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Crescent Energy Company focuses on the Eagle Ford, Permian and Uinta basins in the United States. Oil sales provide most of its revenue, with natural gas and natural gas liquids contributing the rest of its production revenue. Shell Trading US Company is its largest disclosed buyer and supplies a substantial share of revenue; ConocoPhillips and Enterprise Products Partners L.P. are also major buyers.
For properties in which Crescent holds a working interest, it pays its share of drilling and operating costs and receives its share of sales proceeds after royalties and other obligations. It also owns mineral and royalty interests that entitle it to a share of production revenue without further drilling or operating costs. Its gathering, processing and transportation activities support the production business rather than form a separate main business.
Cash generation depends on commodity prices, production volumes and access to pipelines and processing facilities. As wells deplete, Crescent must develop or acquire reserves to sustain production; it fixes prices for part of expected output through hedging contracts. A KKR subsidiary supplies its senior management team. Drilling and production require government permits, and land-use restrictions, including Ute Indian Tribe rules in the Uinta Basin, can limit access or bar development.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Crescent Energy Company's cash flow hinges chiefly on oil prices and Eagle Ford production; watch Shell Trading US Company, absent from this list, whose purchases accounted for 21.4% of Crescent's 2025 revenue.
SM Energy Company and Crescent earn money selling oil, gas and natural gas liquids from closely overlapping South Texas, Permian and Uinta areas, so oil prices and regional production costs affect both. Watch SM Energy's production and spending in those areas as comparisons for Crescent's operating returns.
Magnolia Oil & Gas Corporation offers a comparison for Crescent's Eagle Ford cash generation: both sell oil, gas and natural gas liquids and emphasize restrained reinvestment. Watch how much cash Magnolia retains after drilling and completing South Texas wells, rather than production growth alone.
Devon Energy Corporation and Crescent share oil-price exposure through oil-heavy Eagle Ford production and Permian assets, selling their output to outside buyers. Devon sells most production at market-sensitive prices even under longer contracts, making its realized oil prices a useful comparison for Crescent's sales revenue.
ConocoPhillips is both a fellow oil, gas and natural gas liquids producer and a paying customer: its purchases accounted for 13.5% of Crescent's 2025 revenue. It also buys and resells other producers' output to meet customer demand, so its purchasing relationship matters to Crescent alongside their shared commodity-price exposure.
EOG Resources, Inc. provides a comparison for Crescent's drilling returns because both produce and sell oil and gas in the Eagle Ford and Permian. Watch EOG's well economics and operating news in those basins when assessing Crescent's results.
Northern Oil and Gas, Inc. offers a different view of Crescent's Permian and Uinta investment returns: it funds a share of wells run by other operators and earns revenue from its share of oil and gas, while Crescent operates production and also pursues acquisitions. Watch Northern's decisions to join proposed wells, which typically decline when oil prices fall, as a check on new-well returns.
Permian Resources Corporation and Crescent sell Permian oil, gas and natural gas liquids, exposing both cash flows to commodity prices and regional development costs. Permian Resources generally sells at prevailing market prices, so its realized prices offer a comparison for Crescent's Permian revenue.
Diamondback Energy, Inc. and Crescent produce oil and gas onshore in the Permian, sharing price exposure and regional drilling and infrastructure conditions. Watch Diamondback's costs and development pace: its operating control and centralized production facilities make those useful comparisons for Crescent's Permian operations.
Chord Energy Corporation offers a commodity-driven cash-flow comparison for Crescent: both sell U.S. onshore oil, gas and natural gas liquids at market-linked prices, though Chord focuses on the Williston Basin. Watch the prices Chord receives from refiners and marketers after regional and transportation adjustments, rather than treating its drilling results as a same-basin comparison.
Ovintiv Inc. and Crescent both sell Permian oil, gas and natural gas liquids and use multi-basin portfolios to generate cash through commodity cycles. Watch Ovintiv's Permian operating efficiency and cash generation, while recognizing that its portfolio also includes Canadian production.
Occidental Petroleum Corporation and Crescent both sell substantial oil, gas and natural gas liquids output and own Permian assets, so oil prices affect both. Occidental's geographic portfolio is much broader, making its Permian production news a closer comparison for Crescent than its overall results.
