
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
Kinder Morgan to Build $1.7B Texas Pipeline to Serve LNG Sector
2025-01-22 - Kinder Morgan said the 216-mile project will originate in Katy, Texas, and move gas volumes to the Gulf Coast’s LNG and industrial corridor beginning in 2027.
East Daley: Midstream Investors Drawn to Southeast as Demand Heats Up
2025-03-25 - Competition for gas supply will heat up as demand from data centers and new LNG projects jockey for a spot on takeaway lines.
Ironwood Launches Third Eagle Ford Midstream Co. After January Sale
2025-03-25 - Ironwood Midstream has launched its third iteration after having sold assets to Plains All American in January.
Williams’ CEO: Pipeline Permitting Costs Twice as Much as Steel
2025-03-12 - Williams Cos. CEO Alan Armstrong said U.S. states with friendlier permitting polices, including Texas, Louisiana and Wyoming, have a major advantage as AI infrastructure develops.
Northwind Midstream Puts Delaware Basin Plant Expansion in Service
2025-03-13 - Northwind Midstream, backed by Five Point Energy, plans to continue growing its gathering and processing and amine treatment facilities.
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.