# EDGAR Filing Document

**Accession Number:** 0001866175
**File Stem:** 0001140361-25-032722
**Filing Date:** 2025-8
**Character Count:** 60351
**Document Hash:** 9b68d865284b5e5f40850ebf9751d708
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-032722.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001140361-25-032722

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Crescent Energy Co
- **CENTRAL INDEX KEY:** 0001866175
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 871133610
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-93151
- **FILM NUMBER:** 251257772

**BUSINESS ADDRESS:**
- **STREET 1:** 600 TRAVIS STREET
- **STREET 2:** SUITE 7200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 713-332-7001

**MAIL ADDRESS:**
- **STREET 1:** 600 TRAVIS STREET
- **STREET 2:** SUITE 7200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IE PubCo Inc.
- **DATE OF NAME CHANGE:** 20210607
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Independence Energy Aggregator L.P.
- **CENTRAL INDEX KEY:** 0001868340

**ORGANIZATION NAME:**
- **EIN:** 851860786
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 600 TRAVIS STREEET
- **STREET 2:** SUITE 7200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** (713) 481-7782

**MAIL ADDRESS:**
- **STREET 1:** 600 TRAVIS STREEET
- **STREET 2:** SUITE 7200
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

## Ex-99.V

------

#### Exhibit V

#### Annex A

#### Directors of KKR & Co. Inc.
The following sets forth the name and principal occupation of each of the directors of KKR & Co. Inc., whose address (unless otherwise specified in the Schedule 13D) is c/o KKR & Co. Inc., 30 Hudson Yards, New York, New York, 10001. Each of such persons is a citizen of the United States other than Matthew R. Cohler, who is a citizen of the United States and Malta, Arturo Gutiérrez Hernández, who is a citizen of Mexico, Xavier B. Niel, who is a citizen of France, and Evan T. Spiegel, who is a citizen of the United States and France.

---

| | |
|:---|:---|
| **Name** | **Principal Occupation** |
| Henry R. Kravis | Co-Executive Chairman of KKR & Co. Inc. |
| George R. Roberts | Co-Executive Chairman of KKR & Co. Inc. |
| Joseph Y. Bae | Co-Chief Executive Officer of KKR & Co. Inc. |
| Scott C. Nuttall | Co-Chief Executive Officer of KKR & Co. Inc. |
| Adriane M. Brown | Managing Partner of Flying Fish Partners |
| Timothy R. Barakett | Founder and Chief Executive Officer of TRB Advisors |
| Matthew R. Cohler | Former General Partner of Benchmark |
| Mary N. Dillon | President and Chief Executive Officer of Foot Locker, Inc |
| Arturo Gutiérrez Hernández | Chief Executive Officer of Arca Continental, S.A.B. de C.V. |
| Xavier B. Niel | Founder and Chairman of the Board of Iliad SA |
| Kimberly A. Ross | Former Senior Vice President and Chief Financial Officer of Baker Hughes Company |
| Patricia F. Russo | Former Chief Executive Officer of Alcatel-Lucent |
| Robert W. Scully | Former Member of the Office of the Chairman of Morgan Stanley |
| Evan T. Spiegel | Co-Founder and Chief Executive Officer of Snap Inc. |

