Crescent Energy (CRGY) 10-Q4 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Oct. 31, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001866175
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		162,345,725
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		65,948,124

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 136,151	$ 2,974
Derivative assets – current	130,543	54,321
Prepaid expenses	46,744	40,406
Other current assets	42,635	11,213
Total current assets	864,705	615,652
Oil and natural gas properties at cost, successful efforts method
Proved	11,014,507	8,574,478
Unproved	481,344	283,324
Oil and natural gas properties at cost, successful efforts method	11,495,851	8,857,802
Field and other property and equipment, at cost	207,558	198,570
Total property, plant and equipment	11,703,409	9,056,372
Less: accumulated depreciation, depletion, amortization and impairment	(3,495,131)	(2,940,546)
Property, plant and equipment, net	8,208,278	6,115,826
Derivative assets – noncurrent	40,395	8,066
Investments in equity affiliates	13,306	6,076
Other assets	123,745	57,715
TOTAL ASSETS	9,250,429	6,803,335
Current liabilities:
Derivative liabilities – current	0	42,051
Financing lease obligations – current	3,719	4,233
Acquired deferred acquisition consideration	76,550	0
Other current liabilities	59,253	37,823
Total current liabilities	929,753	750,257
Long-term debt	3,225,173	1,694,375
Asset retirement obligations	441,838	418,319
Deferred tax liability	387,912	262,581
Financing lease obligations – noncurrent	4,376	7,066
Other liabilities	65,944	35,019
Total liabilities	5,054,996	3,167,617
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests	1,320,159	1,901,208
Equity:
Preferred stock, $0.0001 par value; 500,000,000 shares authorized and 1,000 Series I preferred shares issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Treasury stock, at cost; 2,388,866 and 1,071,553 shares of Class A common stock as of September 30, 2024 and December 31, 2023, respectively	(31,927)	(17,143)
Additional paid-in capital	2,838,549	1,626,501
Retained earnings	53,288	95,447
Noncontrolling interests	15,341	29,687
Total equity	2,875,274	1,734,510
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY	9,250,429	6,803,335
Nonrelated Party
Current assets:
Accounts receivable, net	507,657	504,630
Current liabilities:
Accounts payable and accrued liabilities	773,855	613,543
Affiliated Entity
Current assets:
Accounts receivable, net	975	2,108
Current liabilities:
Accounts payable and accrued liabilities	16,376	52,607
Class A Common Stock
Equity:
Common stock	16	9
Class B Common Stock
Equity:
Common stock	$ 7	$ 9

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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)	164,780,209	92,680,353
Common stock outstanding (in shares)	162,391,343	91,608,800
Treasury stock (in shares)	2,388,866	1,071,553
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)	65,948,124	88,048,124
Common stock outstanding (in shares)	65,948,124	88,048,124

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Total revenues	$ 744,874	$ 642,398	$ 2,055,630	$ 1,724,874
Expenses:
Lease operating expense	129,546	120,791	382,688	364,796
Workover expense	15,347	16,148	45,230	47,402
Asset operating expense	23,771	27,116	82,020	65,206
Gathering, transportation and marketing	89,405	61,722	224,825	160,650
Production and other taxes	43,171	36,475	106,759	116,223
Depreciation, depletion and amortization	251,498	186,492	640,444	492,879
Exploration expense	14,565	0	14,758	1,541
Midstream and other operating expense	25,304	8,289	82,829	13,803
General and administrative expense	159,677	43,831	249,532	106,235
(Gain) loss on sale of assets	12	0	(19,437)	0
Total expenses	752,296	500,864	1,809,648	1,368,735
Income (loss) from operations	(7,422)	141,534	245,982	356,139
Other income (expense):
Gain (loss) on derivatives	96,881	(252,108)	(4,589)	(68,211)
Interest expense	(61,840)	(42,200)	(146,885)	(102,648)
Loss from extinguishment of debt	(36,513)	0	(59,095)	0
Other income (expense)	1,631	917	2,405	1,206
Income (loss) from equity affiliates	44	116	122	396
Total other income (expense)	203	(293,275)	(208,042)	(169,257)
Income (loss) before taxes	(7,219)	(151,741)	37,940	186,882
Income tax benefit (expense)	1,640	20,639	(5,678)	(4,899)
Net income (loss)	(5,579)	(131,102)	32,262	181,983
Less: net (income) loss attributable to noncontrolling interests	765	(48)	(916)	(453)
Less: net (income) loss attributable to redeemable noncontrolling interests	(5,131)	78,280	(27,912)	(169,455)
Net income (loss) attributable to Crescent Energy	$ (9,945)	$ (52,870)	$ 3,434	$ 12,075
Class A
Net income (loss) per share:
Basic (in USD per share)	$ (0.07)	$ (0.67)	$ 0.03	$ 0.21
Diluted (in USD per share)	$ (0.07)	$ (0.67)	$ 0.03	$ 0.21
Weighted average shares outstanding:
Basic (in shares)	146,619,546	78,708,800	117,748,940	58,663,396
Diluted (in shares)	146,619,546	78,708,800	119,596,713	59,141,747
Class B
Net income (loss) per share:
Basic (in USD per share)	$ 0	$ 0	$ 0	$ 0
Diluted (in USD per share)	$ 0	$ 0	$ 0	$ 0
Weighted average shares outstanding:
Basic (in shares)	65,948,124	91,048,124	72,053,963	109,244,079
Diluted (in shares)	65,948,124	91,048,124	72,053,963	109,244,079
Oil
Revenues:
Total revenues	$ 548,430	$ 504,660	$ 1,521,946	$ 1,270,244
Natural gas
Revenues:
Total revenues	78,790	72,097	210,008	286,172
Natural gas liquids
Revenues:
Total revenues	87,253	54,724	221,103	131,098
Midstream and other
Revenues:
Total revenues	$ 30,401	$ 10,917	$ 102,573	$ 37,360

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Series I Preferred Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	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)	59,943								59,794	149
Contributions	3									3
Distributions	(917)									(917)
Dividend to Class A common stock	(8,208)								(8,208)
Equity based compensation	3,365							1,812		1,553
Common Stock, Ending balance (in shares) at Mar. 31, 2023				48,282,000	118,645,000
Preferred Stock, Ending balance (in shares) at Mar. 31, 2023						1,000
Treasury Stock, Ending balance (in shares) at Mar. 31, 2023							1,151,000
Balance at end of period at Mar. 31, 2023	916,477			$ 5	$ 12	$ 0	$ (18,448)	806,399	113,543	14,966
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	5,407								5,151	256
Contributions	4,735									4,735
Distributions	(1,600)									(1,600)
Dividend to Class A common stock	(5,803)								(5,803)
Equity-based compensation (in shares)				80,000			(80,000)
Equity based compensation	10,118						$ 1,305	6,695		2,118
Change in deferred taxes related to basis differences associated with the Class A Conversion	(69,708)							(69,708)
Change in equity associated with the Class A Conversion (in shares)				27,597,000	(27,597,000)
Change in equity associated with the Class A Conversion	618,732			$ 3	$ (3)			618,732
Common Stock, Ending balance (in shares) at Jun. 30, 2023				75,959,000	91,048,000
Preferred Stock, Ending balance (in shares) at Jun. 30, 2023						1,000
Treasury Stock, Ending balance (in shares) at Jun. 30, 2023							1,071,000
Balance at end of period at Jun. 30, 2023	1,478,358			$ 8	$ 9	$ 0	$ (17,143)	1,362,118	112,891	20,475
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(52,822)								(52,870)	48
Distributions	(1,032)									(1,032)
Dividend to Class A common stock	(9,115)								(9,115)
Equity based compensation	15,644							9,805		5,839
Change in deferred taxes related to basis differences associated with the 2024 Equity Transactions	(13,122)							(13,122)
Change in equity associated with the 2024 Equity Transactions (in shares)				12,650,000
Change in equity associated with the 2024 Equity Transactions	209,167			$ 1				209,166
Common Stock, Ending balance (in shares) at Sep. 30, 2023				88,609,000	91,048,000
Preferred Stock, Ending balance (in shares) at Sep. 30, 2023						1,000
Treasury Stock, Ending balance (in shares) at Sep. 30, 2023							1,071,000
Balance at end of period at Sep. 30, 2023	$ 1,627,078			$ 9	$ 9	$ 0	$ (17,143)	1,567,967	50,906	25,330
Common Stock, Beginning balance (in shares) at Dec. 31, 2023		91,608,800	88,048,124	91,609,000	88,048,000
Preferred Stock, Beginning balance (in shares) at Dec. 31, 2023	1,000					1,000
Treasury Stock, Beginning balance (in shares) at Dec. 31, 2023		1,071,553					1,071,000
Balance at beginning 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)	(20,669)								(24,168)	3,499
Distributions	(8,037)									(8,037)
Dividend to Class A common stock	(12,649)								(12,649)
Equity based compensation	14,832							14,556		276
Change in deferred taxes related to basis differences associated with the 2024 Equity Transactions	(30,713)							(30,713)
Change in equity associated with the 2024 Equity Transactions (in shares)				13,800,000	(16,100,000)
Change in equity associated with the 2024 Equity Transactions	318,963			$ 2	$ (2)			318,963
Common Stock, Ending balance (in shares) at Mar. 31, 2024				105,409,000	71,948,000
Preferred Stock, Ending balance (in shares) at Mar. 31, 2024						1,000
Treasury Stock, Ending balance (in shares) at Mar. 31, 2024							1,071,000
Balance at end of period at Mar. 31, 2024	$ 1,996,237			$ 11	$ 7	$ 0	$ (17,143)	1,929,307	58,630	25,425
Common Stock, Beginning balance (in shares) at Dec. 31, 2023		91,608,800	88,048,124	91,609,000	88,048,000
Preferred Stock, Beginning balance (in shares) at Dec. 31, 2023	1,000					1,000
Treasury Stock, Beginning balance (in shares) at Dec. 31, 2023		1,071,553					1,071,000
Balance at beginning of period at Dec. 31, 2023	$ 1,734,510			$ 9	$ 9	$ 0	$ (17,143)	1,626,501	95,447	29,687
Common Stock, Ending balance (in shares) at Sep. 30, 2024		162,391,343	65,948,124	162,391,000	65,948,000
Preferred Stock, Ending balance (in shares) at Sep. 30, 2024	1,000					1,000
Treasury Stock, Ending balance (in shares) at Sep. 30, 2024		2,388,866					2,389,000
Balance at end of period at Sep. 30, 2024	$ 2,875,274			$ 16	$ 7	$ 0	$ (31,927)	2,838,549	53,288	15,341
Common Stock, Beginning balance (in shares) at Mar. 31, 2024				105,409,000	71,948,000
Preferred Stock, Beginning balance (in shares) at Mar. 31, 2024						1,000
Treasury Stock, Beginning balance (in shares) at Mar. 31, 2024							1,071,000
Balance at beginning of period at Mar. 31, 2024	1,996,237			$ 11	$ 7	$ 0	$ (17,143)	1,929,307	58,630	25,425
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	35,729								37,547	(1,818)
Distributions	(2,512)									(2,512)
Dividend to Class A common stock	(13,382)								(13,382)
Equity-based compensation (in shares)				108,000
Equity based compensation	13,525							13,578		(53)
Change in deferred taxes related to basis differences associated with the 2024 Equity Transactions	(17,563)							(17,563)
Repurchase of redeemable noncontrolling interest	122							122
Change in equity associated with the 2024 Equity Transactions (in shares)				6,000,000	(6,000,000)
Change in equity associated with the 2024 Equity Transactions	128,988							128,988
Common Stock, Ending balance (in shares) at Jun. 30, 2024				111,517,000	65,948,000
Preferred Stock, Ending balance (in shares) at Jun. 30, 2024						1,000
Treasury Stock, Ending balance (in shares) at Jun. 30, 2024							1,071,000
Balance at end of period at Jun. 30, 2024	2,141,144			$ 11	$ 7	$ 0	$ (17,143)	2,054,432	82,795	21,042
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(10,710)								(9,945)	(765)
Contributions	4,280									4,280
Distributions	(472)									(472)
Dividend to Class A common stock	(19,562)								(19,562)
Equity based compensation	52,232							60,976		(8,744)
Change in deferred taxes related to basis differences associated with the 2024 Equity Transactions	(28,618)							(28,618)
Repurchase of redeemable noncontrolling interest	636							636
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			$ (7,441)	754,955
Repurchases of Class A common stock (in shares)				(688,000)			688,000
Repurchases of Class A common stock	$ (11,175)						$ (7,343)	(3,832)
Common Stock, Ending balance (in shares) at Sep. 30, 2024		162,391,343	65,948,124	162,391,000	65,948,000
Preferred Stock, Ending balance (in shares) at Sep. 30, 2024	1,000					1,000
Treasury Stock, Ending balance (in shares) at Sep. 30, 2024		2,388,866					2,389,000
Balance at end of period at Sep. 30, 2024	$ 2,875,274			$ 16	$ 7	$ 0	$ (31,927)	$ 2,838,549	$ 53,288	$ 15,341

