Crescent Energy Sets 1.5x Leverage Target for Year-End 2027

Crescent Energy is targeting leverage of about 1.5x by year-end 2027 and 1x by year-end 2028 as it pursues the acquisition of Devon Energy’s Eagle Ford assets. Management said free cash flow after the company’s fixed dividend will primarily go toward reducing debt. Higher commodity prices could speed that effort, management said. Crescent has agreed to buy Devon’s Eagle Ford assets for about $4.2 billion in cash. Management identified $140 million in annual synergies from the deal and expects to achieve that amount or more.

Source: TokenPost