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Editor's note: This is a breaking news story. Check back later for updates.
Crescent Energy Co. has closed on its divestment of non-operated Permian Basin assets for $83 million as part of the company’s plans to sell $250 million of non-core divestures, Crescent CEO David Rockecharlie said April 22.
The assets, going to an undisclosed private buyer, are in Reeves County, Texas, with 3,000 boe/d (~35% oil) in expected production in 2025.
Proceeds from the sale will be used to reduce debt from the company’s revolving credit facility.
The transaction has an effective date of December 31, 2024.
"We are pleased to announce the closing of this accretive asset sale, which is part of our $250 million pipeline of non-core asset divestitures announced during our year-end earnings," said Rockecharlie in the press release. "As both investors and operators, we continually evaluate opportunities to enhance our portfolio, simplify our business and deliver value for investors."
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