Crescent Energy Co-A 2025年季度报告

Emerging growth company☐If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes☐No☒ Item1. Legal ProceedingsItem1A. Risk Factors Item4. Mine Safety DisclosuresItem5. Other InformationItem6. Exhibits 1 Barrel or Bbl —One stock tank barrel, or 42 United States gallons liquid volume. Boe —One barrel of oil equivalent determined using the ratio of six Mcf of natural gas to one barrel of crude oil or condensate.Boe/d —Barrels of oil equivalent per day.Brent—the reference price paid in U.S. dollars for a barrel of light sweet crude oil produced from the Brent field in the UK sector ofthe North Sea.Btu —British thermal unit, which is the heat required to raise the temperature of a one-pound mass of water one degree Fahrenheit.Henry Hub —Henry Hub is the major exchange for pricing natural gas futures on the New York Mercantile Exchange. It is frequentlyreferred to as the Henry Hub index. Mcf —One thousand cubic feet of natural gas. Mcf/d —One thousand Mcf per day. MMBoe —One million Boe. MMBtu —One million Btus. MMcf/d —One million Mcf per day.NYMEX —The New York Mercantile Exchange. Proved reserves —Proved reserves are those quantities of oil and natural gas, which, by analysis of geoscience and engineering data,can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs and the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic orprobabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator mustbe reasonably certain that it will commence the project within a reasonable time.Working interest —The operating interest that gives the owner the right to drill, produce and conduct operating activities on theproperty and a share of production. WTI —A light crude oil produced in the United States with an American Petroleum Institute gravity of approximately 38-40 and sulfur content of approximately 0.3%. 2 The information in this Quarterly Report on Form 10-Q (this "Quarterly Report") contains or incorporates by reference information thatincludes or is based upon "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the"Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other thanstatements of historical facts, included herein concerning, among other things, planned capital expenditures, increases in oil, natural gasand natural gas liquids (“NGL”) production, the number of anticipated wells to be drilled or completed after the date hereof, future cashflows and borrowings, pursuit of potential acquisition opportunities, our financial position, business strategy and other plans and objectives acquisitions, including the Ridgemar Acquisition and SilverBow Merger;•the risk that each of the SilverBow Merger and the Ridgemar Acquisition may not be accretive, and may be dilutive, to Crescent’s earnings per share, which may negatively affect the market price of Crescent common stock;•capital requirements and uncertainty of obtaining additional funding on terms acceptable to us;•risks and restrictions related to our debt agreements and the level of our indebtedness;•our reliance on KKR Energy Assets Manager LLC as our external manager;•our hedging strategy and results;•realized oil, natural gas and NGL prices;•political and economic conditions and events in the U.S. and in foreign oil, natural gas and NGL producing countries, includingembargoes, political and regulatory changes implemented by the Trump Administration, continued hostilities in the Middle East,including the Israel-Hamas conflict, and heightened tensions with Iran, and other sustained military campaigns, the armed conflictin Ukraine and associated economic sanctions on Russia, conditions in South America, Central America and China and acts ofterrorism or sabotage;•changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements, including such changes that maybe implemented by the Trump Administration; •general economic conditions, including the impact of inflation, elevated interest rates and associated changes in monetary policy;•the impact of central bank policy actions and disruptions in the banking industry and in the capital markets;•the severity and duration of public health crises and any resultant impact on governmental actions, commodity prices, supply anddemand considerations, and storage capacity;•timing and amount of our future production of oil, natural gas and NGLs;•a decline in oil, natural gas and NGL production, and the impact of general economic conditions on the demand for oil, naturalgas an