CRGY Crescent Energy Co
Price Chart
Executive Summary
Crescent Energy amended its credit agreement to reduce the borrowing base from $3.9B to $3.5B (April 2026 scheduled redetermination), extended the revolving loan maturity to May 19, 2031 (from Oct 22, 2030), and preserved an allowance for up to $600M of additional debt incurrence through the October 2026 redetermination without triggering a 0.25x borrowing base reduction. The $2.0B aggregate elected commitments were maintained. This is a routine credit facility amendment in the scheduled redetermination cycle — borrowing base reductions are normal in the E&P sector as reserve values fluctuate, and the maturity extension is a modest positive.
Actionable Insight
The $400M borrowing base reduction signals the lending group's view of modestly lower collateral values (likely reflecting commodity price assumptions or reserve depletion). However, the maturity extension and unchanged $2.0B elected commitments suggest no liquidity stress. Watch Crescent's next quarterly earnings for the impact of the borrowing base change on drawn debt levels and any associated repayments.
Key Facts
- Borrowing base reduced from $3.9B to $3.5B as part of the April 1, 2026 scheduled redetermination
- Revolving loan maturity extended to May 19, 2031 from October 22, 2030
- Aggregate elected commitments retained at $2.0B; aggregate maximum credit amount at $6.0B
- Up to $600M of additional debt incurrence through October 2026 redetermination excluded from 0.25x borrowing base haircut
- All 15 lenders (led by Wells Fargo, JPMorgan, BofA, RBC, etc.) unanimously approved the amendment
- No event of default was continuing as of the amendment effective date
- Covenant ratios adjusted: Section 10.5(i) leverage threshold moved from 2.75x to 3.00x; Section 10.6(i) from 2.50x to 3.00x
Financial Impact
Borrowing base decreased by $400M (10.3%) from $3.9B to $3.5B. Maturity extension of ~7 months. Covenant headroom loosened by 0.25x.
Risk Factors
- Borrowing base reduction may require partial repayment of outstanding draws if they exceed the new $3.5B limit
- Loosened covenant thresholds (2.75x → 3.00x) could allow higher leverage; monitor debt/EBITDA trajectory
- Continued debt incurrence within the $600M allowance increases interest burden
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001866175-26-000095 |
| Document: crgy-20260518.htm | 0001866175-26-000095 |
| Document: 0001866175-26-000095-index-headers.html | 0001866175-26-000095 |
| Document: 0001866175-26-000095-index.html | 0001866175-26-000095 |
| Document: 0001866175-26-000095.txt | 0001866175-26-000095 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 12, 2026
6d ago
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Institutional Cluster
| $11.58 $11.02 | ▼ −4.84% | ▼ −6.60% | $10.78 (−6.91%) |
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Jun 11, 2026
7d ago
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Institutional Cluster
| $11.48 $11.58 | ▲ +0.87% | ▲ +0.33% | $10.78 (−6.10%) |
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May 22, 2026
27d ago
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8-K
| $12.43 $12.04 | ▼ −3.14% | ▼ −3.09% | $10.78 (−13.27%) |
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May 6, 2026
6w ago
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Insider Cluster
| $13.10 $12.44 | ▼ −5.04% | ▼ −4.71% | $10.78 (−17.71%) |
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May 4, 2026
6w ago
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8-K
| $13.92 $13.10 | ▼ −5.89% | ▼ −7.28% | $10.78 (−22.56%) |
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Apr 9, 2026
10w ago
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8-K
| $12.74 $12.76 | ▲ +0.16% | ▼ −0.82% | $10.78 (−15.38%) |
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Feb 28, 2026
15w ago
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Institutional Cluster
| $11.89 $11.13 | ▼ −6.41% | ▼ −5.50% | $10.78 (−9.32%) |
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Feb 25, 2026
16w ago
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8-K
| $10.71 $11.54 | ▲ +7.76% | ▲ +8.22% | $10.78 (+0.65%) |
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