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 32,262	$ 181,983
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation, depletion and amortization	640,444	492,879
Deferred tax expense (benefit)	(10,229)	3,988
(Gain) loss on derivatives	4,589	68,211
Net cash (paid) received on settlement of derivatives	(43,011)	(110,775)
Non-cash equity-based compensation expense	131,896	64,648
Amortization of debt issuance costs, premium and discount	9,781	9,175
Loss from debt extinguishment	59,095	0
(Gain) loss on sale of oil and natural gas properties	(19,437)	0
Settlement of acquired derivative contracts	26,291	(48,977)
Other	(27,750)	(17,332)
Changes in operating assets and liabilities:
Accounts receivable	143,868	(105,430)
Accounts receivable – affiliates	1,133	1,310
Prepaid and other current assets	(3,533)	(10,587)
Accounts payable and accrued liabilities	(90,960)	67,396
Accounts payable – affiliates	(27,233)	12,741
Other	11,446	3,670
Net cash provided by operating activities	838,652	612,900
Cash flows from investing activities:
Development of oil and natural gas properties	(467,545)	(471,275)
Acquisitions of oil and natural gas properties, net of cash acquired	(387,775)	(622,698)
Proceeds from the sale of oil and natural gas properties	29,685	24,356
Purchases of restricted investment securities – HTM	(5,332)	(10,651)
Maturities of restricted investment securities – HTM	5,400	10,722
Other	(8,809)	3,308
Net cash used in investing activities	(834,376)	(1,066,238)
Cash flows from financing activities:
Proceeds from the issuance of Senior Notes, after premium, discount and underwriting fees	1,679,125	833,500
Repurchase of Senior Notes, including extinguishment costs	(714,817)	0
Payment of debt issuance costs	(26,637)	(5,461)
Proceeds from the Equity Issuance after underwriting fees	0	145,665
Payment of Equity Issuance costs	0	(2,340)
Redeemable noncontrolling interest contributions	0	1,238
Redeemable noncontrolling interest distributions	(340)	(417)
Repayments of debt acquired in SilverBow Merger, including extinguishment costs	(1,177,138)	0
Dividend to Class A common stock	(45,593)	(23,127)
Cash distributions to redeemable noncontrolling interests initiated by Class A common stock dividend	(24,099)	(45,333)
Cash distributions to redeemable noncontrolling interests initiated by Manager Compensation	(17,580)	(26,207)
Cash contributions from (cash distributions to) redeemable noncontrolling interests initiated by income taxes	(340)	4
Noncontrolling interest distributions	(11,022)	(3,549)
Noncontrolling interest contributions	4,280	1,771
Cash paid for treasury stock acquired for equity-based compensation tax withholding	(7,536)	(72)
Repurchases of Class A common stock	(7,343)	0
Other	(3,185)	(2,855)
Net cash (used in) provided by financing activities	165,065	705,368
Net change in cash, cash equivalents and restricted cash	169,341	252,030
Cash, cash equivalents and restricted cash, beginning of period	8,729	15,304
Cash, cash equivalents and restricted cash, end of period	178,070	267,334
Repurchased In Conjunction With Equity Transaction
Cash flows from financing activities:
Repurchase of redeemable noncontrolling interests related to 2024 Equity Transactions	(22,701)	0
Repurchased Directly With Cash
Cash flows from financing activities:
Repurchase of redeemable noncontrolling interests related to 2024 Equity Transactions	(8,809)	0
Prior Credit Agreement
Cash flows from financing activities:
Revolving Credit Facility borrowings	2,417,100	1,678,000
Revolving Credit Facility repayments	$ (1,868,300)	$ (1,845,449)

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
Organization and Basis of Presentation	Sep. 30, 2024
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 for shareholders through a disciplined growth through acquisition strategy and consistent return of capital. Our long-life, balanced portfolio combines stable cash flows from low-decline production with deep, high-quality development inventory. Our activities are focused in Texas and the Rocky Mountain region. Corporate Structure Our Class A Common Stock is listed on the New York Stock Exchange under the symbol “CRGY.” We are structured as an “Up-C,” and Crescent is a holding company, the sole material asset of which are of units ("OpCo Units") of 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 11 – Related Party Transactions. Certain restrictions and covenants related to the transfer of assets from OpCo are discussed further in NOTE 7 – 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. 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. OpCo Units may be redeemed or exchanged for Class A Common Stock or, at our election, cash on the terms and conditions set forth in the Amended and Restated Limited Liability Company Agreement of OpCo (“OpCo LLC Agreement”). 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, par value $0.0001 per share, which entitles the holder thereof to appoint the Board of Directors of Crescent and to certain other approval rights. SilverBow Merger On July 30, 2024, we consummated the SilverBow Merger. See “— NOTE 3 – Acquisitions and Divestitures . I mmediately following the SilverBow Merger, Crescent Energy Company completed a series of internal transactions following which the assets of SilverBow Resources, Inc. ("SilverBow") and its subsidiary became held by subsidiaries of Crescent Energy Finance LLC. In connection with the SilverBow Merger, Crescent issued 51.6 million shares of Class A Common Stock and paid $382.4 million in cash to former SilverBow shareholders, including amounts payable in respect of outstanding SilverBow equity awards. 2024 Equity Transactions On April 1, 2024, Independence Energy Aggregator L.P., the entity through which certain private investors in affiliated KKR entities hold their interests in us, exchanged 6.0 million OpCo Units (and we cancelled a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock (the "April 2024 Class A Conversion"). The shares of Class A Common Stock were sold 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 Conversion. 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 acquired 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 April 2024 Class A Conversion and the March 2024 Equity Transactions (the "2024 Equity Transactions"), the total number of shares of our Class A Common Stock increased by 19.8 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 $470.7 million while APIC increased by $448.0 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 such issuance (the "Equity Issuance"), after deducting underwriting fees and expenses. On June 30, 2023, an affiliate of KKR exchanged approximately 27.6 million OpCo Units (and we cancelled a corresponding number of shares of Class B Common Stock) for an equivalent number of shares of Class A Common Stock (the "June 2023 Class A Conversion") and subsequently distributed such shares to certain of its legacy investors in privately-managed funds and accounts on July 3, 2023. We did not receive any proceeds or incur any material expenses associated with the June 2023 Class A Conversion. Treasury Stock Our Board of Directors authorized a stock repurchase program on March 4, 2024 with an approved limit of $150.0 million and a two-year term. Repurchases may be of our Class A Common Stock or of OpCo Units (with the cancellation of a corresponding number of shares of our Class B Common Stock). 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 condensed consolidated balance sheets. For the three and nine months ended September 30, 2024, we repurchased 0.7 million shares of our Class A Common Stock for $7.3 million, at an average price of $10.68 per share ("Class A Repurchases"), and in connection therewith, we cancelled a corresponding number of OpCo units. When combining our Class A Repurchases with our 2024 Equity Transactions, we have $120.0 million remaining under our stock repurchase program. Basis of Presentation Our unaudited condensed consolidated financial statements (the “financial statements”) include the accounts of the Company and its subsidiaries after the elimination of intercompany transactions and balances, are presented in accordance with U.S. general accepted accounting principles (“GAAP”) and reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective interim periods. We have no elements of other comprehensive income for the periods presented. These financial statements should be read in conjunction with the audited combined and consolidated financial statements and notes thereto included in our Annual Report. Crescent is a holding company that conducts substantially all of its business through its consolidated subsidiaries, including (i) OpCo, which at September 30, 2024 is owned approximately 71% by Crescent and approximately 29% by holders of our redeemable noncontrolling interests, 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. 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 11 – Related Party Transactions) . Certain restrictions and covenants related to the transfer of assets from OpCo are discussed further in NOTE 7 – Debt . 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 condensed consolidated balance sheets, condensed consolidated statements of operations, and condensed consolidated statements of cash flows.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 and income taxes. Restricted Cash Restricted cash consists of funds earmarked for a special purpose and therefore not available for immediate and general use. The majority of our restricted cash is composed of cash that is contractually required to be restricted to fund acquisitions or to pay for the future abandonment of certain wells. Restricted cash is included in Other current assets and Other assets on our condensed 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 September 30, 2024 2023 (in thousands) Cash and cash equivalents $ 136,151 $ 228,614 Restricted cash – current 30,089 33,422 Restricted cash – noncurrent 11,830 5,298 Total cash, cash equivalents and restricted cash $ 178,070 $ 267,334 Redeemable Noncontrolling Interests Pursuant to the OpCo LLC Agreement, holders of OpCo Units, other than the Company, 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 is not considered to be within the control of the Company because the holders of Class B Common Stock and their affiliates control 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 for OpCo Units for this purpose is based on the 10-day volume-weighted average closing price 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. Additionally, certain other subsidiaries have agreements whereby certain employees have the option to sell their noncontrolling interest in such subsidiaries back to us at fair value and these interests are treated as redeemable noncontrolling interests outside of permanent equity. 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 Equity Issuance, including the exercise of the underwriters' over-allotment option, 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. In June 2023, the June 2023 Class A Conversion reduced the number of shares of our Class B Common Stock outstanding by 27.6 million shares. A corresponding number of OpCo Units were transferred to Crescent, which reduced the value of our redeemable noncontrolling interests by $618.7 million. From December 31, 2023 through September 30, 2024, we recorded adjustments to the value of our redeemable noncontrolling interests as shown below: Redeemable Noncontrolling Interests (in thousands) Balance as of December 31, 2023 $ 1,901,208 Net loss attributable to redeemable noncontrolling interests (11,695) Distributions (88) Cash distributions from OpCo initiated by Class A common stock dividend and income taxes, net (8,362) Accrued OpCo cash distribution initiated by Manager Compensation (5,627) Equity-based compensation 12,950 Change in redeemable noncontrolling interests associated with the 2024 Equity Transactions (341,664) Balance as of March 31, 2024 $ 1,546,722 Net income attributable to redeemable noncontrolling interests 34,476 Distributions (205) Cash distributions from OpCo initiated by Class A common stock dividend and income taxes, net (7,954) Accrued OpCo cash distribution initiated by Manager Compensation (5,155) Equity-based compensation 8,030 Repurchase of redeemable noncontrolling interest (980) Change in redeemable noncontrolling interests associated with the 2024 Equity Transactions (128,988) Balance as of June 30, 2024 $ 1,445,946 Net income attributable to redeemable noncontrolling interests 5,131 Cash distributions from OpCo initiated by Class A common stock dividend and income taxes, net (8,198) Accrued OpCo cash distribution initiated by Manager Compensation (4,656) Equity-based compensation 30,231 Repurchase of redeemable noncontrolling interest (8,587) Change in redeemable noncontrolling interests associated with the SilverBow Merger (143,540) Cancellation of OpCo Units associated with Class A Repurchases 3,832 Balance as of September 30, 2024 $ 1,320,159 Income Taxes Crescent is a holding company of which our sole material assets are 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 its allocable share of any taxable income of OpCo. For the three and nine months ended September 30, 2024, we recognized income tax benefit of $1.6 million and income tax expense of $5.7 million for an effective tax rate of 22.7% and 15.0%, respectively. For the three and nine months ended September 30, 2023, we recognized income tax benefit of $20.6 million and income tax expense of $4.9 million for an effective tax rate of 13.6% and 2.6%, respectively. Our effective tax rate is typically lower than the U.S. federal statutory income tax rate of 21% primarily due to effects of removing income and losses related to our noncontrolling interests and redeemable noncontrolling interests. Our effective tax rate for the three months ended September 30, 2024 was driven higher as a result of deductible costs associated the SilverBow Merger. In July 2024, we completed the SilverBow Merger, see NOTE 3 – Acquisitions and Divestitures for more information . As part of the preliminary purchase price allocation, we recognized a net deferred tax liability of $58.7 million to reflect differences between tax basis and the fair value of SilverBow’s assets acquired and liabilities assumed. Included in the net deferred tax liability are tax attributes relating to NOLs and interest expense carryforwards further subject to Sec. 382 utilization limitations upon the change of ownership. We evaluate and update the estimated annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Consequently, based upon the mix and timing of our actual earnings compared to annual projections, our effective tax rate may vary quarterly and may make quarterly comparisons not meaningful. The quarterly income tax provision is generally composed of tax expense on income or benefit on loss at the most recent estimated annual effective tax rate. The tax effect of discrete items is recognized in the period in which they occur at the applicable statutory rate. 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 a valuation allowance is 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. We have U.S. federal net operating loss ("NOL") carryforwards and recognized built-in-loss ("RBIL") property that are subject to limitation under Section 382. Pursuant to Sections 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. As of September 30, 2024 and December 31, 2023, we did not have any uncertain tax positions. Supplemental Cash Flow Disclosures The following are our supplemental cash flow disclosures for the nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 2023 (in thousands) Supplemental cash flow disclosures: Interest paid, net of amounts capitalized $ 106,508 $ 83,918 Income tax payments (refunds) 1,656 (1,430) Non-cash investing and financing activities: Capital expenditures included in accounts payable and accrued liabilities $ 182,308 $ 71,543 Equity consideration for acquisitions 611,423 — Right-of-use assets obtained in exchange for leases 61,515 23,756

