified as held for sale during the year ended December 31, 2025, we recorded impairment charges of $233.7 million. During the year ended December 31, 2024, we recorded an impairment expense of $161.5 million related to oil and natural gas properties and reduced assets with a carrying value of $345.9 million to a fair value of $184.4 million. The fair value was determined using a discounted cash flow model based on the expected present value of the future net cash flows from our oil and natural gas reserves. Significant Level 3 assumptions associated with the calculation of discounted cash flows used in the impairment analysis include estimates of (i) future prices based on the forward commodity price curve as of December 31, 2024, (ii) production costs, development expenditures and anticipated production, based on our 2024 net proved reserves, and (iii) a risk-adjusted discount rate of 10%.

Our other non-recurring fair value measurements include the estimates of the fair value of assets and liabilities acquired through business combinations. Our business combinations are accounted for using the acquisition method under GAAP, which requires all assets acquired and liabilities assumed in the acquisitions to be recorded at fair values at the acquisition date of each transaction. Oil and natural gas properties were valued based on an income approach using a discounted cash flow model utilizing Level 3 inputs, including internally generated development and production profiles and price and cost assumptions. Net derivative liabilities assumed in the acquisitions were valued based on Level 2 inputs similar to the Company's other commodity price derivatives. See NOTE 3 – Acquisitions and Divestitures.

Other Fair Value Measurements

The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short-term maturities of these instruments. Our long-term debt obligations under our Revolving Credit Facility also have approximate fair value because the associated variable rates of interest are market based. The fair value of the Senior Notes as of December 31, 2025 and 2024 was $4.7 billion and $3.1 billion based on quoted market prices or Level 1 inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accounts Payable and Accrued Liabilities

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following as of December 31, 2025 and 2024:


	As of December 31,
	2025		2024
	(in thousands)
Accounts payable and accrued liabilities:
Accounts payable	$	144,794	$	56,323
Accrued lease and asset operating expense	177,348		76,990

Accrued capital expenditures	164,739		171,365
Accrued general and administrative	86,964		15,044
Accrued gathering, processing and transportation expense	72,303		76,477

Accrued revenue and royalties payable	304,468		192,884
Accrued interest expense	130,816		98,343
Accrued severance taxes	22,449		36,135
Other	17,797		16,891
Total accounts payable and accrued liabilities	$	1,121,678	$	740,452

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

Senior Notes

2034 Notes

In July 2025, we issued $600.0 million aggregate principal amount of 8.375% the 2034 Notes at par. The 2034 Notes bear interest at an annual rate of 8.375%, which is payable on January 15 and July 15 of each year, and mature on January 15, 2034. The proceeds from the 2034 Notes Offering were approximately $588.1 million after deducting the initial purchasers' discount and offering expenses. We used the net proceeds to finance the consideration of the Tender Offer and the 2028 Notes Redemption (each as defined below) and to repay a portion of our outstanding balance under our Revolving Credit Facility.

We may, at our option, redeem all or a portion of the 2034 Notes at any time on or after July 15, 2028 at certain redemption prices. We may also redeem up to 40% of the aggregate principal amount of the 2034 Notes before July 15, 2028 with an amount of cash not greater than the net proceeds that we raise in certain equity offerings at a redemption price equal to 108.375% of the principal amount of the 2034 Notes being redeemed, plus accrued and unpaid interest, if any, to, but excluding the redemption date. In addition, prior to July 15, 2028, we may redeem some or all of the 2034 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.

2033 Notes

In June 2024, we issued $750.0 million aggregate principal amount of 2033 Notes at par. In September 2024, we issued an additional $250.0 million aggregate principal amount of 2033 Notes at 101.000% of par. The aggregate proceeds from the 2033 Notes Offerings were approximately $982.1 million, after adjusting for premiums, the initial purchasers' discount and offering expenses. We used the aggregate net proceeds from the 2033 Notes Offerings to finance the majority of the SilverBow Merger, including (i) fund the cash paid to the SilverBow stockholders and holders of SilverBow restricted stock units in connection with the SilverBow Merger, and (ii) repay and extinguish SilverBow's existing indebtedness that was outstanding at the

completion of the SilverBow Merger for $1.2 billion, including extinguishment costs. In connection with the repayment of SilverBow's debt we incurred a Loss on the extinguishment of debt of $36.5 million, inclusive of make whole fees.

All issuances of the 2033 Notes are treated as a single series of securities under the indenture governing the 2033 Notes, will vote together as a single class, and have substantially identical terms, other than the issue date and the issue price.

The 2033 Notes bear interest at an annual rate of 7.375%, which is payable on January 15 and July 15 of each year, and mature on January 15, 2033. We may, at our option, redeem all or a portion of the 2033 Notes at any time on or after July 15, 2027 at certain redemption prices. We may also redeem up to 40% of the aggregate principal amount of the 2033 Notes before July 15, 2027 with an amount of cash not greater than the net proceeds that we raise in certain equity offerings at a redemption price equal to 107.375% of the principal amount of the 2033 Notes being redeemed, plus accrued and unpaid interest, in any, to, but excluding the redemption date, if at least 50% of the aggregate principal amount of the Notes remains outstanding immediately after such redemption and the redemption occurs within 180 days of the closing date of such equity offering. In addition, prior to July 15, 2027, we may redeem some or all of the 2033 Notes at a price equal to 100% of the principal amount thereof, plus a "make-whole" premium and accrued and unpaid interest, if any, to but excluding the redemption date.

2032 Notes

In March 2024, we issued $700.0 million aggregate principal amount of 2032 Notes at par. In December 2024, we issued an additional $400.0 million, aggregate principal amount of 2032 Notes at 100.250% of par. The aggregate proceeds from the 2032 Notes Offering were approximately $1,080.7 million, after deducting the initial purchasers' discount and offering expenses. We used the net proceeds to finance the majority of the consideration of a cash tender offer of our 7.25% senior notes due 2026 (the "2026 Notes") and the redemption of any remaining 2026 Notes following such cash tender offer of all of the aggregate principal amount of the 2026 Notes outstanding for $714.8 million after including extinguishment costs. We used the proceeds from the December 2024 Offering to repay the amounts outstanding under our Revolving Credit Facility.

All issuances of the 2032 Notes are treated as a single series of securities under the indenture governing the 2032 Notes, will vote together as a single class, and have substantially identical terms, other than the issue date and the issue price.

The 2032 Notes bear interest at an annual rate of 7.625%, which is payable on April 1 and October 1 of each year, and mature on April 1, 2032. We may, at our option, redeem all or a portion of the 2032 Notes at any time on or after April 1, 2027 at certain redemption prices. We may also redeem up to 40% of the aggregate principal amount of the 2032 Notes before April 1, 2027 with an amount of cash not greater than the net proceeds that we raise in certain equity offerings at a redemption price equal to 107.625% of the principal amount of the 2032 Notes being redeemed, plus accrued and unpaid interest, if any, to, but excluding the redemption date. In addition, prior to April 1, 2027, we may redeem some or all of the 2032 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 conjunction with the Vital Energy Merger we assumed $1.0 billion aggregate principal amount of 7.875% senior notes due 2032 of Crescent Energy Finance LLC, as successor in interest to Vital (the "Vital 2032 Notes"). The Vital 2032 Notes will mature on April 15, 2032, with interest accruing at a rate of 7.875% per annum and payable semi-annually, on April 15 and October 15 of each year. We may redeem up to 35% of the aggregate principal amount of the Vital 2032 Notes before April 15, 2027 using funds in an amount not exceeding the net proceeds from one or more private or public equity offerings at a redemption price of 107.875% of the aggregate principal amount of the Vital 2032 Notes redeemed, plus accrued and unpaid interest to the date of redemption. In addition, prior to April 15, 2027, we may redeem all or a part of the Vital 2032 Notes at a redemption price equal to 100% of the principal amount, plus a “make-whole” premium as of, and accrued and unpaid interest, if any, to, the redemption date.

2030 Notes

In conjunction with the Vital Energy Merger we assumed $302.4 million aggregate principal amount of the 9.750% senior notes due 2030 (the Vital 2030 Notes") of Crescent Energy Finance LLC, as successor in interest to Vital. On January 2, 2026, Crescent Energy Finance LLC settled offers to eligible holders to exchange any and all of the Vital 2030 Notes then outstanding, wherein approximately $237.4 million aggregate principal amount of the Vital 2030 Notes were exchanged for approximately $237.2 million aggregate principal amount of the 9.750% senior notes due 2030 newly issued by Crescent Energy Finance LLC (the "Crescent 2030 Notes"), which tendered and accepted Vital 2030 Notes were subsequently canceled. Following such exchange offer, approximately $65.0 million aggregate principal amount of the Vital 2030 Notes and approximately $237.2 million of the Crescent 2030 Notes remain outstanding, which are collectively referred to as the "2030

Notes" herein. The 2030 Notes will mature on October 15, 2030, with interest accruing at a rate of 9.750% per annum and payable semi-annually, on April 15 and October 15 of each year. We may, at our option, redeem all or a portion of the 2030 Notes at any time on or after October 15, 2026 at a price equal to 104.875% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding the redemption date. If, on or after October 15, 2027, we may redeem some or all of the Crescent 2030 Notes at a price equal to 102.4375% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding the redemption date. In addition, on or after October 15, 2028 and thereafter, we may redeem some or all of the Crescent 2030 Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding the redemption date.

2029 Notes

In conjunction with the Vital Energy Merger we assumed $298.2 million aggregate principal amount of the 7.750% senior notes due 2029 (the "Vital 2029 Notes") of Crescent Energy Finance LLC, as successor in interest to Vital. On January 2, 2026, Crescent Energy Finance LLC settled offers to eligible holders to exchange any and all of the Vital 2029 Notes then outstanding, wherein approximately $295.3 million aggregate principal amount of the Vital 2029 Notes were exchanged for approximately $294.8 million aggregate principal amount of the 7.750% senior notes due 2029 newly issued by Crescent Energy Finance LLC (the "Crescent 2029 Notes"), which tendered and accepted Vital 2029 Notes were subsequently canceled. Following such exchange offer, approximately $2.9 million aggregate principal amount of the Vital 2029 Notes and approximately $294.8 million of the Crescent 2029 Notes remain outstanding, which are collectively referred to as the "2029 Notes" herein (collectively with the 2028 Notes, the 2030 Notes, the Vital 2032 Notes, the 2032 Notes, the 2033 Notes and the 2034 Notes, the "Senior Notes").The 2029 Notes will mature on July 31, 2029, with interest accruing at a rate of 7.750% per annum and payable semi-annually, on January 31 and July 31 of each year. We may, at our option, redeem all or a portion of the 2029 Notes at any time before July 31, 2026 at a price equal to 101.9375% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding the redemption date. In addition, on or after July 31, 2026, we may redeem some or all of the 2029 Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding the redemption date.

2028 Notes

As of December 31, 2024 we had $1.0 billion of the 2028 Notes outstanding. 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 before February 15, 2027 at a price equal to 102.3125% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding the redemption date. In addition, on or after February 15, 2027, we may redeem some or all of the 2028 Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding the redemption date.

In June 2025, we commenced the Tender Offer to purchase a portion of our outstanding 2028 Notes, pursuant to which approximately $306.1 million aggregate principal amount of 2028 Notes were validly tendered and not validly withdrawn at or prior to July 22, 2025, the final tender date. In addition to the Tender Offer, we elected to redeem an aggregate principal amount of the 2028 Notes equal to $193.9 million, at a price of 104.625% of the unpaid principal amount of the 2028 Notes, plus accrued and unpaid interest, if any, to, but excluding, July 25, 2025, the redemption date. After giving effect to the 2028 Notes Redemption and the Tender Offer, the aggregate principal amount of the 2028 Notes outstanding is $500.0 million. Combined, we purchased the 2028 Notes at a blended price of 104.472% of par and incurred a loss on the extinguishment of debt of approximately $29.2 million, including the write-off of associated deferred financing costs, during the year ended December 31, 2025.

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 contains covenants that, among other things, limit the ability of the our restricted subsidiaries to: (i) incur or guarantee additional indebtedness or issue certain types of preferred stock; (ii) pay dividends or distributions in respect of its equity or redeem, repurchase or retire its equity or subordinated indebtedness; (iii) transfer or sell assets; (iv) make investments; (v) create certain liens; (vi) enter into agreements that restrict dividends or other payments from

any non-Guarantor restricted subsidiary to it; (vii) consolidate, merge or transfer all or substantially all of its assets; (viii) engage in transactions with affiliates; and (ix) create unrestricted subsidiaries.

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. Our Revolving Credit Facility matures on October 22, 2030, but contains terms that if certain conditions regarding our outstanding 2028 Notes, 2029 Notes, or 2030 Notes exist 91 days prior to their stated maturity, it will mature on such date. At December 31, 2025, we had $772.0 million outstanding borrowings and $16.6 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.

In October 2025, in connection with the borrowing base redetermination of our Revolving Credit Facility, we entered into the Thirteenth Amendment (the “Thirteenth Amendment”) to the credit agreement governing our Revolving Credit Facility. Among other things, the Thirteenth Amendment provides for (i) an automatic $1.3 billion increase in the borrowing base from $2.6 billion to $3.9 billion, effective upon the consummation Vital Energy Merger, subject to the satisfaction of certain conditions, (ii) an extension of the maturity date for any revolving loans to October 22, 2030 from April 10, 2029, (iii) a reduction in the applicable margin, so that loans under the Credit Agreement will be priced based on the SOFR plus 1.75% to 2.75% per annum, a reduction of 0.25% per annum, and (iv) an increase in the aggregate maximum credit amount under our Revolving Credit Facility from $3.0 billion to $6.0 billion. The Thirteenth Amendment maintains the aggregate elected commitments at $2.0 billion.

Interest

Borrowings under the Revolving Credit Facility bear interest at either (i) a U.S. dollar alternative base rate based on the prime rate, the federal funds effective rate or an adjusted SOFR, plus an applicable margin or (ii) SOFR, plus an applicable margin, at the election of the borrowers. The applicable margin varies based upon our borrowing base utilization then in effect. The fee payable for the unused revolving commitments at December 31, 2025 is 0.375% per year and fees incurred are included within Interest expense on our consolidated statements of operations. Our weighted average interest rate on loan amounts outstanding as of December 31, 2025 was 5.560%. We had $772.0 million borrowing outstanding under the Revolving Credit Facility at December 31, 2025. We had no borrowing outstanding under the Revolving Credit Facility at December 31, 2024.

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 consolidated total debt to consolidated EBITDAX ratio and (ii) minimum 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 event of default, the lenders will be able to accelerate maturity and exercise other rights and remedies.

Letters of Credit

From time to time, we may request the issuance of letters of credit for our own account. Letters of credit accrue interest at a rate equal to the margin associated with SOFR borrowings. At December 31, 2025 and 2024, we had letters of credit outstanding of $16.6 million and $21.2 million, respectively, which reduces the amount available to borrow under our Revolving Credit Facility.

The following table summarizes our debt balances as of December 31, 2025 and 2024:


	Debt Outstanding		Letters of Credit Issued		Borrowing Base		Maturity
	(in thousands)
December 31, 2025
Revolving Credit Facility	$	772,000	$	16,625	$	3,900,000	10/22/2030

9.250% Senior Notes due 2028	500,000		—		—		2/15/2028
7.750% Senior Notes due 2029	298,214		—		—		7/31/2029
9.750% Senior Notes due 2030	302,364		—		—		10/15/2030
7.875% Senior Notes due 2032	1,000,000		—		—		4/15/2032
7.625% Senior Notes due 2032	1,100,000		—		—		4/1/2032
7.375% Senior Notes due 2033	1,000,000		—		—		1/15/2033
8.375% Senior Notes due 2034	600,000		—		—		1/15/2034
Less: Unamortized discount, premium and issuance costs	(48,450)
Total long-term debt	$	5,524,128

December 31, 2024
Revolving Credit Facility	$	—	$	21,186	$	2,600,000	4/10/2029

9.250% Senior Notes due 2028	1,000,000		—		—		2/15/2028
7.625% Senior Notes due 2032	1,100,000		—		—		4/1/2032
7.375% Senior Notes due 2033	1,000,000		—		—		1/15/2033
Less: Unamortized discount, premium and issuance costs	(50,745)
Total long-term debt	$	3,049,255

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2025

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligations

Our ARO liabilities are based on our net ownership in wells and facilities and management’s estimate of the costs to abandon and remediate those wells and facilities together with management’s estimate of the future timing of the costs to be incurred. The following table summarizes activity related to our ARO liabilities for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
	2025		2024
	(in thousands)
Balance at beginning of period	$	486,168	$	445,060
Additions(1)	162,974		43,784
Retirements	(12,771)		(13,399)
Accretion expense	31,789		31,527
Revisions	(795)		35,230

Divestitures (2)	(264,764)		(56,034)
Balance at end of period	402,601		486,168
Less: current portion	(19,544)		(37,223)
Balance at end of period, noncurrent portion	$	383,057	$	448,945

(1)During the year ended December 31, 2025, our ARO additions primarily related to oil and natural gas properties acquired in the Vital Energy Merger and the Ridgemar Acquisition. During the year ended December 31, 2024, our ARO additions primarily related to properties acquired in the SilverBow Merger and the Central Eagle Ford Acquisition. See NOTE 3 – Acquisitions and Divestitures for additional information.

(2)See NOTE 3 – Acquisitions and Divestitures for additional information.