MATADOR RESOURCES COMPANY and Crescent share Permian development exposure and earn money from oil and gas production alongside infrastructure serving their own wells and outside customers. Watch Matador's Delaware Basin drilling and gas-processing operations together, since both absorb capital supporting its production.
Enterprise Products Partners buys Crescent's production, accounting for 11.7% of Crescent's 2025 revenue, and connects producers' oil, gas and natural gas liquids with consumers through its transport and processing network. Watch volumes handled by that network as a read on the production flows its business depends on, rather than as a direct oil-price comparison.
Crescent relies on Western Midstream Partners, LP to operate the Eagle Ford Springfield Gathering System, which collects oil and gas and in which Crescent owns 12.0%. Watch operating news from Springfield directly; Western's broader business also depends on producers paying it to gather, process and transport their output.
KKR & Co. Inc. influences how Crescent is managed and selects acquisitions: an indirect KKR subsidiary supplies Crescent's senior executives and acquisition support, rather than sharing its oil-production business. KKR earns fees managing investors' capital; for Crescent holders, watch its acquisition-screening and financing support rather than KKR's overall earnings.
EIA Crude Oil Stocks Change (Oct/16)
Crescent sells substantial oil production at prices shaped by oil supply and demand, so this report’s count of crude oil and gasoline in storage can affect the prices it receives and the revenue from oil it sells.
Read a build in crude oil and gasoline stocks as a sign of looser supply that may weigh on prices Crescent receives for oil; a draw points to tighter supply that may support those prices. Hedges limit the near-term effect on hedged volumes.
Crescent Energy Company earningsThis company
Crescent Energy’s report will show whether the oil and gas it sells can generate enough cash to cover development spending.
Read volumes sold and realized prices before hedge effects together, then compare operating cash flow with spending to develop oil and gas properties. If production grows and cash flow still covers development spending, the business is generating cash to support further development; if cash flow lags despite higher production, prices, operating costs or investment are absorbing the gains. Hedging can cushion some price swings, but the key is whether cash supports production and development.
Western Midstream Partners, LP earningsWES
Western Midstream Partners operates the Springfield gathering system, in which Crescent owns a 12.0% interest, so its report can show whether that route is moving Crescent’s Eagle Ford production toward market.
Watch Western Midstream’s disclosures about Springfield operations, volumes handled or interruptions. Reliable operation and steady flows would support the route that gathers Crescent’s Eagle Ford production; an outage or bottleneck could delay moving that oil and gas to market or require production cuts, disrupting Crescent’s sales.
Magnolia Oil & Gas Corporation earningsMGY
Magnolia Oil & Gas’s report will show how much cash it retains after drilling and completing South Texas wells, a useful comparison for Crescent Energy’s Eagle Ford business.
Read Magnolia’s reported cash retained after drilling and completing wells alongside its production; the measures may not be directly comparable with Crescent Energy’s. Steady or rising production with cash left after well spending suggests Eagle Ford development is generating cash, not just adding volume. If production grows while cash retention shrinks, the wells are taking more capital, a pressure to watch in Crescent’s core basin too.
ConocoPhillips earningsCOP
ConocoPhillips’s report will show whether its purchases and resale of other producers’ oil and gas remain active, a relevant outlet for Crescent, which received 13.5% of its 2025 revenue from ConocoPhillips.
Look for ConocoPhillips’s discussion of purchases and resale of third-party oil and gas, separate from its own production. Active purchasing and resale would suggest that this sales channel remains in use, a constructive demand signal for a buyer that accounted for 13.5% of Crescent’s 2025 revenue. Weaker activity would make the channel less reassuring, but would not establish that ConocoPhillips bought less from Crescent.
Devon Energy Corporation earningsDVN
Devon Energy’s realized oil prices will offer a read on the market-linked pricing environment facing Crescent’s oil-heavy Eagle Ford and Permian business.
Read Devon’s realized oil prices alongside its stated benchmark prices or differentials, then compare them with Crescent’s reported realized prices. If both hold up, oil pricing is supporting revenue per barrel; weaker Devon prices would point to market prices or regional differentials weighing on Crescent’s revenue per barrel even if its production holds steady.