---

------

## Ex-99.Y

------

**Exhibit Y**<br>

#### POWER OF ATTORNEY
Know all by these presents that the undersigned hereby constitutes and appoints each of Joseph Y. Bae, Scott C. Nuttall, Robert H. Lewin, Dane E. Holmes, Ryan D. Stork, Kathryn K. Sudol, and Christopher B. Lee (each, an "<u>Attorney-in-Fact</u>"), acting singly, as the undersigned's true and lawful attorney-in-fact, for and in the name, place and stead of the undersigned (both in the undersigned's individual capacity and as a manager or member of any limited liability company, as a partner of any partnership, as a director or officer of any corporate or other entity, as a trustee of a trust, or in the undersigned's capacity in any position similar to the foregoing at any entity or organization, in each case, for which the undersigned is otherwise authorized to sign) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) execute for and on behalf of the undersigned such forms, schedules, statements and other documents ("<u>Filings</u>") as may be required to be filed from time to time in connection with either (x) the undersigned's ownership of or transactions with respect to securities of KKR & Co. Inc. or any successor (the "<u>Issuer</u>") or (y) the investments, business or other activities of the Issuer or any of its affiliates with any U.S. or non-U.S. governmental authority or self-regulatory organization, including but not limited to Filings with the United States Securities and Exchange Commission ("SEC") with respect to (i) Form 144 under the Securities Act of 1933, as amended, and Rule 144 thereunder; (ii) Sections 13(d), 13(f), 13(g), 13(h) and 16(a) of the Securities Exchange Act of 1934, as amended, and the rules thereunder, including without limitation filings on Schedule 13D, Schedule 13G, Form 13F, Form 13H, Form 3, Form 4 and Form 5; and (iii) in connection with any applications for EDGAR access codes, including without limitation the Form ID;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Filings identified in sub-paragraph (1) above, complete and execute any amendment or amendments thereto, and file such form with the SEC, any other U.S. or non-U.S. governmental authority and any stock exchange or similar authority; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such Attorney-in-Fact, may be of benefit to, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such Attorney-in-Fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such Attorney-in-Fact may approve in such Attorney-in-Fact's discretion.

The foregoing powers granted to each Attorney-in-Fact may only be exercised by an Attorney-in-Fact if, at the time of such exercise, such Attorney-in-Fact is a director, officer or employee of the Issuer, or any of the Issuer's subsidiaries. Subject to the foregoing, the undersigned hereby grants to each Attorney-in-Fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such Attorney-in-Fact, or such Attorney-in-Fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted. The undersigned acknowledges that each Attorney-in-Fact, in serving in such capacity at the request of the undersigned, is not assuming, nor is the Issuer, or any of the Issuer's subsidiaries assuming, any of the undersigned's responsibilities to comply with the Securities Exchange Act of 1934, as amended, or any rules thereunder, or the Securities Act of 1933, as amended, or any rules thereunder.

------

This Power of Attorney shall remain in full force and effect with respect to the undersigned until such person ceases to be subject to the requirements enumerated in sub-paragraph (1) above, unless earlier revoked in writing with respect to an Attorney-in-Fact by such person and has provided notice of the same to such Attorney-in-Fact. The undersigned revokes all other powers of attorney granted by the undersigned prior to the date hereof with respect to the requirements enumerated in sub-paragraph (1) above.

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of the date set forth below.

---

| | |
|:---|:---|
| */s/ Henry R. Kravis* | June 9, 2025 |
| Name: Henry R. Kravis | Date: |

---

------

Know all by these presents that the undersigned hereby constitutes and appoints each of Joseph Y. Bae, Scott C. Nuttall, Robert H. Lewin, Dane E. Holmes, Ryan D. Stork, Kathryn K. Sudol, and Christopher B. Lee (each, an "<u>Attorney-in-Fact</u>"), acting singly, as the undersigned's true and lawful attorney-in-fact, for and in the name, place and stead of the undersigned (both in the undersigned's individual capacity and as a manager or member of any limited liability company, as a partner of any partnership, as a director or officer of any corporate or other entity, as a trustee of a trust, or in the undersigned's capacity in any position similar to the foregoing at any entity or organization, in each case, for which the undersigned is otherwise authorized to sign) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) execute for and on behalf of the undersigned such forms, schedules, statements and other documents ("<u>Filings</u>") as may be required to be filed from time to time in connection with either (x) the undersigned's ownership of or transactions with respect to securities of KKR & Co. Inc. or any successor (the "<u>Issuer</u>") or (y) the investments, business or other activities of the Issuer or any of its affiliates with any U.S. or non-U.S. governmental authority or self-regulatory organization, including but not limited to Filings with the United States Securities and Exchange Commission ("SEC") with respect to (i) Form 144 under the Securities Act of 1933, as amended, and Rule 144 thereunder; (ii) Sections 13(d), 13(f), 13(g), 13(h) and 16(a) of the Securities Exchange Act of 1934, as amended, and the rules thereunder, including without limitation filings on Schedule 13D, Schedule 13G, Form 13F, Form 13H, Form 3, Form 4 and Form 5; and (iii) in connection with any applications for EDGAR access codes, including without limitation the Form ID;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete and execute any such Filings identified in sub-paragraph (1) above, complete and execute any amendment or amendments thereto, and file such form with the SEC, any other U.S. or non-U.S. governmental authority and any stock exchange or similar authority; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such Attorney-in-Fact, may be of benefit to, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such Attorney-in-Fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such Attorney-in-Fact may approve in such Attorney-in-Fact's discretion.

