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    SEC Form SC 13D/A filed by Crescent Energy Company (Amendment)

    5/17/24 5:17:12 PM ET
    $CRGY
    Oil & Gas Production
    Energy
    Get the next $CRGY alert in real time by email
    SC 13D/A 1 ef20029384_sc13da.htm SC 13D/A
    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549



    SCHEDULE 13D

    Under the Securities Exchange Act of 1934
    (Amendment No. 7)*


    Crescent Energy Company
    (Name of Issuer)

    Class A Common Stock, Par Value of $0.0001 Per Share
    (Title of Class of Securities)

    44952J 104
    (CUSIP Number)

    Brandi Kendall
    Vice President
    Independence Energy Aggregator L.P.
    600 Travis Street, Suite 7200
    Houston, TX 77002
    (713) 481-7782
    (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)



    With copies to:
    Christopher Lee, Esq.
    Kohlberg Kravis Roberts & Co. L.P.
    30 Hudson Yards
    New York, New York 10001
    Telephone: (212) 750-8300

    May 15, 2024
    (Date of Event which Requires Filing of this Statement)



    If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box:  ☐

    Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
    *
    The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

    The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (the “Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

    (Continued on following pages)



    CUSIP No. 44952J 104

    1
    NAMES OF REPORTING PERSONS
     
     
    Independence Energy Aggregator L.P.
     
     
     
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a)
    ☐

    (b)
    ☒
     
     
    3
    SEC USE ONLY
     
     
     
     
     
     
     
    4
    SOURCE OF FUNDS (SEE INSTRUCTIONS)
     
     
    OO (see Item 3)
     
     
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
     
    ☐

     
     
     
     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
    Delaware
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    7
    SOLE VOTING POWER
     
     
    29,134,496 shares (1)
     
     
     
     
    8
    SHARED VOTING POWER
     
     
    0 shares
     
     
     
     
    9
    SOLE DISPOSITIVE POWER
     
     
    29,134,496 shares (1)
     
     
     
     
    10
    SHARED DISPOSITIVE POWER
     
     
    0 shares
     
     
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
    29,134,496 shares (1)
     
     
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
    ☐

     
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
     
    20.7% (2)
     
     
     
     
    14
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
     
    PN
     
     
     
     


             
    (1)
    Consists of shares of Class B Common Stock, par value $0.0001 per share, of Crescent Energy Company, a Delaware corporation (the “Issuer” and such stock, “Class B Common Stock”) and an equivalent number of units representing limited liability company interests of Crescent Energy OpCo LLC (f/k/a IE OpCo LLC, “OpCo”, and such units, “OpCo LLC Units”), which together are exchangeable for shares of Class A Common Stock, par value $0.0001 per share of the Issuer (“Class A Common Stock”) on a one-for-one basis pursuant to the Amended and Restated LLC Agreement of OpCo (“OpCo LLC Agreement”).
    (2)
    Based on a combined total of 140,651,097 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 111,516,601 shares of Class A Common Stock outstanding as of April 30, 2024 and (b) assumes that all 29,134,496 shares of Class B Common Stock beneficially owned by Independence Energy Aggregator L.P., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder.


    CUSIP No. 44952J 104

    1
    NAMES OF REPORTING PERSONS
     
     
    Independence Energy Aggregator GP LLC
     
     
     
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a)
    ☐

    (b)
    ☒
     
     
    3
    SEC USE ONLY
     
     
     
     
     
     
     
    4
    SOURCE OF FUNDS (SEE INSTRUCTIONS)
     
     
    OO (see Item 3)
     
     
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
     
    ☐

     
     
     
     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
    Delaware
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    7
    SOLE VOTING POWER
     
     
    29,134,496 shares (1)
     
     
     
     
    8
    SHARED VOTING POWER
     
     
    0 shares
     
     
     
     
    9
    SOLE DISPOSITIVE POWER
     
     
    29,134,496 shares (1)
     
     
     
     
    10
    SHARED DISPOSITIVE POWER
     
     
    0 shares
     
     
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
    29,134,496 shares (1)
     
     
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
    ☐

     
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
     
    20.7% (2)
     
     
     
     
    14
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
     
    OO
     
     
     
     



    (1)
    Consists of shares of Class B Common Stock of the Issuer and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement.
    (2)
    Based on a combined total of 140,651,097 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 111,516,601 shares of Class A Common Stock outstanding as of April 30, 2024 and (b) assumes that all 29,134,496 shares of Class B Common Stock beneficially owned by Independence Energy Aggregator GP LLC, along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder.


    CUSIP No. 44952J 104

    1
    NAMES OF REPORTING PERSONS
     
     
    KKR Upstream Associates LLC
     
     
     
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a)
    ☐

    (b)
    ☒
     
     
    3
    SEC USE ONLY
     
     
     
     
     
     
     
    4
    SOURCE OF FUNDS (SEE INSTRUCTIONS)
     
     
    OO (see Item 3)
     
     
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
     
    ☐

     
     
     
     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
    Delaware
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    7
    SOLE VOTING POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    8
    SHARED VOTING POWER
     
     
    0 shares
     
     
     
     
    9
    SOLE DISPOSITIVE POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    10
    SHARED DISPOSITIVE POWER
     
     
    0 shares
     
     
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
    29,706,850 shares (1)
     
     
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
    ☐

     
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
     
    21.1% (2)
     
     
     
     
    14
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
     
    OO
     
     
     
     


           
    (1)
    Consists of shares of Class B Common Stock of the Issuer and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.
    (2)
    Based on a combined total of 140,651,097 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 111,516,601 shares of Class A Common Stock outstanding as of April 30, 2024 and (b) assumes that all 29,134,496 shares of Class B Common Stock beneficially owned by KKR Upstream Associates LLC, along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder.


