Crescent Energy Doubles Down on Value with Vital Energy Acquisition
Crescent Energy (CRGY) has completed its all-stock acquisition of Vital Energy, strengthening its balance sheet and accelerating its expansion in the Permian Basin—one of North America’s most valuable oil plays.
The transaction improves Crescent’s path toward an investment-grade credit rating, as Vital brought relatively low leverage to the deal. By using stock instead of debt, Crescent preserved financial flexibility while adding scale in a premium basin. The acquisition is also highly complementary, minimizing integration risk and unlocking near-term operating efficiencies.
Backed by KKR, Crescent continues to execute a disciplined roll-up strategy focused on buying undervalued production rather than pursuing capital-intensive organic growth. With industry sentiment still cautious and drilling economics under pressure, management sees this phase of the cycle as an opportunity to grow through acquisitions.
Crescent’s expanding footprint across the Eagle Ford and Permian positions the company for long-term value creation. As commodity cycles turn and asset scarcity returns, scale, balance sheet strength, and premium basin exposure should matter more than ever.
Here are the results based on the 2025 wells drilled by Crescent Energy (including Vital Energy)
Crescent Energy (Including Vital) — 2025 Wells Drilled Summary
✅ Total Record Count
- 170 wells drilled
Wells Drilled by Play (Grouped Using County)
| Play | Record Count |
|---|---|
| Eagle Ford | 88 |
| Permian Basin | 72 |
| Other / Transitional | 10 |
| Total | 170 |
Plays were assigned using county-level basin mapping for Eagle Ford and Permian activity.
Top Contractors & Rigs by Play (Top 3 by Record Count)
Eagle Ford
| Contractor & Rig | Wells Drilled |
|---|---|
| Cactus 140 | 23 |
| Cactus 165 | 21 |
| Patterson 299 | 20 |
Permian Basin
| Contractor & Rig | Wells Drilled |
|---|---|
| H&P 386 | 17 |
| H&P 370 | 16 |
| H&P 629 | 14 |
Other / Transitional Areas
| Contractor & Rig | Wells Drilled |
|---|---|
| Patterson 275 | 5 |
| H&P 370 | 3 |
| Cactus 165 | 1 |
Key Takeaways
- The Eagle Ford remains Crescent’s most active play in 2025, supported by a concentrated set of high-utilization rigs.
- Permian activity is meaningful and diversified, reflecting the impact of the Vital Energy acquisition.
- Contractor concentration is high in both core plays, signaling pad development and repeat rig deployment, not one-off drilling.