Equity and Redeemable Noncontrolling Interests

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest [Abstract]

Equity and Redeemable Noncontrolling Interests

Equity

Class A and Class B Common Stock

In April 2025, we announced that our corporate structure had been simplified through the elimination of the Company’s Up-C structure through the exercise by the holders of all remaining shares of Class B Common Stock of their redemption rights with respect to all of their OpCo Units. Prior to the Corporate Simplification, the Up-C structure provided for holders of Crescent’s then-outstanding Class B Common Stock which had voting (but no economic) rights with respect to Crescent, to hold a corresponding amount of OpCo Units, which were generally redeemable or exchangeable for Class A Common Stock on the terms and conditions set forth in the OpCo LLC Agreement. Pursuant to the aforementioned exercise of such right in the Corporate Simplification, all OpCo Units (other than those held by Crescent) were exchanged for an equivalent number of shares of Class A Common Stock and all outstanding shares of Class B Common Stock were cancelled. As a result of the Corporate Simplification, all of the Company’s common stockholders now hold Class A Common Stock. See NOTE 14 – Related Party Transactions for more information.

As of December 31, 2025 and 2024, we had 327,900,272 and 187,070,725 shares of Class A Common Stock and 0 and 65,948,124 shares of Class B Common Stock outstanding, respectively. Our Class A Common Stock is publicly traded, while our Class B Common Stock was 100% owned by the former owners of Independence. We paid dividends of $0.12 per share quarterly, or $0.48 per share, annually, of Class A Common Stock during the years ended December 31, 2025 and 2024.

Equity Transactions

2025 Equity Transactions

In March 2025, Independence Energy Aggregator L.P., the entity through which certain private investors in affiliated KKR entities held their interests in us, exercised its redemption right with respect to 2.9 million OpCo Units, and such OpCo Units were exchanged for an equivalent number of shares of Class A Common Stock and a corresponding number of shares of Class B Common Stock were cancelled (the "2025 Class A Redemption"). The shares of Class A Common Stock were sold by Independence Energy Aggregator L.P. at a price per share of $9.91, pursuant to Rule 144, through a broker-dealer. We did not receive any proceeds or incur any material expenses related to the 2025 Class A Redemption.

As a result of the 2025 Class A Redemption and the Corporate Simplification, the total number of shares of our Class A Common Stock increased by 65.9 million shares with a corresponding decrease in the number of shares of our Class B Common Stock, and redeemable noncontrolling interests decreased by $1,210.8 million, while Additional paid-in capital

(“APIC”) increased by $1,210.8 million.

2024 Equity Transactions

In December 2024, we conducted an underwritten public offering of 24.7 million shares of Class A Common Stock at a price to the public of $14.00 per share (not including underwriter discounts and commissions) (the "December 2024 Equity Issuance"). This included 3.2 million shares of Class A Common Stock that were issued upon the underwriters exercise of their 30-day option to purchase additional shares to cover over-allotments pursuant to the related underwriting agreement. We received net proceeds of approximately $329.3 million from the 2024 Equity Issuance, after deducting underwriting fees and expenses.

On April 1, 2024, Independence Energy Aggregator L.P., the entity through which certain private investors in affiliated KKR entities held their interests in us, exercised its redemption right with respect to 6.0 million OpCo Units, and such OpCo Units were exchanged for an equivalent number of shares of Class A Common Stock and a corresponding number of shares of Class B Common Stock were cancelled (the "April 2024 Class A Redemption"). The shares of Class A Common Stock were subsequently sold by Independence Energy Aggregator L.P. at a price per share of $10.74, pursuant to Rule 144, through a broker-dealer. We did not receive any proceeds or incur any material expenses related to the April 2024 Class A Redemption.

In March 2024, 16.1 million OpCo Units were acquired from Independence Energy Aggregator L.P. and we cancelled a corresponding number of shares of Class B Common Stock (the "March 2024 Redemption"). Of the total OpCo Units acquired, 13.8 million were exchanged for shares of Class A Common Stock, which were subsequently sold in an underwritten public offering at a price to the public of $10.50 per share, or a net price of $9.87 per share after deducting the underwriters' discounts and commissions, from which we did not receive any proceeds, nor incur any material expenses with respect to such acquisition. In connection with the underwritten public offering, we repurchased 2.3 million OpCo Units from Independence Energy Aggregator L.P. for $22.7 million in cash and we cancelled a corresponding number of shares of Class B Common Stock (the "March 2024 Repurchase," together with the March 2024 Redemption, the "March 2024 Equity Transactions").

As a result of the December 2024 Equity Issuance, April 2024 Class A Redemption and the March 2024 Equity Transactions (the "2024 Equity Transactions"), the total number of shares of our Class A Common Stock increased by 44.5 million shares and the total number of shares of our Class B Common Stock decreased by 22.1 million shares. Redeemable noncontrolling interests decreased by $515.0 million while APIC increased by $821.5 million as a result of the 2024 Equity Transactions.

2023 Equity Transactions

In September 2023, we conducted an underwritten public offering of 12.7 million shares of Class A Common Stock at a price to the public of $12.25 per share (not including underwriter discounts and commissions). This includes 1.7 million shares of Class A Common Stock that were issued upon the underwriters exercise of their 30-day option to purchase additional shares to cover over-allotments pursuant to the related underwriting agreement. We received net proceeds of $145.7 million from the such issuance (the "2023 Equity Issuance," and together with the 2024 Equity Issuance, the "Equity Issuances"), after deducting underwriting fees and expenses.

During 2023, an affiliate of KKR exercised its redemption right with respect to approximately 30.6 million OpCo Units , and such OpCo Units were exchanged for an equivalent number of shares of Class A Common Stock and a corresponding number of shares of Class B Common Stock were cancelled (the "2023 Class A Redemption"); 27.6 million of such shares of Class A Common Stock were subsequently distributed to certain of its legacy investors in privately-managed funds and accounts;

3.0 million of such shares of Class A Common Stock were subsequently sold by such affiliate of KKR at a price per share of $10.90, pursuant to Rule 144, through a broker-dealer. We did not receive any proceeds or incur any material expenses associated with the 2023 Class A Redemption.

Treasury stock

Our Board authorized a stock repurchase program in March 2024 with an approved limit of $150.0 million and a two-year term. In February 2026, our Board of Directors extended the stock repurchase program indefinitely and increased the approved limit to $400.0 million. Such repurchases may be made by Crescent or by OpCo, as applicable, and may be made from time to time in the open market, in privately negotiated transactions, through purchases made in accordance with the Rule 10b5-1 of the Exchange Act or by such other means as will comply with applicable state and federal securities laws. The timing of any repurchases under the stock repurchase program will depend on market conditions, contractual limitations and other considerations. The program may be extended, modified, suspended or discontinued at any time, and does not obligate us to repurchase any dollar amount or number of securities. The 1% U.S. federal excise tax on certain repurchases of stock by publicly traded U.S. corporations enacted as part of the IRA 2022 applies to repurchases of our Class A Common Stock pursuant to our stock repurchase program.

We record treasury stock purchases at cost, which includes incremental direct transaction costs. Amounts are recorded as a reduction to equity on our consolidated balance sheets. For the year ended December 31, 2025, we repurchased 4.1 million shares of our Class A Common Stock for $33.5 million, at an average price of $8.21 per share ("2025 Class A Repurchases"). During 2024, we repurchased 0.7 million shares of our Class A Common Stock for $7.8 million, at an average price of $10.70 per share (the "2024 Class A Repurchases" and together with the 2025 Class A Repurchases, the "Class A Repurchases"), and in connection therewith, we cancelled a corresponding number of OpCo Units held by us. When combining the Class A Repurchases with the 2024 Equity Transactions, the remaining amount under the authorized plan is approximately $86.0 million as of December 31, 2025.

In addition a portion of our treasury stock shares represent shares we withheld associated with the payroll tax withholding obligations due from employees upon the vesting of stock awards. We include the shares withheld as Treasury stock on our consolidated balance sheets and separately pay the payroll tax obligation. These retained shares are not part of a publicly announced program to repurchase shares of our Class A Common Stock and are accounted for at cost.

Noncontrolling interests

We record noncontrolling interest associated with third party ownership interests in our subsidiaries. Income or loss associated with these interests is classified as net income (loss) attributable to noncontrolling interest on our consolidated statements of operations.

Redeemable Noncontrolling Interests

In 2021, 127.5 million OpCo Units were issued to the former owners of Independence. Prior to the Corporate Simplification, the former owners of Independence owned all outstanding shares of our Class B Common Stock. Pursuant to the OpCo LLC Agreement, holders of OpCo Units, other than the Company, if any, may redeem all or a portion of their OpCo Units for either (a) shares of Class A Common Stock or (b) at the election of the Company, an approximately equivalent amount of cash as determined pursuant to the terms of the OpCo LLC Agreement. In connection with such redemption, a corresponding number of shares of Class B Common Stock will be cancelled. The cash redemption election was not considered to be within the control of the Company because the holders of Class B Common Stock and their affiliates controlled 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 interests are recorded at the greater of the carrying value or redemption amount with a corresponding adjustment to additional paid-in capital. The cash redemption amount is based on the 10-day volume-weighted average closing price (“VWAP”) of Class A Common Stock at the end of the reporting period. Changes in the redemption value are recognized immediately as they occur, as if the end of the reporting period was also the redemption date for the instrument, with an offsetting entry to additional paid-in capital. Following the 2025 Class A Redemption and the Corporate Simplification, the Company is the sole holder of all outstanding OpCo Units and there are no shares of our Class B Common Stock outstanding.

The 2025 Equity Transactions reduced the number of shares of Class B Common Stock by 65.9 million shares, and we reclassified $1,210.8 million from Redeemable noncontrolling interests to Additional paid-in capital as a result of the transfer of additional OpCo Units to Crescent.

The 2024 Equity Transactions reduced the number of shares of our Class B Common Stock by 22.1 million shares. In addition, the 2024 Equity Transactions resulted in the transfer of 19.8 million OpCo Units to Crescent and the repurchase, by OpCo, of 2.3 million OpCo Units for $22.7 million in cash. As a result of the transfer of additional OpCo Units to Crescent, we reclassified $448.0 million from Redeemable noncontrolling interests to Additional paid-in capital.

In September 2023, the proceeds from the 2023 Equity Issuance, including the exercise of the underwriters' over-allotment, were contributed by Crescent to OpCo in exchange for 12.7 million OpCo Units. As a result of the additional OpCo Units owned by Crescent, we reclassified $65.8 million from Redeemable noncontrolling interests to Additional paid-in capital.

During 2023, the Class A Conversion reduced the number of shares of our Class B Common Stock outstanding by 30.6 million shares. A corresponding number of OpCo Units were transferred to Crescent, which reduced the value of our Redeemable noncontrolling interests by $679.6 million.

From December 31, 2022 through December 31, 2025, we recorded adjustments to the value of our redeemable noncontrolling interests as shown below:


	Redeemable Noncontrolling Interest
	(in thousands)













Balance as of December 31, 2022	$	2,436,703
Net income attributable to redeemable noncontrolling interests	253,909
Contributions	1,238
Distributions	(417)
Cash distributions from OpCo initiated by Class A common stock dividend, Manager Compensation and income taxes, net	(80,805)
Accrued OpCo cash distribution initiated by Manager Compensation	(6,794)
Equity-based compensation	42,782
Change in redeemable noncontrolling interests associated with the Class A Conversions	(679,567)
Change in redeemable noncontrolling interests associated with the 2023 Equity Issuance	(65,841)
Balance as of December 31, 2023	$	1,901,208
Net (loss) attributable to redeemable noncontrolling interests	(21,863)
Distributions	(293)
Cash distributions from OpCo initiated by Class A common stock dividend, Manager Compensation and income taxes, net	(48,008)
Accrued OpCo cash distribution initiated by Manager Compensation	(4,525)
Equity-based compensation	67,042
Repurchase of redeemable noncontrolling interest	(10,569)
Change in redeemable noncontrolling interests associated with the 2024 Equity Transactions	(514,955)
Change in redeemable noncontrolling interests associated with the SilverBow Merger	(143,540)
Cancellation of OpCo Units associated with 2024 Class A Repurchases	3,832
Balance as of December 31, 2024	$	1,228,329
Net income attributable to redeemable noncontrolling interests	14,050
Cash distributions from OpCo initiated by Class A common stock dividend, Manager Compensation and income taxes, net	(7,648)
Accrued OpCo cash distribution initiated by Manager Compensation	(4,242)
Equity-based compensation	6,635
Change in redeemable noncontrolling interests associated with the Ridgemar Acquisition	(26,359)
Change in redeemable noncontrolling interests associated with the 2025 Class A Redemption	(34,096)
Change in redeemable noncontrolling interests associated with the Corporate Simplification	(1,176,669)
Balance as of December 31, 2025	$	—

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

We are subject to U.S. federal income and state tax on our allocable share of any taxable income of OpCo.

During the year ended December 31, 2025, we decreased APIC by $136.9 million related to a change in the deferred tax liability related to our estimated basis in our ownership interests in OpCo as a result of the Corporate Simplification and the 2025 Class A Redemption. During the year ended December 31, 2024, we decreased APIC by $84.7 million related to a change in the deferred tax liability related to our estimated basis in our ownership interests in OpCo as a result of the 2024 Equity Issuances, the SilverBow Merger and Class A Redemptions. As of December 31, 2025 and 2024, we did not have any uncertain tax positions.

On July 4, 2025, the OBBBA was enacted into law. The OBBBA is a significant piece of tax legislation that includes provisions that permanently restore an EBITDA-based section 163(j) calculation for tax years beginning after December 31, 2024 and 100% bonus depreciation under section 168(k) for property acquired and placed in service after January 19, 2025, deferring the recognition of a significant portion of current federal tax for multiple years.

Details of current and deferred income taxes are provided in the following tables:


	Year Ended December 31,
	2025		2024		2023
Federal income tax expense (benefit)	(in thousands)
Current	$	(1,288)	$	1,422	$	(17)
Deferred	41,146		(39,379)		19,520
State income tax expense (benefit)
Current	136		3,360		511
Deferred	(5,490)		3,525		3,213
Total income tax expense (benefit)	$	34,504	$	(31,072)	$	23,227

The difference between the statutory federal income tax rate and the Company's effective income tax rate after the adoption of ASU 2023-09 is as follows:


	Year Ended December 31,
	2025
	Amount		%
	(in thousands)
Federal income taxes statutory rate	$	42,351	21.0	%
Change in rate as a result of:
State income tax provision, net of federal benefit (1)	(5,512)		(2.7)	%
Merger transaction costs	7,430		3.7	%
Change in valuation allowance	(242)		(0.1)	%
Permanent adjustments	—		—	%
Income attributable to noncontrolling interests and redeemable noncontrolling interests	(7,195)		(3.6)	%
Return to provision	(2,328)		(1.2)	%
Effective income tax rate	$	34,504	17.1	%

(1)During the year ended December 31, 2025, the majority (greater than 50%) of our state income tax provision reduction related to the removal of Oklahoma deferred tax liabilities associated with our divestitures.

The difference between the statutory federal income tax rate and the Company's effective income tax rate prior to the adoption of ASU 2023-09 is as follows:


	Year Ended December 31,
	2024		2023
Federal income taxes statutory rate	21.0	%	21.0	%
Change in rate as a result of:
State income tax provision, net of federal benefit	(3.1)	%	1.0	%
SilverBow Merger transaction costs	3.1	%	—	%
Change in valuation allowance (1)	(0.6)	%	—	%
Permanent adjustments	(0.1)	%	—	%

Income attributable to noncontrolling interests and redeemable noncontrolling interests	(2.6)	%	(15.3)	%
Other	0.7	%	—	%
Effective income tax rate	18.4	%	6.7	%

(1)During the year ended December 31, 2024, we recognized changes in the valuation allowance related to our recognized built-in loss ("RBIL") deferred tax asset as it was not more likely than not to be fully utilized.

Significant components of the Company's deferred income taxes were as follows:


	Year Ended December 31,
	2025		2024
Deferred tax liabilities	(in thousands)
Outside basis in OpCo	$	541,831	$	529,071
OpCo state deferred tax	11,671		13,832
Other	137		—
Total deferred tax liabilities	553,639		542,903
Deferred tax assets
U.S. federal and state net operating loss ("NOL") carryforwards	269,329		132,811
Recognized built-in loss carryforward	25,513		21,637
NOL and RBIL valuation allowance	(44,894)		(45,136)

Equity-based compensation	114,620		47,402
Capitalized intangible drilling costs	300,487		—
Other	20,619		15,860
Total deferred tax assets, net of valuation allowance	685,674		172,574
Net deferred income tax (asset) liability	$	(132,035)	$	370,329

Cash paid for income taxes (net of refunds received) were as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
U.S. Federal	$	4,166	$	—	$	(5,000)
U.S. State:

Colorado	692		—		85
Oklahoma	437		15		1,633
Texas	2,861		1,166		563
Utah	460		83		671
Other	1,352		587		657
Total U.S. State	5,802		1,851		3,609
Total U.S. Federal and State taxes	$	9,968	$	1,851	$	(1,391)

In December 2025, we completed the Vital Energy Merger, see NOTE 3 – Acquisitions and Divestitures for more information. As part of the preliminary purchase price allocation, we recognized a net deferred tax asset of $695.3 million to reflect differences between tax basis and the fair value of Vital’s assets acquired and liabilities assumed. Tax attributes related to U.S. federal NOLs are included in the net deferred tax asset. Due to the change of ownership of Vital in connection with the Vital Energy Merger, the availability of these attributes will have utilization limitations under Section 382.

In July 2024, we completed the SilverBow Merger, see NOTE 3 – Acquisitions and Divestitures for more information. As part of the purchase price allocation, we recognized a net deferred tax liability of $79.1 million to reflect differences between tax basis and the fair value of SilverBow’s assets acquired and liabilities assumed. Tax attributes related to U.S. federal NOLs and interest expense are included in the net deferred tax liability. Due to the change of ownership of SilverBow in connection with the SilverBow Merger, the availability of these attributes will have utilization limitations under Section 382.