    CUSIP No. 44952J 104

    1
    NAMES OF REPORTING PERSONS
     
     
    KKR Group Assets Holdings III L.P.
     
     
     
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a)
    ☐

    (b)
    ☒
     
     
    3
    SEC USE ONLY
     
     
     
     
     
     
     
    4
    SOURCE OF FUNDS (SEE INSTRUCTIONS)
     
     
    OO (see Item 3)
     
     
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
     
    ☐

     
     
     
     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
    Delaware
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    7
    SOLE VOTING POWER
     
     
    0 shares
     
     
     
     
    8
    SHARED VOTING POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    9
    SOLE DISPOSITIVE POWER
     
     
    0 shares
     
     
     
     
    10
    SHARED DISPOSITIVE POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
    29,706,850 shares (1)
     
     
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
    ☐

     
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
     
    21.1% (2)
     
     
     
     
    14
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
     
    PN
     
     
     
     
              


    (1)
    Consists of shares of Class B Common Stock of the Issuer and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.
    (2)
    Based on a combined total of 140,651,097 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 111,516,601 shares of Class A Common Stock outstanding as of April 30, 2024 and (b) assumes that all 29,134,496 shares of Class B Common Stock beneficially owned by KKR Group Assets Holdings III L.P., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder.


    CUSIP No. 44952J 104

    1
    NAMES OF REPORTING PERSONS
     
     
    KKR Financial Holdings LLC
     
     
     
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a)
    ☐

    (b)
    ☒
     
     
    3
    SEC USE ONLY
     
     
     
     
     
     
     
    4
    SOURCE OF FUNDS (SEE INSTRUCTIONS)
     
     
    OO (see Item 3)
     
     
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
     
    ☐

     
     
     
     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
    Delaware
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    7
    SOLE VOTING POWER
     
     
    0 shares
     
     
     
     
    8
    SHARED VOTING POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    9
    SOLE DISPOSITIVE POWER
     
     
    0 shares
     
     
     
     
    10
    SHARED DISPOSITIVE POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
    29,706,850 shares (1)
     
     
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
    ☐

     
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
     
    21.1% (2)
     
     
     
     
    14
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
     
    OO
     
     
     
     
              


    (1)
    Consists of shares of Class B Common Stock of the Issuer and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.
    (2)
    Based on a combined total of 140,651,097 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 111,516,601 shares of Class A Common Stock outstanding as of April 30, 2024 and (b) assumes that all 29,134,496 shares of Class B Common Stock beneficially owned by KKR Financial Holdings LLC, along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder.


    CUSIP No. 44952J 104

    1
    NAMES OF REPORTING PERSONS
     
     
    KKR Group Assets III GP LLC
     
     
     
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a)
    ☐

    (b)
    ☒
     
     
    3
    SEC USE ONLY
     
     
     
     
     
     
     
    4
    SOURCE OF FUNDS (SEE INSTRUCTIONS)
     
     
    OO (see Item 3)
     
     
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
     
    ☐

     
     
     
     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
    Delaware
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    7
    SOLE VOTING POWER
     
     
    0 shares
     
     
     
     
    8
    SHARED VOTING POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    9
    SOLE DISPOSITIVE POWER
     
     
    0 shares
     
     
     
     
    10
    SHARED DISPOSITIVE POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
    29,706,850 shares (1)
     
     
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
    ☐

     
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
     
    21.1% (2)
     
     
     
     
    14
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
     
    OO
     
     
     
     
              


    (1)
    Consists of shares of Class B Common Stock of the Issuer and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.
    (2)
    Based on a combined total of 140,651,097 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 111,516,601 shares of Class A Common Stock outstanding as of April 30, 2024 and (b) assumes that all 29,134,496 shares of Class B Common Stock beneficially owned by KKR Group Assets III GP LLC, along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder.


    CUSIP No. 44952J 104

    1
    NAMES OF REPORTING PERSONS
     
     
    KKR Group Partnership L.P.
     
     
     
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a)
    ☐

    (b)
    ☒
     
     
    3
    SEC USE ONLY
     
     
     
     
     
     
     
    4
    SOURCE OF FUNDS (SEE INSTRUCTIONS)
     
     
    OO (see Item 3)
     
     
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
     
    ☐

     
     
     
     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
    Cayman Islands
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    7
    SOLE VOTING POWER
     
     
    0 shares
     
     
     
     
    8
    SHARED VOTING POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    9
    SOLE DISPOSITIVE POWER
     
     
    0 shares
     
     
     
     
    10
    SHARED DISPOSITIVE POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
    29,706,850 shares (1)
     
     
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
    ☐

     
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
     
    21.1% (2)
     
     
     
     
    14
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
     
    PN
     
     
     
     


             
    (1)
    Consists of shares of Class B Common Stock of the Issuer and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.
    (2)
    Based on a combined total of 140,651,097 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 111,516,601 shares of Class A Common Stock outstanding as of April 30, 2024 and (b) assumes that all 29,134,496 shares of Class B Common Stock beneficially owned by KKR Group Partnership L.P., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder.


    CUSIP No. 44952J 104

    1
    NAMES OF REPORTING PERSONS
     
     
    KKR Group Holdings Corp.
     
