What Crescent Energy Company told the SEC could break it.

As an oil & gas exploration and production company (2025 revenue mix ~69% oil, 20% gas, 11% NGLs), Crescent Energy's results are fundamentally driven by commodity prices, which it notes have experienced periodic downturns and sustained volatility from geopolitical events — Russia's invasion of Ukraine and related sanctions, the Israel-Hamas conflict and broader Middle East tensions (including conflict with Iran), developments in Venezuela (and expected Venezuelan crude returning to market), OPEC actions, increased U.S. drilling, inflation, and U.S. trade/tariff policy. A sustained decline in crude/gas/NGL prices would directly cut revenue, cash flow, the borrowing base, and the economic inventory of drilling locations. The dominant commodity-price exposure for the company.

“prices of crude oil, natural gas and NGLs have experienced periodic downturns and sustained volatility, impacted by geopolitical events”

Crescent Energy sells its oil, gas and NGL production to a concentrated set of purchasers: in 2025 three customers each exceeded 10% of revenue — Shell Trading US Company (21.4%), ConocoPhillips (13.5%) and Enterprise Products Partners (11.7%) — together roughly 47% of revenue. These named purchasers (captured as edges) create counterparty credit concentration: if one failed to pay amounts due, results could be materially affected. The company stresses the demand-side impact is limited because crude/gas/NGLs are fungible with well-established markets and numerous alternative purchasers, so the binding risk is credit/payment rather than market access. A multi-purchaser credit concentration.

“The below purchasers represented greater than 10% of our revenues during the years ended December 31, 2025, 2024 and 2023: 2025 2024 2023 Shell Trading US Company 21.4 % 23.7 % 18.3 % ConocoPhillips 13.5 % 16.5 % * Enterprise Products Partners L.P. 11.7 %”

Crescent Energy's reserve base is concentrated in three U.S. basins: properties in the Eagle Ford, Permian and Uinta Basins represent approximately 96% of its proved reserves as of December 31, 2025 (it frames this as a balance across regions/commodities with some downside protection). While diversified across three basins (and bolstered by the SilverBow, Central Eagle Ford, Ridgemar and Vital Energy transactions), the concentration still exposes it to basin-specific takeaway/infrastructure constraints, regional regulation, severe weather, and price differentials in those areas. A multi-basin but still concentrated geographic exposure.

“Our properties located in the Eagle Ford, Permian, and Uinta Basins represent approximately 96% of our proved reserves as of December 31, 2025”