The foregoing powers granted to each Attorney-in-Fact may only be exercised by an Attorney-in-Fact if, at the time of such exercise, such Attorney-in-Fact is a director, officer or employee of the Issuer, or any of the Issuer's subsidiaries. Subject to the foregoing, the undersigned hereby grants to each Attorney-in-Fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such Attorney-in-Fact, or such Attorney-in-Fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted. The undersigned acknowledges that each Attorney-in-Fact, in serving in such capacity at the request of the undersigned, is not assuming, nor is the Issuer, or any of the Issuer's subsidiaries assuming, any of the undersigned's responsibilities to comply with the Securities Exchange Act of 1934, as amended, or any rules thereunder, or the Securities Act of 1933, as amended, or any rules thereunder.

------

This Power of Attorney shall remain in full force and effect with respect to the undersigned until such person ceases to be subject to the requirements enumerated in sub-paragraph (1) above, unless earlier revoked in writing with respect to an Attorney-in-Fact by such person and has provided notice of the same to such Attorney-in-Fact. The undersigned revokes all other powers of attorney granted by the undersigned prior to the date hereof with respect to the requirements enumerated in sub-paragraph (1) above.

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of the date set forth below.

---

| | |
|:---|:---|
| */s/ George R. Roberts*<br>| June 9, 2025<br>|
| Name: George R. Roberts | Date: |

---

------

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 11)**

**Crescent Energy Co**

*(Name of Issuer)*

**Class A Common Stock, Par Value of $0.0001 Per Share**

*(Title of Class of Securities)*

**44952J104**

*(CUSIP Number)*

**Brandi Kendall, Vice President**<br>Independence Energy Aggregator L.P.<br>600 Travis Street, Suite 7200<br>Houston TX 77002<br>713-481-7782

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**08/24/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **44952J104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Independence Energy Aggregator L.P.** | Name of reporting person<br>**Independence Energy Aggregator L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**26185773.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**26185773.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**26185773.00** | Aggregate amount beneficially owned by each reporting person<br>**26185773.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**10.3%** | Percent of class represented by amount in Row (11)<br>**10.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The beneficial ownership reported herein consists of shares of Class A Common Stock, par value $0.0001 per share, of Crescent Energy Company, a Delaware corporation (the "Issuer" and such stock, "Class A Common Stock").

The beneficial ownership percentage reported herein is based on 254,615,178 shares of Class A Common Stock outstanding as of July 31, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2025 (the "Second Quarter 10-Q") filed with the Securities and Exchange Commission (the "SEC") on August 4, 2025.

| **CUSIP No.** | **44952J104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Independence Energy Aggregator GP LLC** | Name of reporting person<br>**Independence Energy Aggregator GP LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**26185773.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**26185773.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**26185773.00** | Aggregate amount beneficially owned by each reporting person<br>**26185773.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**10.3%** | Percent of class represented by amount in Row (11)<br>**10.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The beneficial ownership reported herein consists of shares of Class A Common Stock, par value $0.0001 per share, of the Issuer.

The beneficial ownership percentage reported herein is based on 254,615,178 shares of Class A Common Stock outstanding as of July 31, 2025, as reported by the Issuer in its Second Quarter 10-Q filed with the SEC on August 4, 2025.

| **CUSIP No.** | **44952J104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KKR Upstream Associates LLC** | Name of reporting person<br>**KKR Upstream Associates LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**10.5%** | Percent of class represented by amount in Row (11)<br>**10.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The beneficial ownership reported herein consists of shares of Class A Common Stock, par value $0.0001 per share, of the Issuer. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.