     
     
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a)
    ☐

    (b)
    ☒
     
     
    3
    SEC USE ONLY
     
     
     
     
     
     
     
    4
    SOURCE OF FUNDS (SEE INSTRUCTIONS)
     
     
    OO (see Item 3)
     
     
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
     
    ☐

     
     
     
     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
    Delaware
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    7
    SOLE VOTING POWER
     
     
    0 shares
     
     
     
     
    8
    SHARED VOTING POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    9
    SOLE DISPOSITIVE POWER
     
     
    0 shares
     
     
     
     
    10
    SHARED DISPOSITIVE POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
    29,706,850 shares (1)
     
     
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
    ☐

     
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
     
    21.1% (2)
     
     
     
     
    14
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
     
    CO
     
     
     
     


             
    (1)
    Consists of shares of Class B Common Stock of the Issuer and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.
    (2)
    Based on a combined total of 140,651,097 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 111,516,601 shares of Class A Common Stock outstanding as of April 30, 2024 and (b) assumes that all 29,134,496 shares of Class B Common Stock beneficially owned by KKR Group Holdings Corp., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder.


    CUSIP No. 44952J 104

    1
    NAMES OF REPORTING PERSONS
     
     
    KKR Group Co. Inc.
     
     
     
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a)
    ☐

    (b)
    ☒
     
     
    3
    SEC USE ONLY
     
     
     
     
     
     
     
    4
    SOURCE OF FUNDS (SEE INSTRUCTIONS)
     
     
    OO (see Item 3)
     
     
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
     
    ☐

     
     
     
     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
    Delaware
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    7
    SOLE VOTING POWER
     
     
    0 shares
     
     
     
     
    8
    SHARED VOTING POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    9
    SOLE DISPOSITIVE POWER
     
     
    0 shares
     
     
     
     
    10
    SHARED DISPOSITIVE POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
    29,706,850 shares (1)
     
     
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
    ☐

     
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
     
    21.1% (2)
     
     
     
     
    14
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
     
    CO
     
     
     
     


             
    (1)
    Consists of shares of Class B Common Stock of the Issuer and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.
    (2)
    Based on a combined total of 140,651,097 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 111,516,601 shares of Class A Common Stock outstanding as of April 30, 2024 and (b) assumes that all 29,134,496 shares of Class B Common Stock beneficially owned by KKR Group Co. Inc., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder.


    CUSIP No. 44952J 104

    1
    NAMES OF REPORTING PERSONS
     
     
    KKR & Co. Inc.
     
     
     
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a)
    ☐

    (b)
    ☒
     
     
    3
    SEC USE ONLY
     
     
     
     
     
     
     
    4
    SOURCE OF FUNDS (SEE INSTRUCTIONS)
     
     
    OO (see Item 3)
     
     
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
     
    ☐

     
     
     
     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
    Delaware
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    7
    SOLE VOTING POWER
     
     
    0 shares
     
     
     
     
    8
    SHARED VOTING POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    9
    SOLE DISPOSITIVE POWER
     
     
    0 shares
     
     
     
     
    10
    SHARED DISPOSITIVE POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
    29,706,850 shares (1)
     
     
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
    ☐

     
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
     
    21.1% (2)
     
     
     
     
    14
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
     
    CO
     
     
     
     


             
    (1)
    Consists of shares of Class B Common Stock of the Issuer and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.
    (2)
    Based on a combined total of 140,651,097 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 111,516,601 shares of Class A Common Stock outstanding as of April 30, 2024 and (b) assumes that all 29,134,496 shares of Class B Common Stock beneficially owned by KKR & Co. Inc., along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder.


    CUSIP No. 44952J 104

    1
    NAMES OF REPORTING PERSONS
     
     
    KKR Management LLP
     
     
     
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a)
    ☐

    (b)
    ☒
     
     
    3
    SEC USE ONLY
     
     
     
     
     
     
     
    4
    SOURCE OF FUNDS (SEE INSTRUCTIONS)
     
     
    OO (see Item 3)
     
     
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
     
    ☐

     
     
     
     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
    Delaware
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    7
    SOLE VOTING POWER
     
     
    0 shares
     
     
     
     
    8
    SHARED VOTING POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    9
    SOLE DISPOSITIVE POWER
     
     
    0 shares
     
     
     
     
    10
    SHARED DISPOSITIVE POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
    29,706,850 shares (1)
     
     
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
    ☐

     
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
     
    21.1% (2)
     
     
     
     
    14
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
     
    PN
     
     
     
     


             
    (1)
    Consists of shares of Class B Common Stock of the Issuer and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.
    (2)
    Based on a combined total of 140,651,097 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 111,516,601 shares of Class A Common Stock outstanding as of April 30, 2024 and (b) assumes that all 29,134,496 shares of Class B Common Stock beneficially owned by KKR Management LLP, along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder.


    CUSIP No. 44952J 104

    1
    NAMES OF REPORTING PERSONS
     
     
    Henry R. Kravis
     
     
     
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a)
    ☐

    (b)
    ☒
     
     
    3
    SEC USE ONLY
     
     
     
     
     
     
     
    4
    SOURCE OF FUNDS (SEE INSTRUCTIONS)
     
     
    OO (see Item 3)
     
     
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
     
    ☐

     
     
     
     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
    United States
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    7
    SOLE VOTING POWER
     
     
    0 shares
     
     
     
     
    8
    SHARED VOTING POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    9
    SOLE DISPOSITIVE POWER
     
     
    0 shares
     
     
     
     
    10
    SHARED DISPOSITIVE POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
    29,706,850 shares (1)
     
     
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
    ☐

     
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
     
    21.1% (2)
     
     
     
     
    14
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
     
    IN
     
     
     
     


             
    (1)
    Consists of shares of Class B Common Stock of the Issuer and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.
    (2)
    Based on a combined total of 140,651,097 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 111,516,601 shares of Class A Common Stock outstanding as of April 30, 2024 and (b) assumes that all 29,134,496 shares of Class B Common Stock beneficially owned by Mr. Kravis, along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder.


