Crescent Energy Company Reports Net Income of $59.8 Million in Q1 2023

Crescent Energy Company,(CRGY) a leading energy corporation, h as announced its financial results for the first quarter of 2023. The company reported a net income of $59.8 million, showcasing a significant improvement compared to the loss of $85 million in the same period last year. Crescent Energy also achieved a total revenue of $590.1 million, reflecting stable performance in the energy sector. Let's take a closer look at the company's financial statements to gain deeper insights into its Q1 2023 performance.

Financial Statements

CONDENSED CONSOLIDATED BALANCE SHEETS

Crescent Energy Company's current assets as of March 31, 2023, amounted to $540 million, indicating an increase from $516.7 million reported in December 2022. These assets comprised cash and cash equivalents of $2.93 million, accounts receivable of $467.6 million, derivative assets of $19.5 million, and other current assets totaling $36.7 million.