Crescent Energy reportedly weighing asset sales

US oil and gas producer Crescent Energy, which is backed by KKR & Co., is reported to be considering the disposal of some of its non-core assets.

The company is considering the sales as part of a push to focus more on its core acreage in the Eagle Ford shale and Uinta Basin, sources familiar with the matter told Bloomberg this week. The sources requested anonymity because the details are not yet public.

According to the sources, Crescent is working with financial advisers to seek out buyers for holdings in areas that include Colorado’s Denver-Julesburg (DJ) Basin. One of the sources said that the proposed package included assets formerly owned by Contango Oil & Gas, one of the companies that was merged to create Crescent in 2021, alongside KKR-backed Independence Energy. At the time of the merger, Contango had assets in the US Gulf of Mexico, Oklahoma, Wyoming and Louisiana.

The sources said that the package of assets could fetch more than $1bn. However, they added that no final decision had been made on selling the assets, and Crescent could end up opting to hold on to some or all of them.

This comes after Crescent has been taking steps to build up its Eagle Ford portfolio. The company has struck five deals in the Eagle Ford since 2023 and bought SilverBow Resources for $2.1bn in 2024. This run of acquisitions has made it the second-largest gas producer in the play behind ConocoPhillips, according to an investor presentation from April which also showed that Crescent was the third-largest oil producer after ConocoPhillips and EOG Resources.

Bloomberg noted that the multi-basin profile of the package Crescent is considering selling is similar to that of Maverick Natural Resources, which was acquired by Diversified Energy for about $1.28bn in March 2025. Maverick had operations in basins including the Anadarko and Permian.

Crescent also reported its earnings for the first quarter of 2025 this week, posting net income of $6mn or $0.56 per share, beating analyst expectations according to various outlets that said analysts had expected earnings of $0.47 or $0.48 per share.