    CUSIP No. 44952J 104

    1
    NAMES OF REPORTING PERSONS
     
     
    George R. Roberts
     
     
     
     
    2
    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
    (a)
    ☐

    (b)
    ☒
     
     
    3
    SEC USE ONLY
     
     
     
     
     
     
     
    4
    SOURCE OF FUNDS (SEE INSTRUCTIONS)
     
     
    OO (see Item 3)
     
     
     
     
    5
    CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
     
    ☐

     
     
     
     
    6
    CITIZENSHIP OR PLACE OF ORGANIZATION
     
     
    United States
     
     
     
     
    NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
    7
    SOLE VOTING POWER
     
     
    0 shares
     
     
     
     
    8
    SHARED VOTING POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    9
    SOLE DISPOSITIVE POWER
     
     
    0 shares
     
     
     
     
    10
    SHARED DISPOSITIVE POWER
     
     
    29,706,850 shares (1)
     
     
     
     
    11
    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     
     
    29,706,850 shares (1)
     
     
     
     
    12
    CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
     
    ☐

     
     
     
     
    13
    PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
     
     
    21.1% (2)
     
     
     
     
    14
    TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
     
     
    IN
     
     
     
     
              


    (1)
    Consists of shares of Class B Common Stock of the Issuer and an equivalent number of OpCo LLC Units, which together are exchangeable for shares of Class A Common Stock on a one-for-one basis pursuant to the OpCo LLC Agreement. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.
    (2)
    Based on a combined total of 140,651,097 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 111,516,601 shares of Class A Common Stock outstanding as of April 30, 2024 and (b) assumes that all 29,134,496 shares of Class B Common Stock beneficially owned by Mr. Roberts, along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. Pursuant to SEC rules, the calculation of the percentage owned excludes from the total outstanding shares 36,813,628 shares of Class B Common Stock held by other investors which are exchangeable for Class A Common Stock at the election of the holder.


    Explanatory Note
     
    This Amendment No. 7 (“Amendment No. 7”) amends and supplements the Schedule 13D originally filed with the Securities and Exchange Commission (the “SEC”) on December 17, 2021, as amended on September 15, 2022, June 6, 2023, July 5, 2023, November 15, 2023, March 11, 2024 and April 3, 2024 (as so amended, the “Schedule 13D”) by the Reporting Persons, relating to the shares of Class A Common Stock. The Issuer’s principal executive offices are located at 600 Travis Street, Suite 7200, Houston, Texas 77002. Except as specifically provided herein, this Amendment No. 7 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used but not defined in this Amendment No. 7 shall have the same meanings herein as are ascribed to such terms in the Schedule 13D.

    Item 2.
    Identity and Background

    Item 2 of the Schedule 13D is hereby amended and supplemented to include the following:

    Mr. Dane Holmes currently serves as an executive officer of KKR Group Co. Inc.

    Item 4.
    Purpose of Transaction
     
    Item 4 of the Schedule 13D is amended and supplemented as follows:
     
    Support Agreements
     
    On May 15, 2024, the Issuer entered into an Agreement and Plan of Merger (the “Merger Agreement”) with SilverBow Resources, Inc., a Delaware corporation (the “Target”), Artemis Acquisition Holdings Inc., a Delaware corporation and a direct wholly-owned subsidiary of the Issuer (“Artemis Holdings”), Artemis Merger Sub Inc., a Delaware corporation and a direct wholly-owned subsidiary of the Issuer (“Merger Sub Inc.”), and Artemis Merger Sub LLC a Delaware limited liability company and a direct wholly-owned Subsidiary of Artemis Holdings (“Merger Sub LLC”), pursuant to which, among other things, (i) Merger Sub Inc. will merge with and into the Target (the “Initial Merger”), with the Target surviving the Merger as wholly owned subsidiary of the Issuer and (ii) immediately following the Initial Merger, the Target will merge with and into Merger Sub LLC (the “Subsequent Merger” and together with the Initial Merger, the “Mergers”), with Merger Sub LLC surviving the Subsequent Merger as the “Subsequent Surviving Company”.
     
    On the same date and in connection with the Issuer’s entry into the Merger Agreement, (i) Independence Energy Aggregator L.P. (“IE Aggregator”), in its capacity as a stockholder of the Issuer, and (ii) KKR Upstream Associates LLC (“Upstream”), in its capacity as a stockholder of the Issuer, each entered into a Voting and Support Agreement with the Target (the “Support Agreements”). Under the Support Agreements, IE Aggregator and Upstream have agreed, among other things, to vote all shares of Issuer’s capital stock (including Class A Common Stock) beneficially owned by such stockholders or cause to be voted all shares of Issuer’s capital stock (including Class A Common Stock) beneficially owned by such stockholders (a) in favor of the approval of the issuance of shares of Class A Common Stock in connection with the Initial Merger and any other matter that is required to be approved by the stockholders of the Issuer in order to effect the Mergers, (b) against any (x) Crescent Acquisition Proposal (as defined in the Merger Agreement) and (y) actions that would reasonably be expected to impede, interfere with or delay the consumation of the Mergers or any transaction that would reasonably be expected to result in a breach in any material respect of any covenant, representation or warranty or other obligation or agreement of the Issuer or any of its subsidiaries under the Merger Agreement, and (c) in favor of any proposal to adjourn or postpone the Issuer’s stockholders’ meeting to a later date if there are not sufficient votes to approve the issuance of shares of Class A Common Stock in connection with the Initial Merger. The Support Agreements also contain restrictions on the transfer by IE Aggregator and Upstream of shares of Class A Common Stock, Class B Common Stock and Series I Preferred Stock (as applicable), subject to certain exceptions. The Support Agreements do not restrict any designee of IE Aggregator or Upstream who is a director of the Issuer from acting in such capacity or fulfilling the obligations of such office.
     
