Form 4: Crescent Energy Director Michael Duginski Reports Acquisition of Shares Following SilverBow Resources Merger

Director Michael Duginski reports acquiring 191,737 shares of Crescent Energy Co (CRGY) Class A common stock following the merger with SilverBow Resources.

Summary

• Michael Duginski, a director of Crescent Energy Co, reported changes in beneficial ownership of the company's Class A common stock on August 1, 2024.
• The report details transactions related to the merger between Crescent Energy and SilverBow Resources, which closed on July 30, 2024.
• Duginski acquired 191,737 shares of Crescent Energy Class A common stock as a result of the merger.
• This includes 181,656 shares received as Stock Election Consideration for his shares of SilverBow common stock and 10,081 shares received related to his SilverBow restricted stock units (RSUs).
• The merger involved SilverBow shareholders receiving a combination of cash and/or Crescent Energy stock for their SilverBow shares.
• Duginski elected to receive the Stock Election Consideration, which was 3.125 shares of Crescent Energy for each SilverBow share.
• SilverBow RSUs were converted into the right to receive cash and Crescent Energy stock.
• The closing price of SilverBow common stock on July 29, 2024, was $36.82, and the closing price of Crescent Energy Class A common stock was $11.77.

Sentiment

Score: 7

Explanation: The document is a standard regulatory filing related to a merger, indicating a completed transaction. The sentiment is neutral to slightly positive as it reflects the execution of a strategic move.

Positives

• The merger between Crescent Energy and SilverBow Resources has been completed.
• Michael Duginski, a director, now holds a significant number of Crescent Energy shares, aligning his interests with the company's success.

Industry Context

The merger between Crescent Energy and SilverBow Resources reflects a trend of consolidation in the energy sector, as companies seek to expand their asset base and improve operational efficiencies.

Stakeholder Impact

• Shareholders of SilverBow Resources received consideration in the form of cash and/or Crescent Energy stock.
• The merger could lead to operational synergies and improved financial performance for the combined entity, potentially benefiting Crescent Energy shareholders.

Key Dates