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, as of December 31, 2025 and 2024, a valuation allowance has been recorded to recognize only the portion of the deferred tax assets that are more likely than not to be realized. The amount of the deferred tax asset considered realizable, however, could be adjusted in the future.

As of December 31, 2025 and 2024, we had U.S. federal and state NOLs of $269.3 million and $132.8 million, respectively. A portion of these NOLs are subject to a valuation allowance of $23.5 million as of December 31, 2025 and 2024, because we do not believe they will be recoverable as a result of limitations on their use under Section 382. During the year ended December 31, 2025 we reduced our valuation allowance by $0.2 million and increased the valuation allowance by $1.0 million during the year ended December 31, 2024, respectively, related to RBIL property that was also subject to the Section 382 limitation. At December 31, 2025 and 2024, the valuation allowance related to our RBIL carryforward was $21.4 million and $21.6 million, respectively. As of December 31, 2025 our federal and state NOL expiration dates were as follows:


Expiration dates	Amounts
	(in thousands)
2029-2037	$	70,600
Indefinite	198,729
Total federal and state NOLs	$	269,329

As we noted above, we have U.S. federal NOL carryforwards and RBIL property that are subject to limitation under Section 382. Pursuant to Section 382 and 383 of the U.S. Internal Revenue Code of 1986, as amended, utilization of our NOL and RBIL carryforwards is subject to an annual limitation. These annual limitations may result in the expiration of NOL and RBIL carryforwards prior to utilization; accordingly we have maintained a valuation allowance related to U.S. federal NOL and RBIL carryforwards that we do not believe are recoverable due to these Section 382 limitations.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

From time to time, we may be a plaintiff or defendant in a pending or threatened legal proceeding arising in the normal course of business. We are currently unaware of any proceedings that, in the opinion of management, will individually or in the aggregate have a material adverse effect on our financial position, results of operations or cash flows.

We are subject to extensive federal, state and local environmental laws and regulations. These laws regulate the discharge of materials into the environment and may require us to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at various sites. We believe we are currently in compliance with all applicable federal, state and local regulations. Accordingly, no significant liability or loss associated with environmental remediation was recognized as of December 31, 2025 and 2024.

Oil and Natural Gas Transportation and Gathering Agreements

We have entered into certain oil and natural gas transportation and gathering agreements with various pipeline carriers. Under these agreements, we are obligated to ship minimum daily quantities or pay for any deficiencies at a specified rate. We are also obligated under certain of these arrangements to pay a demand charge for firm capacity rights on pipeline systems regardless of the amount of pipeline capacity that we utilize. If we do not utilize the capacity, we can release it to others, thus reducing our potential liability. We recognized $2.0 million, $6.6 million and $15.6 million of transportation expense in our consolidated statements of operations related to minimum volume deficiencies for the years ended December 31, 2025, 2024 and 2023, respectively.

The following table summarizes our future commitments related to these oil and natural gas transportation and gathering agreements as of December 31, 2025:


	As of December 31, 2025
	(in thousands)
2026	$	181,680
2027	158,193
2028	135,779
2029	111,615
2030	87,508
Thereafter	133,893
Total minimum future commitments	$	808,668

Additional Purchase Commitments

We have committed to purchase a fixed supply of electricity at specified prices through 2029. As of December 31, 2025, future minimum payments under the terms of this agreement are estimated to be $204.7 million.

We have committed to take delivery of processed sand, which is utilized in our completions activities, at specified prices through 2026. As of December 31, 2025, future minimum purchase commitments under the terms of these agreements are estimated to be $20.4 million.

Equity-Based Compensation Awards

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation Awards

Overview

We and certain of our subsidiaries have entered into incentive compensation award agreements to grant profits interest awards, restricted stock units ("RSUs"), performance stock units ("PSUs") and other incentive awards to our employees, our Manager, and non-employee directors. The following table summarizes compensation cost we recognized in connection with our equity-based compensation awards for the years indicated:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Equity-based compensation expense:
Liability-classified profits interest awards	$	83	$	3,446	$	298
Equity-classified profits interest awards	781		(11,649)		12,799
Equity-classified LTIP RSU awards	4,520		2,999		1,685
Equity-classified LTIP PSU awards	683		639		118
Equity-classified Manager PSUs	229,828		188,138		68,036
SilverBow Merger awards	—		9,908		—
Vital Energy Merger awards	13,181		—		—
Total equity-based compensation expense	$	249,076	$	193,481	$	82,936
Tax benefit related to equity-based compensation awards	$	675	$	851	$	277

Our incentive compensation awards may contain certain service-based, performance-based, and market-based vesting conditions, which are further discussed below.

Equity-based compensation awards

Liability-classified profits interest awards

We issue profits interests that are liability-classified stock-based compensation awards. These awards contain different vesting conditions ranging from performance-based conditions that vest upon the achievement of certain return thresholds to time-based service requirements ranging from one year to four years. Each of these profits interests is liability-classified because of certain features within these awards that predominantly contain characteristics of liability instruments. Compensation cost for these awards is presented within General and administrative expense on the consolidated statements of operations with a corresponding credit to other long-term liabilities on the consolidated balance sheets.

We did not have any unrecognized compensation cost related to time-based unvested liability-classified profits interest awards at December 31, 2025 and 2024. We had no unrecognized compensation cost related to performance-based unvested liability classified profits interest awards as of December 31, 2025, and $2.9 million as of December 31, 2024. As of December 31, 2025 and 2024, we carried $2.4 million and $4.5 million in Other liabilities on the consolidated balance sheets, respectively. Transactions involving all of our unvested liability-classified stock-based compensation profits interests awards is summarized below:


	Year Ended December 31,
	2025		2024		2023
	(units in thousands)
Beginning balance	1		1		1
Granted	—		371		—

Vested	(1)		(371)		—
Forfeited	—		—		—
Ending balance	—		1		1

	(in millions)
Fair value of vested awards	$	1.5	$	7.3	$	—
Cash settlements of liability-classified profits interest awards	1.5		7.3		—

Equity-classified profits interest awards

We issue equity-classified profits interests awards that contain different vesting conditions ranging from performance-based conditions that vest upon the achievement of certain return thresholds to time-based service requirements ranging from one year to four years. Each of these profits interests is equity-classified because of certain features within these awards that predominantly contain characteristics of equity instruments. Compensation cost for these awards is presented within General and administrative expense on the consolidated statements of operations with a corresponding credit to Additional paid-in capital on the consolidated balance sheets.

We had no unrecognized compensation cost related to time-based unvested equity-classified profits interest awards as of December 31, 2025. Unrecognized compensation cost related to time-based unvested equity-classified profits interest awards was $0.8 million as of December 31, 2024. Unrecognized compensation cost related to our performance based equity-classified profits interest awards was $1.5 million for the years ended December 31, 2025 and 2024, respectively. Transactions involving all of our unvested equity-classified profits interest awards, including weighted average grant date fair values, are summarized below:


	Units	Weighted average grant date fair value
	(in thousands)














Unvested at December 31, 2023	106,589	$	0.86


Vested	(43,905)	0.14
Forfeited	(2,784)	29.23
Unvested at December 31, 2024	59,900	$	0.07


Vested	(30,035)	0.08

Unvested at December 31, 2025	29,865	$	0.05


	Year Ended December 31,
	2025		2024		2023
	(in thousands)

Fair value of awards vested during the period	$	2,306	$	6,361	$	—

Equity-classified LTIP RSU Awards

During the years ended December 31, 2025 and 2024, we granted equity-classified LTIP RSUs under the Crescent Energy Company 2021 Equity Incentive Plan (“LTIP”) to certain directors, officers and employees. Each LTIP RSU represents the contingent right to receive one share of Class A Common Stock. LTIP RSUs will vest over a period of one to three years, with equity based compensation expense recognized ratably over the applicable vesting period. Compensation cost for these awards is presented within General and administrative expense on the consolidated statements of operations with a corresponding credit to Additional paid-in capital and Redeemable noncontrolling interest on the consolidated balance sheets.

At December 31, 2025 and 2024, we had $8.3 million and $2.4 million of unrecognized compensation cost related to unvested equity-classified LTIP RSU awards, which are expected to be recognized over a remaining weighted average period of 2.0 years and 2.1 years, respectively. The fair value of vested LTIP RSUs during the years ended December 31, 2025 and 2024 was $3.4 million and $1.4 million respectively. Transactions involving all of our unvested equity-classified LTIP RSU awards, including weighted average grant date fair values, are summarized below:


	Restricted Stock Units	Weighted average grant date fair value
	(in thousands)








Unvested at December 31, 2023	287	$	12.77
Granted	301	11.45
Vested	(116)	11.99
Forfeited	(26)	17.42
Unvested at December 31, 2024	446	$	11.82
Granted	1,110	11.06
Vested	(283)	11.89
Forfeited	(146)	11.20
Unvested at December 31, 2025	1,127	$	11.14

Equity-classified LTIP PSU Awards

During the years ended December 31, 2025 and 2024, we granted equity-classified LTIP PSUs under the Crescent Energy Company 2021 Equity Incentive Plan to certain employees. Each LTIP PSU represents the right to receive one share of Class A Common Stock, on such LTIP PSU's performance period end date, modified by an amount ranging from 0% to 240% based on certain absolute and relative shareholder return components. Compensation cost for these awards is presented within General and administrative expense on the consolidated statements of operations with a corresponding credit to Additional paid-in capital and Redeemable noncontrolling interest on the consolidated balance sheets.

At December 31, 2025 and 2024, we had $3.5 million and $1.6 million of unrecognized compensation cost related to unvested equity-classified LTIP PSU Awards, which are expected to be recognized over a remaining weighted average period of 2.3 years and 2.4 years. The fair value of vested LTIP PSUs during the year ended December 31, 2025 is $0.2 million. We did not have any LTIP PSUs vest during the year ended December 31, 2024. Transactions involving all of our unvested equity-classified LTIP PSU awards, including weighted average grant date fair value, are summarized below:


	Target Class A Shares	Weighted average grant date fair value
	(in thousands)




Unvested at December 31, 2023	102	$	22.75



Unvested at December 31, 2024	102	$	22.75
Granted	191	22.75
Vested	(9)	22.75
Forfeited	(63)	22.75
Unvested at December 31, 2025	221	$	22.75

Equity-classified Manager PSU Awards

We have equity-classified Manager PSUs that were granted in accordance with the Manager Incentive Plan. The Manager PSU performance periods are generally three years with the performance period end dates ranging from December 2024 through December 2028. Each Manager PSU represents the right to receive a target 2% of our issued and outstanding Class A Common Stock on such Manager PSU's performance period end date, modified by an amount ranging from 0% to 240% based on certain absolute and relative shareholder return components. Compensation cost for these awards is presented within General and administrative expense on the consolidated statements of operations with a corresponding credit to Additional paid-in capital on the consolidated balance sheets.

During the year ended December 31, 2025, in conjunction with the 2025 Equity Transactions, the Vital Energy Merger, the Ridgemar Acquisition, repurchases of Class A common stock and LTIP RSU award vesting, we increased our Class A Common Stock share count by 140.8 million shares. As a result, the number of equity-classified Manager PSU target shares of Class A Common Stock related to the Crescent Energy Company 2021 Manager Incentive Plan increased by approximately 9.8 million shares. We accounted for this increase as a change in estimate and recognized additional expense of $146.5 million during the year ended December 31, 2025. See NOTE 3 – Acquisitions and Divestitures for more information.

During the year ended December 31, 2024, in conjunction with the 2024 Equity Transactions, the closing of the SilverBow Merger, 2024 Class A Repurchases and LTIP RSU award vesting, we increased our Class A Common Stock share count by 95.5 million shares. As a result, the number of equity-classified Manager PSU target shares of Class A Common Stock related to the Crescent Energy Company 2021 Manager Incentive Plan increased by approximately 9.5 million shares. We accounted for this increase as a change in estimate and recognized additional expense of $121.8 million during the year ended December 31, 2024. See NOTE 3 – Acquisitions and Divestitures for more information. The certification of the Company's level of achievement with respect to the first and second Target PSU for the three-year-performance periods under the Incentive Compensation is in process and is expected to be completed in 2026.

Unrecognized compensation cost related to unvested awards was $140.1 million and $144.0 million, at a weighted average grant date fair value of $22.75 per share as of December 31, 2025 and 2024, and is expected to be recognized over a remaining weighted-average period of 1.9 years and 2.4 years, respectively. Transactions involving all of our unvested Manager PSUs are summarized below:


			Target Class A Shares
			(in thousands)












Unvested at December 31, 2023			9,160
Granted			9,546
Vested			(3,741)

Unvested at December 31, 2024			14,965
Granted			9,801
Vested			(5,092)

Unvested at December 31, 2025			19,674

Vital Energy Merger Awards

On December 15, 2025, in accordance with the Vital Energy Merger Agreement, certain of the outstanding Vital equity awards were modified to vest immediately and certain of the outstanding Vital equity awards were modified to vest at the maximum level of performance. Accordingly, we recognized a portion of this settlement as consideration transferred in the Vital Energy Merger and the remaining settlement was recognized as a one-time charge to equity based compensation expense within General and administrative expense on the consolidated statements of operations during the year ended December 31, 2025. See NOTE 3 – Acquisitions and Divestitures for more information.

SilverBow Merger Awards

On July 30, 2024, in accordance with the Agreement and Plan of Merger, certain of the outstanding SilverBow Equity Awards were modified to be accelerated to vest immediately and certain of the outstanding SilverBow Equity Awards were modified to vest at the maximum level of performance. Accordingly, we recognized a portion of this settlement as consideration transferred in the SilverBow Merger and the remaining settlement was recognized as a one-time charge to equity based compensation expense within General and administrative expense on the consolidated statements of operations during the year ended December 31, 2024. See NOTE 3 – Acquisitions and Divestitures for more information.

Related Party Transactions

12 Months Ended

Dec. 31, 2025

Related Party Transactions

KKR Group

Management Agreement

Crescent Energy Company has 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 members of its senior

executive management team and certain management services. The Management Agreement has a term of three years that began in 2021 and was automatically renewed in December 2024 for an additional three-year term ending December 7, 2027 and will have automatic three-year renewals thereafter, 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 members of its executive management team, the Manager is entitled to receive compensation from the Company equal to $78.5 million per annum ("Manager Compensation"), as of December 31, 2025, which is included in General administrative expenses on our consolidated statements of operations. As the Company's business and assets expand, the Manager Compensation will increase by an amount equal to 1.5% per annum of the net proceeds from all future issuances of our primary equity securities by the Company (including in connection with acquisitions). See NOTE 3 – Acquisitions and Divestitures for more information.

Prior to the Corporate Simplification, the Manager Compensation was reduced proportionally by the percentage of OpCo Units held as redeemable noncontrolling interests, with such amount distributed concurrently to the holders of redeemable noncontrolling interests. This cash distribution to the holders of redeemable noncontrolling interests did not represent additional Manager Compensation; rather, it represented an ordinary cash distribution to the holders of redeemable noncontrolling interests. In certain instances in our financial statements and other disclosures, we clarify the underlying event that requires us to make such distributions.

During the years ended December 31, 2025, 2024 and 2023, we recorded General and administrative expense of $67.5 million, $41.3 million and $23.8 million, respectively, related to the Manager Compensation and concurrently made cash distributions of $8.8 million, $22.2 million and $33.2 million in 2025, 2024 and 2023 to our redeemable noncontrolling interests. After the Corporate Simplification, there are no longer any outstanding redeemable noncontrolling interests in OpCo, and as such, we will no longer make cash distributions to holders of redeemable noncontrolling interests. At December 31, 2024, we reduced redeemable noncontrolling interests by $4.5 million for the OpCo distribution declaration to redeemable noncontrolling interests that was paid during the first quarter of 2025. At December 31, 2025 and 2024, we had $19.6 million and $17.4 million, included within Accounts payable - affiliates on the consolidated balance sheets for Crescent Energy Company's fee associated with the Manager Compensation.

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 outstanding Class A Common Stock at the time each tranche is settled. During the years ended December 31, 2025, 2024 and 2023, we recorded non-cash general and administrative expense of $229.8 million, $188.1 million and $68.0 million, respectively, related to the Incentive Compensation. See NOTE 13 – Equity-Based Compensation Awards for more information.

KKR Funds

From time to time, we may invest in upstream oil and gas assets alongside EIGF II and/or other KKR funds ("KKR Funds") pursuant to the terms of the Management Agreement. In these instances, certain of our consolidated subsidiaries enter into Master Service Agreements ("MSA") with entities owned by KKR Funds, pursuant to which our subsidiaries provide certain services to such KKR Funds, including the allocation of the production and sale of oil, natural gas and NGLs, collection and disbursement of revenues, operating expenses and general and administrative expenses in the respective oil and natural gas properties, and the payment of all capital costs associated with the ongoing operations of the oil and natural gas assets. Our subsidiaries settle balances due to or due from KKR Funds on a quarterly basis. The administrative costs associated with these MSAs are allocated by us to KKR Funds based on (i) an actual basis for direct expenses we may incur on their behalf or (ii) an allocation of such charges between the various KKR Funds based on the estimated use of such services by each party. As of December 31, 2025 and 2024, we had a related party receivable of $1.2 million and $4.3 million, respectively, included within Accounts receivable – affiliates and a related party payable of $25.1 million and $1.2 million, respectively, included within Accounts payable – affiliates on our consolidated balance sheets associated with KKR Funds transactions.