    The Support Agreements terminate upon the earliest to occur of (i) the Issuer stockholder approval being obtained, (ii) the date the Merger Agreement is validly terminated in accordance with its terms or (iii) the effectiveness of the Initial Merger.
     
    The foregoing description of the terms of the Support Agreements is qualified in its entirety by reference to the full text of each such agreement, which are filed as exhibits to this Schedule 13D and incorporated herein by reference.
     
    Item 5.
    Interest in Securities of the Issuer
     
    Items 5(a) – 5(b) of the Schedule 13D are hereby amended and restated as follows:
     
    (a) and (b). The responses of the Reporting Persons to rows 7 through 13 on the cover pages of this Schedule 13D are incorporated by reference herein.
     

    IE Aggregator holds 29,134,496 shares of Class B Common Stock and the same number of OpCo LLC Units. Upstream holds 572,354 shares of Class A Common Stock. The terms of the OpCo LLC Agreement provide certain holders of the OpCo LLC Units with the right to cause OpCo to acquire all or a portion of the OpCo LLC Units (the “Redemption Right”) for, at OpCo’s election, (a) shares of Class A Common Stock of the Issuer at a redemption ratio of one share of Class A Common Stock for each OpCo LLC Unit redeemed, together with an equal number of shares of Class B Common Stock (subject to customary conversion rate adjustments for stock splits, stock dividends and reclassification and similar transactions), or (b) cash. As a result, for the purpose of Rule 13d-3 under the Act, each of IE Aggregator and Aggregator GP may be deemed to be the beneficial owners of an aggregate of 29,134,496 shares of Class A Common Stock, which represents approximately 20.7% of the outstanding Class A Common Stock, based on a combined total of 140,651,097 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 111,516,601 shares of Class A Common Stock outstanding as of April 30, 2024 and (b) assumes that all 29,134,496 shares of Class B Common Stock beneficially owned by IE Aggregator and Aggregator GP, along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. In the event that all outstanding shares of Class B Common Stock and OpCo LLC Units were exchanged for shares of Class A Common Stock, IE Aggregator and Aggregator GP would hold approximately 16.4% of the outstanding Class A Common Stock, based on a combined total of 177,464,725 shares of Class A Common Stock.
     
    Each of Upstream, KKR Group Assets Holdings III L.P., KKR Financial Holdings LLC, KKR Group Assets III GP LLC, KKR Group Partnership L.P., KKR Group Holdings Corp., KKR Group Co. Inc., KKR & Co. Inc., KKR Management LLP, Henry R. Kravis and George R. Roberts (together, the “KKR Group”) may be deemed to be the beneficial owners of an aggregate of 29,706,850 shares of Class A Common Stock under Rule 13d-3 of the Act. The aggregate number of shares of Class A Common Stock beneficially owned by the KKR Group represents approximately 21.1% of the outstanding Class A Common Stock, based on a combined total of 140,651,097 shares of Class A Common Stock of the Issuer outstanding. This combined total consists of (a) 111,516,601 shares of Class A Common Stock outstanding as of April 30, 2024 and (b) assumes that all 29,134,496 shares of Class B Common Stock beneficially owned by the KKR Group, along with an equivalent number of OpCo LLC Units (and no other shares of Class B Common Stock or OpCo LLC Units) were exchanged for newly-issued shares of Class A Common Stock on a one-for-one basis. In the event that all outstanding shares of Class B Common Stock and OpCo LLC Units were exchanged for shares of Class A Common Stock, the KKR Group would hold approximately 16.7% of the outstanding Class A Common Stock, based on a combined total of 177,464,725 shares of Class A Common Stock.
     
    Each of Aggregator GP (as the general partner of IE Aggregator), Upstream (as the sole member of Aggregator GP), KKR Group Assets Holdings III L.P. and KKR Financial Holdings LLC (as the controlling members of Upstream), KKR Group Assets III GP LLC (as the general partner of KKR Group Assets Holdings III L.P.), KKR Group Partnership L.P. (as the sole member of each of KKR Group Assets III GP LLC and KKR Financial Holdings LLC), KKR Group Holdings Corp. (as the general partner of KKR Group Partnership L.P.), KKR Group Co. Inc. (as the sole shareholder of KKR Group Holdings Corp.), KKR & Co. Inc. (as the sole shareholder of KKR Group Co. Inc.), KKR Management LLP (as the Series I preferred stockholder of KKR & Co. Inc.) and Messrs. Kravis and Roberts (as the founding partners of KKR Management LLP) may be deemed to be the beneficial owner of the securities beneficially owned by IE Aggregator. Additionally, each of KKR Group Assets Holdings III L.P. and KKR Financial Holdings LLC (as the controlling members of Upstream), KKR Group Assets III GP LLC (as the general partner of KKR Group Assets Holdings III L.P.), KKR Group Partnership L.P. (as the sole member of each of KKR Group Assets III GP LLC and KKR Financial Holdings LLC), KKR Group Holdings Corp. (as the general partner of KKR Group Partnership L.P.), KKR Group Co. Inc. (as the sole shareholder of KKR Group Holdings Corp.), KKR & Co. Inc. (as the sole shareholder of KKR Group Co. Inc.), KKR Management LLP (as the Series I preferred stockholder of KKR & Co. Inc.) and Messrs. Kravis and Roberts (as the founding partners of KKR Management LLP) may be deemed to be the beneficial owner of the securities beneficially owned by Upstream.
     
