Crescent Energy Gains About 10%; Oil Futures Rise on Supply Concerns

Crescent Energy shares gained about 10% Friday, Oct. 16, and the move coincided with advances in crude and U.S. energy stocks as major U.S. indexes fell.

Brent reached $110 intraday, its highest level since May 19, before settling at $109.86, up $3.94, or 3.7%. West Texas Intermediate (WTI), the U.S. benchmark, ended at $101.41 a barrel, a rise of $3.44, or 3.5%.

Oil trading reflected renewed concerns about Middle East supply and uncertainty around Russian diesel shipments. The S&P 500 energy index was up 1.8% at 11:46 a.m. ET (15:46 UTC). U.S. commercial crude inventories, excluding the Strategic Petroleum Reserve, fell by 8.6 million barrels in the week ended Oct. 9 to 415.6 million barrels, 3% below the five-year average.

Crescent operates in the Eagle Ford, Permian and Uinta basins. The company is pursuing an acquisition of Eagle Ford assets from Devon Energy, with an estimated net purchase price of about $3.85 billion. Crescent expects the transaction to close in the fourth quarter of 2026 or early 2027, subject to customary conditions.

Crescent priced an offering of 80 million shares at $12.50 each on Oct. 8. Underwriters exercised an option for 12 million additional shares the next day. Crescent expects about $1.116 billion in net proceeds and plans to use them to fund part of the acquisition's cash consideration.