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Crescent Energy announces confidential IPO filing for royalty subsidiary

By Reuters News

Nov 2 (Reuters) - US oil and gas producer Crescent Energy CRGY.N said on Monday it had confidentially filed for an initial public offering of its subsidiary Crescent Royalties.

The proposed offering comes as the US IPO market faces a major test of investor appetite, with AI company Anthropic's potential mega-listing on the horizon amid renewed market volatility and economic uncertainty.

Houston-based Crescent Energy is developing the subsidiary as an oil and gas mineral and royalty business that owns interests in land and oil and gas production, allowing it to earn revenue when other energy companies extract and sell the resources.

The assets being considered for initial contribution to Crescent Royalties include mineral and royalty interests in the Eagle Ford basin. Last month, Crescent Energy agreed to acquire Devon Energy's DVN.N Eagle Ford assets for $4.2 billion.

The potential assets could also include exposure to the Permian, Appalachian and Denver-Julesburg basins.

Crescent Energy said it has not yet determined the number of shares to be offered and the price range for its subsidiary's IPO.

The offering remains subject to SEC review, approval by Crescent's board and market conditions. The company cautioned that there was no assurance the IPO would be completed.

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