Crescent Energy Co: amends credit agreement to allow $2,000,000,000 bridge

What happened

• Crescent Energy Finance LLC, a wholly owned subsidiary of Crescent Energy Co, entered into a Sixteenth Amendment to its credit agreement on Oct 14, 2026 with Wells Fargo Bank, National Association as administrative agent and other lenders and letter of credit issuers. The amendment, among other things, permits the previously announced acquisition of certain Eagle Ford assets (the "Devon EF Assets Acquisition") from Devon Energy Production Company, L.P.
• The amendment, subject to customary terms and conditions, permits the incurrence of up to $2,000,000,000 of 364-day unsecured bridge credit facility to fund a portion of the cash consideration for the Devon EF Assets Acquisition and allows certain term loan indebtedness to be secured pari passu with the Credit Agreement under a specified borrowing base formula.
• Crescent reported expected derivative cash payments of $144,000,000 for the three months ended Sep 30, 2026 and $383,000,000 for the nine months ended Sep 30, 2026 (preliminary and subject to change).

Key details

• Credit agreement amendment date: Oct 14, 2026; original credit agreement dated May 6, 2021 (as amended).
• Permitted bridge facility: up to $2,000,000,000, 364-day unsecured.
• Permitted additional indebtedness: term loans secured pari passu up to limits defined by (I) borrowing base minus elected commitments and outstanding pari passu indebtedness and (II) 50.0% of the sum of elected commitments plus outstanding pari passu indebtedness.
• Temporary exclusion: incurrence of up to $1,000,000,000 of certain additional indebtedness between May 18, 2026 and the Apr 1, 2027 scheduled redetermination will be excluded from a borrowing base reduction requirement, subject to conditions.
• Aggregate elected commitments under the Credit Agreement remain $2,000,000,000.
• Derivative settlements (preliminary): total cash (paid) received of ($144,000,000) three months and ($383,000,000) nine months, composed of:
  • Net cash (paid) on settlement of derivatives: ($160,000,000) three months; ($504,000,000) nine months.
  • Settlement of Ridgemar contingent earn-out consideration: ($17,000,000) three months; ($35,000,000) nine months.
  • Settlement of acquired derivative contracts: $33,000,000 three months; $156,000,000 nine months.
• Net derivative volume positions as of Sep 30, 2026 (adjusted for acquisition hedges through Oct 9, 2026) include, for example:
  • Crude oil swaps — WTI: 5,253,000 Bbls at $64.62 for 2026; 21,915,000 Bbls at $75.73 for 2027.
  • Natural gas swaps: 22,540,000 MMBtu at $4.10 for 2026; 7,300,000 MMBtu at $4.21 for 2027.

Why it may matter

• Item 1.01 was reported: entry into a material definitive agreement amending Crescent's Credit Agreement and permitting new bridge and certain term loan financings in connection with the Devon EF Assets Acquisition.
• Item 2.02 was reported: preliminary results of operations and financial condition information showing derivative cash settlements for the three and nine months ended Sep 30, 2026.
• Item 7.01 was reported: Regulation FD disclosure of the company's net derivative volume positions as of Sep 30, 2026 (adjusted through Oct 9, 2026).
• This filing does not show why the insider traded or why the company acted.