Crescent Energy Co (NYSE:CRGY) disclosed preliminary results of its hedge positions in a recent 8-K filing with the Securities and Exchange Commission, indicating a mix of cash inflows and outflows for the periods ending September 30, 2024. The Houston-based crude petroleum and natural gas company expects to report $31 million in total cash received and $17 million in total cash paid on its hedge positions for the three and nine months ended September 30, 2024, respectively.
The company's net cash received on settlement of derivatives was $5 million for the three months ended September 30, while it paid out $43 million over the nine-month period. Additionally, Crescent settled acquired derivative contracts, which resulted in $26 million in positive adjustments for both the three and nine-month periods. These settlements are anticipated to be reflected in Crescent's Adjusted EBITDAX as positive adjustments.
Crescent Energy, which emerged from the former IE PubCo Inc., also noted that the disclosed figures are preliminary and subject to change. The final results will be included in the company's Quarterly Report on Form 10-Q for the period ended September 30, 2024. The 8-K filing made it clear that the information should not be considered as "filed" for purposes of Section 18 of the Exchange Act and is not incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act.
The reported settlements relate to certain oil, gas, and natural gas liquids derivative contracts that were acquired in connection with the SilverBow Merger. The company's business address is located at 600 Travis Street, Suite 7200, Houston, Texas, and operates under the organization name 01 Energy & Transportation.
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