Crescent Energy Company has announced the sale of its non-operated DJ Basin assets to a private buyer for $90 million in cash, subject to customary post-closing purchase price adjustments. The assets, primarily located in Weld County, Colorado, have current production of approximately 7 Mboe/d (~20% oil).
This transaction is the latest update to Crescent’s previously announced non-core divestiture program. Including this sale, Crescent has executed agreements exceeding $900 million year-to-date. The Company has recently closed its previously announced conventional Rockies and Barnett divestitures and expects the remainder of its announced non-core asset sales to close before year-end. Proceeds from these transactions will be used to reduce outstanding borrowings on the Company’s revolving credit facility, further strengthening the Company’s balance sheet and enhancing financial flexibility.
'This marks our sixth accretive asset sale year to date. Our successful non-core divestiture program enhances our business and underscores our ability to navigate a volatile market and capture attractive value for our investors,' said David Rockecharlie, Chief Executive Officer of Crescent.
Source: Crescent Energy