Acquisitions and Divestitures

Acquisitions and Divestitures	9 Months Ended
Acquisitions and Divestitures	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions and Divestitures	Acquisitions and Divestitures Acquisitions 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, Artemis Acquisition Holdings Inc. ("Artemis Holdings"), Artemis Merger Sub Inc. ("Merger Sub Inc.") and Artemis Merger Sub II LLC ("Merger Sub LLC"). The SilverBow Merger has been accounted for as a business combination using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) Topic 805, Business Combinations (“ASC 805”), with Crescent being identified as the accounting acquirer. Merger Sub 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 Merger Sub 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 Merger Sub 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 Crescent Energy OpCo LLC, 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 preliminary purchase price allocation. Certain data necessary to complete the purchase price allocation is not yet available. We expect to complete the purchase price allocation during the 12-month period following the acquisition date. 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. From the date of the SilverBow Merger through September 30, 2024, revenues and net income associated with operations acquired through the SilverBow Merger were $161.6 million and $47.8 million, respectively. We recognized transaction related expenses of $42.5 million within General and administrative expense on the condensed consolidated statements of operations for the three and nine months ended September 30, 2024. The following table summarizes our unaudited pro forma financial information for the nine months ended September 30, 2024 and December 31, 2023 as if the SilverBow Merger occurred on January 1, 2023 (unaudited): Nine Months Ended September 30, 2024 Year Ended December 31, 2023 (in thousands) Revenues $ 2,659,691 $ 3,546,572 Net income 166,458 764,589 As part of the SilverBow Merger we acquired a deferred acquisition liability from historical SilverBow acquisitions that is presented as Acquired deferred acquisition consideration on our consolidated balance sheet. Per the terms of the contract we are required to make a $50 million payment in the fourth quarter of 2024 related to deferred purchase consideration and an additional earn-out payment contingent upon the average monthly settlement price of NYMEX West Texas Intermediate ("WTI") crude oil for the 12-month period beginning December 2023. If the average monthly settlement price of WTI during the 12-month period (i) exceeds $80 per barrel, we will pay an amount equal to $50 million; (ii) is between $75 per barrel and $80 per barrel, we will pay an amount equal to $25 million; (iii) is below $75 per barrel, we will not pay any additional amounts. At September 30, 2024, we have $25.0 million related to the additional earn-out payment recognized as a liability on our condensed consolidated balance sheet. During 2024 we reorganized our business, primarily as a result of the SilverBow Merger, which included one-time termination costs and exit costs for the closure of one of our offices. As of September 30, 2024, we expect the total amount of one-time employee termination benefits incurred to be $11.4 million and lease termination and other costs of $5.1 million, of which $10.8 million were recognized during the three and nine months ended September 30, 2024 in General and Administrative expense and $2.2 million and $5.7 million were recognized during the three and nine months ended September 30, 2024, respectively, in Asset operating expense on the condensed consolidated statements of operations. The following is a reconciliation of our restructuring liability, which is included within Accounts payable and accrued liabilities on the condensed 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 $ 5,096 $ 16,529 Costs paid (5,116) (3,504) (8,620) September 30, 2024 $ 6,317 $ 1,592 $ 7,909 Other Acquisitions 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. 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 acquisitions during 2024 and 2023 that impact the periods presented: Asset Acquisitions Business Combinations Eagle Ford Minerals Acquisition July Western Eagle Ford Acquisition October Western Eagle Ford Acquisition SilverBow Merger (in thousands) Consideration transferred: Cash consideration: Cash paid $ 25,000 $ 592,735 $ 235,069 $ 358,092 Settlement of SilverBow Equity Awards in cash — — — 18,858 Equity consideration: Fair value of Class A Common Stock issued to SilverBow Common stockholders — — — 595,294 Settlement of SilverBow Equity Awards in Class A Common Stock — — — 16,129 Total $ 25,000 $ 592,735 $ 235,069 $ 988,373 Assets acquired and liabilities assumed: Cash and cash equivalents $ — $ — $ — $ 5,200 Accounts receivable, net — — — 140,073 Derivative assets – current — — — 100,601 Prepaid expenses — 355 — 6,154 Other current assets — — — 945 Oil and natural gas properties - proved 12,865 595,025 239,573 1,980,500 Oil and natural gas properties - unproved 12,135 22,310 9,819 207,191 Field and other property and equipment — — — 4,586 Derivative assets – noncurrent — — — 37,870 Other assets — — — 25,199 Accounts payable and accrued liabilities — (12,668) (5,790) (196,963) Acquired deferred acquisition consideration — — — (76,550) Other current liabilities — — — (10,029) Short-term debt — — — (37,500) Long-term debt — — — (1,103,125) Deferred tax liability — — — (58,670) Asset retirement obligations — (10,541) (7,908) (25,683) Other liabilities — (1,746) (625) (11,426) Net assets acquired $ 25,000 $ 592,735 $ 235,069 $ 988,373 Divestitures During the three and nine months ended September 30, 2024, we sold non-core assets to unrelated third-party buyers for $29.7 million in aggregate cash proceeds and recorded a gain on the sale of assets of approximately $19.4 million.

Derivatives

Derivatives	9 Months Ended
Derivatives	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	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 September 30, 2024, 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 the 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 will be required to make a payment to the counterparty if the settlement price is greater than the fixed price. Collars: Collars provide a minimum and maximum price on a notional amount of sales volume. Under a collar, we will receive payment if the settlement price is less than the minimum price of the range and make a payment to the counterparty if the settlement price is greater than the maximum price of the range. We would not be required to make a payment or receive payment if the settlement price falls within the range. The following table details our net volume positions by commodity as of September 30, 2024: Production Period Volumes Weighted Fair (in thousands) (in thousands) Crude oil swaps – WTI (Bbls): 2024 3,281 $71.93 $ 13,654 2025 6,442 $72.68 36,736 2026 1,746 $69.00 5,019 2026 (1) 730 $75.15 (1,778) Crude oil swaps – Brent (Bbls): 2024 37 $78.19 245 Crude oil collars – WTI (Bbls): 2024 2,806 $ 63.15 - $ 81.29 2,737 2025 4,664 $ 61.81 - $ 77.94 9,350 2025 (2) 1,460 $ 60.00 - $ 85.00 (1,784) 2026 273 $ 64.00 - $ 71.50 426 2026 (3) 730 $ 65.00 - $ 76.00 1,407 Crude oil collars – Brent (Bbls): 2024 55 $ 65.00 - $ 100.00 46 2025 365 $ 65.00 - $ 91.61 1,100 Natural gas swaps (MMBtu): 2024 26,420 $3.91 25,038 2025 55,205 $3.97 32,584 2026 41,745 $3.98 13,090 Natural gas collars (MMBtu): 2024 8,465 $3.66 - $ 4.92 6,659 2025 74,009 $3.12 - $ 5.74 17,812 2026 40,100 $3.02 - $ 4.65 (1,967) NGL swaps (Bbls): 2024 497 $25.92 726 2025 1,460 $23.88 492 Crude oil basis swaps (Bbls): 2024 2,501 $1.51 328 2025 10,946 $1.69 515 2026 2,006 $1.95 17 Natural gas basis swaps (MMBtu): 2024 31,151 $(0.31) 478 2025 104,167 $(0.27) 6,032 2026 76,600 $(0.44) 611 Calendar Month Average roll swaps (Bbls): 2024 2,622 $0.51 (520) 2025 6,570 $0.43 1,885 Total $ 170,938 (1) Represents outstanding crude oil swap options exercisable by the counterparty until December 2025. (2) Represents outstanding crude oil collar options exercisable by the counterparty until December 2024. (3) Represents outstanding crude oil collar options exercisable by the counterparty until December 2025. We use derivative commodity instruments and enter into swap contracts that 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 as of September 30, 2024 and December 31, 2023: Gross Fair Effect of Net Carrying (in thousands) September 30, 2024 Assets: Derivative assets – current $ 155,364 $ (24,821) $ 130,543 Derivative assets – noncurrent 71,560 (31,165) 40,395 Total assets $ 226,924 $ (55,986) $ 170,938 Liabilities: Derivative liabilities – current $ (24,821) $ 24,821 $ — Derivative liabilities – noncurrent (31,165) 31,165 — Total liabilities $ (55,986) $ 55,986 $ — December 31, 2023 Assets: Derivative assets – current $ 93,720 $ (39,399) $ 54,321 Derivative assets – noncurrent 22,686 (14,620) 8,066 Total assets $ 116,406 $ (54,019) $ 62,387 Liabilities: Derivative liabilities – current $ (81,450) $ 39,399 $ (42,051) Derivative liabilities – noncurrent (14,620) 14,620 — Total liabilities $ (96,070) $ 54,019 $ (42,051) See NOTE 5 – Fair Value Measurements for more information . The amount of gain (loss) recognized in gain (loss) on derivatives in our condensed consolidated statements of operations was as follows for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Derivatives not designated as hedging instruments: Realized gain (loss) on oil positions $ (17,898) $ (61,281) $ (113,024) $ (125,793) Realized gain (loss) on natural gas positions 22,995 6,311 69,901 (3,545) Realized gain (loss) on NGL positions 112 — 112 18,563 Total realized gain (loss) on derivatives 5,209 (54,970) (43,011) (110,775) Unrealized gain (loss) on commodity derivatives 91,672 (197,138) 38,422 42,564 Gain (loss) on derivatives $ 96,881 $ (252,108) $ (4,589) $ (68,211)

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 our valuation of the fair value assets and liabilities within the fair value hierarchy levels. Recurring Fair Value Measurements The following table presents the fair value of our derivative assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 by level within the fair value hierarchy: Fair Value Measurement Using Level 1 Level 2 Level 3 Total (in thousands) September 30, 2024 Financial assets: Derivative assets $ — $ 226,924 $ — $ 226,924 Financial liabilities: Derivative liabilities $ — $ (55,986) $ — $ (55,986) December 31, 2023 Financial assets: Derivative assets $ — $ 116,406 $ — $ 116,406 Financial liabilities: Derivative liabilities $ — $ (96,070) $ — $ (96,070) 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 the carrying value of such property exceeds the respective undiscounted future cash flows. The inputs used to determine such fair value are primarily based upon internally developed cash flow models, as well as market-based valuations and are classified within Level 3. Significant Level 3 assumptions associated with discounted cash flows include estimates of future prices, production costs, development expenditures, anticipated production, appropriate risk-adjusted discount rates, and other relevant data. Our other non-recurring fair value measurements include the estimates of the fair value of assets and liabilities acquired through business combinations. Oil and natural gas properties are 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 acquisitions are valued based on Level 2 inputs similar to the Company's other commodity price derivatives. Other Fair Value Measurements The carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and acquired deferred acquisition consideration approximate their fair values due to the short-term maturities of these instruments. Our long-term debt obligations under our Revolving Credit Facility also approximate fair value because the associated variable rates of interest are market based. The fair value of the Senior Notes (as defined herein) as of September 30, 2024 and December 31, 2023 was approximately $2.7 billion and $1.8 billion, respectively, based on quoted market prices.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	9 Months Ended
Accounts Payable and Accrued Liabilities	Sep. 30, 2024
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 (in thousands) Accounts payable and accrued liabilities: Accounts payable $ 84,541 $ 125,010 Accrued lease and asset operating expense 103,578 58,847 Accrued capital expenditures 159,276 74,206 Accrued general and administrative expense 17,374 16,441 Accrued gathering, transportation and marketing expense 98,466 56,088 Accrued revenue and royalties payable 182,345 154,345 Accrued interest expense 62,676 45,546 Accrued severance taxes 37,380 58,100 Other 28,219 24,960 Total accounts payable and accrued liabilities $ 773,855 $ 613,543

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Senior Notes 2033 Notes In June 2024, we issued $750.0 million aggregate principal amount of 7.375% senior notes due 2033 (the "2033 Notes") at par (the "June 2024 Offering"). In September 2024, we issued an additional $250.0 million, aggregate principal amount of 2033 Notes at 101.000% of par (the "September 2024 Offering," and together with the June 2024 Offering, the "2033 Notes Offerings"). The aggregate proceeds from the 2033 Notes Offerings were approximately $981.8 million, after adjusting for premiums, the initial purchasers' discount and offering expenses. We used the aggregate net proceeds from the 2033 Notes Offerings to (i) fund the cash paid to the SilverBow stockholders and holders of SilverBow restricted stock units in connection with the SilverBow Merger, (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 and (iii) repay a portion of the amounts outstanding under our Revolving Credit Facility. 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 7.625% senior notes due 2032 (the "2032 Notes") at par (the “2032 Notes Offering”). The proceeds from the 2032 Notes Offering were approximately $686.2 million, after deducting the initial purchasers' discount and offering expenses. We used the net proceeds and additional borrowing under our Revolving Credit Facility to finance the consideration of the Tender Offer and Redemption (each term as defined below) of all of the aggregate principal amount of the 2026 Notes outstanding for $714.8 million after including extinguishment costs, as discussed further below. 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. 2028 Notes In February 2023, we issued $400.0 million aggregate principal amount of 9.250% senior notes due 2028 (the "2028 Notes") at par. In July 2023, we issued an additional $300.0 million, aggregate principal amount of 2028 Notes at 98.000% of par. In September 2023, we issued an additional $150.0 million aggregate principal amount of 2028 Notes at 101.125% of par. In December 2023, we issued an additional $150.0 million aggregate principal amount of 2028 Notes at 102.125% of par. The aggregate proceeds from the offerings of the 2028 Notes were $977.4 million, after adjusting for discounts, premiums and offering expenses, but excluding accrued interest payable by purchasers of the 2028 Notes. We used the aggregate net proceeds to repay a portion of our outstanding balance under our Revolving Credit Facility (as defined herein) and to fund a portion of the Western Eagle Ford Acquisitions. All issuances of the 2028 Notes are treated as a single series of securities under the indenture governing the 2028 Notes, will vote together as a single class, and have substantially identical terms, other than the issue date, the issue price, and the first interest payment date. 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 on or after February 15, 2025 at certain redemption prices. In addition, prior to February 15, 2025, we may redeem some or all of the 2028 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. 2026 Notes At December 31, 2023 we had $700.0 million outstanding aggregate principal amount of 7.250% senior notes due 2026 (the "2026 Notes") that were subject to the indenture dated May 6, 2021, as supplemented to the date hereof, between us and our trustee (the "2021 Indenture"). I n March 2024, pursuant to a cash tender offer (the "Tender Offer") and redemption of any remaining 2026 Notes following the Tender Offer (the "Redemption"), we extinguished all of our 2026 Notes. After the Tender Offer and the Redemption, the 2021 Indenture was satisfied and discharged on March 26, 2024, and we have no further obligations under the 2021 Indenture at March 31, 2024. We repurchased all of the 2026 Notes at a blended price of 101.857% of par and thus incurred a Loss on the extinguishment of debt of $22.6 million , including the write-off of any remaining deferred financing costs. After the completion of the Tender Offer and Redemption, the 2028 Notes, the 2032 Notes and 2033 Notes (collectively, 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 contain covenants that, among other things, limit the ability of 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 April 10, 2029, but contains terms that if certain conditions regarding our outstanding 2028 Notes exist on November 16, 2027, it will mature on November 16, 2027. At September 30, 2024, we had $572.3 million of borrowings and $21.5 million in lett ers 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 connection with the closing of the SilverBow Merger, we entered into the Tenth Amendment to the Revolving Credit Facility to increase the aggregate elected commitment amount to $2.0 billion and increase the borrowing base from $1.7 billion to $2.6 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 secured overnight financing rate (“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 September 30, 2024 is 0.375% per year and fees incurred are included within interest expense on our condensed consolidated statements of operations. Our weighted average interest rate on loan amounts outstanding as of September 30, 2024 and December 31, 2023 was 7.21% and 9.75%, respectively. 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 leverage ratio and (ii) 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 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 September 30, 2024 and December 31, 2023, we had letters of credit outstanding of $21.5 million and $14.4 million, respectively, which reduce the amount available to borrow under our Revolving Credit Facility. Total Debt Outstanding The following table summarizes our debt balances as of September 30, 2024 and December 31, 2023: Debt Outstanding Letters of Credit Issued Borrowing Base Maturity (in thousands) September 30, 2024 Revolving Credit Facility $ 572,300 $ 21,486 $ 2,600,000 4/10/2029 9.250% Senior Notes due 2028 1,000,000 — — 2/15/2028 7.625% Senior Notes due 2032 700,000 — — 4/1/2032 7.375% Senior Notes due 2033 1,000,000 — — 1/15/2033 Less: Unamortized discount, premium and issuance costs (47,127) Total long-term debt $ 3,225,173 December 31, 2023 Revolving Credit Facility $ 23,500 $ 14,408 $ 2,000,000 9/23/2027 7.250% Senior Notes due 2026 700,000 — — 5/1/2026 9.250% Senior Notes due 2028 1,000,000 — — 2/15/2028 Less: Unamortized discount, premium and issuance costs (29,125) Total long-term debt $ 1,694,375

