Houston's Crescent Energy Buys Devon's Eagle Ford Assets for $4.2 Billion

Houston-based Crescent Energy agreed on Oct. 8 to buy Devon Energy's Eagle Ford assets in South Texas for a headline price of about $4.2 billion in cash.

Crescent put the net price near $3.85 billion after purchase-price adjustments tied to a July 1 effective date. The package covers roughly 90,000 net acres in Karnes, DeWitt and Gonzales counties, about 68,000 barrels of oil equivalent per day of production and more than 600 net Tier 1 drilling locations.

Scale and synergies

Crescent says the deal would make it the second-largest Eagle Ford producer and projects about $140 million in annual synergies. It has completed nine Eagle Ford acquisitions since June 2023. Devon's chief executive framed the sale as part of a portfolio review focused on higher-return assets, following investor calls for divestitures after Devon's $22 billion Coterra Energy acquisition.

Financing and timing

Crescent plans to use cash on hand and may add debt and equity. It launched a $1 billion public stock offering, with an option for another $150 million, and lined up a $2 billion bridge facility from JPMorgan Chase. Closing is expected in the fourth quarter of 2026 or early 2027.

Sources: Oil & Gas Journal; World Oil; SEC Form 8-K — Crescent Energy.