    The filing of this Schedule 13D shall not be construed as an admission that any of the above-listed entities or individuals is the beneficial owner of any securities covered by this Schedule 13D.
     
    To the best knowledge of the Reporting Persons, none of the individuals named in Item 2 beneficially owns any shares of Class A Common Stock except as described herein.
     
    The Reporting Persons and PT Independence Energy Holdings LLC, a Delaware limited liability company (“PT Independence”) may be deemed to constitute a group for purposes of Section 13(d) due to the terms of the Specified Rights Agreement. However, neither the Reporting Persons nor PT Independence have voting or dispositive power over the other party’s shares of Class A Common Stock or securities convertible into or exercisable for shares of Class A Common Stock, including any OpCo LLC Units or shares of Class B Common Stock. PT Independence has separately filed a Schedule 13D with respect to its interest in the Issuer.
     
    Item 6.
    Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
     
    Item 6 of the Schedule 13D is hereby amended and supplemented to incorporate by reference the information in Item 4 of this Amendment No. 7 and as follows:
     

    Amendment to Management Agreement
     
    On May 15, 2024, in connection with the entry into the Merger Agreement, the Issuer and KKR Energy Assets Manager LLC entered into an amendment to the Management Agreement (the “Management Agreement Amendment”) which will become effective only upon the Closing (as defined in the Merger Agreement). The Management Agreement Amendment provides that the portion of the Management Fee (as defined in the Management Agreement) attributable to the equity issued in connection with the Mergers shall not exceed $9,000,000.
     
    The foregoing description of the terms of the Management Agreement Amendment is qualified in its entirety by reference to the full text of such agreement, which is filed as an exhibit to this Schedule 13D and incorporated herein by reference.
     
    Item 7.
    Material to be Filed as Exhibits
     
    Item 7 of the Schedule 13D is hereby amended and supplemented by adding the following exhibits:
     
    Exhibit No.
    Description
    R
    Voting and Support Agreement by and between Independence Energy Aggregator L.P. and SilverBow Resources, Inc., dated as of May 15, 2024.
    S
    Voting and Support Agreement by and between KKR Upstream Associates LLC and SilverBow Resources, Inc., dated as of May 15, 2024.
    T
    First Amendment to Management Agreement, dated May 15, 2024, by and among Crescent Energy Company and KKR Energy Assets Manager LLC.


    SIGNATURES

    After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

    Date: May 17, 2024
       
     
    INDEPENDENCE ENERGY AGGREGATOR L.P.

    By:
    Independence Energy Aggregator
       
    GP LLC, its general partner
     
    By:
    /s/ Christopher Lee
     
    Name:
    Christopher Lee
     
    Title:
    Assistant Secretary
     

     
    INDEPENDENCE ENERGY AGGREGATOR GP LLC
      By:
    /s/ Christopher Lee
      Name:
    Christopher Lee
      Title: Assistant Secretary
     

     
    KKR UPSTREAM ASSOCIATES LLC
      By:
    /s/ Christopher Lee
      Name:
    Christopher Lee
      Title: Assistant Secretary
     

     
    KKR FINANCIAL HOLDINGS LLC
      By:
    /s/ Christopher Lee
      Name:
    Christopher Lee
      Title: Secretary
     

     
    KKR GROUP ASSETS HOLDINGS III L.P.
      By:
    KKR Group Assets III GP LLC,
       
    its general partner
      By:
    /s/ Christopher Lee
      Name:
    Christopher Lee
      Title: Secretary
     

     
    KKR GROUP ASSETS III GP LLC
      By:
    /s/ Christopher Lee
      Name:
    Christopher Lee
      Title: Secretary
     

     
    KKR GROUP PARTNERSHIP L.P.
      By:
    KKR Group Holdings Corp.,
       
    its general partner
      By:
    /s/ Christopher Lee
      Name:
    Christopher Lee
      Title: Secretary
     

     
    KKR GROUP HOLDINGS CORP.
      By:
    /s/ Christopher Lee
      Name:
    Christopher Lee
      Title: Secretary
     

     
    KKR GROUP CO. INC.
      By:
    /s/ Christopher Lee
      Name:
    Christopher Lee
      Title: Secretary
     

     
    KKR & CO. INC.
      By:
    /s/ Christopher Lee
      Name:
    Christopher Lee
      Title: Secretary


     
    KKR MANAGEMENT LLP
      By:
    /s/ Christopher Lee
      Name:
    Christopher Lee
      Title:
    Assistant Secretary
     

     
    HENRY R. KRAVIS
      By:
    /s/ Christopher Lee
      Name:
    Christopher Lee
      Title:
    Attorney-in-fact
     

     
    GEORGE R. ROBERTS
      By:
    /s/ Christopher Lee
      Name:
    Christopher Lee
      Title:
    Attorney-in-fact



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    Pickering Energy Partners
    9/24/2024$17.00Outperform
    Evercore ISI
    9/18/2024$12.00Neutral
    JP Morgan
    8/8/2024$20.00Overweight
    Wells Fargo
    7/18/2024$16.00Outperform
    Wolfe Research
    6/27/2024$16.00Overweight
    KeyBanc Capital Markets
    4/10/2024$18.00Buy
    Tudor, Pickering, Holt & Co.
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    $CRGY
    Press Releases