KKR Capital Markets LLC

We may engage KCM, an affiliate of KKR Group, for capital market transactions including notes offerings, credit facility structuring and equity offerings. The following table summarizes fees, discounts and commissions paid to KCM by Crescent in connection with our debt and equity transactions:


	Year Ended December 31,
	2025		2024		2023
	(in millions)
Amounts paid to KCM	$	1.5	$	8.7	$	5.2

We recorded these fees to debt issuance costs within Long-term debt (note offerings) and Other assets (credit facility structuring) or APIC (equity offerings).

Other Transactions

In March 2024, OpCo repurchased 2.3 million OpCo Units from Independence Energy Aggregator L.P., the entity through which certain private investors in affiliated KKR entities held their interests in us, for $22.7 million. See NOTE 10 – Equity and Redeemable Noncontrolling Interests for more information. During the years ended December 31, 2025, 2024 and 2023, we made cash distributions of $8.7 million, $32.5 million and $57.1 million to our redeemable noncontrolling interests related to their pro rata share of cash distributions made to Crescent Energy Company to pay dividends and income taxes. As a result of the Corporate Simplification, such pro rata distributions to holders of redeemable noncontrolling interests were eliminated.

In addition, during the years ended December 31, 2025, 2024 and 2023, we reimbursed KKR $3.1 million, $2.4 million and $1.5 million for costs incurred on our behalf. At December 31, 2025 and 2024, we had $0.7 million accrued within Accounts payable - affiliates for reimbursable costs.

Other

We may be required to fund certain workover costs, and we will be required to fund plugging and abandonment costs related to producing assets held by Chama, an Investment in equity affiliates on our consolidated balance sheets. John Goff, the Chairman of our Board of Directors, holds an approximate interest of 17.5% in Chama, and the remaining interests are held by other investors. During the years ended. December 31, 2025 and 2024, we funded $11.9 million and $4.7 million, respectively, to Chama associated with the plugging and abandonment costs.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Earnings Per Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

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 3.3 million PSUs and 0.2 million of RSUs for the year ended December 31, 2024 that were not included in the computation of earnings per share because to do so would have been antidilutive to our net loss.

Net income (loss) attributable to Crescent Energy is allocated to Class A Common Stock and Class B Common Stock based on the participation rights of each class to share in undistributed earnings and losses after giving effect to dividends declared during the period, if any.

The following table sets forth the computation of basic and diluted net income (loss) per share:


	Year Ended December 31,
	2025		2024		2023
	(in thousands, except share and per share amounts)
Numerator:
Net income (loss)	$	167,166	$	(137,683)	$	321,991

Less: net (income) loss attributable to noncontrolling interests	(20,210)		1,215		(472)
Less: net (income) loss attributable to redeemable noncontrolling interests	(14,050)		21,863		(253,909)
Net income (loss) attributable to Crescent Energy - basic	$	132,906	$	(114,605)	$	67,610
Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of RSUs	(5)		—		46
Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of PSUs	(302)		—		869
Net income (loss) attributable to Crescent Energy - diluted	$	132,599	$	(114,605)	$	68,525
Denominator:
Weighted-average Class A Common Stock outstanding - basic	242,060,311		130,715,482		66,597,580
Add: dilutive effect of RSUs	159,281		—		39,999
Add: dilutive effect of PSUs	2,838,629		—		764,643
Weighted-average Class A common stock outstanding – diluted	245,058,221		130,715,482		67,402,222
Weighted-average Class B Stock outstanding - basic and diluted	16,609,332		70,519,162		104,271,400
Net income (loss) per share:
Class A Common Stock - basic	$	0.55	$	(0.88)	$	1.02
Class A Common Stock - diluted	$	0.54	$	(0.88)	$	1.02
Class B Common Stock - basic and diluted	$	—	$	—	$	—

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

We have evaluated how we are organized and managed and have identified one reportable segment, which is the exploration and production of crude oil, natural gas and NGLs. We consider our gathering, processing and transportation functions as ancillary to our oil and gas producing activities. Substantially all of our operations and assets are located onshore in the United States, and substantially all of our revenues are attributable to United States customers.

The Company’s Chief Operating Decision Maker ("CODM") is the Chief Executive Officer. The CODM uses measures of profitability including Net income (loss) on the Consolidated statement of operations to assess performance and determine resource allocation. The CODM uses these metrics to make key operating decisions, including the determination of allocation of capital between development of existing oil and gas properties and the acquisition of additional oil and gas properties, and the identification and divestiture of non-core assets. The measure of segment assets is reported on the Consolidated balance sheets as Total assets. We do not have intra-entity sales or transfers.

The table below provides information about the Company’s single reportable segment:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Total revenues	$	3,579,782	$	2,930,919	$	2,382,602
Less:
Lease and asset operating expense	767,814		632,042		581,973
Workover expense	74,537		60,312		58,441

Gathering, processing and transportation	408,920		312,931		235,153
Production and other taxes	219,416		162,634		162,963
Depreciation, depletion and amortization	1,166,902		949,480		675,782
Impairment expense	254,551		161,542		153,495
Midstream and other operating expense	116,945		110,136		39,809
General and administrative expense excluding equity-based compensation	223,084		142,738		57,982
Equity-based compensation expense	249,076		193,481		82,936
Interest expense	298,432		216,263		145,807
Other segment items	(367,061)		127,043		(133,730)
Net income (loss)	$	167,166	$	(137,683)	$	321,991

Total development of oil and natural gas properties	903,232		745,198		578,316

Other segment items include Exploration expense, Gain (loss) on derivatives, (Gain) loss on sale of assets and Loss from extinguishment of debt from our consolidated statements of operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent events have been evaluated through the date of issuance of these financial statements, and there have been no events subsequent to December 31, 2025, other than those items disclosed below, that would require additional adjustments to our disclosure in our financial statements. Dividend On February 25, 2026, 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 our shareholders of our Class A Common Stock with respect to the fourth quarter of 2025. The quarterly dividend is payable on March 25, 2026 to shareholders of record as of the close of business on March 11, 2026. 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. 2026 Minerals and Royalties Acquisitions In the first quarter of 2026, in a series of transactions, we acquired a portfolio of mineral and royalty interests located in the Eagle Ford from unrelated third-parties for an aggregate consideration of approximately $355.3 million, subject to customary purchase price adjustments. Minerals and Royalties Credit Facility On February 23, 2026, we entered into a separate credit facility ("Crescent Minerals Credit Facility") that is guaranteed by certain of our mineral and royalty assets. As of February 23, 2026, the Crescent Minerals Credit Facility had $365.0 million of outstanding borrowings, with a weighted average interest rate of 6.612% on loan amounts outstanding.

Supplemental Oil and Natural Gas Disclosures (Unaudited)

12 Months Ended

Dec. 31, 2025

Extractive Industries [Abstract]

Supplemental Oil and Natural Gas Disclosures (Unaudited)

Geographic Area of Operation

All of the oil and natural gas properties in which we have working interests and mineral and royalty interests are located within the continental U.S., with the majority concentrated in Texas and the Rockies. Therefore, the following disclosures about our costs incurred and proved reserves are presented on a consolidated basis.

Oil and Natural Gas Reserve Information

The following table presents our net proved reserves for the years ended December 31, 2025, 2024 and 2023 and the changes in net proved oil, natural gas and NGL reserves during such years.


Developed and Undeveloped	Oil (MBbls)	Natural Gas (MMcf)	Natural Gas Liquids (MBbls)	Total (MBoe)

























Net proved reserves at December 31, 2022	243,082	1,506,535	78,621	572,793
Revisions of previous estimates (1)	(15,501)	(472,337)	(11,676)	(105,901)
Extensions, discoveries, and other additions (2)	2,808	16,240	1,635	7,150
Sales of reserves in place	(1,655)	(15,075)	(1,774)	(5,942)
Purchases of reserves in place (3)	46,018	271,682	43,301	134,599
Production	(24,287)	(130,629)	(8,475)	(54,533)
Net proved reserves at December 31, 2023	250,465	1,176,416	101,632	548,166
Revisions of previous estimates (4)	(17,316)	(210,432)	(11,263)	(63,648)
Extensions, discoveries, and other additions (5)	16,626	70,632	10,604	39,002
Sales of reserves in place	(3,344)	(5,318)	(767)	(4,998)
Purchases of reserves in place (6)	81,204	746,988	58,664	264,366
Production	(29,945)	(183,227)	(13,154)	(73,637)
Net proved reserves at December 31, 2024	297,690	1,595,059	145,716	709,251
Revisions of previous estimates (7)	(59,053)	40,084	(10,331)	(62,706)
Extensions, discoveries, and other additions (8)	20,232	436,513	9,438	102,423
Sales of reserves in place	(43,427)	(291,673)	(21,288)	(113,327)
Purchases of reserves in place (9)	182,392	735,054	129,993	434,894
Production	(38,139)	(236,978)	(17,382)	(95,017)
Net proved reserves at December 31, 2025	359,695	2,278,059	236,146	975,518

(1)Revisions of previous estimates primarily relate to a 133 MMBoe downward revision from lower oil and natural gas prices, partially offset by 27 MMBoe in upward revisions from a variety of factors primarily driven by new contracts, operating expense revisions and upward forecast revisions in certain basins.

(2)Extensions, discoveries and other additions of 7.2 MMBoe primarily relate to PUD extensions all of which related to our Eagle Ford and Uinta assets.

(3)Purchases of reserves in place of 134.6 MMBoe primarily relate to our Western Eagle Ford Acquisitions.

(4)Revisions of previous estimates relate to 79.6 MMBoe downward revisions, driven primarily by a 44.0 MMBoe downward revision from lower oil and natural gas prices, partially offset by 16.0 MMBoe in upward revisions from a variety of factors primarily driven by new contracts and operating expense revisions in certain basins.

(5)Extensions, discoveries and other additions of 39.0 MMBoe primarily relate to PUD extensions all of which related to our Eagle Ford and Uinta assets.

(6)Purchases of reserves in place of 264.4 MMBoe primarily relate to our SilverBow Merger and Central Eagle Ford Acquisition.

(7)Revisions of previous estimates relate to 62.7 MMBoe downward revisions, driven primarily by 47.4 MMBoe downward revision from the removal of PUD inventory combined with a 14.2 MMBoe downward revision to PDP mostly related to price changes.

(8)Extensions, discoveries and other additions of 102.4 MMBoe primarily relate to gas volume extensions in the Eagle Ford.

(9)Purchases of reserves in place of 434.9 MMBoe primarily relate to the Vital Energy Merger, the Ridgemar Acquisition and the Minerals Acquisition.

The following table sets forth our net proved oil, natural gas and NGL reserves for our consolidated operations as of the years ended December 31, 2025, 2024 and 2023:


Proved Developed Reserves	Oil (MBbls)	Natural Gas (MMcf)	Natural Gas Liquids (MBbls)	Total (MBoe)

December 31, 2025	275,734	1,819,476	197,366	776,346
December 31, 2024	193,611	1,342,718	109,223	526,622
December 31, 2023	176,546	1,032,578	87,316	435,958


Proved Undeveloped Reserves	Oil (MBbls)	Natural Gas (MMcf)	Natural Gas Liquids (MBbls)	Total (MBoe)

December 31, 2025	83,961	458,583	38,780	199,172
December 31, 2024	104,079	252,341	36,493	182,629
December 31, 2023	73,919	143,838	14,316	112,208

Capitalized Costs Relating to Oil and Gas Producing Activities

The following table summarizes the capitalized costs relating to our oil and natural gas producing activities for our consolidated operations as of December 31, 2025 and 2024:


	As of December 31,
	2025		2024
	(in thousands)

Proved oil and natural gas properties (successful efforts method)	$	13,264,097	$	11,471,299
Unproved oil and natural gas properties	413,444		374,306
Oil and natural gas properties, at cost	13,677,541		11,845,605
Less: accumulated depreciation, depletion, amortization and impairment	(3,529,964)		(3,840,344)
Net capitalized costs	$	10,147,577	$	8,005,261

Costs Incurred in Oil and Gas Property Acquisition, Exploration and Development Activities

Acquisition costs include costs incurred to purchase, lease or otherwise acquire property. For a description and allocation of costs incurred for our significant acquisitions included in the table below, see NOTE 3 – Acquisitions and Divestitures. Exploration costs include additions to exploratory wells, including those in progress, and exploration expenses. Development costs include additions to production facilities and equipment and additions to development wells, including those in progress.

The following table summarizes costs incurred related to our oil and natural gas activities for our consolidated operations for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)

Acquisition costs:
Proved	$	3,297,772	$	2,163,000	$	836,159
Unproved	169,166		219,326		35,474
Field and other property and equipment	53,396		25,734		—
Exploration costs	16,795		16,591		9,328
Development	903,232		745,198		578,316
Total costs incurred	$	4,440,361	$	3,169,849	$	1,459,277

Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves

The following information has been developed utilizing procedures prescribed by ASC Topic 932, Extractive Industries – Oil and Gas, and based on crude oil, NGL and natural gas reserves and production volumes estimated by our engineering staff. The estimates were based on a 12-month average for first-day-of-the month commodity prices. The following information may be useful for certain comparative purposes, but should not be solely relied upon in evaluating our performance. Further, information contained in the following table should not be considered as representative of realistic assessments of future cash flows, nor should the standardized measure of discounted future net cash flows be viewed as representative of our current value.

The future cash flows presented below are based on sales prices and cost rates in existence as of the date of the projections. It is expected that material revisions to some estimates of crude oil, NGL and natural gas reserves may occur in the future, development and production of the reserves may occur in periods other than those assumed, and actual prices realized and costs incurred may vary significantly from those used.

Management does not rely upon the following information in making investment and operating decisions. Such decisions are based upon a wide range of factors, including estimates of probable and possible reserves as well as proved reserves, and varying price and cost assumptions considered more representative of a range of possible economic conditions that may be anticipated.

Future net cash flows were calculated at December 31, 2025, 2024 and 2023 by applying prices, which were the simple average of the first-of-the-month commodity prices, adjusted for location and quality differentials, with consideration of known contractual price changes. The following table provides the average benchmark prices per unit, before location and quality differential adjustments, used to calculate the related reserve category:


	Year Ended December 31,
	2025		2024		2023
Average benchmark price per unit:
Crude oil (Bbl)	$	65.34	$	75.48	$	78.22
Natural gas (MMBtu)	$	3.39	$	2.13	$	2.64

The following table sets forth the standardized measure of discounted future net cash flows for our consolidated operations from projected production of oil and natural gas reserves and excludes the midstream revenue impact on a portion of our operations that could reduce future production costs, for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)

Future cash inflows	$	32,852,573	$	27,890,094	$	24,267,134
Future production costs	(15,003,036)		(12,981,064)		(11,897,791)
Future development costs (1)	(3,387,941)		(3,801,466)		(2,713,247)
Future income taxes (2)	(1,308,188)		(1,055,147)		(410,721)
Future net cash flows	13,153,408		10,052,417		9,245,375
Annual discount of 10% for estimated timing	(5,397,858)		(4,348,722)		(3,956,193)
Standardized measure of discounted future net cash flows	$	7,755,550	$	5,703,695	$	5,289,182

(1) Future development costs include future abandonment and salvage costs.

(2) Our future income taxes are based upon our allocable share of any taxable income of OpCo. Estimated future taxable income or loss generated by OpCo is generally allocated and passed through to Crescent at our proportionate share of OpCo unit ownership which at December 31, 2025, 2024 and 2023 was 100%, 74% and 51%, respectively.

Changes in standardized measure of discounted future net cash flows

The following table sets forth the changes in the standardized measure of discounted future net cash flows for our consolidated operations for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)

Balance at beginning of period	$	5,703,695	$	5,289,182	$	9,134,666
Net change in prices and production costs	(2,011,577)		(47,265)		(2,859,297)
Net change in future development costs	872,553		(92,580)		(141,382)
Sales and transfers of oil and natural gas produced, net of production expenses	(2,075,124)		(1,715,764)		(1,354,856)
Extensions, discoveries, additions and improved recovery, net of related costs	606,461		318,421		119,025
Purchases of reserves in place	4,652,989		2,493,077		1,338,224
Sales of reserves in place	(553,700)		(70,549)		(90,157)
Revisions of previous quantity estimates	(208,348)		(817,132)		(2,244,012)
Previously estimated development costs incurred	399,891		369,595		301,839
Net change in taxes	(92,507)		(478,046)		190,444
Accretion of discount	615,853		556,612		960,208
Changes in timing and other	(154,636)		(101,856)		(65,520)
Balance at end of period	$	7,755,550	$	5,703,695	$	5,289,182

- Definition

The entire disclosure for oil- and gas-producing activities considered to be supplementary information. Includes, but is not limited to, proved reserve quantity, cost incurred and capitalized, result of operation, standardized measure, and change in standardized measure of discounted future cash flow.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 932
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147478688/932-270-50-1

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+ Details

Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Schedule I - Condensed Financial Information of Registrant

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

CRESCENT ENERGY COMPANY

PARENT COMPANY BALANCE SHEETS


	December 31, 2025		December 31, 2024
	(in thousands, except share and unit data)
ASSETS
Current assets:
Cash and cash equivalents	$	290	$	3,001
Income tax receivable	3,612		523
Accounts receivable - affiliates	19,657		12,872
Total current assets	23,559		16,396
Investment in subsidiary	5,018,345		4,722,280
Deferred tax asset	143,706		—
TOTAL ASSETS	$	5,185,610	$	4,738,676

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Accounts payable – affiliates	$	19,731	$	12,947
Income tax payable	444		1,272
Total current liabilities	20,175		14,219
Deferred tax liability	—		356,497
Total liabilities	20,175		370,716
Contingencies (Note 3)
Redeemable noncontrolling interests	—		1,228,329
Equity:

Class A common stock, $0.0001 par value; 1,000,000,000 shares authorized and 334,979,293 and 189,505,209 shares issued and 327,900,272 and 187,070,725 shares outstanding as of December 31, 2025 and 2024, respectively	33		19
Class B common stock, $0.0001 par value; 500,000,000 shares authorized and 0 and 65,948,124 shares issued and outstanding as of December 31, 2025 and 2024, respectively	—		7
Preferred stock, $0.0001 par value; 500,000,000 shares authorized and 1,000 Series I preferred shares issued and outstanding as of December 31, 2025 and 2024	—		—
Treasury stock, at cost; 7,079,021 and 2,434,484 shares of Class A common stock as of December 31, 2025 and 2024, respectively	(71,054)		(32,430)
Additional paid-in capital	5,228,928		3,227,450
Retained earnings (accumulated deficit)	—		(64,751)
Noncontrolling interests	7,528		9,336
Total equity	5,165,435		3,139,631
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	$	5,185,610	$	4,738,676

SCHEDULE I - CONTINUED

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

CRESCENT ENERGY COMPANY

PARENT COMPANY STATEMENTS OF OPERATIONS


	Year Ended December 31,
	2025		2024		2023
	(in thousands, except per share amounts)
Revenues	$	—	$	—	$	—
Expenses:
General and administrative expense	67,493		41,262		23,829
Total expenses	67,493		41,262		23,829
Income (loss) before taxes and equity in income (losses) of subsidiary	(67,493)		(41,262)		(23,829)
Income tax benefit (expense)	(35,704)		39,166		(21,553)
Income (loss) before equity in income (losses) of subsidiary	(103,197)		(2,096)		(45,382)
Equity in income (losses) of subsidiary, net of tax	270,363		(135,587)		367,373
Net income (loss)	167,166		(137,683)		321,991
Less: net (income) loss attributable to noncontrolling interests	(20,210)		1,215		(472)
Less: net (income) loss attributable to redeemable noncontrolling interests	(14,050)		21,863		(253,909)
Net income (loss) attributable to Crescent Energy	$	132,906	$	(114,605)	$	67,610
Net income (loss) per share:
Class A common stock - basic	$	0.55	$	(0.88)	$	1.02
Class A common stock - diluted	$	0.54	$	(0.88)	$	1.02
Class B common stock - basic and diluted	$	—	$	—	$	—
Weighted average shares outstanding:
Class A common stock - basic	242,060		130,715		66,598
Class A common stock - diluted	245,058		130,715		67,402
Class B common stock - basic and diluted	16,609		70,519		104,271

The accompanying notes to financial statements are an integral part of these condensed financial statements.

