
Crescent Energy closed a $2.1 billion merger with SilverBow Resources on July 30. (Source: Shutterstock/ Crescent Energy/ SilverBow Resources)
Crescent Energy closed an acquisition of SilverBow Resources on July 30, creating the second-largest operator in the Eagle Ford Shale.
SilverBow had around 220,000 net acres in the western Eagle Ford. The company’s production averaged 91,400 boe/d (46% oil/liquids) during the first quarter.
Crescent had approximately 231,000 net acres across its Eagle Ford portfolio. Net Eagle Ford volumes reached nearly 16.2 MMboe in 2023, or an average of 44,358 boe/d. Crescent also has a footprint of assets in Utah’s Uinta Basin.
When the $2.1 billion transaction was announced in May, Crescent expected production across its broader portfolio to reach roughly 250,000 boe/d.
Crescent plans to provide pro forma guidance for the second half of 2024 when the company reports its second-quarter earnings after markets close on Aug. 5.

The company reports that SilverBow’s integration “is well underway with approximately $35 million of the previously announced [$65 million to $100 million] in annual synergies captured to date through an improved cost of capital resulting in reduced interest expense,” Crescent said.
“Through disciplined investing and operations, we have delivered profitable growth, tripling the size of our business over the last four years,” Crescent CEO David Rockecharlie said. “We have created a premier growth through acquisition platform by executing on our cash flow and returns-oriented strategy. Today, we are focused on rapidly integrating our new assets and personnel and continuing to deliver on the significant synergies we've identified to strengthen returns.”
Under the deal’s terms, SilverBow shareholders elected to receive an aggregate of $358 million in total cash consideration. Crescent issued 52 million shares of Class A common stock as the equity portion of the deal.
SilverBow shareholders own approximately 23% of the combined company on a diluted basis.
Crescent also expanded its board to a total of 11 directors with the appointments of Marc Rowland and Michael Duginski.
Shareholders at both companies voted to approve the combination at their respective stockholders’ meetings held July 29.
Regulators signed off on the deal in early July.
RELATED
Could Crescent, SilverBow Buy More in South Texas After $2.1B Deal?
Recommended Reading
Murphy Shares Drop on 4Q Miss, but ’25 Plans Show Promise
2025-02-02 - Murphy Oil’s fourth-quarter 2024 output missed analysts’ expectations, but analysts see upside with a robust Eagle Ford Shale drilling program and the international E&P’s discovery offshore Vietnam.
CPP Wants to Invest Another $12.5B into Oil, Gas
2025-03-26 - The Canada Pension Plan’s CPP Investments is looking for more oil and gas stories—in addition to renewable and other energies.
Talos Selects Longtime Shell Exec Paul Goodfellow as President, CEO
2025-02-03 - Shell veteran Paul Goodfellow’s selection as president, CEO and board member of Talos Energy comes after several months of tumult in the company’s C-suite.
Artificial Lift Firm Flowco’s Stock Surges 23% in First-Day Trading
2025-01-22 - Shares for artificial lift specialist Flowco Holdings spiked 23% in their first day of trading. Flowco CEO Joe Bob Edwards told Hart Energy that the durability of artificial lift and production optimization stands out in the OFS space.
BP Cuts Over 5% of Workforce to Reduce Costs
2025-01-16 - BP will cut over 5% of its global workforce as part of efforts to reduce costs and rebuild investor confidence.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.