Crescent Energy CoCRGY

Crescent Energy Co Segments Disclosure

10-KFiled Feb 25, 20262 min read
Segment Information
We have evaluated how we are organized and managed and have identified one reportable segment, which is the exploration and production of crude oil, natural gas and NGLs. We consider our gathering, processing and transportation functions as ancillary to our oil and gas producing activities. Substantially all of our operations and assets are located onshore in the United States, and substantially all of our revenues are attributable to United States customers.

The Company’s Chief Operating Decision Maker ("CODM") is the Chief Executive Officer. The CODM uses measures of profitability including Net income (loss) on the Consolidated statement of operations to assess performance and determine resource allocation. The CODM uses these metrics to make key operating decisions, including the determination of allocation of capital between development of existing oil and gas properties and the acquisition of additional oil and gas properties, and the identification and divestiture of non-core assets. The measure of segment assets is reported on the Consolidated balance sheets as Total assets. We do not have intra-entity sales or transfers.

The table below provides information about the Company’s single reportable segment:
Year Ended December 31,
202520242023
(in thousands)
Total revenues$3,579,782 $2,930,919 $2,382,602 
Less:
Lease and asset operating expense
767,814 632,042 581,973 
Workover expense74,537 60,312 58,441 
Gathering, processing and transportation408,920 312,931 235,153 
Production and other taxes219,416 162,634 162,963 
Depreciation, depletion and amortization1,166,902 949,480 675,782 
Impairment expense
254,551 161,542 153,495 
Midstream and other operating expense116,945 110,136 39,809 
General and administrative expense excluding equity-based compensation223,084 142,738 57,982 
Equity-based compensation expense249,076 193,481 82,936 
Interest expense298,432 216,263 145,807 
Other segment items
(367,061)127,043 (133,730)
Net income (loss)$167,166 $(137,683)$321,991 
Total development of oil and natural gas properties903,232 745,198 578,316 

Other segment items include Exploration expense, Gain (loss) on derivatives, (Gain) loss on sale of assets and Loss from extinguishment of debt from our consolidated statements of operations.

Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Feb 26, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

Income TaxesEarnings Per ShareFair ValuePP&ELeasesDebtCommitmentsStock CompensationNew StandardsPay vs Performance