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
Asset Retirement Obligations	Sep. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	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 nine months ended September 30, 2024: As of September 30, 2024 (in thousands) Balance at beginning of period $ 445,060 Additions (1) 27,585 Retirements (12,519) Sale (18,464) Accretion expense 23,182 Balance at end of period 464,844 Less: current portion (23,006) Balance at end of period, noncurrent portion $ 441,838 (1) For the nine months ended September 30, 2024, our ARO additions primarily related to properties acquired in the SilverBow Merger. See NOTE 3 – Acquisitions and Divestitures for additional information.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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. In accordance with ASC 450, Contingencies , an accrual is recorded for a material loss contingency when its occurrence is probable and damages are reasonably estimable based on the anticipated most likely outcome or the minimum amount within a range or possible outcomes. Legal proceedings are inherently unpredictable, and unfavorable resolutions can occur. Assessing contingencies is highly subjective and requires judgement about uncertain future events. When evaluating contingencies related to legal proceedings, we may be unable to estimate losses due to a number of factors, including potential defenses, the procedural status of the matter in question, the presence of complex legal and/or factual issues, and the ongoing discovery and/or development of information important to the matter. We are unable to make an estimate of the range of reasonably possible losses related to our contingencies, but 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 and regulations 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 laws and regulations and do not have any material liabilities recorded at September 30, 2024.

Incentive Compensation Arrangem

Incentive Compensation Arrangements	9 Months Ended
Incentive Compensation Arrangements	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Incentive Compensation Arrangements	Incentive Compensation Arrangements Overview We and certain of our subsidiaries have entered into incentive compensation award agreements to grant profits interests, 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 expense we recognized in connection with our incentive compensation awards for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Equity-based compensation expense (income): (in thousands) Liability-classified profits interest awards $ 1,699 $ 2,465 $ 2,731 $ (14) Equity-classified profits interest awards (8,744) 5,839 (8,521) 9,510 Equity-classified LTIP RSU awards 929 405 2,070 1,196 Equity-classified LTIP PSU awards 160 — 478 — Equity-classified Manager PSUs 84,631 20,783 132,382 53,956 SilverBow Merger awards 9,908 — 9,908 — Total equity-based compensation expense (income) $ 88,583 $ 29,492 $ 139,048 $ 64,648 Equity-classified LTIP RSU Awards During the nine months ended September 30, 2024, we granted 116 thousand equity-classified LTIP RSUs under the Crescent Energy Company 2021 Equity Incentive Plan to certain directors, officers and employees. Each LTIP RSU represents the contingent right to receive one share of Class A Common Stock. The grant date fair value was $11.68 per LTIP RSU, and the LTIP RSUs will vest over a period of one Equity-classified Manager PSUs During the three and nine months ended September 30, 2024, in conjunction with the 2024 Equity Transactions and the closing of the SilverBow Merger , the number of shares of our Class A Common Stock increased by 50.9 million and 70.8 million shares, respectively. As a result, the number of equity-classified PSU target shares of Class A Common Stock related to the Crescent Energy Company 2021 Manager Incentive Plan increased by approximately 5.1 million and 7.1 million shares for the three and nine months ended September 30, 2024. We accounted for this increase as a change in estimate and recognized additional expense of $64.4 million and $85.5 million for the three and nine months ended September 30, 2024. 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 combined and consolidated statements of operations during the three and nine months ended September 30, 2024. See NOTE 3 – Acquisitions and Divestitures for more information.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	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 its senior executive management team and certain management services. The Management Agreement has an initial term of three years that began in 2021 and shall renew automatically at the end of the initial term for an additional three-year period 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 the executive management team, the Manager is currently entitled to receive compensation from the Company equal to $45.9 million per annum ( the "Manager Compensation") (calculated based on the Company's pro rata relative ownership of OpCo multiplied by $64.5 million (the "Base Input")), which is included in General and administrative expenses on our consolidated statements of operations. As the Company's business and assets expand, the Base Input will increase by an amount equal to 1.5% per annum of the net proceeds from all future issuances of primary equity securities by the Company (including in connection with acquisitions) and increased by $9.0 million during the three months ended September 30, 2024 in conjunction with the closing of the SilverBow Merger. However, the Base Input will not increase from the issuance of the Company's shares upon the redemption or exchange of OpCo Units . See NOTE 3 – Acquisitions and Divestitures for more information. The Company expects its ownership of OpCo will increase over time through the redemption of OpCo Units for shares of Class A Common Stock or the issuance of additional shares of Class A Common Stock. As this occurs, the Manager Compensation pursuant to the formula defined in the Management Agreement, which is reflected in our consolidated statements of operations, will increase. In order to pay the Manager Compensation, the Company must first receive a cash distribution from OpCo, and any such cash distribution necessitates a concurrent pro rata cash distribution to the holders of redeemable noncontrolling interests. This cash distribution to the holders of redeemable noncontrolling interests does not represent additional Manager Compensation; rather, it represents 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, not because the distributions to the holders of redeemable noncontrolling interests are made for such purpose (e.g. Cash distributions to redeemable noncontrolling interests initiated by Class A common stock dividend, Cash distributions to redeemable noncontrolling interests initiated by Manager Compensation and Cash contributions from (cash distributions to) redeemable noncontrolling interests initiated by income taxes). During the three and nine months ended September 30, 2024, we recorded general and administrative expense of $11.5 million and $28.4 million, respectively, related to the Manager Compensation and concurrently made cash distributions of $5.6 million and $17.6 million, respectively, to our redeemable noncontrolling interests. At September 30, 2024 we reduced redeemable noncontrolling interest by $4.7 million for the OpCo distribution declaration to redeemable noncontrolling interests that will be paid during the fourth quarter of 2024. During the three and nine months ended September 30, 2023, we recorded general and administrative expense of $6.8 million and $16.8 million, respectively, related to the Manager Compensation and concurrently made cash distributions of $7.3 million and $26.2 million, respectively, to our redeemable noncontrolling interests. At September 30, 2024 and December 31, 2023, we had $16.1 million and $13.9 million, respectively, included within Accounts payable – affiliates on our consolidated balance sheets associated with the Crescent Energy Company's fee associated with the Manager Compensation and cash distributions to be paid to redeemable noncontrolling interests during the fourth quarter of 2024. 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 of the outstanding Class A Common Stock at the time each tranche is settled. During the three and nine months ended September 30, 2024, we recorded general and administrative expense of $84.6 million and $132.4 million, respectively, related to Incentive Compensation. During the three and nine months ended September 30, 2023, we recorded general and administrative expense of $20.8 million and $54.0 million, respectively, related to Incentive Compensation. See NOTE 10 – Incentive Compensation Arrangements 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 monthly 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 September 30, 2024 and December 31, 2023, we had a related party receivable of $0.3 million and $0.1 million, respectively, included within Accounts receivable – affiliates and a related party payable of $0.5 million and $27.9 million, respectively, included within Accounts payable – affiliates on our condensed consolidated balance sheets associated with KKR Funds transactions. KKR Capital Markets LLC ("KCM") We may engage KCM, an affiliate of KKR Group, for capital market transactions including notes offerings and equity offerings. The following table summarizes fees, discounts and commissions paid to KCM by Crescent in connection with our debt and equity transactions: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Amounts paid to KCM $ 596 $ 3,658 $ 4,300 $ 4,758 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 hold their interests in us, for $22.7 million Refer to further discussion in NOTE 1 – Organization and Basis of Presentation. During the three and nine months ended September 30, 2024, we made cash distributions of $8.1 million and $24.4 million, respectively, 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. During the three and nine months ended September 30, 2023, we made cash distributions of $10.9 million and $45.3 million, respectively, to our redeemable noncontrolling interests related to their pro rata share of cash distributions made to Crescent Energy to pay dividends and income taxes. In addition, during the nine months ended September 30, 2024, we reimbursed KKR $1.4 million for costs incurred on our behalf. In 2023 we entered into an office sublease agreement with KKR in which we incurred costs for our allocable share of leasehold improvements under the office sublease. At December 31, 2023, we had $6.6 million of leasehold improvement costs included in Accounts payable - affiliates on the condensed consolidated balance sheet that was subsequently paid during the nine months ended September 30, 2024. Board of Directors In March 2023, we signed a ten-year office lease with an affiliate of Crescent Real Estate LLC. John C. Goff, the Chairman of our Board of Directors, is affiliated with Crescent Real Estate LLC. The terms of the lease provide for annual base rent of approximately $0.3 million, increasing over the term of the lease, and the payment by one of our subsidiaries of certain other customary expenses. In addition, the lease provides for reimbursement of our costs up to $1.1 million for tenant improvement expenses. During the nine months ended September 30, 2024, we received $1.1 million reimbursement for our leasehold improvements. During the nine months ended September 30, 2024, we entered into an amendment to the original lease agreement for additional office space. Under the amended agreement our annual base rent is $0.4 million increasing to $0.5 million over the life of the agreement. 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 condensed consolidated balance sheets. During the three and nine months ended September 30, 2024, we funded $4.7 million to Chama associated with the plugging and abandonment costs.

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	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 2.5 million of PSUs and 0.3 million of RSUs for the three months ended September 30, 2024 that were not included in the computation of earnings per share because to do so would have been antidilutive to our net loss. The following table sets forth the computation of basic and diluted net income (loss) per share: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands, except share and per share amounts) Numerator: Net income (loss) $ (5,579) $ (131,102) $ 32,262 $ 181,983 Less: net (income) loss attributable to noncontrolling interests 765 (48) (916) (453) Less: net (income) loss attributable to redeemable noncontrolling interests (5,131) 78,280 (27,912) (169,455) Net income (loss) attributable to Crescent Energy - basic (9,945) (52,870) 3,434 12,075 Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of RSUs — — 18 27 Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of PSUs — — 128 306 Net income (loss) attributable to Crescent Energy - diluted $ (9,945) $ (52,870) $ 3,580 $ 12,408 Denominator: Weighted-average Class A common stock outstanding – basic 146,619,546 78,708,800 117,748,940 58,663,396 Add: dilutive effect of RSUs — — 241,265 39,016 Add: dilutive effect of PSUs — — 1,606,508 439,335 Weighted-average Class A common stock outstanding – diluted 146,619,546 78,708,800 119,596,713 59,141,747 Weighted-average Class B common stock outstanding – basic and diluted 65,948,124 91,048,124 72,053,963 109,244,079 Net income (loss) per share: Class A common stock – basic $ (0.07) $ (0.67) $ 0.03 $ 0.21 Class A common stock – diluted $ (0.07) $ (0.67) $ 0.03 $ 0.21 Class B common stock – basic and diluted $ — $ — $ — $ —

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividend On November 4, 2024, 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 shareholders of our Class A Common Stock with respect to the third quarter of 2024. The quarterly dividend is payable on December 2, 2024 to shareholders of record as of the close of business on November 18, 2024. 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. Central Eagle Ford Bolt-On 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 $168.0 million, subject to customary purchase price adjustments (the “October 2024 Acquisition”). We are currently evaluating the October 2024 Acquisition and have not completed the purchase accounting. Divestitures In October 2024, we sold non-core assets to unrelated third-party buyers for $20.5 million in aggregate cash proceeds, subject to customary purchase price adjustments.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (9,945)	$ (52,870)	$ 3,434	$ 12,075

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation Our unaudited condensed consolidated financial statements (the “financial statements”) include the accounts of the Company and its subsidiaries after the elimination of intercompany transactions and balances, are presented in accordance with U.S. general accepted accounting principles (“GAAP”) and reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective interim periods. We have no elements of other comprehensive income for the periods presented. These financial statements should be read in conjunction with the audited combined and consolidated financial statements and notes thereto included in our Annual Report.
Basis of Consolidation	Basis of Presentation Our unaudited condensed consolidated financial statements (the “financial statements”) include the accounts of the Company and its subsidiaries after the elimination of intercompany transactions and balances, are presented in accordance with U.S. general accepted accounting principles (“GAAP”) and reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present fairly the financial position and results of operations for the respective interim periods. We have no elements of other comprehensive income for the periods presented. These financial statements should be read in conjunction with the audited combined and consolidated financial statements and notes thereto included in our Annual Report.
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 and income taxes.
Restricted Cash	Restricted Cash Restricted cash consists of funds earmarked for a special purpose and therefore not available for immediate and general use. The majority of our restricted cash is composed of cash that is contractually required to be restricted to fund acquisitions or to pay for the future abandonment of certain wells. Restricted cash is included in Other current assets and Other assets on our condensed consolidated balance sheets.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests Pursuant to the OpCo LLC Agreement, holders of OpCo Units, other than the Company, 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 is not considered to be within the control of the Company because the holders of Class B Common Stock and their affiliates control 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 for OpCo Units for this purpose is based on the 10-day volume-weighted average closing price 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. Additionally, certain other subsidiaries have agreements whereby certain employees have the option to sell their noncontrolling interest in such subsidiaries back to us at fair value and these interests are treated as redeemable noncontrolling interests outside of permanent equity.
Income Taxes	Income Taxes

