Crescent Reports $786 Million in Adjusted EBITDAX in Third Quarter
Key Facts
Crescent Energy reported on November 2 results for the third quarter ended September 30, 2026, posting a net loss attributable to the company of $2.167 million and diluted loss per share of $0.01. By contrast, adjusted net income was $254 million, and Adjusted EBITDAX was about $786 million. Revenue was $1.351 billion, compared with $866.579 million in the same period last year. Before the announcement, analysts had estimated earnings of 61 cents per share and revenue of $1.23 billion. Reading the results therefore requires distinguishing the reported accounting loss from the adjusted income measures presented by the company.
Crescent's net loss attributable to the company narrowed from $9.507 million in the third quarter of 2025 to $2.167 million in the latest quarter, while diluted loss per share narrowed from $0.04 to $0.01. But the improvement in these items did not turn the accounting result into net income. At the same time, the company recorded $254 million in adjusted net income. Operating cash flow was $608 million, while levered free cash flow reached $367 million. Adjusted EBITDAX was about $786 million, measures that are separate from net loss and earnings per share under the disclosure.
Average total production rose to 328,000 barrels of oil equivalent per day, from 253,000 in the same period of 2025. Oil production increased to 134,000 barrels per day, compared with 103,000 a year earlier. The chief executive said the company delivered “higher production, lower capital spending and higher free cash flow than market expectations this quarter.” Crescent said capital investment discipline and operational execution contributed to the performance. The company spent $326 million on capital expenditures, excluding acquisitions, during the quarter. It drilled 29 operated wells and brought 37 operated wells into production.
On a quarter-on-quarter basis, average production in the second quarter was 335,000 barrels of oil equivalent per day, versus 328,000 in the third quarter. The company also recorded second-quarter record operating cash flow of $707 million and record levered free cash flow of $418 million, above $608 million and $367 million, respectively, in the third quarter. In its previous update, Crescent set its 2026 production range at 327,000 to 335,000 barrels of oil equivalent per day. It also lowered its target adjusted operating expense range to $11–12 per barrel of oil equivalent. These figures place third-quarter results within the company's annual production guidance range.
In the Permian Basin, Crescent raised its synergy target to more than $300 million and said it had achieved about $295 million by the results announcement. The company estimated that this represents more than $1 billion in value on a 10-year present-value basis. The expansion is tied to a deal announced in October to buy assets in the Eagle Ford region from Devon Energy. The deal is all cash, with an estimated net purchase price of about $3.85 billion. The company is targeting completion in the fourth quarter of 2026 or early 2027, subject to customary conditions.
The company approved a quarterly cash dividend of $0.12 per share. It is scheduled to be paid on November 30, 2026, to shareholders of record on November 16. CRGY shares closed at $13.47 on November 2, the day results were announced. The disclosure did not include a figure for the stock's daily trading range. The Eagle Ford asset deal, targeted for completion in the fourth quarter of 2026 or early 2027, remains the most prominent announced upcoming milestone in the company's update.