Crescent Energy Co. has closed on a deal to sell non-operated Permian basin assets to a private buyer for $83 million in cash as part of a plan to reduce debt.
The assets, in Reeves County, Tex., had projected full-year 2025 production of about 3,000 boe/d (~35% oil).
The deal “is part of our $250 million pipeline of non-core asset divestitures announced during our year-end earnings,” said Crescent chief executive officer David Rockecharlie, in a release Apr. 22.
The transaction has an effective date of Dec. 31, 2024. The company said it plans to update its 2025 outlook to reflect the divestiture alongside its first-quarter 2025 financial and operating results, expected to be released after market close on May 5, 2025.
In its most recent investor presentation (Apr. 8, 2025) prior to the Permian asset sale closing, Crescent Energy had previously guided total 2025 production of 254,000–264,000 boe/d at $70/bbl WTI and $3.00/MMbtu Henry Hub.
The company in 2024 executed over $3 billion in Eagle Ford deals, more than doubling the size of its position there through five deals.