Crescent Energy "If You Build In The Permian, Returns Will Come; Initiate..."

研报英文原文证据摘录

Crescent Energy "If You Build In The Permian, Returns Will Come; Initiate..."

Global Research

14 July 2026ab

Initiation of Coverage

EquitiesCrescent Energy

If You Build In The Permian, Returns Will Come; United States

Initiate At Buy Oil Companies, Secondary

12-month rating Buy

Prior : No Rating

12m price target US$13.00

Initiate At Buy & $13 PT

Prior :

We initiate on CRGY with a Buy rating and a $13 PT. Portfolio improvement is one of

CRGY's core competencies and it has already made quick progress integrating the Price (13 Jul 2026) US$9.99

Permian. The Eagle Ford's expansion is a proof point for CRGY's ability to scale a new RIC: CRGY.N BBG: CRGY US

position and we look for future Permian consolidation to drive longer-term value

Trading data and key metrics

creation. Crescent Royalties' (CR) growth differentiates CRGY, providing optionality and

a medium-term catalyst. The drawbacks are higher leverage than peers and below- 52-wk range US$13.92-7.75

average capital returns, but we see these improving over time. CRGY's lagged peers by Market cap. US$3.28b

11% YTD, with its 3.0x 2027E EV/EBITDAX now creating a favorable entry point in our Shares o/s 328m (COM)

view into improving execution and deleveraging in 2H26. With CRGY trading at 3.0x Free float 85%

FY27 EV/EBITDA, we see its shares pricing in $61/Bbl FY27 WTI vs. our $71/Bbl forecast. Avg. daily volume ('000) 2,014

Avg. daily value (m) US$23.6

Key Highlights For Our CRGY Initiation & Buy Rating: Common s/h equity (12/26E) US$5.16b

Permian Integration. After 4Q25's VTLE closing, CRGY has doubled its deal P/BV (12/26E) 0.6x

synergy target from ~$95mm to $190mm. We see upside to asset-level returns Net debt to EBITDA (12/26E) 1.7x

and capital efficiency into 2027 as CRGY reduces Permian well costs, lengthens