Crescent Energy has closed its $905 million acquisition of Eagle Ford Shale assets from Ridgemar Energy in a cash-and-stock deal that could include additional contingency payments of up to $170 million, the company said Jan. 31. (Source: Shutterstock, Crescent Energy)
Crescent Energy has closed its $905 million acquisition of Eagle Ford Shale assets from Ridgemar Energy in a cash-and-stock deal that could include additional contingency payments of up to $170 million, the company said Jan. 31.
Carnelian Energy Capital Management-backed Ridgemar received $830 million in cash and 5.45 million shares of Crescent Class A common stock. Contingency payments are based on future oil prices in 2026 and 2027.
The Ridgemar deal caps a year for the Eagle Ford consolidator that included the $2.1 billion transaction acquisition of SilverBow Resources.
Crescent CEO David Rockecharlie said the Ridgemar acquisition further scales the company’s Eagle Ford position.
"This acquisition demonstrates our disciplined approach to creating shareholder value by combining our investing and operational expertise to acquire and efficiently integrate high-quality assets while maintaining a strong financial profile,” he said. “These assets enhance our oil-weighted production and extend our low-risk inventory, reinforcing our ability to deliver sustained cash flow and returns. We remain focused on executing our strategy of profitable growth and advancing our investment-grade ambitions."
Crescent said it will provide 2025 guidance reflecting the acquisition along with its fourth-quarter and full year 2024 financial and operating results.
Jefferies LLC served as financial adviser to Crescent in connection with the acquisition and Kirkland & Ellis LLP served as legal counsel. RBC Capital Markets LLC served as financial adviser and Vinson & Elkins LLP served as legal counsel to Ridgemar Energy.
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