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    • Crescent Energy Reports First Quarter 2025 Results

      Crescent Energy Company (NYSE:CRGY) ("Crescent" or the "Company") today announced financial and operating results for the first quarter of 2025. Crescent's earnings release and supplemental earnings presentation can be found at www.crescentenergyco.com. The Company's first quarter 2025 conference call is planned for 10 a.m. CT (11 a.m. ET) on Tuesday, May 6, 2025. About Crescent Energy Company Crescent is a differentiated U.S. energy company committed to delivering value for shareholders through a disciplined growth through acquisition strategy and consistent return of capital. Our long-life, balanced portfolio combines stable cash flows from low-decline production with deep, high-qualit

      5/5/25 4:20:00 PM ET
      $CRGY
      Oil & Gas Production
      Energy
    • Crescent Energy Completes Accretive Sale of Non-Operated Permian Basin Assets

      Crescent Energy Company (NYSE:CRGY) ("Crescent" or the "Company"), today announced the closing of the sale of non-operated Permian Basin assets to a private buyer for $83 million in cash, subject to customary post-closing purchase price adjustments. The assets are located in Reeves County, Texas and had projected full-year 2025 production of approximately 3 Mboe/d (~35% oil). Proceeds from the sale will be used to reduce outstanding borrowings on the Company's revolving credit facility. The transaction has an effective date of December 31, 2024, and Crescent plans to update its 2025 outlook to reflect the divestiture alongside its first quarter 2025 financial and operating results. "We are

      4/22/25 8:11:00 AM ET
      $CRGY
      Oil & Gas Production
      Energy
    • Crescent Energy Schedules First Quarter 2025 Earnings Release and Conference Call

      Crescent Energy Company (NYSE:CRGY) today announced plans to host a conference call and webcast at 10 a.m. CT, on Tuesday, May 6, 2025 to discuss its first quarter 2025 financial and operating results. The Company plans to release results after market close on Monday, May 5, 2025. The release and supplemental slides will be available on the company's website at www.crescentenergyco.com. Conference Call Information Time: 10 a.m. CT (11 a.m. ET) Date: Tuesday, May 6, 2025 Conference Dial-In: 877-407-0989 / 201-389-0921 (Domestic / International) Webcast Link: www.crescentenergyco.com A webcast replay will be available on the website following the call. About Crescent Energy Crescent is a

      4/10/25 4:30:00 PM ET
      $CRGY
      Oil & Gas Production
      Energy

    $CRGY
    Leadership Updates

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    • Crescent Energy Set to Join S&P SmallCap 600

      NEW YORK, Oct. 1, 2024 /PRNewswire/ -- Crescent Energy Co. (NYSE:CRGY) will replace Perficient Inc. (NASD:PRFT) in the S&P SmallCap 600 effective prior to the opening of trading on Friday, October 4. EQT Group is acquiring Perficient in a deal expected to close soon pending final conditions. Following is a summary of the change that will take place prior to the open of trading on the effective date: Effective Date Index Name       Action Company Name Ticker GICS Sector October 4, 2024 S&P SmallCap 600 Addition Crescent Energy CRGY Energy S&P SmallCap 600 Deletion Perficient PRFT Information Technology For more information about S&P Dow Jones Indices, please visit www.spdji.com  ABOUT S&P D

      10/1/24 5:30:00 PM ET
      $CRGY
      $PRFT
      $SPGI
      Oil & Gas Production
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      EDP Services
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    • Crescent Energy Receives a Gold Standard Pathway Rating from the United Nations' Oil & Gas Methane Partnership for a Second Consecutive Year

      Crescent Energy Company (NYSE:CRGY) ("Crescent" or the "Company") today announced that it received the Oil & Gas Methane Partnership's ("OGMP 2.0") Gold Standard pathway rating for a second consecutive year. The prestigious rating signifies that a company has a credible multi-year plan to accurately measure its methane emissions. OGMP 2.0 is the United Nations Environment Programme's flagship oil and gas reporting and mitigation program and the leading industry standard for methane emissions reporting. The Gold Standard pathway is the highest reporting level under the initiative and Crescent is one of only four U.S. based upstream companies to receive this rating for a second consecutive

      12/14/23 9:00:00 AM ET
      $CRGY
      Oil & Gas Production
      Energy

    $CRGY
    Financials

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    • Crescent Energy Reports First Quarter 2025 Results

      Crescent Energy Company (NYSE:CRGY) ("Crescent" or the "Company") today announced financial and operating results for the first quarter of 2025. Crescent's earnings release and supplemental earnings presentation can be found at www.crescentenergyco.com. The Company's first quarter 2025 conference call is planned for 10 a.m. CT (11 a.m. ET) on Tuesday, May 6, 2025. About Crescent Energy Company Crescent is a differentiated U.S. energy company committed to delivering value for shareholders through a disciplined growth through acquisition strategy and consistent return of capital. Our long-life, balanced portfolio combines stable cash flows from low-decline production with deep, high-qualit

      5/5/25 4:20:00 PM ET
      $CRGY
      Oil & Gas Production
      Energy
    • Crescent Energy Schedules First Quarter 2025 Earnings Release and Conference Call