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 30, 2024
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 September 30, 2024 2023 (in thousands) Cash and cash equivalents $ 136,151 $ 228,614 Restricted cash – current 30,089 33,422 Restricted cash – noncurrent 11,830 5,298 Total cash, cash equivalents and restricted cash $ 178,070 $ 267,334
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 September 30, 2024 2023 (in thousands) Cash and cash equivalents $ 136,151 $ 228,614 Restricted cash – current 30,089 33,422 Restricted cash – noncurrent 11,830 5,298 Total cash, cash equivalents and restricted cash $ 178,070 $ 267,334
Schedule of Redeemable Noncontrolling Interest	From December 31, 2023 through September 30, 2024, we recorded adjustments to the value of our redeemable noncontrolling interests as shown below: Redeemable Noncontrolling Interests (in thousands) Balance as of December 31, 2023 $ 1,901,208 Net loss attributable to redeemable noncontrolling interests (11,695) Distributions (88) Cash distributions from OpCo initiated by Class A common stock dividend and income taxes, net (8,362) Accrued OpCo cash distribution initiated by Manager Compensation (5,627) Equity-based compensation 12,950 Change in redeemable noncontrolling interests associated with the 2024 Equity Transactions (341,664) Balance as of March 31, 2024 $ 1,546,722 Net income attributable to redeemable noncontrolling interests 34,476 Distributions (205) Cash distributions from OpCo initiated by Class A common stock dividend and income taxes, net (7,954) Accrued OpCo cash distribution initiated by Manager Compensation (5,155) Equity-based compensation 8,030 Repurchase of redeemable noncontrolling interest (980) Change in redeemable noncontrolling interests associated with the 2024 Equity Transactions (128,988) Balance as of June 30, 2024 $ 1,445,946 Net income attributable to redeemable noncontrolling interests 5,131 Cash distributions from OpCo initiated by Class A common stock dividend and income taxes, net (8,198) Accrued OpCo cash distribution initiated by Manager Compensation (4,656) Equity-based compensation 30,231 Repurchase of redeemable noncontrolling interest (8,587) Change in redeemable noncontrolling interests associated with the SilverBow Merger (143,540) Cancellation of OpCo Units associated with Class A Repurchases 3,832 Balance as of September 30, 2024 $ 1,320,159
Schedule of Supplemental Cash Flow	The following are our supplemental cash flow disclosures for the nine months ended September 30, 2024 and 2023: Nine Months Ended September 30, 2024 2023 (in thousands) Supplemental cash flow disclosures: Interest paid, net of amounts capitalized $ 106,508 $ 83,918 Income tax payments (refunds) 1,656 (1,430) Non-cash investing and financing activities: Capital expenditures included in accounts payable and accrued liabilities $ 182,308 $ 71,543 Equity consideration for acquisitions 611,423 — Right-of-use assets obtained in exchange for leases 61,515 23,756

Acquisitions and Divestitures (

Acquisitions and Divestitures (Tables)	9 Months Ended
Acquisitions and Divestitures (Tables)	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Pro Forma Information	The following table summarizes our unaudited pro forma financial information for the nine months ended September 30, 2024 and December 31, 2023 as if the SilverBow Merger occurred on January 1, 2023 (unaudited): Nine Months Ended September 30, 2024 Year Ended December 31, 2023 (in thousands) Revenues $ 2,659,691 $ 3,546,572 Net income 166,458 764,589
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 condensed 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 $ 5,096 $ 16,529 Costs paid (5,116) (3,504) (8,620) September 30, 2024 $ 6,317 $ 1,592 $ 7,909
Schedule of Consideration Transferred	The following table summarizes the consideration transferred and the net assets acquired for our acquisitions during 2024 and 2023 that impact the periods presented: Asset Acquisitions Business Combinations Eagle Ford Minerals Acquisition July Western Eagle Ford Acquisition October Western Eagle Ford Acquisition SilverBow Merger (in thousands) Consideration transferred: Cash consideration: Cash paid $ 25,000 $ 592,735 $ 235,069 $ 358,092 Settlement of SilverBow Equity Awards in cash — — — 18,858 Equity consideration: Fair value of Class A Common Stock issued to SilverBow Common stockholders — — — 595,294 Settlement of SilverBow Equity Awards in Class A Common Stock — — — 16,129 Total $ 25,000 $ 592,735 $ 235,069 $ 988,373 Assets acquired and liabilities assumed: Cash and cash equivalents $ — $ — $ — $ 5,200 Accounts receivable, net — — — 140,073 Derivative assets – current — — — 100,601 Prepaid expenses — 355 — 6,154 Other current assets — — — 945 Oil and natural gas properties - proved 12,865 595,025 239,573 1,980,500 Oil and natural gas properties - unproved 12,135 22,310 9,819 207,191 Field and other property and equipment — — — 4,586 Derivative assets – noncurrent — — — 37,870 Other assets — — — 25,199 Accounts payable and accrued liabilities — (12,668) (5,790) (196,963) Acquired deferred acquisition consideration — — — (76,550) Other current liabilities — — — (10,029) Short-term debt — — — (37,500) Long-term debt — — — (1,103,125) Deferred tax liability — — — (58,670) Asset retirement obligations — (10,541) (7,908) (25,683) Other liabilities — (1,746) (625) (11,426) Net assets acquired $ 25,000 $ 592,735 $ 235,069 $ 988,373
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the consideration transferred and the net assets acquired for our acquisitions during 2024 and 2023 that impact the periods presented: Asset Acquisitions Business Combinations Eagle Ford Minerals Acquisition July Western Eagle Ford Acquisition October Western Eagle Ford Acquisition SilverBow Merger (in thousands) Consideration transferred: Cash consideration: Cash paid $ 25,000 $ 592,735 $ 235,069 $ 358,092 Settlement of SilverBow Equity Awards in cash — — — 18,858 Equity consideration: Fair value of Class A Common Stock issued to SilverBow Common stockholders — — — 595,294 Settlement of SilverBow Equity Awards in Class A Common Stock — — — 16,129 Total $ 25,000 $ 592,735 $ 235,069 $ 988,373 Assets acquired and liabilities assumed: Cash and cash equivalents $ — $ — $ — $ 5,200 Accounts receivable, net — — — 140,073 Derivative assets – current — — — 100,601 Prepaid expenses — 355 — 6,154 Other current assets — — — 945 Oil and natural gas properties - proved 12,865 595,025 239,573 1,980,500 Oil and natural gas properties - unproved 12,135 22,310 9,819 207,191 Field and other property and equipment — — — 4,586 Derivative assets – noncurrent — — — 37,870 Other assets — — — 25,199 Accounts payable and accrued liabilities — (12,668) (5,790) (196,963) Acquired deferred acquisition consideration — — — (76,550) Other current liabilities — — — (10,029) Short-term debt — — — (37,500) Long-term debt — — — (1,103,125) Deferred tax liability — — — (58,670) Asset retirement obligations — (10,541) (7,908) (25,683) Other liabilities — (1,746) (625) (11,426) Net assets acquired $ 25,000 $ 592,735 $ 235,069 $ 988,373

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
Derivatives (Tables)	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table details our net volume positions by commodity as of September 30, 2024: Production Period Volumes Weighted Fair (in thousands) (in thousands) Crude oil swaps – WTI (Bbls): 2024 3,281 $71.93 $ 13,654 2025 6,442 $72.68 36,736 2026 1,746 $69.00 5,019 2026 (1) 730 $75.15 (1,778) Crude oil swaps – Brent (Bbls): 2024 37 $78.19 245 Crude oil collars – WTI (Bbls): 2024 2,806 $ 63.15 - $ 81.29 2,737 2025 4,664 $ 61.81 - $ 77.94 9,350 2025 (2) 1,460 $ 60.00 - $ 85.00 (1,784) 2026 273 $ 64.00 - $ 71.50 426 2026 (3) 730 $ 65.00 - $ 76.00 1,407 Crude oil collars – Brent (Bbls): 2024 55 $ 65.00 - $ 100.00 46 2025 365 $ 65.00 - $ 91.61 1,100 Natural gas swaps (MMBtu): 2024 26,420 $3.91 25,038 2025 55,205 $3.97 32,584 2026 41,745 $3.98 13,090 Natural gas collars (MMBtu): 2024 8,465 $3.66 - $ 4.92 6,659 2025 74,009 $3.12 - $ 5.74 17,812 2026 40,100 $3.02 - $ 4.65 (1,967) NGL swaps (Bbls): 2024 497 $25.92 726 2025 1,460 $23.88 492 Crude oil basis swaps (Bbls): 2024 2,501 $1.51 328 2025 10,946 $1.69 515 2026 2,006 $1.95 17 Natural gas basis swaps (MMBtu): 2024 31,151 $(0.31) 478 2025 104,167 $(0.27) 6,032 2026 76,600 $(0.44) 611 Calendar Month Average roll swaps (Bbls): 2024 2,622 $0.51 (520) 2025 6,570 $0.43 1,885 Total $ 170,938 (1) Represents outstanding crude oil swap options exercisable by the counterparty until December 2025. (2) Represents outstanding crude oil collar options exercisable by the counterparty until December 2024. (3) Represents outstanding crude oil collar options exercisable by the counterparty until December 2025.
Schedule of Offsetting Assets	The following table shows the effects of master netting arrangements on the fair value of our derivative contracts as of September 30, 2024 and December 31, 2023: Gross Fair Effect of Net Carrying (in thousands) September 30, 2024 Assets: Derivative assets – current $ 155,364 $ (24,821) $ 130,543 Derivative assets – noncurrent 71,560 (31,165) 40,395 Total assets $ 226,924 $ (55,986) $ 170,938 Liabilities: Derivative liabilities – current $ (24,821) $ 24,821 $ — Derivative liabilities – noncurrent (31,165) 31,165 — Total liabilities $ (55,986) $ 55,986 $ — December 31, 2023 Assets: Derivative assets – current $ 93,720 $ (39,399) $ 54,321 Derivative assets – noncurrent 22,686 (14,620) 8,066 Total assets $ 116,406 $ (54,019) $ 62,387 Liabilities: Derivative liabilities – current $ (81,450) $ 39,399 $ (42,051) Derivative liabilities – noncurrent (14,620) 14,620 — Total liabilities $ (96,070) $ 54,019 $ (42,051)
Schedule of Offsetting Liabilities	The following table shows the effects of master netting arrangements on the fair value of our derivative contracts as of September 30, 2024 and December 31, 2023: Gross Fair Effect of Net Carrying (in thousands) September 30, 2024 Assets: Derivative assets – current $ 155,364 $ (24,821) $ 130,543 Derivative assets – noncurrent 71,560 (31,165) 40,395 Total assets $ 226,924 $ (55,986) $ 170,938 Liabilities: Derivative liabilities – current $ (24,821) $ 24,821 $ — Derivative liabilities – noncurrent (31,165) 31,165 — Total liabilities $ (55,986) $ 55,986 $ — December 31, 2023 Assets: Derivative assets – current $ 93,720 $ (39,399) $ 54,321 Derivative assets – noncurrent 22,686 (14,620) 8,066 Total assets $ 116,406 $ (54,019) $ 62,387 Liabilities: Derivative liabilities – current $ (81,450) $ 39,399 $ (42,051) Derivative liabilities – noncurrent (14,620) 14,620 — Total liabilities $ (96,070) $ 54,019 $ (42,051)
Schedule of Derivative Contracts on Operations	The amount of gain (loss) recognized in gain (loss) on derivatives in our condensed consolidated statements of operations was as follows for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Derivatives not designated as hedging instruments: Realized gain (loss) on oil positions $ (17,898) $ (61,281) $ (113,024) $ (125,793) Realized gain (loss) on natural gas positions 22,995 6,311 69,901 (3,545) Realized gain (loss) on NGL positions 112 — 112 18,563 Total realized gain (loss) on derivatives 5,209 (54,970) (43,011) (110,775) Unrealized gain (loss) on commodity derivatives 91,672 (197,138) 38,422 42,564 Gain (loss) on derivatives $ 96,881 $ (252,108) $ (4,589) $ (68,211)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents the fair value of our derivative assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 by level within the fair value hierarchy: Fair Value Measurement Using Level 1 Level 2 Level 3 Total (in thousands) September 30, 2024 Financial assets: Derivative assets $ — $ 226,924 $ — $ 226,924 Financial liabilities: Derivative liabilities $ — $ (55,986) $ — $ (55,986) December 31, 2023 Financial assets: Derivative assets $ — $ 116,406 $ — $ 116,406 Financial liabilities: Derivative liabilities $ — $ (96,070) $ — $ (96,070)

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
Accounts Payable and Accrued Liabilities (Tables)	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 (in thousands) Accounts payable and accrued liabilities: Accounts payable $ 84,541 $ 125,010 Accrued lease and asset operating expense 103,578 58,847 Accrued capital expenditures 159,276 74,206 Accrued general and administrative expense 17,374 16,441 Accrued gathering, transportation and marketing expense 98,466 56,088 Accrued revenue and royalties payable 182,345 154,345 Accrued interest expense 62,676 45,546 Accrued severance taxes 37,380 58,100 Other 28,219 24,960 Total accounts payable and accrued liabilities $ 773,855 $ 613,543

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt Balances	The following table summarizes our debt balances as of September 30, 2024 and December 31, 2023: Debt Outstanding Letters of Credit Issued Borrowing Base Maturity (in thousands) September 30, 2024 Revolving Credit Facility $ 572,300 $ 21,486 $ 2,600,000 4/10/2029 9.250% Senior Notes due 2028 1,000,000 — — 2/15/2028 7.625% Senior Notes due 2032 700,000 — — 4/1/2032 7.375% Senior Notes due 2033 1,000,000 — — 1/15/2033 Less: Unamortized discount, premium and issuance costs (47,127) Total long-term debt $ 3,225,173 December 31, 2023 Revolving Credit Facility $ 23,500 $ 14,408 $ 2,000,000 9/23/2027 7.250% Senior Notes due 2026 700,000 — — 5/1/2026 9.250% Senior Notes due 2028 1,000,000 — — 2/15/2028 Less: Unamortized discount, premium and issuance costs (29,125) Total long-term debt $ 1,694,375 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Amounts paid to KCM $ 596 $ 3,658 $ 4,300 $ 4,758

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
Asset Retirement Obligations (Tables)	Sep. 30, 2024
Asset Retirement Obligation Disclosure [Abstract]
Schedule of Change in Asset Retirement Obligations	The following table summarizes activity related to our ARO liabilities for the nine months ended September 30, 2024: As of September 30, 2024 (in thousands) Balance at beginning of period $ 445,060 Additions (1) 27,585 Retirements (12,519) Sale (18,464) Accretion expense 23,182 Balance at end of period 464,844 Less: current portion (23,006) Balance at end of period, noncurrent portion $ 441,838 (1) For the nine months ended September 30, 2024, our ARO additions primarily related to properties acquired in the SilverBow Merger. See NOTE 3 – Acquisitions and Divestitures for additional information.

