Crescent Energy Co.
10/22/2024 | Press release | Distributed by Public on 10/22/2024 14:46
Business/Financial Results Form 8 K
| Item 2.02. | Results of Operations and Financial Condition. |
Hedge Settlements
For the three and nine months ended September 30, 2024, Crescent Energy Company (the "Company" or "Crescent") expects to report $31 million of total cash received and $17 million of total cash paid on Crescent's hedge positions, respectively, composed of the following:
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Three Months Ended September 30, 2024 |
Nine Months Ended September 30, 2024 |
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| (in millions) | ||||
| Net cash (paid) received on settlement of derivatives | $ | 5 | $ | (43) |
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Settlement of acquired derivative contracts(1)
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26 | 26 | ||
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Total cash (paid) received(2)
|
$ | 31 | $ | (17) |
The dollar amounts included in this Current Report on Form 8-K are preliminary and subject to change. Such amounts as disclosed herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These statements are based on current expectations but remain subject to a number of assumptions, risks and uncertainties. Consequently, actual final results could differ materially from current expectations. Final dollar amounts for the three and nine months ended September 30, 2024 will be reported in Crescent's Quarterly Report on Form 10-Q for the period ended September 30, 2024.
The information in this Item 2.02 shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act.
(1) Represents the settlement of certain oil, gas, and natural gas liquids derivative contracts acquired in connection with the SilverBow Merger. The Company expects to report these settlements as positive adjustments on the Statements of Cash Flows and as additions to Adjusted EBITDAX.
(2)Represents total cash (paid) received from hedge settlements and is reflected in Adjusted EBITDAX.
2