      Crescent Energy Company (NYSE:CRGY) today announced plans to host a conference call and webcast at 10 a.m. CT, on Tuesday, May 6, 2025 to discuss its first quarter 2025 financial and operating results. The Company plans to release results after market close on Monday, May 5, 2025. The release and supplemental slides will be available on the company's website at www.crescentenergyco.com. Conference Call Information Time: 10 a.m. CT (11 a.m. ET) Date: Tuesday, May 6, 2025 Conference Dial-In: 877-407-0989 / 201-389-0921 (Domestic / International) Webcast Link: www.crescentenergyco.com A webcast replay will be available on the website following the call. About Crescent Energy Crescent is a

      4/10/25 4:30:00 PM ET
      $CRGY
      Oil & Gas Production
      Energy
    • Crescent Energy Reports Fourth Quarter and Full Year 2024 Results

      Crescent Energy Company (NYSE:CRGY) ("Crescent" or the "Company") today announced its fourth quarter and full year 2024 financial and operating results, as well as its 2025 capital budget and production outlook. Crescent's earnings release and supplemental earnings presentation can be found at www.crescentenergyco.com. The Company's fourth quarter and full year 2024 conference call is planned for 10 a.m. CT (11 a.m. ET) on Thursday, February 27, 2025. About Crescent Energy Company Crescent is a differentiated U.S. energy company committed to delivering value for shareholders through a disciplined growth through acquisition strategy and consistent return of capital. Our long-life, bala

      2/26/25 4:20:00 PM ET
      $CRGY
      Oil & Gas Production
      Energy

    $CRGY
    Large Ownership Changes

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    • Amendment: SEC Form SC 13G/A filed by Crescent Energy Company

      SC 13G/A - Crescent Energy Co (0001866175) (Subject)

      11/13/24 12:29:35 PM ET
      $CRGY
      Oil & Gas Production
      Energy
    • SEC Form SC 13G filed by Crescent Energy Company

      SC 13G - Crescent Energy Co (0001866175) (Subject)

      11/8/24 11:45:56 AM ET
      $CRGY
      Oil & Gas Production
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    • Amendment: SEC Form SC 13D/A filed by Crescent Energy Company

      SC 13D/A - Crescent Energy Co (0001866175) (Subject)

      8/9/24 2:40:05 PM ET
      $CRGY
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    $CRGY
    SEC Filings

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    • SEC Form 10-Q filed by Crescent Energy Company

      10-Q - Crescent Energy Co (0001866175) (Filer)

      5/5/25 4:27:38 PM ET
      $CRGY
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    • Crescent Energy Company filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - Crescent Energy Co (0001866175) (Filer)

      5/5/25 4:25:12 PM ET
      $CRGY
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      Energy
    • Amendment: SEC Form SCHEDULE 13G/A filed by Crescent Energy Company

      SCHEDULE 13G/A - Crescent Energy Co (0001866175) (Subject)

      5/2/25 11:06:04 AM ET
      $CRGY
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    • Siebert Williams Shank initiated coverage on Crescent Energy Company

      Siebert Williams Shank initiated coverage of Crescent Energy Company with a rating of Buy

      2/3/25 8:41:41 AM ET
      $CRGY
      Oil & Gas Production
      Energy
    • Pickering Energy Partners initiated coverage on Crescent Energy Company

      Pickering Energy Partners initiated coverage of Crescent Energy Company with a rating of Outperform

      10/28/24 8:31:18 AM ET
      $CRGY
      Oil & Gas Production
      Energy
    • Evercore ISI resumed coverage on Crescent Energy Company with a new price target

      Evercore ISI resumed coverage of Crescent Energy Company with a rating of Outperform and set a new price target of $17.00

      9/24/24 7:40:21 AM ET
      $CRGY
      Oil & Gas Production
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    $CRGY
    Insider Trading

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    • Large owner Independence Energy Aggregator L.P. disposed of 26,185,773 units of Class B Common Stock and converted options into 26,185,773 shares (SEC Form 4)

      4 - Crescent Energy Co (0001866175) (Issuer)

      4/8/25 5:08:15 PM ET
      $CRGY
      Oil & Gas Production
      Energy
    • Director Pt Independence Energy Holdings Llc converted options into 36,813,628 shares and disposed of 36,813,628 units of Class B Common Stock (SEC Form 4)

      4 - Crescent Energy Co (0001866175) (Issuer)

      4/8/25 4:19:35 PM ET
      $CRGY
      Oil & Gas Production
      Energy
    • Director Farley Claire S was granted 11,043 shares, increasing direct ownership by 32% to 45,913 units (SEC Form 4)

      4 - Crescent Energy Co (0001866175) (Issuer)

      4/3/25 4:41:53 PM ET
      $CRGY
      Oil & Gas Production
      Energy

    $CRGY
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

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    • Officer Kendall Brandi bought $10,299 worth of shares (932 units at $11.05), increasing direct ownership by 4% to 23,347 units (SEC Form 4)

      4 - Crescent Energy Co (0001866175) (Issuer)

      3/19/25 5:54:26 PM ET
      $CRGY
      Oil & Gas Production
      Energy
    • Director Duginski Michael bought $317,180 worth of shares (30,000 units at $10.57), increasing direct ownership by 13% to 259,607 units (SEC Form 4)

      4 - Crescent Energy Co (0001866175) (Issuer)

      3/13/25 5:01:55 PM ET
      $CRGY
      Oil & Gas Production
      Energy
    • Officer Shi Bo bought $10,574 worth of shares (950 units at $11.13), increasing direct ownership by 2% to 45,811 units (SEC Form 4)

      4 - Crescent Energy Co (0001866175) (Issuer)

      9/9/24 5:09:10 PM ET
      $CRGY
      Oil & Gas Production
      Energy