Incentive Compensation Arrang_2

Incentive Compensation Arrangements (Tables)	9 Months Ended
Incentive Compensation Arrangements (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-Based Compensation Expense	The following table summarizes compensation expense we recognized in connection with our incentive compensation awards for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Equity-based compensation expense (income): (in thousands) Liability-classified profits interest awards $ 1,699 $ 2,465 $ 2,731 $ (14) Equity-classified profits interest awards (8,744) 5,839 (8,521) 9,510 Equity-classified LTIP RSU awards 929 405 2,070 1,196 Equity-classified LTIP PSU awards 160 — 478 — Equity-classified Manager PSUs 84,631 20,783 132,382 53,956 SilverBow Merger awards 9,908 — 9,908 — Total equity-based compensation expense (income) $ 88,583 $ 29,492 $ 139,048 $ 64,648

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
Related Party Transactions (Tables)	Sep. 30, 2024
Related Party Transactions [Abstract]
Schedule of Debt Balances	The following table summarizes our debt balances as of September 30, 2024 and December 31, 2023: Debt Outstanding Letters of Credit Issued Borrowing Base Maturity (in thousands) September 30, 2024 Revolving Credit Facility $ 572,300 $ 21,486 $ 2,600,000 4/10/2029 9.250% Senior Notes due 2028 1,000,000 — — 2/15/2028 7.625% Senior Notes due 2032 700,000 — — 4/1/2032 7.375% Senior Notes due 2033 1,000,000 — — 1/15/2033 Less: Unamortized discount, premium and issuance costs (47,127) Total long-term debt $ 3,225,173 December 31, 2023 Revolving Credit Facility $ 23,500 $ 14,408 $ 2,000,000 9/23/2027 7.250% Senior Notes due 2026 700,000 — — 5/1/2026 9.250% Senior Notes due 2028 1,000,000 — — 2/15/2028 Less: Unamortized discount, premium and issuance costs (29,125) Total long-term debt $ 1,694,375 Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands) Amounts paid to KCM $ 596 $ 3,658 $ 4,300 $ 4,758

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2024
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: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in thousands, except share and per share amounts) Numerator: Net income (loss) $ (5,579) $ (131,102) $ 32,262 $ 181,983 Less: net (income) loss attributable to noncontrolling interests 765 (48) (916) (453) Less: net (income) loss attributable to redeemable noncontrolling interests (5,131) 78,280 (27,912) (169,455) Net income (loss) attributable to Crescent Energy - basic (9,945) (52,870) 3,434 12,075 Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of RSUs — — 18 27 Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of PSUs — — 128 306 Net income (loss) attributable to Crescent Energy - diluted $ (9,945) $ (52,870) $ 3,580 $ 12,408 Denominator: Weighted-average Class A common stock outstanding – basic 146,619,546 78,708,800 117,748,940 58,663,396 Add: dilutive effect of RSUs — — 241,265 39,016 Add: dilutive effect of PSUs — — 1,606,508 439,335 Weighted-average Class A common stock outstanding – diluted 146,619,546 78,708,800 119,596,713 59,141,747 Weighted-average Class B common stock outstanding – basic and diluted 65,948,124 91,048,124 72,053,963 109,244,079 Net income (loss) per share: Class A common stock – basic $ (0.07) $ (0.67) $ 0.03 $ 0.21 Class A common stock – diluted $ (0.07) $ (0.67) $ 0.03 $ 0.21 Class B common stock – basic and diluted $ — $ — $ — $ —

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended			3 Months Ended		9 Months Ended		13 Months Ended
	Jul. 30, 2024	Apr. 01, 2024	Mar. 04, 2024	Jun. 30, 2023	Apr. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Preferred stock, par value (in USD per share)								$ 0.0001		$ 0.0001			$ 0.0001
Additional paid-in capital								$ 2,838,549		$ 2,838,549			$ 1,626,501
Threshold days granted to underwriter, option to purchase additional shares, term (in day)							30 days
Effective income tax rate (as a percent)								22.70%	13.60%	15%	2.60%
Repurchases of Class A common stock								$ 11,175
SilverBow
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash consideration	$ 382,400
Class A Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value (in USD per share)								$ 0.0001		$ 0.0001			$ 0.0001
Shares issued, price per share (in USD per share)							$ 12.25		$ 12.25		$ 12.25
Stock issued during period (in shares)					19,800,000	13,800,000
Shares issued (in shares)							12,700,000		12,700,000		12,700,000
Issuance of Class A Units in exchange for the Contributed Entities (in shares)							1,700,000
Proceeds from issuance of common stock							$ 145,700
Effective income tax rate (as a percent)										1%
Class A Common Stock \| SilverBow
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Equity Interest Issued (in shares)	51,600,000
Decrease in number of common stock (in shares)								(50,900,000)		(70,800,000)
Class A Common Stock \| Independence Energy Aggregator L.P \| Affiliated Entity
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Share price (in USD per share)						$ 10.5
Sale of stock, price per share less discounts (in USD per share)						$ 9.87
Class B Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock, par value (in USD per share)								$ 0.0001		$ 0.0001			$ 0.0001
Decrease in number of common stock (in shares)												(27,600,000)
Shares issued, price per share (in USD per share)		$ 10.74
Stock issued during period (in shares)					22,100,000	16,100,000
OpCo
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Units issued (in shares)						2,300,000	12,700,000
Stock redeemed						$ 22,700
Repurchase of noncontrolling interest												$ 618,700
Redeemable noncontrolling interest					$ 448,000		$ (65,800)		$ (65,800)		$ (65,800)
Additional paid-in capital					448,000		$ 65,800		$ 65,800		$ 65,800
Ownership of outstanding shares (as a percent)										71%
OpCo \| Independence Minerals Holdings LLC And Crescent Energy Finance LLC
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Ownership of outstanding shares (as a percent)										29%
OpCo \| Class A Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Share repurchase program, authorized, amount			$ 150,000
Share repurchase program, term			2 years
Repurchase of treasury shares (in shares)								700,000		700,000
Repurchases of Class A common stock								$ 7,300		$ 7,300
Shares acquired (in USD per share)								$ 10.68		$ 10.68
Share repurchase program, remaining authorized, amount								$ 120,000		$ 120,000
OpCo \| Class B Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Decrease in number of common stock (in shares)		6,000,000
OpCo \| PSUs \| Class A Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Change in equity associated with the Class A conversion (in shares)				27,600,000
OpCo \| PSUs \| Class B Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common stock cancellation (in shares)				27,600,000
Crescent Energy Company
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Repurchase of noncontrolling interest					$ 470,700

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 136,151	$ 2,974	$ 228,614
Restricted cash – current	30,089		33,422
Restricted cash – noncurrent	11,830		5,298
Total cash, cash equivalents and restricted cash	$ 178,070	$ 8,729	$ 267,334	$ 15,304

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended			3 Months Ended		9 Months Ended		13 Months Ended
	Apr. 01, 2024	Apr. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional paid-in capital					$ 2,838,549		$ 2,838,549			$ 1,626,501
Income tax expense (benefit)					$ (1,640)	$ (20,639)	$ 5,678	$ 4,899
Effective income tax rate (as a percent)					22.70%	13.60%	15%	2.60%
SilverBow Merger
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred tax liability					$ 58,670		$ 58,670
OpCo
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Units issued (in shares)			2,300,000	12,700,000
Stock redeemed			$ 22,700
Redeemable noncontrolling interest		$ 448,000		$ (65,800)		$ (65,800)		$ (65,800)
Additional paid-in capital		$ 448,000		$ 65,800		$ 65,800		$ 65,800
Repurchase of noncontrolling interest									$ 618,700
Class B Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issued during period (in shares)		22,100,000	16,100,000
Increase in number of common stock (in shares)									27,600,000
Class B Common Stock \| OpCo
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Increase in number of common stock (in shares)	(6,000,000)
Class A Common Stock
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock issued during period (in shares)		19,800,000	13,800,000
Effective income tax rate (as a percent)							1%

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Adjustments to Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Redeemable Noncontrolling Interests
Beginning balance	$ 1,445,946	$ 1,546,722	$ 1,901,208		$ 1,901,208
Net income (loss) attributable to redeemable noncontrolling interests	5,131	34,476	(11,695)	$ (78,280)	27,912	$ 169,455
Cash distributions from OpCo initiated by Class A common stock dividend and income taxes, net		(205)	(88)
Accrued OpCo cash distribution initiated by Manager Compensation	(4,656)	(5,155)	(5,627)
Equity-based compensation	30,231	8,030	12,950
Change in redeemable noncontrolling interests associated with the 2024 Equity Transactions		(128,988)	(341,664)
Repurchase of redeemable noncontrolling interest	(8,587)	(980)
Change in redeemable noncontrolling interests associated with the SilverBow Merger	143,540
Ending balance	1,320,159	1,445,946	1,546,722		$ 1,320,159
Class A Common Stock
Redeemable Noncontrolling Interests
Cash distributions from OpCo initiated by Class A common stock dividend and income taxes, net	(8,198)	$ (7,954)	$ (8,362)
Cancellation of OpCo Units associated with Class A Repurchases	$ 3,832

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental cash flow disclosures:
Interest paid, net of amounts capitalized	$ 106,508	$ 83,918
Income tax payments (refunds)	1,656	(1,430)
Non-cash investing and financing activities:
Capital expenditures included in accounts payable and accrued liabilities	182,308	71,543
Equity consideration for acquisitions	611,423	0
Right-of-use assets obtained in exchange for leases	$ 61,515	$ 23,756

Acquisitions and Divestitures -

Acquisitions and Divestitures - Narrative (Details) $ / shares in Units, $ in Thousands		2 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	Jul. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 $ / shares	Feb. 29, 2024 USD ($)	Oct. 31, 2023 USD ($)	Jul. 31, 2023 USD ($)
Business Acquisition [Line Items]
Costs incurred and charged to expense						$ 16,529
General and administrative expense				$ 159,677	$ 43,831	249,532	$ 106,235
Asset operating expense				23,771	$ 27,116	82,020	$ 65,206
General and Administrative Expense
Business Acquisition [Line Items]
Acquisition related costs				42,500		42,500
One-time employee termination benefits
Business Acquisition [Line Items]
Costs incurred and charged to expense						11,433
Lease termination and other costs
Business Acquisition [Line Items]
Costs incurred and charged to expense						5,096
One-time employee termination benefits, lease termination and other costs
Business Acquisition [Line Items]
General and administrative expense				10,800		10,800
Asset operating expense				$ 2,200		$ 5,700
Class A Common Stock
Business Acquisition [Line Items]
Common stock, par value (in USD per share) \| $ / shares		$ 0.0001		$ 0.0001		$ 0.0001		$ 0.0001
SilverBow
Business Acquisition [Line Items]
Maximum cash to be paid for equity	$ 400,000
Cash paid	$ 382,400
Revenue of acquiree since acquisition date		$ 161,600
Net income of acquiree since acquisition date		47,800
WTI annual earn out, average monthly settlement price period	12 months							12 months
Recognized as liability		$ 25,000		$ 25,000		$ 25,000
SilverBow \| Price Trigger One
Business Acquisition [Line Items]
WTI annual earn out, average monthly settlement price trigger	80
WTI annual earnout payment	$ 50,000
SilverBow \| Price Trigger Two
Business Acquisition [Line Items]
WTI annual earnout payment	$ 25,000
SilverBow \| Price Trigger Two \| Minimum
Business Acquisition [Line Items]
WTI annual earn out, average monthly settlement price trigger	75
SilverBow \| Price Trigger Two \| Maximum
Business Acquisition [Line Items]
WTI annual earn out, average monthly settlement price trigger	80
SilverBow \| Price Trigger Three
Business Acquisition [Line Items]
WTI annual earn out, average monthly settlement price trigger	75
SilverBow \| Subsequent Event \| Forecast
Business Acquisition [Line Items]
Deferred purchase consideration			$ 50,000
SilverBow \| Common Stock
Business Acquisition [Line Items]
Common stock, par value (in USD per share) \| $ / shares	$ 0.01
SilverBow \| Class A Common Stock
Business Acquisition [Line Items]
Business acquisitions, purchase price allocation, period	12 months
Equity Interest Issued (in shares) \| shares	51,600,000
Consideration Form A \| SilverBow \| Class A Common Stock
Business Acquisition [Line Items]
Weighted-average exchange ratio (in shares) \| shares	3.125
Consideration Form B \| SilverBow
Business Acquisition [Line Items]
Cash paid per acquiree share (in USD per share) \| $ / shares	$ 15.31
Consideration Form B \| SilverBow \| Class A Common Stock
Business Acquisition [Line Items]
Weighted-average exchange ratio (in shares) \| shares	1.866
Consideration Form C \| SilverBow
Business Acquisition [Line Items]
Cash paid per acquiree share (in USD per share) \| $ / shares	$ 38
Permian Basin \| Disposal Group, Held-for-sale, Not Discontinued Operations
Business Acquisition [Line Items]
Consideration received on disposition									$ 25,000
Western Eagle Ford \| Disposal Group, Held-for-sale, Not Discontinued Operations
Business Acquisition [Line Items]
Consideration received on disposition										$ 235,100	$ 592,700