The beneficial ownership percentage reported herein is based on 254,615,178 shares of Class A Common Stock outstanding as of July 31, 2025, as reported by the Issuer in its Second Quarter 10-Q filed with the SEC on August 4, 2025.

| **CUSIP No.** | **44952J104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KKR Group Assets Holdings III L.P.** | Name of reporting person<br>**KKR Group Assets Holdings III L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**10.5%** | Percent of class represented by amount in Row (11)<br>**10.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The beneficial ownership reported herein consists of shares of Class A Common Stock, par value $0.0001 per share, of the Issuer. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.

The beneficial ownership percentage reported herein is based on 254,615,178 shares of Class A Common Stock outstanding as of July 31, 2025, as reported by the Issuer in its Second Quarter 10-Q filed with the SEC on August 4, 2025.

| **CUSIP No.** | **44952J104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KKR Financial Holdings LLC** | Name of reporting person<br>**KKR Financial Holdings LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**10.5%** | Percent of class represented by amount in Row (11)<br>**10.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The beneficial ownership reported herein consists of shares of Class A Common Stock, par value $0.0001 per share, of the Issuer. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.

The beneficial ownership percentage reported herein is based on 254,615,178 shares of Class A Common Stock outstanding as of July 31, 2025, as reported by the Issuer in its Second Quarter 10-Q filed with the SEC on August 4, 2025.

| **CUSIP No.** | **44952J104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KKR Group Assets III GP LLC** | Name of reporting person<br>**KKR Group Assets III GP LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**10.5%** | Percent of class represented by amount in Row (11)<br>**10.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** The beneficial ownership reported herein consists of shares of Class A Common Stock, par value $0.0001 per share, of the Issuer. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.

The beneficial ownership percentage reported herein is based on 254,615,178 shares of Class A Common Stock outstanding as of July 31, 2025, as reported by the Issuer in its Second Quarter 10-Q filed with the SEC on August 4, 2025.

| **CUSIP No.** | **44952J104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KKR Group Partnership L.P.** | Name of reporting person<br>**KKR Group Partnership L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**10.5%** | Percent of class represented by amount in Row (11)<br>**10.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The beneficial ownership reported herein consists of shares of Class A Common Stock, par value $0.0001 per share, of the Issuer. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.

The beneficial ownership percentage reported herein is based on 254,615,178 shares of Class A Common Stock outstanding as of July 31, 2025, as reported by the Issuer in its Second Quarter 10-Q filed with the SEC on August 4, 2025.

| **CUSIP No.** | **44952J104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KKR Group Holdings Corp.** | Name of reporting person<br>**KKR Group Holdings Corp.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**10.5%** | Percent of class represented by amount in Row (11)<br>**10.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** The beneficial ownership reported herein consists of shares of Class A Common Stock, par value $0.0001 per share, of the Issuer. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.

The beneficial ownership percentage reported herein is based on 254,615,178 shares of Class A Common Stock outstanding as of July 31, 2025, as reported by the Issuer in its Second Quarter 10-Q filed with the SEC on August 4, 2025.

| **CUSIP No.** | **44952J104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KKR Group Co. Inc.** | Name of reporting person<br>**KKR Group Co. Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**10.5%** | Percent of class represented by amount in Row (11)<br>**10.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** The beneficial ownership reported herein consists of shares of Class A Common Stock, par value $0.0001 per share, of the Issuer. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.

The beneficial ownership percentage reported herein is based on 254,615,178 shares of Class A Common Stock outstanding as of July 31, 2025, as reported by the Issuer in its Second Quarter 10-Q filed with the SEC on August 4, 2025.

| **CUSIP No.** | **44952J104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KKR & Co. Inc.** | Name of reporting person<br>**KKR & Co. Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**10.5%** | Percent of class represented by amount in Row (11)<br>**10.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** The beneficial ownership reported herein consists of shares of Class A Common Stock, par value $0.0001 per share, of the Issuer. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.

The beneficial ownership percentage reported herein is based on 254,615,178 shares of Class A Common Stock outstanding as of July 31, 2025, as reported by the Issuer in its Second Quarter 10-Q filed with the SEC on August 4, 2025.

| **CUSIP No.** | **44952J104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**KKR Management LLP** | Name of reporting person<br>**KKR Management LLP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**10.5%** | Percent of class represented by amount in Row (11)<br>**10.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** The beneficial ownership reported herein consists of shares of Class A Common Stock, par value $0.0001 per share, of the Issuer. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.

