Crescent refinances debt at lower rate, adds $358M minerals; Iran conflict drives oil >$100

Filed May 4, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 5, 2025 · ~1 min read

Key Changes

• high

  Issued $690M convertible notes at 2.75% and redeemed $500M of 9.25% notes, lowering interest expense but creating potential dilution at $14.89/share conversion price and $17M extinguishment loss.

  MD&A: Financing Transactions verify on EDGAR →
• high

  Iran military conflict beginning February 2026 disrupted Strait of Hormuz energy transit, pushing crude oil above $100/barrel and increasing commodity price volatility in company's favor.

  MD&A: Geopolitical Risk verify on EDGAR →
• high

  Convertible notes may dilute shareholders upon conversion; if-converted accounting will reduce reported diluted EPS when profitable, and conversion triggers could reclassify $690M from long-term to current liability.

  Risk Factors: Convertible Notes verify on EDGAR →