Acquisitions and Divestitures_2

Acquisitions and Divestitures - Pro Forma Information (Details) - SilverBow Merger - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Revenues	$ 2,659,691	$ 3,546,572
Net income	$ 166,458	$ 764,589

Acquisitions and Divestitures_3

Acquisitions and Divestitures - Schedule of Restructuring Liability (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance at beginning of period
Costs incurred and charged to expense	16,529
Costs paid	(8,620)
Balance at end of period	7,909
One-time employee termination benefits
Restructuring Reserve [Roll Forward]
Balance at beginning of period
Costs incurred and charged to expense	11,433
Costs paid	(5,116)
Balance at end of period	6,317
Lease termination and other costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period
Costs incurred and charged to expense	5,096
Costs paid	(3,504)
Balance at end of period	$ 1,592

Acquisitions and Divestitures_4

Acquisitions and Divestitures - Estimated Fair Value of Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
SilverBow Merger
Consideration transferred:
Cash paid	$ 358,092
Settlement of SilverBow Equity Awards in cash	18,858
Fair value of Class A Common Stock issued to SilverBow Common stockholders	595,294
Settlement of SilverBow Equity Awards in Class A Common Stock	16,129
Total	988,373
Assets acquired and liabilities assumed:
Cash and cash equivalents	5,200
Accounts receivable, net	140,073
Derivative assets – current	100,601
Prepaid expenses	6,154
Other current assets	945
Field and other property and equipment	4,586
Derivative assets – noncurrent	37,870
Other assets	25,199
Accounts payable and accrued liabilities	(196,963)
Acquired deferred acquisition consideration	(76,550)
Other current liabilities	(10,029)
Short-term debt	(37,500)
Long-term debt	(1,103,125)
Deferred tax liability	(58,670)
Asset retirement obligations	(25,683)
Other liabilities	(11,426)
Net assets acquired	988,373
Oil and natural gas properties - proved \| SilverBow Merger
Assets acquired and liabilities assumed:
Oil and natural gas properties	1,980,500
Oil and natural gas properties - unproved \| SilverBow Merger
Assets acquired and liabilities assumed:
Oil and natural gas properties	$ 207,191
Eagle Ford Minerals Acquisition
Consideration transferred:
Cash paid		$ 25,000
Settlement of SilverBow Equity Awards in cash		0
Fair value of Class A Common Stock issued to SilverBow Common stockholders		0
Settlement of SilverBow Equity Awards in Class A Common Stock		0
Total		25,000
Assets acquired and liabilities assumed:
Cash and cash equivalents		0
Accounts receivable, net		0
Derivative assets – current		0
Prepaid expenses		0
Other current assets		0
Field and other property and equipment		0
Derivative assets – noncurrent		0
Other assets		0
Accounts payable and accrued liabilities		0
Acquired deferred acquisition consideration		0
Other current liabilities		0
Short-term debt		0
Long-term debt		0
Deferred tax liability		0
Asset retirement obligations		0
Other liabilities		0
Net assets acquired		25,000
Eagle Ford Minerals Acquisition \| Oil and natural gas properties - proved
Assets acquired and liabilities assumed:
Oil and natural gas properties		12,865
Eagle Ford Minerals Acquisition \| Oil and natural gas properties - unproved
Assets acquired and liabilities assumed:
Oil and natural gas properties		12,135
July Western Eagle Ford Acquisition
Consideration transferred:
Cash paid		592,735
Settlement of SilverBow Equity Awards in cash		0
Fair value of Class A Common Stock issued to SilverBow Common stockholders		0
Settlement of SilverBow Equity Awards in Class A Common Stock		0
Total		592,735
Assets acquired and liabilities assumed:
Cash and cash equivalents		0
Accounts receivable, net		0
Derivative assets – current		0
Prepaid expenses		355
Other current assets		0
Field and other property and equipment		0
Derivative assets – noncurrent		0
Other assets		0
Accounts payable and accrued liabilities		(12,668)
Acquired deferred acquisition consideration		0
Other current liabilities		0
Short-term debt		0
Long-term debt		0
Deferred tax liability		0
Asset retirement obligations		(10,541)
Other liabilities		(1,746)
Net assets acquired		592,735
July Western Eagle Ford Acquisition \| Oil and natural gas properties - proved
Assets acquired and liabilities assumed:
Oil and natural gas properties		595,025
July Western Eagle Ford Acquisition \| Oil and natural gas properties - unproved
Assets acquired and liabilities assumed:
Oil and natural gas properties		22,310
October Western Eagle Ford Acquisition
Consideration transferred:
Cash paid		235,069
Settlement of SilverBow Equity Awards in cash		0
Fair value of Class A Common Stock issued to SilverBow Common stockholders		0
Settlement of SilverBow Equity Awards in Class A Common Stock		0
Total		235,069
Assets acquired and liabilities assumed:
Cash and cash equivalents		0
Accounts receivable, net		0
Derivative assets – current		0
Prepaid expenses		0
Other current assets		0
Field and other property and equipment		0
Derivative assets – noncurrent		0
Other assets		0
Accounts payable and accrued liabilities		(5,790)
Acquired deferred acquisition consideration		0
Other current liabilities		0
Short-term debt		0
Long-term debt		0
Deferred tax liability		0
Asset retirement obligations		(7,908)
Other liabilities		(625)
Net assets acquired		235,069
October Western Eagle Ford Acquisition \| Oil and natural gas properties - proved
Assets acquired and liabilities assumed:
Oil and natural gas properties		239,573
October Western Eagle Ford Acquisition \| Oil and natural gas properties - unproved
Assets acquired and liabilities assumed:
Oil and natural gas properties		$ 9,819

Acquisitions and Divestitures_5

Acquisitions and Divestitures - Divestitures Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of assets	$ (12)	$ 0	$ 19,437	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Arkoma Basin Divestiture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration, net of closing adjustments	29,700		29,700
Gain on sale of assets	$ 19,400		$ 19,400

Derivatives - Net Volume Positi

Derivatives - Net Volume Positions by Commodity (Details) bbl in Thousands, MMBTU in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) MMBTU $ / MMBTU $ / bbl bbl
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 170,938
2024 \| Swap \| Crude Oil
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	2,622
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	0.51
Fair Value	$ (520)
2024 \| Swap \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	3,281
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	71.93
Fair Value	$ 13,654
2024 \| Swap \| Crude Oil \| Brent Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	37
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	78.19
Fair Value	$ 245
2024 \| Swap \| Realized gain (loss) on natural gas positions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) \| MMBTU	26,420
Weighted Average Fixed Price (in USD per unit) \| $ / MMBTU	3.91
Fair Value	$ 25,038
2024 \| Swap \| Natural gas liquids
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	497
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	25.92
Fair Value	$ 726
2024 \| Collar \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	2,806
Fair Value	$ 2,737
2024 \| Collar \| Crude Oil \| Brent Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	55
Fair Value	$ 46
2024 \| Collar \| Realized gain (loss) on natural gas positions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) \| MMBTU	8,465
Fair Value	$ 6,659
2024 \| Collar \| Minimum \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	63.15
2024 \| Collar \| Minimum \| Crude Oil \| Brent Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	65
2024 \| Collar \| Minimum \| Realized gain (loss) on natural gas positions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / MMBTU	3.66
2024 \| Collar \| Maximum \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	81.29
2024 \| Collar \| Maximum \| Crude Oil \| Brent Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	100
2024 \| Collar \| Maximum \| Realized gain (loss) on natural gas positions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / MMBTU	4.92
2024 \| Basis Swap \| Crude Oil
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	2,501
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	1.51
Fair Value	$ 328
2024 \| Basis Swap \| Realized gain (loss) on natural gas positions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) \| MMBTU	31,151
Weighted Average Fixed Price (in USD per unit) \| $ / MMBTU	(0.31)
Fair Value	$ 478
2025 \| Swap \| Crude Oil
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	6,570
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	0.43
Fair Value	$ 1,885
2025 \| Swap \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	6,442
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	72.68
Fair Value	$ 36,736
2025 \| Swap \| Realized gain (loss) on natural gas positions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) \| MMBTU	55,205
Weighted Average Fixed Price (in USD per unit) \| $ / MMBTU	3.97
Fair Value	$ 32,584
2025 \| Swap \| Natural gas liquids
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	1,460
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	23.88
Fair Value	$ 492
2025 \| Collar \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	4,664
Fair Value	$ 9,350
2025 \| Collar \| Crude Oil \| Brent Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	365
Fair Value	$ 1,100
2025 \| Collar \| Realized gain (loss) on natural gas positions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) \| MMBTU	74,009
Fair Value	$ 17,812
2025 \| Collar \| Minimum \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	61.81
2025 \| Collar \| Minimum \| Crude Oil \| Brent Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	65
2025 \| Collar \| Minimum \| Realized gain (loss) on natural gas positions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / MMBTU	3.12
2025 \| Collar \| Maximum \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	77.94
2025 \| Collar \| Maximum \| Crude Oil \| Brent Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	91.61
2025 \| Collar \| Maximum \| Realized gain (loss) on natural gas positions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / MMBTU	5.74
2025 \| Basis Swap \| Crude Oil
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	10,946
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	1.69
Fair Value	$ 515
2025 \| Basis Swap \| Realized gain (loss) on natural gas positions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) \| MMBTU	104,167
Weighted Average Fixed Price (in USD per unit) \| $ / MMBTU	(0.27)
Fair Value	$ 6,032
2025 \| Collar \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	1,460
Fair Value	$ (1,784)
2025 \| Collar \| Minimum \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	60
2025 \| Collar \| Maximum \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	85
2026 \| Swap \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	1,746
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	69
Fair Value	$ 5,019
2026 \| Swap \| Realized gain (loss) on natural gas positions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) \| MMBTU	41,745
Weighted Average Fixed Price (in USD per unit) \| $ / MMBTU	3.98
Fair Value	$ 13,090
2026 \| Collar \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	273
Fair Value	$ 426
2026 \| Collar \| Realized gain (loss) on natural gas positions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) \| MMBTU	40,100
Fair Value	$ (1,967)
2026 \| Collar \| Minimum \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	64
2026 \| Collar \| Minimum \| Realized gain (loss) on natural gas positions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / MMBTU	3.02
2026 \| Collar \| Maximum \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	71.50
2026 \| Collar \| Maximum \| Realized gain (loss) on natural gas positions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / MMBTU	4.65
2026 \| Basis Swap \| Crude Oil
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	2,006
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	1.95
Fair Value	$ 17
2026 \| Basis Swap \| Realized gain (loss) on natural gas positions
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (MBtu) \| MMBTU	76,600
Weighted Average Fixed Price (in USD per unit) \| $ / MMBTU	(0.44)
Fair Value	$ 611
2026 \| Swap \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	730
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	75.15
Fair Value	$ (1,778)
2026 \| Collar \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Volumes (Bbls) \| bbl	730
Fair Value	$ 1,407
2026 \| Collar \| Minimum \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	65
2026 \| Collar \| Maximum \| Crude Oil \| WTI Index
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted Average Fixed Price (in USD per unit) \| $ / bbl	76

Derivatives - Netting Arrangeme

Derivatives - Netting Arrangements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Gross Fair Value	$ 226,924	$ 116,406
Effect of Counterparty Netting	(55,986)	(54,019)
Net Carrying Value	170,938	62,387
Liabilities:
Gross Fair Value	(55,986)	(96,070)
Effect of Counterparty Netting	55,986	54,019
Net Carrying Value	0	(42,051)
Derivative assets – current
Assets:
Gross Fair Value	155,364	93,720
Effect of Counterparty Netting	(24,821)	(39,399)
Net Carrying Value	130,543	54,321
Derivative assets – noncurrent
Assets:
Gross Fair Value	71,560	22,686
Effect of Counterparty Netting	(31,165)	(14,620)
Net Carrying Value	40,395	8,066
Derivative liabilities – current
Liabilities:
Gross Fair Value	(24,821)	(81,450)
Effect of Counterparty Netting	24,821	39,399
Net Carrying Value	0	(42,051)
Derivative liabilities – noncurrent
Liabilities:
Gross Fair Value	(31,165)	(14,620)
Effect of Counterparty Netting	31,165	14,620
Net Carrying Value	$ 0	$ 0

Derivatives - Gain (Loss) on De

Derivatives - Gain (Loss) on Derivatives Included in Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on derivatives	$ 96,881	$ (252,108)	$ (4,589)	$ (68,211)
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Total realized gain (loss) on derivatives	5,209	(54,970)	(43,011)	(110,775)
Gain (loss) on derivatives	96,881	(252,108)	(4,589)	(68,211)
Commodity Hedges \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on commodity derivatives	91,672	(197,138)	38,422	42,564
Realized gain (loss) on oil positions \| Energy Hedges \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives, cash settled	(17,898)	(61,281)	(113,024)	(125,793)
Realized gain (loss) on natural gas positions \| Energy Hedges \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives, cash settled	22,995	6,311	69,901	(3,545)
Realized gain (loss) on NGL positions \| Energy Hedges \| Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain (loss) on derivatives, cash settled	$ 112	$ 0	$ 112	$ 18,563

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial assets:
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Derivative assets – current, Derivative assets – noncurrent	Derivative assets – current, Derivative assets – noncurrent
Financial Liabilities:
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Derivative liabilities – current	Derivative liabilities – current
Fair Value, Recurring
Financial assets:
Derivative assets	$ 226,924	$ 116,406
Financial Liabilities:
Derivative liabilities	(55,986)	(96,070)
Fair Value, Recurring \| Level 1
Financial assets:
Derivative assets	0	0
Financial Liabilities:
Derivative liabilities	0	0
Fair Value, Recurring \| Level 2
Financial assets:
Derivative assets	226,924	116,406
Financial Liabilities:
Derivative liabilities	(55,986)	(96,070)
Fair Value, Recurring \| Level 3
Financial assets:
Derivative assets	0	0
Financial Liabilities:
Derivative liabilities	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Billions	Sep. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value based on quoted market prices	$ 2.7	$ 1.8

