Crescent Energy to buy Eagle Ford bolt-on assets in $168M deal (NYSE:CRGY)

Crescent Energy (NYSE:CRGY) said Wednesday it agreed to acquire assets in Texas’ Eagle Ford shale from an unnamed private operator for $168M in cash, building upon its acquisition activity in the area during the past 18 months, including the recently closed acquisition of SilverBow Resources.

Crescent (CRGY) said the acquisition of low-decline oil production with attractive inventory directly offsets its existing footprint in central Eagle Ford, and is accretive to operating cash flow, levered free cash flow and net asset value per share.

The deal adds ~30 oil-weighted, core development locations on 5,300 net royalty acres, the company said.

“We are adding low-decline oil production and high-quality acreage adjacent to our existing position, with meaningful opportunity to further increase returns through improved operating efficiency,” Crescent (CRGY) CEO David Rockecharlie said.