The beneficial ownership percentage reported herein is based on 254,615,178 shares of Class A Common Stock outstanding as of July 31, 2025, as reported by the Issuer in its Second Quarter 10-Q filed with the SEC on August 4, 2025.

| **CUSIP No.** | **44952J104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Henry R. Kravis** | Name of reporting person<br>**Henry R. Kravis** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**10.5%** | Percent of class represented by amount in Row (11)<br>**10.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** The beneficial ownership reported herein consists of shares of Class A Common Stock, par value $0.0001 per share, of the Issuer. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.

The beneficial ownership percentage reported herein is based on 254,615,178 shares of Class A Common Stock outstanding as of July 31, 2025, as reported by the Issuer in its Second Quarter 10-Q filed with the SEC on August 4, 2025.

| **CUSIP No.** | **44952J104** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**George R. Roberts** | Name of reporting person<br>**George R. Roberts** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**26758127.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | Aggregate amount beneficially owned by each reporting person<br>**26758127.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**10.5%** | Percent of class represented by amount in Row (11)<br>**10.5%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** The beneficial ownership reported herein consists of shares of Class A Common Stock, par value $0.0001 per share, of the Issuer. Also includes 572,354 shares of Class A Common Stock held directly by KKR Upstream Associates LLC.

The beneficial ownership percentage reported herein is based on 254,615,178 shares of Class A Common Stock outstanding as of July 31, 2025, as reported by the Issuer in its Second Quarter 10-Q filed with the SEC on August 4, 2025.

**Item 1. Security and Issuer**

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

**(b) Name of Issuer:**
Crescent Energy Co

**(c) Address of Issuer's Principal Executive Offices:**
600 Travis Street, Suite 7200, Houston, TX, 77002

This Amendment No. 11 ("Amendment No. 11") amends and supplements the Schedule 13D originally filed with the SEC on December 17, 2021, as amended on September 15, 2022, June 6, 2023, July 5, 2023, November 15, 2023, March 11, 2024, April 3, 2024, May 17, 2024, August 5, 2024, March 11, 2025 and April 8, 2025 (as so amended, the "Schedule 13D") by the Reporting Persons, relating to the shares of Class A Common Stock.

Except as specifically provided herein, this Amendment No. 11 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used but not defined in this Amendment No. 11 shall have the same meanings herein as are ascribed to such terms in the Schedule 13D.

**Item 4. Purpose of Transaction**

On August 24, 2025, the Issuer entered into an Agreement and Plan of Merger (the "Merger Agreement") with Vital Energy, Inc., a Delaware corporation ("Vital" or "Company"), Venus Merger Sub I Inc., a Delaware corporation and a wholly owned subsidiary of the Issuer ("Merger Sub Inc."), and Venus Merger Sub II LLC, a Delaware limited liability company and a wholly owned subsidiary of the Issuer ("Merger Sub LLC"), pursuant to which the Issuer will acquire the Company in an all-equity transaction through (i) the merger of Merger Sub Inc. (the "First Company Merger") with and into the Company, with the Company continuing as the surviving entity (the "Surviving Corporation") and (ii) immediately following the First Company Merger, the merger of the Surviving Corporation (the "Second Company Merger" and, together with the First Company Merger, the "Mergers") with and into Merger Sub LLC, with Merger Sub LLC continuing as the surviving entity (the "Surviving Company"), in each case, on the terms and subject to the conditions set forth in the Merger Agreement.
 