SCHEDULE I - CONTINUED

CONDENSED FINANCIAL INFORMATION OF REGISTRANT

CRESCENT ENERGY COMPANY

PARENT COMPANY STATEMENTS OF CASH FLOWS


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Cash flows from operating activities:
Net income (loss)	$	167,166	$	(137,683)	$	321,991
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity in (income) losses of subsidiary	(270,363)		135,587		(367,373)
Deferred income taxes (benefit)	36,576		(42,549)		21,068
Changes in operating assets and liabilities:
Income tax receivable	(3,089)		1,415		3,366
Accounts receivable - affiliates	(1,133)		449		(487)
Accounts payable – affiliates	6,895		5,763		3,329
Income tax payable	531		1,272		(1,051)
Net cash used in operating activities	(63,417)		(35,746)		(19,157)
Cash flows from investing activities:
Acquisition of oil and gas properties, net of cash acquired	(3,693)		(376,950)		—
Net cash provided by investing activities	(3,693)		(376,950)		—
Cash flows from financing activities:
Distributions from OpCo	175,828		101,517		59,582
Cash received from sale of OpCo Units	42,317		392,236		—
Dividend to Class A common stock	(115,122)		(65,075)		(34,120)
Proceeds from Equity Issuance after underwriting fees	—		330,573		145,665
Cash contribution to OpCo	—		(330,573)		(149,665)
Cash paid for treasury stock acquired for equity-based compensation tax withholding	(5,154)		(7,441)		—
Repurchases of Class A common stock	(33,470)		(7,845)		—

Net cash provided by financing activities	64,399		413,392		21,462
Net change in cash, cash equivalents and restricted cash	(2,711)		696		2,305
Cash, cash equivalents and restricted cash, beginning of period	3,001		2,305		—
Cash, cash equivalents, and restricted cash, end of period	$	290	$	3,001	$	2,305

The accompanying notes to financial statements are an integral part of these condensed financial statements.

NOTE 1 – Corporate Structure and Basis of Presentation

Corporate Structure

Our Class A Common Stock is listed on the New York Stock Exchange under the symbol “CRGY.” Crescent is a holding company, the sole material assets of which are units ("OpCo Units") representing limited liability company interests in Crescent Energy OpCo LLC ("OpCo"). 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 “Notes to Consolidated Financial Statements—NOTE 14 – Related Party Transactions" included elsewhere in of this Annual Report. Certain restrictions and covenants related to the transfer of assets from OpCo are discussed further in "Notes to Consolidated Financial Statements—NOTE 8 – Debt" included elsewhere in this Annual Report. Shares of Crescent Class A common stock, par value $0.0001 per share ("Class A Common Stock") have both voting and economic rights with respect to Crescent. Holders of Crescent Class B common stock, par value $0.0001 per share ("Class B Common Stock"), which shares of Class B Common Stock have voting (but no economic) rights with respect to Crescent, hold a corresponding amount of economic, non-voting OpCo Units. Additionally, an affiliate of the KKR Group, as defined in "Notes to Consolidated Financial Statements—NOTE 1 – Organization and Basis of Presentation" included elsewhere in this Annual Report, is the sole holder of Crescent's non-economic Series I preferred stock, $0.0001 par value per share, which entitles the holder thereof to appoint the Board of Directors of Crescent and to certain other approval rights.

Corporate Simplification

In April 2025, we announced that our corporate structure had been simplified through the elimination of the Company’s Up-C structure through the exercise by the holders of all remaining shares of Class B Common Stock of their redemption rights with respect to all of their OpCo Units (the “Corporate Simplification”). Prior to the Corporate Simplification, the Up-C structure provided for holders of Crescent’s then-outstanding Class B Common Stock, which had voting (but no economic) rights with respect to Crescent, to hold a corresponding amount of economic, non-voting OpCo Units, which were generally redeemable or exchangeable for Class A Common Stock on the terms and conditions set forth in OpCo’s Amended and Restated Limited Liability Company Agreement (the “OpCo LLC Agreement”). Pursuant to the aforementioned exercise of such right in the Corporate Simplification, all OpCo Units (other than those held by Crescent) were exchanged for an equivalent number of shares of Class A Common Stock and all outstanding shares of Class B Common Stock were cancelled. As a result of the Corporate Simplification, all of the Company’s common stockholders now hold Class A Common Stock. See NOTE 14 – Related Party Transactions for more information.

Basis of Presentation

As the sole managing member of OpCo, we are responsible for all operational, management and administrative decisions related to OpCo’s business. Because the unit holders of OpCo lack the characteristics of a controlling financial interest, OpCo was determined to be a variable interest entity. Crescent is considered the primary beneficiary of OpCo as it has both the power to direct OpCo and the right to receive benefits from OpCo. As a result, we consolidate the financial results of OpCo and its subsidiaries, including Crescent Energy Finance LLC. During the year ended December 31, 2025 and 2024, our ownership of OpCo increased due to the Corporate Simplification and the 2025 Class A Redemption as described in "Notes to Consolidated Financial Statements—NOTE 1 – Organization and Basis of Presentation" included elsewhere in this Annual Report. At December 31, 2025 and 2024, our ownership of OpCo was 100% and 74%, respectively, and 0% and 26%, respectively, of OpCo was owned by holders of our redeemable noncontrolling interests.

These condensed parent company financial statements reflect the activity of Crescent as the parent company to OpCo and have been prepared in accordance with Rules 5-04 and 12-04 of Regulation S-X, as the restricted net assets of OpCo and its consolidated subsidiaries exceed 25% of the consolidated net assets of Crescent. This information should be read in conjunction with the consolidated financial statements of Crescent included elsewhere in this Annual Report.

NOTE 2 – Acquisitions

For details regarding acquisitions, see "Notes to Consolidated Financial Statements—NOTE 3 – Acquisitions and Divestitures" included elsewhere in this Annual Report.

NOTE 3 – Income Taxes

For details regarding income taxes, see "Notes to Consolidated Financial Statements—NOTE 11 – Income Taxes" included elsewhere in this Annual Report.

