CRGY · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

Crescent Energy

34 named things its latest annual report says its results depend on, each in the company's own words. 23 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

ConocoPhillips

earns from · 13.5%

During the years ended December 31, 2025, 2024 and 2023, we sold oil and natural gas production representing 10% or more of total revenues to the following purchasers:Business (Item 1)

Also named by LB, PSX, SRE

Enterprise Products Partners L.P.

earns from · 11.7%

During the years ended December 31, 2025, 2024 and 2023, we sold oil and natural gas production representing 10% or more of total revenues to the following purchasers:Business (Item 1)

Also named by CLMT, PAA, PAGP

Shell Trading US Company

earns from · 21.4%

During the years ended December 31, 2025, 2024 and 2023, we sold oil and natural gas production representing 10% or more of total revenues to the following purchasers:Business (Item 1)

Suppliers

Ryder Scott Company, L.P.

depends on

Our reserve estimates as of December 31, 2025 are based on evaluations either prepared or audited by Ryder Scott Company, L.P.Business (Item 1)

Also named by KRP, TPL

Partners and platforms

KKR Group (Manager)

depends on · $78.5 million per annumnamed as a risk

Through the Management Agreement, we depend on the Manager and its personnel to manage and operate our business, the loss of any of whom would materially and adversely affect future operations.Risk factors (Item 1A)

Springfield Gathering System

12.0% interestnamed as a risk

This includes a 12.0% interest in the Springfield Gathering System in the Eagle Ford Shale in Dimmit, La Salle and Webb Counties of southeast Texas, which is operated by Western Midstream Partners, LP (NYSE: WES) and includes both oil and gas gathering systems.Business (Item 1)

Pipeline transportation and gathering commitments

depends on · $2.0 millionnamed as a risk

We incurred shortfalls related to some of our gathering and transportation commitments and as a result paid $2.0 million, $6.6 million and $15.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.Business (Item 1)

Western Midstream Partners, LP

depends on

Other companies

Revolving Credit Facility

depends on · approximately $7.7 millionnamed as a risk

Assuming no change in the amount outstanding, the impact on interest expense of each 1% (or 100 basis point) increase or decrease in the average interest rate would result in an approximately $7.7 million increase or decrease in interest expense per year on our variable rate debt outstanding at December 31, 2025.Market risk (Item 7A)

Also named by AAON, BRO, BX, CG, FIVE, FIX, HEI, IR and 22 more

Commodity derivatives (NYMEX WTI, Brent, Henry Hub)

exposed to its price · approximately $221.6 million and $221.9 millionnamed as a risk

Based upon our open commodity derivative positions at December 31, 2025, a hypothetical 10% increase or decrease in the NYMEX WTI, Brent price, Henry Hub Index price, NGL prices and basis prices would change our net commodity derivative position by approximately $221.6 million and $221.9 million, respectively.Market risk (Item 7A)

Also named by DRI, DVN

OPEC

exposed to its pricenamed as a risk

Low oil, natural gas and NGL prices resulting from reduced demand, which may be caused by the conflicts in Ukraine and Israel, substitution of renewable forms of energy for oil and gas, actions of OPEC and other factors materially affected our revenues, particularly before the effects of commodity derivatives, operating results and cash flows.Risk factors (Item 1A)

Also named by APA, CHRD, CPAY, CRC, DMLP, KMI, KRP, MUR and 9 more

Crescent Minerals and Royalties Credit Facility

depends onnamed as a risk

We are partially dependent on our Revolving Credit Facility, our Crescent Minerals and Royalties Credit Facility and continued access to capital markets to successfully execute our operating strategies.Risk factors (Item 1A)

Vital Energy Merger

named as a risk

We have incurred significant additional indebtedness during recent periods, including our issuance of senior unsecured notes and our assumption of Vital's senior unsecured notes in connection with the Vital Energy Merger.Risk factors (Item 1A)

Ridgemar Acquisition

named as a risk

For example, in 2025, we acquired certain exploration and production assets in the state of Texas pursuant to the Ridgemar Acquisition and the Vital Energy Merger.Risk factors (Item 1A)

Places

Permian Basin

concentrated in · 350 MMBoe net proved reservesnamed as a risk

For example, as with other operators in the area, certain potential midstream constraints may create operational challenges for us in the Permian and Uinta Basin.Risk factors (Item 1A)

Also named by AESI, APA, ARLP, AROC, ATO, CVX, DINO, DMLP and 20 more

Uinta Basin

concentrated in · 51 MMBoe net proved reservesnamed as a risk

We are also subject to certain ordinances and restrictions promulgated by the Ute Indian Tribe as it relates to our operations in Uinta Basin.Risk factors (Item 1A)

Eagle Ford Basin

concentrated in · 537 MMBoe net proved reserves

Our properties located in the Eagle Ford, Permian, and Uinta Basins represent approximately 96% of our proved reserves as of December 31, 2025, and provide us with an attractive balance across regions and commodities and certain downside protection from commodity-specific pressures, isolated infrastructure constraints or severe weather events.Business (Item 1)

Texas

operates in

Our asset base, which is primarily located in Texas and Utah, includes oil and natural gas assets in key established onshore U.S. basins, which include the Eagle Ford, Permian and Uinta Basins.Business (Item 1)