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - Nonrelated Party - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Supplier Finance Program [Line Items]
Accounts payable	$ 84,541	$ 125,010
Accrued lease and asset operating expense	103,578	58,847
Accrued capital expenditures	159,276	74,206
Accrued general and administrative expense	17,374	16,441
Accrued gathering, transportation and marketing expense	98,466	56,088
Accrued revenue and royalties payable	182,345	154,345
Accrued interest expense	62,676	45,546
Accrued severance taxes	37,380	58,100
Other	28,219	24,960
Total accounts payable and accrued liabilities	$ 773,855	$ 613,543

Debt - Senior Notes (Details)

Debt - Senior Notes (Details) - USD ($)	1 Months Ended			3 Months Ended		9 Months Ended
Debt - Senior Notes (Details) - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Feb. 28, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Jul. 31, 2023
Debt Instrument [Line Items]
Proceeds from issuance of senior long-term debt						$ 1,679,125,000	$ 833,500,000
Repay and extinguish existing indebtedness				$ (36,513,000)	$ 0	(59,095,000)	0
Senior Notes
Debt Instrument [Line Items]
Face amount of debt instrument		$ 714,800,000	$ 977,400,000
7.375% Senior Notes due 2033 \| Senior Notes
Debt Instrument [Line Items]
Face amount of debt instrument	$ 750,000,000			$ 250,000,000		$ 250,000,000
Stated interest rate (as a percent)	7.375%			7.375%		7.375%
Proportion of face amount (as a percent)				101%		101%
Proceeds from issuance of senior long-term debt	$ 981,800,000
Redemption price, percentage (as a percent)	100%
Debt instrument, term	180 days
7.375% Senior Notes due 2033 \| Senior Notes \| SilverBow
Debt Instrument [Line Items]
Face amount of debt instrument	$ 36,500,000
Repay and extinguish existing indebtedness	$ (1,200,000,000)
7.375% Senior Notes due 2033 \| Senior Notes \| Minimum
Debt Instrument [Line Items]
Redemption price, percentage (as a percent)	50%
7.375% Senior Notes due 2033 \| Senior Notes \| Redemption Period
Debt Instrument [Line Items]
Percentage of principal amount redeemable (as a percent)	40%
Redemption price, percentage (as a percent)	107.375%
7.625% Senior Notes due 2032 \| Senior Notes
Debt Instrument [Line Items]
Face amount of debt instrument		$ 700,000,000
Stated interest rate (as a percent)		7.625%		7.625%		7.625%
Proceeds from issuance of senior long-term debt		$ 686,200,000
Redemption price, percentage (as a percent)		100%
7.625% Senior Notes due 2032 \| Senior Notes \| Redemption Period
Debt Instrument [Line Items]
Percentage of principal amount redeemable (as a percent)		40%
Redemption price, percentage (as a percent)		107.625%
9.250% Senior Notes due 2028 \| Senior Notes
Debt Instrument [Line Items]
Face amount of debt instrument			$ 400,000,000		$ 150,000,000		$ 150,000,000		$ 300,000,000
Stated interest rate (as a percent)			9.25%	9.25%		9.25%
Redemption price, percentage (as a percent)			100%
9.250% Senior Notes due 2028 \| Senior Notes \| Independence Energy Finance LLC
Debt Instrument [Line Items]
Face amount of debt instrument								$ 150,000,000
Senior Notes Due July 2028 \| Senior Notes \| Independence Energy Finance LLC
Debt Instrument [Line Items]
Proportion of face amount (as a percent)									98%
Senior Notes Due September 2028 \| New Notes \| Independence Energy Finance LLC
Debt Instrument [Line Items]
Proportion of face amount (as a percent)					101.125%		101.125%
Senior Notes Due December 2028 \| New Notes \| Independence Energy Finance LLC
Debt Instrument [Line Items]
Proportion of face amount (as a percent)								102.125%
7.250% Senior Notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Face amount of debt instrument		$ 22,600,000						$ 700,000,000
Stated interest rate (as a percent)								7.25%
Proportion of face amount (as a percent)		101.857%

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Jul. 30, 2024	Jul. 29, 2024	Dec. 31, 2023	May 31, 2021
Debt Instrument [Line Items]
Letters of credit outstanding	$ 21,486			$ 14,408
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings under credit facility	$ 572,300
Minimum mortgage maintenance rate of net present value (as a percent)					85%
Discount rate (as a percent)					9%
Minimum aggregate purchase price of the effective borrowing base (as a percent)					5%
Committed amount of credit facility		$ 2,000,000
Borrowing base		$ 2,600,000	$ 1,700,000
Unused capacity commitment fee (as a percent)	0.375%
Weighted-average interest rate (as a percent)	7.21%			9.75%
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 21,500			$ 14,400

Debt - Summary of Debt Balances

Debt - Summary of Debt Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Feb. 28, 2023
Debt Instrument [Line Items]
Less: Unamortized discount, premium and issuance costs	$ (47,127)			$ (29,125)
Total long-term debt	3,225,173			1,694,375
Letters of Credit Issued	21,486			14,408
Letter of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	572,300			23,500
Borrowing Base	$ 2,600,000			2,000,000
Senior Notes \| 9.250% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate (as a percent)	9.25%				9.25%
Long-term debt, gross	$ 1,000,000			$ 1,000,000
Senior Notes \| 7.625% Senior Notes due 2032
Debt Instrument [Line Items]
Stated interest rate (as a percent)	7.625%		7.625%
Long-term debt, gross	$ 700,000
Senior Notes \| 7.375% Senior Notes due 2033
Debt Instrument [Line Items]
Stated interest rate (as a percent)	7.375%	7.375%
Long-term debt, gross	$ 1,000,000
Senior Notes \| 7.250% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate (as a percent)				7.25%
Long-term debt, gross				$ 700,000

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Balance at beginning of period	$ 445,060
Additions	27,585
Retirements	(12,519)
Sale	(18,464)
Accretion expense	23,182
Balance at end of period	464,844
Less: current portion	(23,006)
Balance at end of period, noncurrent portion	$ 441,838	$ 418,319

Incentive Compensation Arrang_3

Incentive Compensation Arrangements - Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense (income)	$ 88,583	$ 29,492	$ 139,048	$ 64,648
Liability-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense (income)	1,699	2,465	2,731	(14)
Equity-classified profits interest awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense (income)	(8,744)	5,839	(8,521)	9,510
Equity-classified LTIP RSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense (income)	929	405	2,070	1,196
Equity-classified LTIP PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense (income)	160	0	478	0
Equity-classified Manager PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense (income)	84,631	20,783	132,382	53,956
SilverBow Merger awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense (income)	$ 9,908	$ 0	$ 9,908	$ 0

Incentive Compensation Arrang_4

Incentive Compensation Arrangements - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Class A Common Stock \| SilverBow
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of common stock (in shares)	50,900,000	70,800,000
Equity-classified LTIP PSU awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional expense recognized	$ 64.4	$ 85.5
Equity-classified LTIP PSU awards \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target shares increase (in shares)	5,100,000	7,100,000
Directors, Officers and Employees \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	116,000	116,000
Granted (in USD per share)		$ 11.68
Vested (in shares)	116,000	116,000
Directors, Officers and Employees \| RSUs \| Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contingent right to receive common stock (in shares)		1
Directors, Officers and Employees \| RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance/vesting period		1 year
Directors, Officers and Employees \| RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance/vesting period		3 years

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Thousands, shares in Millions	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) shares	Sep. 30, 2023 shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) tranche	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Related Party Transaction [Line Items]
General and administrative expense			$ 159,677	$ 43,831	$ 249,532	$ 106,235
Distributions to redeemable noncontrolling interests related to manager compensation					17,580	26,207
Accounts payable – affiliates					(27,233)	12,741
Lease, annual base rent			400		400
Tenant improvements			1,100		1,100
OpCo
Related Party Transaction [Line Items]
Units issued (in shares) \| shares	2.3	12.7
Stock redeemed	$ 22,700
Chama \| Board of Directors Chairman
Related Party Transaction [Line Items]
Fund plugging and abandonment costs			4,700		4,700
Maximum
Related Party Transaction [Line Items]
Lease, annual base rent			500		500
Affiliated Entity
Related Party Transaction [Line Items]
Accounts receivable, net			975		975		$ 2,108
Accounts payable and accrued liabilities			16,376		16,376		52,607
Additional payment for cost incured					$ 1,400
Affiliated Entity \| KKR Capital Markets LLC
Related Party Transaction [Line Items]
Accounts payable – affiliates							6,600
Affiliated Entity \| John C. Goff
Related Party Transaction [Line Items]
Lease term								10 years
Lease, annual base rent								$ 300
Affiliated Entity \| Management Agreement
Related Party Transaction [Line Items]
Agreement initial term (years)					3 years
Agreement additional initial term (years)					3 years
General and administrative expense			11,500	6,800	$ 28,400	16,800
Distributions to redeemable noncontrolling interests related to manager compensation			5,600	7,300	17,600	26,200
Accrual to redeemable noncontrolling interests			16,100		16,100		13,900
Affiliated Entity \| Management Agreement \| OpCo
Related Party Transaction [Line Items]
Accrual to redeemable noncontrolling interests			$ 4,700		4,700
Affiliated Entity \| Management Agreement, Manager Compensation
Related Party Transaction [Line Items]
Amount of related party transaction					45,900
Affiliated Entity \| Management Agreement, Base Input
Related Party Transaction [Line Items]
Amount of related party transaction					64,500
Related party transaction rate (as a percent)			1.50%
Increase in compensation							9,000
Affiliated Entity \| Management Agreement, Incentive Compensation
Related Party Transaction [Line Items]
General and administrative expense			$ 84,600	20,800	$ 132,400	54,000
Incentive target rate (as a percent)					10%
Number of tranches \| tranche					5
Incentive compensation settled period (years)					5 years
Incentive compensation settled rate (as a percent)			2%		2%
Affiliated Entity \| Management Agreement, Incentive Compensation \| Minimum
Related Party Transaction [Line Items]
Initial target amount (as a percent)			0%		0%
Affiliated Entity \| Management Agreement, Incentive Compensation \| Maximum
Related Party Transaction [Line Items]
Initial target amount (as a percent)			4.80%		4.80%
Affiliated Entity \| Distributions to Pay Income Taxes
Related Party Transaction [Line Items]
Amount of related party transaction			$ (8,100)	$ (10,900)	$ (24,400)	$ (45,300)
Related Party \| Oil and gas investments
Related Party Transaction [Line Items]
Accounts receivable, net			300		300		100
Accounts payable and accrued liabilities			$ 500		$ 500		$ 27,900

Related Party Transactions - Sc

Related Party Transactions - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
KKR Capital Markets LLC
Related Party Transaction [Line Items]
Amounts paid to KCM	$ 596	$ 3,658	$ 4,300	$ 4,758

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) shares in Millions	3 Months Ended	9 Months Ended
Earnings Per Share - Narrative (Details) shares in Millions	Sep. 30, 2024 shares	Sep. 30, 2024 class
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Number of classes of equity \| class		2
PSUs
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effective antidilutive shares (in shares)	2.5
RSUs
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Effective antidilutive shares (in shares)	0.3

Earnings Per Share - Summary of

Earnings Per Share - Summary of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income (loss)	$ (5,579)			$ (131,102)	$ 32,262	$ 181,983
Less: net (income) loss attributable to noncontrolling interests	765			(48)	(916)	(453)
Less: net (income) loss attributable to redeemable noncontrolling interests	(5,131)	$ (34,476)	$ 11,695	78,280	(27,912)	(169,455)
Net income (loss) attributable to Crescent Energy	(9,945)			(52,870)	3,434	12,075
Net income (loss) attributable to Crescent Energy - diluted	(9,945)			(52,870)	3,580	12,408
RSUs
Numerator:
Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of RSUs and PSUs	$ 0			$ 0	$ 18	$ 27
Denominator:
Add: dilutive effect of RSUs and PSUs (in shares)	0			0	241,265	39,016
PSUs
Numerator:
Add: Reallocation of net income attributable to redeemable noncontrolling interest for the dilutive effect of RSUs and PSUs	$ 0			$ 0	$ 128	$ 306
Denominator:
Add: dilutive effect of RSUs and PSUs (in shares)	0			0	1,606,508	439,335
Class A Common Stock
Denominator:
Weighted-average common stock outstanding - basic (in shares)	146,619,546			78,708,800	117,748,940	58,663,396
Weighted-average common stock outstanding - diluted (in shares)	146,619,546			78,708,800	119,596,713	59,141,747
Earnings Per Share, both Basic And Diluted [Abstract]
Common stock - basic (in USD per share)	$ (0.07)			$ (0.67)	$ 0.03	$ 0.21
Common stock - diluted (in USD per share)	$ (0.07)			$ (0.67)	$ 0.03	$ 0.21
Class B Common Stock
Denominator:
Weighted-average common stock outstanding - basic (in shares)	65,948,124			91,048,124	72,053,963	109,244,079
Weighted-average common stock outstanding - diluted (in shares)	65,948,124			91,048,124	72,053,963	109,244,079
Earnings Per Share, both Basic And Diluted [Abstract]
Common stock - basic (in USD per share)	$ 0			$ 0	$ 0	$ 0
Common stock - diluted (in USD per share)	$ 0			$ 0	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 04, 2024	Oct. 31, 2024	Sep. 30, 2024	Sep. 30, 2024
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Arkoma Basin Divestiture
Subsequent Event [Line Items]
Cash consideration, net of closing adjustments			$ 29.7	$ 29.7
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends paid per share (in USD per share)	$ 0.12
Common stock dividends declared per share (in USD per share)	0.12
Annual common stock dividends per share (in USD per share)	$ 0.48
Subsequent Event \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Arkoma Basin Divestiture
Subsequent Event [Line Items]
Cash consideration, net of closing adjustments		$ 20.5
Subsequent Event \| Central Eagle Ford Assets \| Disposal Group, Held-for-sale, Not Discontinued Operations
Subsequent Event [Line Items]
Consideration received on disposition		$ 168