NOTE 4 – Contingencies

For details regarding contingencies related to litigation, see "Notes to Consolidated Financial Statements—NOTE 12 – Commitments and Contingencies" included elsewhere in this Annual Report.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk management and strategy Our business is dependent upon our computer systems, devices and networks (including both operational and information technology) to collect, process and store the data necessary to conduct almost all aspects of our business, including the operation of our oil and natural gas assets and the recording and reporting of commercial and financial information. We recognize the importance of developing, implementing, and maintaining effective cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data. We maintain a cybersecurity risk management program to identify, assess, manage, mitigate, and respond to cybersecurity threats. Managing material risks and integrated overall risk management Our cybersecurity risk management program incorporates various mechanisms designed to detect and monitor unusual network activity, as well as containment and incident response tools. We monitor issues that are internally discovered or externally reported that may affect our business and have processes to assess those issues for potential cybersecurity impact or risk. We also leverage information from industry groups, including ONE-ISAC, for benchmarking and awareness of cybersecurity best practices. We have integrated our cybersecurity risk management program into our broader enterprise risk management framework. This integration is designed to make cybersecurity considerations an integral part of our decision-making processes at every level, and we believe that this integration allows cybersecurity risks to be evaluated and addressed in alignment with our business objectives and operational needs. We maintain an information security policy based upon the National Institute of Standards and Technology ("NIST") Cybersecurity Framework ("CSF") as well as a formal Acceptable Use Policy with supplemental AI Use Guidelines that applies to all employees and is intended to define best practices and safe behaviors for cybersecurity protection. We also use enterprise-wide tools and services to promote secure practices, including, endpoint detection and response, data backups, training and testing. We aim to provide training to our employees at least quarterly on cybersecurity practices through our security awareness training platform and endeavor to conduct simulated phishing exercises on a monthly cadence. In the event of an incident, we intend to follow our incident response plan, which outlines the steps to be followed from incident detection to mitigation, recovery and notification, including notifying functional areas (e.g., legal), as well as senior leadership and the Board, as appropriate. The underlying practices and controls of the cyber risk management program are based on the NIST CSF. We have several deployed teams with distinct roles and responsibilities across our IT, OT, and Cybersecurity divisions. Our Cybersecurity team comprises in-house personnel with specialized expertise, supported by external managed security services providers, consultants, and retainer services. The Cybersecurity team leads our technology risk management committee in coordination with senior and management-level representatives from key departments, including Finance, Legal, IT, and OT. We aim to perform an annual assessment of our cybersecurity risk management program against the NIST CSF. We assess third-party cybersecurity controls through a variety of methods including review of available Trust and Assurance reports and aim to include security and privacy addendums to our contracts where applicable. As part of our existing cybersecurity risk management program, we seek to identify and, as necessary, remediate, risks related to our critical IT vendors.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program incorporates various mechanisms designed to detect and monitor unusual network activity, as well as containment and incident response tools. We monitor issues that are internally discovered or externally reported that may affect our business and have processes to assess those issues for potential cybersecurity impact or risk. We also leverage information from industry groups, including ONE-ISAC, for benchmarking and awareness of cybersecurity best practices. We have integrated our cybersecurity risk management program into our broader enterprise risk management framework. This integration is designed to make cybersecurity considerations an integral part of our decision-making processes at every level, and we believe that this integration allows cybersecurity risks to be evaluated and addressed in alignment with our business objectives and operational needs.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Board of Directors' oversight and management's role The Audit Committee of the Board of Directors oversees our cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks. Assessments of cybersecurity risks are communicated, not less than quarterly, to management by our cybersecurity team's technology risk management committee, which holds responsibility for prioritizing the remediation of cybersecurity risk, evaluating the effectiveness of compensating controls, and consulting with Internal Audit on their evaluations of the effectiveness of our control environment. The technology risk management committee engages representatives from key departments, including our IT, Operations, and Finance, combining expertise across domains. The Head of Cybersecurity & GRC leads the cybersecurity team and technology risk management committee and is responsible for assessing and managing our material risks from cybersecurity threats. The Head of Cybersecurity & GRC has over 20.0 years of experience working in the oil and gas industry in various technology and security management roles and maintains professional certifications, including the CISSP. The technology risk management committee reports to Management, who in turn briefs the Audit Committee on the effectiveness of our cybersecurity risk management program on a quarterly basis. In addition, cybersecurity risks are reviewed by our Board of Directors, at least annually, as part of our corporate risk mapping exercise.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of the Board of Directors oversees our cybersecurity risk exposures and the steps taken by management to monitor and mitigate cybersecurity risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Assessments of cybersecurity risks are communicated, not less than quarterly, to management by our cybersecurity team's technology risk management committee, which holds responsibility for prioritizing the remediation of cybersecurity risk, evaluating the effectiveness of compensating controls, and consulting with Internal Audit on their evaluations of the effectiveness of our control environment.
Cybersecurity Risk Role of Management [Text Block]	Assessments of cybersecurity risks are communicated, not less than quarterly, to management by our cybersecurity team's technology risk management committee, which holds responsibility for prioritizing the remediation of cybersecurity risk, evaluating the effectiveness of compensating controls, and consulting with Internal Audit on their evaluations of the effectiveness of our control environment. The technology risk management committee engages representatives from key departments, including our IT, Operations, and Finance, combining expertise across domains. The Head of Cybersecurity & GRC leads the cybersecurity team and technology risk management committee and is responsible for assessing and managing our material risks from cybersecurity threats. The Head of Cybersecurity & GRC has over 20.0 years of experience working in the oil and gas industry in various technology and security management roles and maintains professional certifications, including the CISSP. The technology risk management committee reports to Management, who in turn briefs the Audit Committee on the effectiveness of our cybersecurity risk management program on a quarterly basis. In addition, cybersecurity risks are reviewed by our Board of Directors, at least annually, as part of our corporate risk mapping exercise.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Cybersecurity team leads our technology risk management committee in coordination with senior and management-level representatives from key departments, including Finance, Legal, IT, and OT. We aim to perform an annual assessment of our cybersecurity risk management program against the NIST CSF.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The technology risk management committee engages representatives from key departments, including our IT, Operations, and Finance, combining expertise across domains. The Head of Cybersecurity & GRC leads the cybersecurity team and technology risk management committee and is responsible for assessing and managing our material risks from cybersecurity threats. The Head of Cybersecurity & GRC has over 20.0 years
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Management, who in turn briefs the Audit Committee on the effectiveness of our cybersecurity risk management program on a quarterly basis. In addition, cybersecurity risks are reviewed by our Board of Directors, at least annually, as part of our corporate risk mapping exercise.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our consolidated financial statements (the “financial statements”) include the accounts of the Company and its subsidiaries after the elimination of intercompany transactions and balances and are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). We have no elements of other comprehensive income for the periods presented.
Basis of Consolidation	Our consolidated financial statements (the “financial statements”) include the accounts of the Company and its subsidiaries after the elimination of intercompany transactions and balances and are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). We have no elements of other comprehensive income for the periods presented.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We use historical experience and various other assumptions and information that are believed to be reasonable under the circumstances in developing our estimates and judgments. Estimates and assumptions about future events and their effects cannot be predicted with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. While we believe that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results may differ from these estimates. Our significant estimates include the fair value of acquired assets and liabilities, oil and natural gas reserves, impairment of proved and unproved oil and natural gas properties, valuation of derivative instruments and income taxes.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash deposited in commercial bank accounts and highly liquid investments purchased with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are maintained with major financial institutions in the U.S. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, the financial stability of the financial institutions is regularly monitored, and we believe that we do not have exposure to any significant default risk.
Restricted Cash	Restricted Cash Restricted cash consists of funds earmarked for a special purpose and therefore not available for immediate and general use. Our restricted cash is comprised of cash that is contractually required to be restricted for a variety of purposes including to fund acquisitions and to pay for the future abandonment of certain wells. As of the date these financial statements are issued, restrictions associated with $713.7 million were released. Restricted cash is presented separately in current assets while the noncurrent portion is included in Other assets on our consolidated balance sheets.
Accounts Receivable	Accounts Receivable We routinely assess the recoverability of our accounts receivable, which primarily comprise amounts due from (i) purchasers of our oil, natural gas and NGL production and (ii) joint interest owners on properties that we operate. We monitor our exposure to credit risk primarily by reviewing credit ratings, financial statements and payment history. We extend credit terms based on our evaluation of each counterparty’s creditworthiness. Generally, our oil and natural gas receivables are collected within 45 to 60 days of production. Our joint interest billings are collected within the month after they are billed, and we have the ability to withhold future revenue distributions to recover any nonpayment of our joint interest billings. We establish allowances for credit losses equal to the estimable portions of accounts receivable for which failure to collect is expected to occur primarily based on a historical loss rate analysis. We estimate uncollectible amounts based on the length of time that the accounts receivables have been outstanding, historical collection experience and current and future economic and market conditions. We consider forecasts of future economic conditions in the estimate of our expected credit losses, in particular whether there is an increase in the probability that our counterparties will be unable to pay their obligations when due, and adjust our allowance for expected credit losses, when necessary.
Restricted Investment Securities	Restricted Investment Securities We hold U.S. Treasury securities, which are contractually required to be set aside to pay for the future abandonment of certain wells in California. Due to this restriction, we report these investment securities as noncurrent and include them within Other assets on our consolidated balance sheets. We classify our investment in these debt securities at the acquisition date and re-evaluate the classification at each balance sheet date. We classify debt securities purchased with the positive intent and ability to hold until their maturity date as held-to-maturity investments (“HTM”) and carry these investments at amortized cost. Premiums and discounts on purchases are amortized over the remaining time to maturity of the security and the amortization is recorded as an adjustment to interest income.
Oil and Natural Gas Properties	Oil and Natural Gas Properties Oil and natural gas producing activities are accounted for under the successful efforts method of accounting. Under this method, exploration costs, other than the costs of drilling exploratory wells, are charged to expense as incurred. Costs that are associated with the drilling of successful exploration wells are capitalized if proved reserves are found. Capitalized costs attributed to the properties are charged as an operating expense through depreciation, depletion and amortization (“DD&A”). Dry hole costs associated with developing proved fields are capitalized. Costs associated with the drilling of exploratory wells that do not find proved reserves, geological and geophysical costs and costs of certain non-producing leasehold costs are expensed once evaluated and determined to be a dry hole. Delay and surface rentals are charged to expense as incurred. The costs to acquire mineral interests in oil and natural gas properties and lease acquisition costs are capitalized when incurred. If proved reserves are found on an undeveloped property, leasehold costs are transferred to proved properties. The capitalized costs of producing oil and natural gas properties are depleted on a field-by-field basis using the units-of-production method based on the ratio of current production to estimated total net proved oil, natural gas and NGL reserves. Proved developed reserves are used in computing depletion rates for drilling and development costs and total proved reserves are used for depletion rates of leasehold costs. Upon the sale of a complete or partial unit of a proved property or pipeline and related facilities, the cost and related accumulated DD&A are removed from the property accounts and any gain or loss is recognized. Estimated dismantlement and abandonment costs for oil and natural gas properties are capitalized at their estimated net present value and amortized on a unit-of-production basis over the remaining life of the related proved developed reserves. Refer to Asset Retirement Obligations below for additional discussion.
Other Property, Plant and Equipment	Other Property, Plant and Equipment We have other property, plant, and equipment that consists principally of gathering and processing facilities, land, vehicles, computer hardware and software, office furniture and equipment, buildings and leasehold improvements. Other property, plant, and equipment, except land, is recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the respective assets which range from three to thirty years. Leasehold improvements are amortized over the shorter of their economic lives or the lease term. The cost of maintenance and repairs are expensed in the period incurred. Expenditures that extend the life or improve existing property and equipment are capitalized.
Impairment of Oil and Natural Gas Properties	Impairment of Oil and Natural Gas Properties Proved and unproved oil and natural gas properties are reviewed for impairment when events and circumstances indicate a possible decline in the recoverability of the carrying amount of such property. When a triggering event is identified, we compare the carrying amount of our oil and natural gas properties to the estimated undiscounted cash flows our oil and natural gas properties will generate to determine if the carrying amount is recoverable. We perform this analysis on an asset pool basis. If the carrying amount exceeds the estimated undiscounted cash flows, we will write-down the carrying amount of the oil and natural gas properties to fair value. The factors used to determine fair value include, but are not limited to, estimates of reserves, future commodity prices, future production estimates, and discount rates commensurate with the risk associated with realizing the projected cash flows.
Investments in Equity Affiliates	Investments in Equity Affiliates If an entity is organized as a limited partnership or limited liability company and maintains separate ownership accounts, we generally account for our investment using the equity method if our ownership interest is between 3% and 50%, unless our interest is so minor that we have virtually no influence over the investee’s operating and financial policies. For all other types of investments, we generally apply the equity method of accounting if our ownership interest is between 20% and 50% and we exercise significant influence over the investee’s operating and financial policies. We eliminate our proportionate share of profits and losses from transactions with equity affiliates to the extent such amounts remain on our consolidated balance sheets (or those of our equity affiliates). Under the equity method, our proportionate share of each investees' net income increases the balance of our investment, while a net loss or receipt of dividends decreases the balance of our investment. Our proportionate share of net income from our equity affiliates are reported as a single line item within income (loss) from equity affiliates in our consolidated statements of operations.
Debt Issuance Costs	Debt Issuance Costs We capitalize costs incurred in connection with obtaining financing associated with our Revolving Credit Facility and the 2028 Notes, 2029 Notes, 2030 Notes, Vital 2032 Notes, 2032 Notes, 2033 Notes and 2034 Notes (each as defined below and collectively, the "Senior Notes") and amortize such costs as additional interest expense over the life of the underlying indebtedness. These costs include fees paid to financial institutions and professional fees. Debt issuance costs associated with our Revolving Credit Facility are included in Other assets in our consolidated balance sheets. Debt issuance costs associated with our Senior Notes are included as a contra-liability in Long-term debt in our consolidated balance sheets.
Revenue Recognition	Revenue Recognition Oil, Gas and NGL Revenues We hold operated and non-operated working interests and mineral and royalty interests in producing assets that function as follows: Operated working interests: We are responsible for the day-to-day management and operation of the field as well as negotiations required for post-production transportation, gathering, processing and marketing. We remit proceeds from sales of resulting hydrocarbons to third parties back to non-operators less costs as agreed in the applicable joint operating agreement. We sell oil production at the contractually specified delivery point, and collect an agreed-upon index price, net of pricing differentials. Under our natural gas contracts, we deliver natural gas to a midstream processor at a contractually specified delivery point. The midstream processor gathers and processes the natural gas and then markets and remits proceeds to us for the resulting sale of the residue gas and NGLs. Non-operated working interests: An operator of these assets is responsible for the day-to-day management and operation of the field as well as negotiations required for post-production transportation, gathering, processing, and marketing. The operator then remits proceeds from sales of resulting hydrocarbons to third parties back to non-operators less costs as agreed in the applicable joint operating agreement. Proceeds reflect post-production expenses such as gathering, processing and other expenses incurred in marketing of that production. Mineral and royalty interests: The owner of this share of production does not bear any of the cost of exploration, drilling, producing, operating or any other expense associated with drilling and producing an oil and gas well. Mineral and royalty interests may be burdened by some or all of the post-production costs related to gathering, processing and marketing. Performance Obligations Under product sales contracts, each unit of product generally represents a separate performance obligation. We record revenue for our product sales contracts at the point-in-time control of a commodity is transferred to the customer. However, settlement statements from non-operated working interests may not be received for 30 to 60 days after the date production is delivered, and as a result, we are required to estimate the amount of production delivered to the customer and the net commodity price that will be received for the sale of these commodity products. At the end of the reporting period, we did not have any unsatisfied performance obligations. Our contracts with customers typically include variable consideration based on monthly pricing tied to local indices and volumes delivered in the current month. The nature of our contracts with customers does not require us to constrain variable consideration for accounting purposes. Revenue is recognized to the extent it is determined that it is probable that a significant reversal will not occur. We record the differences between our revenue estimates and the actual amounts received in the month that payment is received from the operator.
Equity-Based Compensation Awards	Equity-Based Compensation Awards Equity-based compensation awards include share-based payments that are issued to employees, directors and non-employees in exchange for services provided to us. Equity-classified share-based payment awards are recognized at fair value on the grant date, and amortized over the life of the award. Liability-classified share-based payment awards are remeasured at fair value until settlement. For awards with service-based vesting conditions only, we recognize compensation cost using straight-line attribution. For awards that contain market or performance conditions we use accelerated attribution. Our policy is to recognize forfeitures as they occur. Equity-based compensation cost is presented as "General and administrative expense" on our consolidated statements of operations.
Defined Contribution Plan	Defined Contribution Plan We offer our employees a defined contribution 401(k) Plan (the “401(k) Plan”) which allows eligible employees to make tax-deferred contributions, not to exceed annual limits established by the Internal Revenue Service. We match 100% of employee contributions up to a certain threshold of compensation with immediate vesting for existing employees.
Business Combinations	Business Combinations We recognize the identifiable assets acquired and liabilities assumed at the estimated acquisition date fair values. Fair value is the price that would be received to sell an asset or would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the assumptions of market participants and not those of the reporting entity. Therefore, entity-specific intentions do not impact the measurement of fair value. These fair values are accounted for at the date of acquisition and included in our consolidated balance sheets as of December 31, 2025 and 2024. The results of operations of an acquired business are included in our consolidated statements of operations from the date of the acquisition.
Assets Held for Sale	Assets Held for Sale We may market certain non-core natural gas and oil assets or other properties for sale. At the end of each reporting period, we evaluate if these assets should be classified as held for sale. The held for sale criteria includes the following: management commits to a plan to sell, the asset is available for immediate sale, an active program to locate a buyer exists, the sale of the asset is probable and expected to be completed within a year, the asset is actively being marketed for sale and that it is unlikely that significant changes to the plan will be made. If each of the criteria are met, then the assets and associated liabilities are classified as held for sale. Additionally, once assets are classified as held for sale, we cease depreciation on those related assets.
Credit and Concentration Risk	Credit and Concentration Risk We sell a significant amount of our oil, natural gas and NGL production to a limited number of purchasers. This concentration has the potential to impact our overall exposure to credit risk, either positively or negatively, in that our purchasers may be similarly affected by changes in economic, industry or other conditions. If these counterparties were to fail to pay amounts due to us, our financial position and results of operations could be materially affected. We believe that the loss of any of our purchasers would not result in a material adverse effect on our ability to market future oil and natural gas production.
Risks and Uncertainties	Risks and Uncertainties Our future financial condition, results of operations and cash flows are dependent on the demand and prices received for oil, natural gas and NGL production. These prices historically have been volatile, and we expect such volatility to continue in the future, as they are subject to wide fluctuation in response to relatively minor changes in the supply of and demand for oil, natural gas and NGL, market uncertainty and a variety of additional factors beyond our control. These factors include weather conditions, government regulations and taxes, the price and availability of alternative fuels and overall economic conditions. A decline in oil, natural gas or NGL prices may adversely affect our financial position, cash flows and results of operations. Lower oil, natural gas or NGL prices also may reduce the amount of oil, natural gas and NGL that can be produced economically. Our revenues are derived principally from uncollateralized sales to numerous companies in the oil and natural gas industry; therefore, our customers may be similarly affected by changes in economic and other conditions within the industry.
Risk Management	Risk Management We periodically enter into derivative contracts to manage our exposure to commodity price and interest rate changes. These derivative contracts may take the form of forward contracts, futures contracts, swaps, swaptions, collars or other options. We do not use derivative contracts for speculative purposes and have not designated any derivative instruments as hedging instruments for accounting purposes. As such, unrealized gains and losses from changes in the valuation of our unsettled derivative contracts, as well as realized gains and losses on the settlement of derivative contracts, are reported in Gain (loss) on derivatives in our consolidated statements of operations. Such derivative instruments are initially recorded at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value at each reporting date. Derivatives are carried as assets when the fair value is positive or as liabilities when the fair value is negative and are classified as current and long term based on the delivery periods of the financial instruments. If the right of offset exists and certain other criteria are met, derivative assets and liabilities with the same counterparty are netted on our consolidated balance sheets.
Contingencies	Contingencies Certain conditions may exist as of the date our financial statements are issued, which may result in a loss to us but which will only be resolved when one or more future events occur or fail to occur. In the preparation of our financial statements, management assesses the need for accounting recognition or disclosure of these contingencies, if any, and such assessment inherently involves an exercise in judgment. In assessing loss contingencies related to legal proceedings that are pending against us or unasserted claims that may result in such proceedings, our management and legal counsel evaluate the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. When applicable, we will accrue an undiscounted liability for contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum amount within the range is accrued. We do not record a contingent liability when the likelihood of loss is probable but the amount cannot be reasonably estimated or when it is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and the impact would be material, we disclose the nature of the contingency and, if feasible, an estimate of the possible loss or range of loss. Loss contingencies considered remote are generally not disclosed.
Income Taxes	Income Taxes Crescent is a holding company and its sole material asset is OpCo Units. OpCo is a partnership and is generally not subject to U.S. federal and certain state taxes. Crescent is subject to U.S. federal and certain state taxes on our allocable share of any taxable income of OpCo. Taxable income or loss generated by OpCo is generally allocated and passed through to the holders of OpCo Units, including Crescent, based on their proportionate share of OpCo Unit ownership. Following the 2025 Class A Redemption (as defined below) and the Corporate Simplification, the Company is the sole holder of all outstanding OpCo Units. On July 4, 2025, the OBBBA was enacted into law. The OBBBA is a significant piece of tax legislation that includes provisions that permanently restore an EBITDA-based section 163(j) calculation for tax years beginning after December 31, 2024 and 100% bonus depreciation under section 168(k) for property acquired and placed in service after January 19, 2025, deferring the recognition of a significant portion of current federal tax for multiple years. The amount of income taxes we record requires interpretations of complex rules and regulations of various tax jurisdictions throughout the United States. We recognize deferred tax assets and liabilities for temporary differences, operating losses and tax credit carryforwards. Temporary differences arise when there are differences between the financial statement carrying amount and the tax basis of existing assets and liabilities as these differences create taxable or tax-deductible amounts for future periods. Deferred income tax assets and liabilities are based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period the rate change is enacted. A valuation allowance is provided for deferred tax assets when it is more likely than not the deferred tax assets will not be realized. For additional information regarding income taxes, see NOTE 11 – Income Taxes. Accounting Standards Codification (“ASC") Topic 740, Income Taxes, specifies the accounting for uncertainty in income taxes by prescribing a minimum recognition threshold for a tax position to be reflected in the financial statements. If recognized, the tax benefit is measured as the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement. Management has considered the amounts and the probabilities of the outcomes that could be realized upon ultimate settlement and believes that it is more likely than not that the Company's recorded income tax benefits will be fully realized, or recognizes a valuation allowance against deferred tax assets in cases where we do not forecast sufficient future income to recognize the deferred tax asset.
Leases	Leases We record a net operating lease right-of-use ("ROU") asset and operating lease liability on the consolidated balance sheets for all operating leases with a lease term in excess of 12 months. We enter into contractual lease arrangements to rent buildings, compressors, drilling rigs, office and rental equipment and vehicles from third-party lessors. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make future lease payments arising from the lease. Operating lease ROU assets and liabilities are recorded at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets. We recognize lease expense for these short-term leases on a straight-line basis over the lease term. We use our incremental borrowing rate based on the information available at commencement date of the contract in determining the present value of future lease payments. The incremental borrowing rate is calculated using our collateralized incremental borrowing rate based on our debt structure. The operating lease ROU asset also includes any lease incentives received in the recognition of the present value of future lease payments. Certain of our leases may also include escalation clauses or options to extend or terminate the lease. These options are included in the present value recorded for the leases when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. If an arrangement is determined to be a lease, we record the resulting ROU asset on the consolidated balance sheets with offsetting liabilities at the commencement date. We recognize a lease in the financial statements when the arrangement either explicitly or implicitly involves property, plant or equipment ("PP&E"), the contract terms are dependent on the use of the PP&E, and we have the ability or right to control the PP&E or to direct others to control the PP&E and receive the majority of the economic benefits of the assets.
Asset Retirement Obligations	Asset Retirement Obligations An ARO represents the legal obligation associated with the future abandonment of tangible assets, such as wells, service assets, pipelines, and other facilities. We record an ARO liability and capitalize the asset retirement cost in oil and natural gas properties in the period in which the ARO liability is incurred based upon the estimated fair value of the obligation to perform site reclamation, dismantle facilities or plug and abandon wells. After recording these amounts, the ARO liability is accreted to its future estimated value using an estimated credited-adjusted risk-free rate and the capitalized asset retirement cost is depleted on a unit-of-production basis. Both the accretion expense and the depletion expense are included in Depreciation, depletion and amortization expense on our consolidated statements of operations. Measuring the future ARO liability requires management to make estimates, assumptions and judgments inherent in the present value calculation including the ultimate costs, inflation factors, credit adjusted discount rates, timing of settlement and changes in the legal, regulatory, environmental and political environments. To the extent future revisions to these assumptions impact the present value of the existing ARO liability, a corresponding adjustment is made to the related asset. If the ARO liability is settled for an amount other than the recorded amount, a gain or loss is recognized at settlement and included in Depreciation, depletion and amortization expense on our consolidated statements of operations.
Environmental Expenditures	Environmental Expenditures In addition to our ARO liability, management also reviews our estimates of the cleanup costs of various sites on an annual basis. When it is probable that obligations have been incurred, and where a reasonable estimate of the cost of compliance or remediation can be determined, the applicable amount is accrued. For other potential liabilities, the timing of accruals coincides with the related ongoing site assessments. We do not discount any of these liabilities. Recoveries for environmental remediation costs from third parties, which are probable of realization, are separately recorded and are not offset against the related environmental liability.
Recent Accounting Standards	Recent Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 prospectively during 2025, see NOTE 11 – Income Taxes. In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which requires an entity involved in an acquisition transaction effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business to consider the factors in paragraphs 805-10-55-12 through 55-15 to determine which entity is the accounting acquirer. ASU 2025-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-03.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

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 our consolidated statements of cash flows:


	As of December 31,
	2025		2024		2023
	(in thousands)
Cash and cash equivalents	$	10,157	$	132,818	$	2,974
Restricted cash – current	725,702		5,490		261
Restricted cash – noncurrent	17,451		102,600		5,494
Total cash, cash equivalents and restricted cash	$	753,310	$	240,908	$	8,729

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 our consolidated statements of cash flows:


	As of December 31,
	2025		2024		2023
	(in thousands)
Cash and cash equivalents	$	10,157	$	132,818	$	2,974
Restricted cash – current	725,702		5,490		261
Restricted cash – noncurrent	17,451		102,600		5,494
Total cash, cash equivalents and restricted cash	$	753,310	$	240,908	$	8,729

Schedules of Concentration of Risk by Revenue

The below purchasers represented greater than 10% of our revenues during the years ended December 31, 2025, 2024 and 2023:


	2025	2024	2023
Shell Trading US Company	21.4%	23.7%	18.3%
ConocoPhillips	13.5%	16.5%	*
Enterprise Products Partners L.P.	11.7%	*	*

*Purchaser did not account for greater than 10% of revenue for the year

Schedule of Supplemental Cash Flow

The following are our supplemental cash flow disclosures for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized	$	272,765	$	141,760	$	113,796
Income tax payments (refunds)	9,968		1,851		(1,391)
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	181,631		180,172		83,841
Equity consideration for acquisitions	730,684		611,423		—
Right-of-use assets obtained in exchange for leases	67,046		62,468		29,624

Cash paid for income taxes (net of refunds received) were as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
U.S. Federal	$	4,166	$	—	$	(5,000)
U.S. State:

Colorado	692		—		85
Oklahoma	437		15		1,633
Texas	2,861		1,166		563
Utah	460		83		671
Other	1,352		587		657
Total U.S. State	5,802		1,851		3,609
Total U.S. Federal and State taxes	$	9,968	$	1,851	$	(1,391)

Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Reconciliation of Restructuring Liability

The following is a reconciliation of our restructuring liability, which is included within Accounts payable and accrued liabilities on the consolidated balance sheets.