Also named by ABR, AFRM, ALLY, AN, ASO, ASTS, ATO, AXP and 70 more

Utah

operates in

Also named by CRC, MTRN, NWPX, SLM, STRL

Hazards

Induced seismicity

operates innamed as a risk

For example, the TRC has suspended produced water handling permits and introduced injection volume curtailments within the boundaries of certain Seismic Response Areas.Risk factors (Item 1A)

Also named by BSM, DMLP, DVN, FANG, LB, PR, VNOM, WES and 1 more

Winter storms (South Texas)

operates innamed as a risk

For example, in the winter of 2022, certain of our surface facilities in South Texas were impacted by abnormal winter conditions that temporarily adversely affected our production.Risk factors (Item 1A)

Also named by LUV

Commodities and inputs

Natural gas liquids (NGLs)

exposed to its price · $19.36 per barrel of NGLsnamed as a risk

Our major market risk exposure is in the pricing that we receive for our oil, natural gas and NGLs production.Market risk (Item 7A)

Also named by AM, APA, AR, CHRD, CNX, DOW, DVN, EOG and 17 more

Henry Hub natural gas

exposed to its price · $3.39 per MMBtunamed as a risk

For natural gas volumes, the average Henry Hub Index spot price of $3.39 per MMBtu as of December 31, 2025, was similarly adjusted for items such as quality, local conditions, gathering, transportation fees and distance from market.Business (Item 1)

Also named by AM, AR, ATI, BSM, BTU, CNX, DVN, EPD and 13 more

WTI crude oil

exposed to its price · $65.34 per barrelnamed as a risk

Our revenues, operating results, profitability, liquidity and ability to grow depend primarily upon the prices we receive for the oil, natural gas and NGL we sell.Risk factors (Item 1A)

Also named by AR, CHRD, EPD, EQT, FANG, KRP, OXY, PAA and 4 more

Water

depends onnamed as a risk

If we are unable to obtain water to use in our operations from local sources, we may be unable to economically produce oil and natural gas in the affected areas, which could have a material and adverse effect on our financial condition, results of operations and cash flows.Risk factors (Item 1A)

Also named by ADM, BF/B, CDE, CELH, CNX, DE, EOG, EQIX and 9 more

Regulators

Pipeline and Hazardous Materials Safety Administration (PHMSA)

subject to · $272,926 per violation per daynamed as a risk

In addition, the pipelines used to gather and transport natural gas being produced by us are also subject to regulation by the DOT through PHMSA.Risk factors (Item 1A)

Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CSX and 29 more

Texas Railroad Commission (TRC)

subject to · up to $10,000 per violation per daynamed as a risk

Noncompliance with Rule 15 could result in administrative penalties of up to $10,000 per violation per day and the loss of an operator's ability to conduct operations in Texas.Risk factors (Item 1A)

Also named by ARLP, ET, FANG, L, LB, VNOM, WES, WMB and 1 more

Federal Energy Regulatory Commission (FERC)

subject tonamed as a risk

We own an interstate liquids pipeline through a consolidated subsidiary that is considered a common carrier pipeline subject to regulation by FERC under the ICA.Business (Item 1)

Also named by AA, AEE, AEP, AM, AMRC, AR, ARES, ATO and 62 more

Bureau of Land Management (BLM)

subject tonamed as a risk

In March 2024, the BLM finalized a rule that requires operators to limit flaring from well sites on federal lands, as well as allow the delay or denial of permits if BLM finds that an operator's methane waste minimization plan is insufficient.Risk factors (Item 1A)

Also named by AESI, BTU, CHRD, CRC, DC, DMLP, DVN, EOG and 7 more

Ute Indian Tribe

subject tonamed as a risk

We are also subject to certain ordinances and restrictions promulgated by the Ute Indian Tribe as it relates to our operations in Uinta Basin.Risk factors (Item 1A)

Laws and programs

Endangered Species Act (dunes sagebrush lizard)

subject tonamed as a risk

In May 2024, the FWS issued a final rule listing the dunes sagebrush lizard as endangered under the ESA, although this decision has been challenged.Risk factors (Item 1A)

Also named by CHRD, CNX, CTVA, DC, FANG, KGS, LB, NEE and 4 more

Natural Gas Act (NGA)

subject tonamed as a risk

If FERC were to consider the status of the gathering system and determine that it is subject to FERC regulation, the rates for, and terms and conditions of, services provided by that gathering system would be subject to modification by FERC under the NGA or the NGPA.Risk factors (Item 1A)

Also named by DTM, LNG, NFG, OKE, TRGP

Interstate Commerce Act (ICA)

subject tonamed as a risk

Changes in FERC's methodologies for approving rates and the treatment of agreements with affiliated shippers could adversely affect us.Risk factors (Item 1A)

Also named by EPD, OKE, TRGP

EPA OOOOb/OOOOc methane rules

subject tonamed as a risk

In addition, in December 2023, the EPA issued a final rule that established OOOOb as a more stringent new source and OOOOc as first-time existing source standards of performance for methane and VOC emissions for the crude oil and natural gas source category.Business (Item 1)

Also named by ET, TRGP