On the same date and in connection with the Issuer's entry into the Merger Agreement, Independence Energy Aggregator L.P. ("IE Aggregator") entered into that certain Voting and Support Agreement (the "Support Agreement"), by and among the Issuer, the Company and IE Aggregator, pursuant to which IE Aggregator has agreed, among other things, (i) not to transfer any of its shares of Class A Common Stock, (ii) to vote its shares of Class A Common Stock in favor of the issuance of Class A Common Stock in connection with the Mergers and (iii) to vote its shares of Class A Common Stock against (A) any Competing Proposal (as defined in the Merger Agreement) or other proposal that would reasonably be expected to impede, interfere with or delay the consummation of the Mergers and (B) any action or agreement that would result in a breach of any covenant, representation, warranty or any other obligation or agreement of the Issuer or its subsidiaries contained in the Merger Agreement or of IE Aggregator contained in the Support Agreement. In addition, the Support Agreement contains additional obligations to (i) comply with the obligations of the parties under the Merger Agreement relating to the HSR Act, (ii) comply with the restrictions on transfers set forth in Section 13.07(a) of the Issuer's Amended and Restated Certificate of Incorporation with respect to any indirect transfer of its shares of the Issuer's Series I Preferred Stock, par value $0.0001 per share, for three years following the consummation of the Mergers, and (iii) (A) take all actions necessary to cause the increase in the size of the Issuer's board of directors (the "Issuer Board") and appointment of the Company Designated Directors (as defined in the Support Agreement) to the Issuer Board following the consummation of the Mergers and (B) not remove or replace any Company Designated Director for a period of two years following the consummation of the Mergers, other than for cause.
  
The foregoing description of the terms of the Support Agreement 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 5. Interest in Securities of the Issuer**

**(a)**
Items 5(a) - 5(c) of the Schedule 13D are hereby amended and restated as follows:

(a)	The response 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 26,185,773 shares of Class A Common Stock. KKR Upstream Associates LLC ("Upstream") holds 572,354 shares of Class A Common Stock. As a result, for the purpose of Rule 13d-3 under the Act, each of IE Aggregator and Independence Energy Aggregator GP LLC ("Aggregator GP") may be deemed to be the beneficial owners of an aggregate of 26,185,773 shares of Class A Common Stock, which represents approximately 10.3% of the outstanding Class A Common Stock, based on a total of 254,615,178 shares of Class A Common Stock of the Issuer outstanding.  

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 26,758,127 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 10.5% of the outstanding Class A Common Stock, based on a total of 254,615,178 shares of Class A Common Stock of the Issuer outstanding. 

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 separately files a Schedule 13D with respect to its interest in the Issuer.

**(b)**
See Item 5(a) above.

**(c)**
None of the Reporting Persons nor, to the best knowledge of the Reporting Persons, any of the other individuals named in Item 2, has effected any transaction in shares of Class A Common Stock during the past 60 days.

**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. 11 and as follows:

Amendment to Management Agreement

On August 24, 2025, 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.

### SIGNATURE

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.

**Reporting Person:** Independence Energy Aggregator L.P.

**Signature:** /s/ Christopher Lee

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

**Date:** 08/26/2025

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.

**Reporting Person:** Independence Energy Aggregator GP LLC

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Assistant Secretary

**Date:** 08/26/2025

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.

**Reporting Person:** KKR Upstream Associates LLC

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Assistant Secretary

**Date:** 08/26/2025

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.

**Reporting Person:** KKR Group Assets Holdings III L.P.

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Secretary, KKR Group Assets III GP LLC, its general partner

**Date:** 08/26/2025

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.

**Reporting Person:** KKR Financial Holdings LLC

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Secretary

**Date:** 08/26/2025

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.

**Reporting Person:** KKR Group Assets III GP LLC

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Secretary

**Date:** 08/26/2025

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.

**Reporting Person:** KKR Group Partnership L.P.

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Secretary, KKR Group Holdings Corp., its general partner

**Date:** 08/26/2025

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.

**Reporting Person:** KKR Group Holdings Corp.

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Secretary

**Date:** 08/26/2025

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.

**Reporting Person:** KKR Group Co. Inc.

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Secretary

**Date:** 08/26/2025

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.

**Reporting Person:** KKR & Co. Inc.

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Secretary

**Date:** 08/26/2025

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.

**Reporting Person:** KKR Management LLP

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Assistant Secretary

**Date:** 08/26/2025

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.

**Reporting Person:** Henry R. Kravis

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Attorney-in-Fact

**Date:** 08/26/2025

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.

**Reporting Person:** George R. Roberts

**Signature:** /s/ Christopher Lee

**Name/Title:** Christopher Lee, Attorney-in-Fact

**Date:** 08/26/2025