	One-time employee termination benefits		Lease termination and other costs		Total
	(in thousands)
December 31, 2023	$	—	$	—	$	—
Costs incurred and charged to expense	11,433		5,516		16,949
Costs paid	(6,531)		(5,516)		(12,047)
December 31, 2024	$	4,902	$	—	$	4,902
Costs incurred and charged to expense	51,267		10,920		62,187
Costs paid	(4,003)		(1,767)		(5,770)
December 31, 2025	$	52,166	$	9,153	$	61,319

Schedule of Consideration Transferred

The following table summarizes the consideration transferred and the net assets acquired for our significant asset acquisitions and business combinations during the three years ended December 31, 2025 that impact the periods presented:


	Asset Acquisitions												Business Combinations
	Minerals Acquisition		Ridgemar Acquisition		Webb Gas Acquisition		Eagle Ford Minerals Acquisition		July Western Eagle Ford Acquisition		October Western Eagle Ford Acquisition		Vital Energy Merger		SilverBow Merger		Central Eagle Ford Acquisition
Acquisition period	2025						2024		2023				2025		2024
	(in thousands)
Consideration transferred:
Cash consideration:
Cash	$	67,369	$	807,247	$	21,204	$	25,000	$	592,735	$	235,069	$	—	$	358,092	$	156,031
Settlement of Equity Awards in cash	—		—		—		—		—		—		3,693		18,858		—
Equity consideration:
Fair value of Class A Common Stock issued	—		82,145		—		—		—		—		640,982		595,294		—
Settlement of Equity Awards in Class A Common Stock	—		—		—		—		—		—		7,557		16,129		—
Fair value of contingent earn-out consideration	—		51,746		—		—		—		—		—		—		—
Transaction costs capitalized	490		18,484		—		—		—		—		—		—		—
Total	$	67,859	$	959,622	$	21,204	$	25,000	$	592,735	$	235,069	$	652,232	$	988,373	$	156,031
Assets acquired and liabilities assumed:
Cash and cash equivalents	$	—	$	—	$	—	$	—	$	—	$	—	$	122,923	$	5,200	$	—
Accounts receivable, net	—		1,150		—		—		—		—		279,731		135,210		—
Derivative assets – current	—		—		—		—		—		—		184,247		100,601		—
Prepaid expenses	—		—		—		—		355		—		25,857		6,154		—
Other current assets	—		—		—		—		—		—		—		945		—
Oil and natural gas properties - proved	57,200		988,758		21,204		12,865		595,025		239,573		2,207,966		1,985,363		144,085
Oil and natural gas properties - unproved	11,044		—		—		12,135		22,310		9,819		137,055		229,459		—
Field and other property and equipment	—		3,240		—		—		—		—		50,156		4,586		17,848
Derivative assets – noncurrent	—		—		—		—		—		—		2,471		37,870		—


Deferred tax asset	—		—		—		—		—		—		695,291		—		—
Other assets	—		—		—		—		—		—		62,847		25,199		—
Accounts payable and accrued liabilities	(385)		(9,565)		—		—		(12,668)		(5,790)		(421,231)		(198,831)		(1,212)
Acquired deferred acquisition consideration	—		—		—		—		—		—		—		(76,550)		—
Other current liabilities	—		(573)		—		—		—		—		(30,465)		(10,029)		—

Short-term debt	—		—		—		—		—		—		—		(37,500)		—
Long-term debt	—		—		—		—		—		—		(2,490,578)		(1,103,125)		—
Deferred tax liability	—		—		—		—		—		—		—		(79,070)		—
Derivative liabilities – noncurrent	—		—		—		—		—		—		(7,329)		—
Asset retirement obligations	—		(22,855)		—		—		(10,541)		(7,908)		(127,821)		(25,683)		(4,690)
Other liabilities	—		(533)		—		—		(1,746)		(625)		(38,888)		(11,426)		—
Net assets acquired	$	67,859	$	959,622	$	21,204	$	25,000	$	592,735	$	235,069	$	652,232	$	988,373	$	156,031

Business Combination, Recognized Asset Acquired and Liability Assumed

The following table summarizes the consideration transferred and the net assets acquired for our significant asset acquisitions and business combinations during the three years ended December 31, 2025 that impact the periods presented:


	Asset Acquisitions												Business Combinations
	Minerals Acquisition		Ridgemar Acquisition		Webb Gas Acquisition		Eagle Ford Minerals Acquisition		July Western Eagle Ford Acquisition		October Western Eagle Ford Acquisition		Vital Energy Merger		SilverBow Merger		Central Eagle Ford Acquisition
Acquisition period	2025						2024		2023				2025		2024
	(in thousands)
Consideration transferred:
Cash consideration:
Cash	$	67,369	$	807,247	$	21,204	$	25,000	$	592,735	$	235,069	$	—	$	358,092	$	156,031
Settlement of Equity Awards in cash	—		—		—		—		—		—		3,693		18,858		—
Equity consideration:
Fair value of Class A Common Stock issued	—		82,145		—		—		—		—		640,982		595,294		—
Settlement of Equity Awards in Class A Common Stock	—		—		—		—		—		—		7,557		16,129		—
Fair value of contingent earn-out consideration	—		51,746		—		—		—		—		—		—		—
Transaction costs capitalized	490		18,484		—		—		—		—		—		—		—
Total	$	67,859	$	959,622	$	21,204	$	25,000	$	592,735	$	235,069	$	652,232	$	988,373	$	156,031
Assets acquired and liabilities assumed:
Cash and cash equivalents	$	—	$	—	$	—	$	—	$	—	$	—	$	122,923	$	5,200	$	—
Accounts receivable, net	—		1,150		—		—		—		—		279,731		135,210		—
Derivative assets – current	—		—		—		—		—		—		184,247		100,601		—
Prepaid expenses	—		—		—		—		355		—		25,857		6,154		—
Other current assets	—		—		—		—		—		—		—		945		—
Oil and natural gas properties - proved	57,200		988,758		21,204		12,865		595,025		239,573		2,207,966		1,985,363		144,085
Oil and natural gas properties - unproved	11,044		—		—		12,135		22,310		9,819		137,055		229,459		—
Field and other property and equipment	—		3,240		—		—		—		—		50,156		4,586		17,848
Derivative assets – noncurrent	—		—		—		—		—		—		2,471		37,870		—


Deferred tax asset	—		—		—		—		—		—		695,291		—		—
Other assets	—		—		—		—		—		—		62,847		25,199		—
Accounts payable and accrued liabilities	(385)		(9,565)		—		—		(12,668)		(5,790)		(421,231)		(198,831)		(1,212)
Acquired deferred acquisition consideration	—		—		—		—		—		—		—		(76,550)		—
Other current liabilities	—		(573)		—		—		—		—		(30,465)		(10,029)		—

Short-term debt	—		—		—		—		—		—		—		(37,500)		—
Long-term debt	—		—		—		—		—		—		(2,490,578)		(1,103,125)		—
Deferred tax liability	—		—		—		—		—		—		—		(79,070)		—
Derivative liabilities – noncurrent	—		—		—		—		—		—		(7,329)		—
Asset retirement obligations	—		(22,855)		—		—		(10,541)		(7,908)		(127,821)		(25,683)		(4,690)
Other liabilities	—		(533)		—		—		(1,746)		(625)		(38,888)		(11,426)		—
Net assets acquired	$	67,859	$	959,622	$	21,204	$	25,000	$	592,735	$	235,069	$	652,232	$	988,373	$	156,031

Schedule of Pro Forma Information

The following table summarizes our unaudited pro forma financial information for the three years ended December 31, 2025, as if the Vital Energy Merger occurred on January 1, 2024 and the SilverBow Merger and Central Eagle Ford Acquisition occurred on January 1, 2023:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Revenues	$	5,278,646	$	5,785,570	$	3,610,300
Net income	(418,510)		282,494		782,563

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Other Property, Plant and Equipment

The following table summarizes our oil and natural gas properties as of December 31, 2025 and 2024:


	As of December 31,
	2025		2024
	(in thousands)
Proved oil and natural gas properties (successful efforts method)	$	13,264,097	$	11,471,299
Unproved oil and natural gas properties	413,444		374,306
Oil and natural gas properties, at cost	13,677,541		11,845,605
Less: accumulated depreciation, depletion, amortization and impairment	(3,529,964)		(3,840,344)
Oil and natural gas properties, net	$	10,147,577	$	8,005,261

Other Property

The following table summarizes other property, plant and equipment as of December 31, 2025 and 2024:


	Estimated useful life	As of December 31,
		2025		2024
	(years)	(in thousands)
Gathering and pipeline system	30	$	—	$	109,324
Vehicles	3-5	10,925		19,309
Computers, furniture, and equipment	3-10	22,656		12,491
Buildings and improvements	5-30	19,520		14,177
Land		37,391		20,694
Financing right-of-use asset	1-5	23,339		18,435
Field inventory		43,200		32,441
Field and other property and equipment, at cost		157,031		226,871
Less: accumulated depreciation, amortization and impairment		(28,637)		(87,078)
Field and other property and equipment, net		$	128,394	$	139,793

Derivatives (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The following table details our net volume positions by commodity as of December 31, 2025:


Production Period	Volumes	Weighted Average Fixed Price
	(in thousands)
Crude oil swaps – WTI (Bbls):
2026	21,836	$65.07
2026 (1)	368	$67.03
2027 (2)	3,650	$75.00
2027	3,285	$61.07



Crude oil two-way collars – WTI (Bbls):
2026	4,361	$60.25			—	$70.37

Crude oil three-way collars – WTI (Bbls):
2026	1,643	$48.00	—	$60.00			—	$72.00
Crude oil two-way collars – Brent (Bbls):
2026	183	$60.00			—	$82.00

Natural gas swaps (MMBtu):
2026	91,020	$4.03
2027	7,300	$4.21
2027 (3)	18,250	$4.19
Natural gas two-way collars (MMBtu):
2026	46,180	$3.08			—	$4.79



Crude oil basis swaps (Bbls):
2026	11,309	$1.55

Natural gas basis swaps (MMBtu):
2026	103,960	$(0.43)
2027	91,250	$(0.42)
Calendar Month Average roll swaps (Bbls):
2026	1,825	$0.20
Natural Gas Fixed Index Swaps – Waha (MMBtu):
2026	55,480	$2.41
2027	43,800	$2.69

(1) Represents outstanding crude oil swap options exercisable by the counterparty until June 2026.

(2) Represents outstanding crude oil swap options exercisable by the counterparty until December 2026.

(3) Represents outstanding crude oil collar options exercisable by the counterparty until December 2026.

Schedule of Offsetting Assets

The following table shows the effects of master netting arrangements on the fair value of our derivative contracts at December 31, 2025 and 2024:


	Gross Fair Value		Effect of Counterparty Netting		Net Carrying Value
	(in thousands)
December 31, 2025
Assets:
Derivative assets – current	$	346,849	$	(24,065)	$	322,784
Derivative assets – noncurrent	22,875		(20,046)		2,829
Other assets	17,590		—		17,590
Total assets	$	387,314	$	(44,111)	$	343,203
Liabilities:
Derivative liabilities – current	$	(24,065)	$	24,065	$	—
Other current liabilities	(16,153)		—		(16,153)
Derivative liabilities – noncurrent	(33,467)		20,046		(13,421)
Other liabilities	(10,717)		—		(10,717)
Total liabilities	$	(84,402)	$	44,111	$	(40,291)
December 31, 2024
Assets:
Derivative assets – current	$	95,484	$	(42,211)	$	53,273
Derivative assets – noncurrent	25,287		(18,603)		6,684
Total assets	$	120,771	$	(60,814)	$	59,957
Liabilities:
Derivative liabilities – current	$	(44,909)	$	42,211	$	(2,698)
Derivative liabilities – noncurrent	(56,335)		18,603		(37,732)
Total liabilities	$	(101,244)	$	60,814	$	(40,430)

Schedule of Offsetting Liabilities

The following table shows the effects of master netting arrangements on the fair value of our derivative contracts at December 31, 2025 and 2024:


	Gross Fair Value		Effect of Counterparty Netting		Net Carrying Value
	(in thousands)
December 31, 2025
Assets:
Derivative assets – current	$	346,849	$	(24,065)	$	322,784
Derivative assets – noncurrent	22,875		(20,046)		2,829
Other assets	17,590		—		17,590
Total assets	$	387,314	$	(44,111)	$	343,203
Liabilities:
Derivative liabilities – current	$	(24,065)	$	24,065	$	—
Other current liabilities	(16,153)		—		(16,153)
Derivative liabilities – noncurrent	(33,467)		20,046		(13,421)
Other liabilities	(10,717)		—		(10,717)
Total liabilities	$	(84,402)	$	44,111	$	(40,291)
December 31, 2024
Assets:
Derivative assets – current	$	95,484	$	(42,211)	$	53,273
Derivative assets – noncurrent	25,287		(18,603)		6,684
Total assets	$	120,771	$	(60,814)	$	59,957
Liabilities:
Derivative liabilities – current	$	(44,909)	$	42,211	$	(2,698)
Derivative liabilities – noncurrent	(56,335)		18,603		(37,732)
Total liabilities	$	(101,244)	$	60,814	$	(40,430)

Schedule of Derivative Contracts on Operations

The amount of realized and unrealized gain (loss) recognized in Gain (loss) on derivatives in our consolidated statements of operations was as follows for the years ended December 31, 2025, 2024 and 2023:


	Years ended December 31,
	2025		2024		2023
	(in thousands)
Derivatives not designated as hedging instruments:
Realized gain (loss) on oil positions	$	85,224	$	(112,777)	$	(171,274)

Realized gain (loss) on natural gas positions	(2,701)		77,546		(1,022)
Realized gain (loss) on NGL positions	(916)		(623)		18,562

Total realized gain (loss) on derivatives	81,607		(35,854)		(153,734)
Unrealized gain (loss) on commodity derivatives	196,418		(78,494)		320,714
Unrealized gain (loss) on contingent earn-out consideration	24,876		—		—
Total unrealized gain (loss)	221,294		(78,494)		320,714
Gain (loss) on derivatives	$	302,901	$	(114,348)	$	166,980

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the location and fair value of our derivative assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2025 and 2024, by level within the fair value hierarchy:


	Fair Value Measurement Using
	Level 1		Level 2		Level 3		Total
	(in thousands)
December 31, 2025
Financial assets:
Derivative assets	$	—	$	369,724	$	—	$	369,724
Contingent earn-out consideration	—		—		17,590		17,590
Financial Liabilities:
Derivative liabilities	$	—	$	(57,532)	$	—	$	(57,532)
Contingent earn-out consideration	—		(26,870)		—		(26,870)

December 31, 2024
Financial assets:
Derivative assets	$	—	$	120,771	$	—	$	120,771
Financial Liabilities:
Derivative liabilities	$	—	$	(101,244)	$	—	$	(101,244)

Accounts Payable and Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following as of December 31, 2025 and 2024:


	As of December 31,
	2025		2024
	(in thousands)
Accounts payable and accrued liabilities:
Accounts payable	$	144,794	$	56,323
Accrued lease and asset operating expense	177,348		76,990

Accrued capital expenditures	164,739		171,365
Accrued general and administrative	86,964		15,044
Accrued gathering, processing and transportation expense	72,303		76,477

Accrued revenue and royalties payable	304,468		192,884
Accrued interest expense	130,816		98,343
Accrued severance taxes	22,449		36,135
Other	17,797		16,891
Total accounts payable and accrued liabilities	$	1,121,678	$	740,452

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt Balances

The following table summarizes our debt balances as of December 31, 2025 and 2024:


	Debt Outstanding		Letters of Credit Issued		Borrowing Base		Maturity
	(in thousands)
December 31, 2025
Revolving Credit Facility	$	772,000	$	16,625	$	3,900,000	10/22/2030

9.250% Senior Notes due 2028	500,000		—		—		2/15/2028
7.750% Senior Notes due 2029	298,214		—		—		7/31/2029
9.750% Senior Notes due 2030	302,364		—		—		10/15/2030
7.875% Senior Notes due 2032	1,000,000		—		—		4/15/2032
7.625% Senior Notes due 2032	1,100,000		—		—		4/1/2032
7.375% Senior Notes due 2033	1,000,000		—		—		1/15/2033
8.375% Senior Notes due 2034	600,000		—		—		1/15/2034
Less: Unamortized discount, premium and issuance costs	(48,450)
Total long-term debt	$	5,524,128

December 31, 2024
Revolving Credit Facility	$	—	$	21,186	$	2,600,000	4/10/2029

9.250% Senior Notes due 2028	1,000,000		—		—		2/15/2028
7.625% Senior Notes due 2032	1,100,000		—		—		4/1/2032
7.375% Senior Notes due 2033	1,000,000		—		—		1/15/2033
Less: Unamortized discount, premium and issuance costs	(50,745)
Total long-term debt	$	3,049,255

The following table summarizes fees, discounts and commissions paid to KCM by Crescent in connection with our debt and equity transactions:


	Year Ended December 31,
	2025		2024		2023
	(in millions)
Amounts paid to KCM	$	1.5	$	8.7	$	5.2

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2025

Asset Retirement Obligation Disclosure [Abstract]

Schedule of Change in Asset Retirement Obligations

The following table summarizes activity related to our ARO liabilities for the years ended December 31, 2025 and 2024:


	Year Ended December 31,
	2025		2024
	(in thousands)
Balance at beginning of period	$	486,168	$	445,060
Additions(1)	162,974		43,784
Retirements	(12,771)		(13,399)
Accretion expense	31,789		31,527
Revisions	(795)		35,230

Divestitures (2)	(264,764)		(56,034)
Balance at end of period	402,601		486,168
Less: current portion	(19,544)		(37,223)
Balance at end of period, noncurrent portion	$	383,057	$	448,945

(1)During the year ended December 31, 2025, our ARO additions primarily related to oil and natural gas properties acquired in the Vital Energy Merger and the Ridgemar Acquisition. During the year ended December 31, 2024, our ARO additions primarily related to properties acquired in the SilverBow Merger and the Central Eagle Ford Acquisition. See NOTE 3 – Acquisitions and Divestitures for additional information.

