Devon Energy to sell Eagle Ford assets to Crescent Energy for $4.2B

Devon Energy Corp. (NYSE: DVN) has agreed to sell its Eagle Ford assets to Crescent Energy Company for $4.2 billion in cash, subject to customary closing adjustments, according to a company statement.

The assets include approximately 90,000 net acres in Karnes, DeWitt, and Gonzales Counties, Texas, and represent about 4% of Devon's total barrel of oil equivalent production. The transaction carries an effective date of July 1, 2026, and is expected to close around year-end 2026, pending regulatory approvals and customary closing conditions.

Devon said after-tax proceeds will be used to accelerate share repurchases and reduce debt. The company stated the divestiture is expected to lower its corporate breakeven, extend inventory life, and reduce the corporate base production decline rate.

"This sale is a direct outcome of our ongoing portfolio review, and it sharpens our focus on the highest-return, longest-duration assets," said Clay Gaspar, President and Chief Executive Officer.

Devon said it will provide additional details on the transaction's impact on its outlook alongside third-quarter 2026 results on November 5, 2026.

RBC Richardson Barr is serving as exclusive financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Devon on the transaction.

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