(2)See NOTE 3 – Acquisitions and Divestitures for additional information.

Equity and Redeemable Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2025

Noncontrolling Interest [Abstract]

Schedule of Redeemable Noncontrolling Interest

From December 31, 2022 through December 31, 2025, we recorded adjustments to the value of our redeemable noncontrolling interests as shown below:


	Redeemable Noncontrolling Interest
	(in thousands)













Balance as of December 31, 2022	$	2,436,703
Net income attributable to redeemable noncontrolling interests	253,909
Contributions	1,238
Distributions	(417)
Cash distributions from OpCo initiated by Class A common stock dividend, Manager Compensation and income taxes, net	(80,805)
Accrued OpCo cash distribution initiated by Manager Compensation	(6,794)
Equity-based compensation	42,782
Change in redeemable noncontrolling interests associated with the Class A Conversions	(679,567)
Change in redeemable noncontrolling interests associated with the 2023 Equity Issuance	(65,841)
Balance as of December 31, 2023	$	1,901,208
Net (loss) attributable to redeemable noncontrolling interests	(21,863)
Distributions	(293)
Cash distributions from OpCo initiated by Class A common stock dividend, Manager Compensation and income taxes, net	(48,008)
Accrued OpCo cash distribution initiated by Manager Compensation	(4,525)
Equity-based compensation	67,042
Repurchase of redeemable noncontrolling interest	(10,569)
Change in redeemable noncontrolling interests associated with the 2024 Equity Transactions	(514,955)
Change in redeemable noncontrolling interests associated with the SilverBow Merger	(143,540)
Cancellation of OpCo Units associated with 2024 Class A Repurchases	3,832
Balance as of December 31, 2024	$	1,228,329
Net income attributable to redeemable noncontrolling interests	14,050
Cash distributions from OpCo initiated by Class A common stock dividend, Manager Compensation and income taxes, net	(7,648)
Accrued OpCo cash distribution initiated by Manager Compensation	(4,242)
Equity-based compensation	6,635
Change in redeemable noncontrolling interests associated with the Ridgemar Acquisition	(26,359)
Change in redeemable noncontrolling interests associated with the 2025 Class A Redemption	(34,096)
Change in redeemable noncontrolling interests associated with the Corporate Simplification	(1,176,669)
Balance as of December 31, 2025	$	—

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provisions

Details of current and deferred income taxes are provided in the following tables:


	Year Ended December 31,
	2025		2024		2023
Federal income tax expense (benefit)	(in thousands)
Current	$	(1,288)	$	1,422	$	(17)
Deferred	41,146		(39,379)		19,520
State income tax expense (benefit)
Current	136		3,360		511
Deferred	(5,490)		3,525		3,213
Total income tax expense (benefit)	$	34,504	$	(31,072)	$	23,227

Schedule of Effective Income Tax Rate Reconciliation

The difference between the statutory federal income tax rate and the Company's effective income tax rate after the adoption of ASU 2023-09 is as follows:


	Year Ended December 31,
	2025
	Amount		%
	(in thousands)
Federal income taxes statutory rate	$	42,351	21.0	%
Change in rate as a result of:
State income tax provision, net of federal benefit (1)	(5,512)		(2.7)	%
Merger transaction costs	7,430		3.7	%
Change in valuation allowance	(242)		(0.1)	%
Permanent adjustments	—		—	%
Income attributable to noncontrolling interests and redeemable noncontrolling interests	(7,195)		(3.6)	%
Return to provision	(2,328)		(1.2)	%
Effective income tax rate	$	34,504	17.1	%

(1)During the year ended December 31, 2025, the majority (greater than 50%) of our state income tax provision reduction related to the removal of Oklahoma deferred tax liabilities associated with our divestitures.

The difference between the statutory federal income tax rate and the Company's effective income tax rate prior to the adoption of ASU 2023-09 is as follows:


	Year Ended December 31,
	2024		2023
Federal income taxes statutory rate	21.0	%	21.0	%
Change in rate as a result of:
State income tax provision, net of federal benefit	(3.1)	%	1.0	%
SilverBow Merger transaction costs	3.1	%	—	%
Change in valuation allowance (1)	(0.6)	%	—	%
Permanent adjustments	(0.1)	%	—	%

Income attributable to noncontrolling interests and redeemable noncontrolling interests	(2.6)	%	(15.3)	%
Other	0.7	%	—	%
Effective income tax rate	18.4	%	6.7	%

(1)During the year ended December 31, 2024, we recognized changes in the valuation allowance related to our recognized built-in loss ("RBIL") deferred tax asset as it was not more likely than not to be fully utilized.

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred income taxes were as follows:


	Year Ended December 31,
	2025		2024
Deferred tax liabilities	(in thousands)
Outside basis in OpCo	$	541,831	$	529,071
OpCo state deferred tax	11,671		13,832
Other	137		—
Total deferred tax liabilities	553,639		542,903
Deferred tax assets
U.S. federal and state net operating loss ("NOL") carryforwards	269,329		132,811
Recognized built-in loss carryforward	25,513		21,637
NOL and RBIL valuation allowance	(44,894)		(45,136)

Equity-based compensation	114,620		47,402
Capitalized intangible drilling costs	300,487		—
Other	20,619		15,860
Total deferred tax assets, net of valuation allowance	685,674		172,574
Net deferred income tax (asset) liability	$	(132,035)	$	370,329

Schedule of Supplemental Cash Flow

The following are our supplemental cash flow disclosures for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized	$	272,765	$	141,760	$	113,796
Income tax payments (refunds)	9,968		1,851		(1,391)
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	181,631		180,172		83,841
Equity consideration for acquisitions	730,684		611,423		—
Right-of-use assets obtained in exchange for leases	67,046		62,468		29,624

Cash paid for income taxes (net of refunds received) were as follows:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
U.S. Federal	$	4,166	$	—	$	(5,000)
U.S. State:

Colorado	692		—		85
Oklahoma	437		15		1,633
Texas	2,861		1,166		563
Utah	460		83		671
Other	1,352		587		657
Total U.S. State	5,802		1,851		3,609
Total U.S. Federal and State taxes	$	9,968	$	1,851	$	(1,391)

Schedule of Operating Loss Carryforwards

As of December 31, 2025 our federal and state NOL expiration dates were as follows:


Expiration dates	Amounts
	(in thousands)
2029-2037	$	70,600
Indefinite	198,729
Total federal and state NOLs	$	269,329

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Commitments

The following table summarizes our future commitments related to these oil and natural gas transportation and gathering agreements as of December 31, 2025:


	As of December 31, 2025
	(in thousands)
2026	$	181,680
2027	158,193
2028	135,779
2029	111,615
2030	87,508
Thereafter	133,893
Total minimum future commitments	$	808,668

Additional Purchase Commitments

We have committed to purchase a fixed supply of electricity at specified prices through 2029. As of December 31, 2025, future minimum payments under the terms of this agreement are estimated to be $204.7 million.

We have committed to take delivery of processed sand, which is utilized in our completions activities, at specified prices through 2026. As of December 31, 2025, future minimum purchase commitments under the terms of these agreements are estimated to be $20.4 million.

Equity-Based Compensation Awards (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Equity-Based Compensation Expense

The following table summarizes compensation cost we recognized in connection with our equity-based compensation awards for the years indicated:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Equity-based compensation expense:
Liability-classified profits interest awards	$	83	$	3,446	$	298
Equity-classified profits interest awards	781		(11,649)		12,799
Equity-classified LTIP RSU awards	4,520		2,999		1,685
Equity-classified LTIP PSU awards	683		639		118
Equity-classified Manager PSUs	229,828		188,138		68,036
SilverBow Merger awards	—		9,908		—
Vital Energy Merger awards	13,181		—		—
Total equity-based compensation expense	$	249,076	$	193,481	$	82,936
Tax benefit related to equity-based compensation awards	$	675	$	851	$	277

Schedule of Transactions Involving Unvested Units

Transactions involving all of our unvested liability-classified stock-based compensation profits interests awards is summarized below:


	Year Ended December 31,
	2025		2024		2023
	(units in thousands)
Beginning balance	1		1		1
Granted	—		371		—

Vested	(1)		(371)		—
Forfeited	—		—		—
Ending balance	—		1		1

	(in millions)
Fair value of vested awards	$	1.5	$	7.3	$	—
Cash settlements of liability-classified profits interest awards	1.5		7.3		—

Transactions involving all of our unvested equity-classified profits interest awards, including weighted average grant date fair values, are summarized below:


	Units	Weighted average grant date fair value
	(in thousands)














Unvested at December 31, 2023	106,589	$	0.86


Vested	(43,905)	0.14
Forfeited	(2,784)	29.23
Unvested at December 31, 2024	59,900	$	0.07


Vested	(30,035)	0.08

Unvested at December 31, 2025	29,865	$	0.05


	Year Ended December 31,
	2025		2024		2023
	(in thousands)

Fair value of awards vested during the period	$	2,306	$	6,361	$	—

Transactions involving all of our unvested equity-classified LTIP RSU awards, including weighted average grant date fair values, are summarized below:


	Restricted Stock Units	Weighted average grant date fair value
	(in thousands)








Unvested at December 31, 2023	287	$	12.77
Granted	301	11.45
Vested	(116)	11.99
Forfeited	(26)	17.42
Unvested at December 31, 2024	446	$	11.82
Granted	1,110	11.06
Vested	(283)	11.89
Forfeited	(146)	11.20
Unvested at December 31, 2025	1,127	$	11.14

Transactions involving all of our unvested equity-classified LTIP PSU awards, including weighted average grant date fair value, are summarized below:


	Target Class A Shares	Weighted average grant date fair value
	(in thousands)




Unvested at December 31, 2023	102	$	22.75



Unvested at December 31, 2024	102	$	22.75
Granted	191	22.75
Vested	(9)	22.75
Forfeited	(63)	22.75
Unvested at December 31, 2025	221	$	22.75

Transactions involving all of our unvested Manager PSUs are summarized below:


			Target Class A Shares
			(in thousands)












Unvested at December 31, 2023			9,160
Granted			9,546
Vested			(3,741)

Unvested at December 31, 2024			14,965
Granted			9,801
Vested			(5,092)

Unvested at December 31, 2025			19,674

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Debt

The following table summarizes our debt balances as of December 31, 2025 and 2024:


	Debt Outstanding		Letters of Credit Issued		Borrowing Base		Maturity
	(in thousands)
December 31, 2025
Revolving Credit Facility	$	772,000	$	16,625	$	3,900,000	10/22/2030

9.250% Senior Notes due 2028	500,000		—		—		2/15/2028
7.750% Senior Notes due 2029	298,214		—		—		7/31/2029
9.750% Senior Notes due 2030	302,364		—		—		10/15/2030
7.875% Senior Notes due 2032	1,000,000		—		—		4/15/2032
7.625% Senior Notes due 2032	1,100,000		—		—		4/1/2032
7.375% Senior Notes due 2033	1,000,000		—		—		1/15/2033
8.375% Senior Notes due 2034	600,000		—		—		1/15/2034
Less: Unamortized discount, premium and issuance costs	(48,450)
Total long-term debt	$	5,524,128

December 31, 2024
Revolving Credit Facility	$	—	$	21,186	$	2,600,000	4/10/2029

9.250% Senior Notes due 2028	1,000,000		—		—		2/15/2028
7.625% Senior Notes due 2032	1,100,000		—		—		4/1/2032
7.375% Senior Notes due 2033	1,000,000		—		—		1/15/2033
Less: Unamortized discount, premium and issuance costs	(50,745)
Total long-term debt	$	3,049,255

The following table summarizes fees, discounts and commissions paid to KCM by Crescent in connection with our debt and equity transactions:


	Year Ended December 31,
	2025		2024		2023
	(in millions)
Amounts paid to KCM	$	1.5	$	8.7	$	5.2

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Income (Loss) per Share

The following table sets forth the computation of basic and diluted net income (loss) per share:


	Year Ended December 31,
	2025		2024		2023
	(in thousands, except share and per share amounts)
Numerator:
Net income (loss)	$	167,166	$	(137,683)	$	321,991

Less: net (income) loss attributable to noncontrolling interests	(20,210)		1,215		(472)
Less: net (income) loss attributable to redeemable noncontrolling interests	(14,050)		21,863		(253,909)
Net income (loss) attributable to Crescent Energy - basic	$	132,906	$	(114,605)	$	67,610
Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of RSUs	(5)		—		46
Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of PSUs	(302)		—		869
Net income (loss) attributable to Crescent Energy - diluted	$	132,599	$	(114,605)	$	68,525
Denominator:
Weighted-average Class A Common Stock outstanding - basic	242,060,311		130,715,482		66,597,580
Add: dilutive effect of RSUs	159,281		—		39,999
Add: dilutive effect of PSUs	2,838,629		—		764,643
Weighted-average Class A common stock outstanding – diluted	245,058,221		130,715,482		67,402,222
Weighted-average Class B Stock outstanding - basic and diluted	16,609,332		70,519,162		104,271,400
Net income (loss) per share:
Class A Common Stock - basic	$	0.55	$	(0.88)	$	1.02
Class A Common Stock - diluted	$	0.54	$	(0.88)	$	1.02
Class B Common Stock - basic and diluted	$	—	$	—	$	—

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Reconciliation of Net Income (Loss) from Segments to Consolidated

The table below provides information about the Company’s single reportable segment:


	Year Ended December 31,
	2025		2024		2023
	(in thousands)
Total revenues	$	3,579,782	$	2,930,919	$	2,382,602
Less:
Lease and asset operating expense	767,814		632,042		581,973
Workover expense	74,537		60,312		58,441

Gathering, processing and transportation	408,920		312,931		235,153
Production and other taxes	219,416		162,634		162,963
Depreciation, depletion and amortization	1,166,902		949,480		675,782
Impairment expense	254,551		161,542		153,495
Midstream and other operating expense	116,945		110,136		39,809
General and administrative expense excluding equity-based compensation	223,084		142,738		57,982
Equity-based compensation expense	249,076		193,481		82,936
Interest expense	298,432		216,263		145,807
Other segment items	(367,061)		127,043		(133,730)
Net income (loss)	$	167,166	$	(137,683)	$	321,991

Total development of oil and natural gas properties	903,232		745,198		578,316

Supplemental Oil and Natural Gas Disclosures (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2025

Extractive Industries [Abstract]

Schedule of Oil and Natural Gas Reserve Information

The following table presents our net proved reserves for the years ended December 31, 2025, 2024 and 2023 and the changes in net proved oil, natural gas and NGL reserves during such years.


Developed and Undeveloped	Oil (MBbls)	Natural Gas (MMcf)	Natural Gas Liquids (MBbls)	Total (MBoe)

























Net proved reserves at December 31, 2022	243,082	1,506,535	78,621	572,793
Revisions of previous estimates (1)	(15,501)	(472,337)	(11,676)	(105,901)
Extensions, discoveries, and other additions (2)	2,808	16,240	1,635	7,150
Sales of reserves in place	(1,655)	(15,075)	(1,774)	(5,942)
Purchases of reserves in place (3)	46,018	271,682	43,301	134,599
Production	(24,287)	(130,629)	(8,475)	(54,533)
Net proved reserves at December 31, 2023	250,465	1,176,416	101,632	548,166
Revisions of previous estimates (4)	(17,316)	(210,432)	(11,263)	(63,648)
Extensions, discoveries, and other additions (5)	16,626	70,632	10,604	39,002
Sales of reserves in place	(3,344)	(5,318)	(767)	(4,998)
Purchases of reserves in place (6)	81,204	746,988	58,664	264,366
Production	(29,945)	(183,227)	(13,154)	(73,637)
Net proved reserves at December 31, 2024	297,690	1,595,059	145,716	709,251
Revisions of previous estimates (7)	(59,053)	40,084	(10,331)	(62,706)
Extensions, discoveries, and other additions (8)	20,232	436,513	9,438	102,423
Sales of reserves in place	(43,427)	(291,673)	(21,288)	(113,327)
Purchases of reserves in place (9)	182,392	735,054	129,993	434,894
Production	(38,139)	(236,978)	(17,382)	(95,017)
Net proved reserves at December 31, 2025	359,695	2,278,059	236,146	975,518