Devon Energy Sells Eagle Ford Assets to Crescent Energy for $4.2 Billion in All-Cash Deal

Devon Energy has agreed to sell its entire Eagle Ford shale portfolio in South Texas to Crescent Energy for $4.2 billion in cash, marking Devon's full exit from the basin. The deal, announced October 8, 2026, carries a net purchase price of approximately $3.85 billion to Crescent after customary adjustments. The transaction is expected to close in the fourth quarter of 2026 or early 2027, subject to standard closing conditions.

The assets being acquired include approximately 68,000 barrels of oil equivalent per day of net production and more than 600 Tier 1 net drilling locations normalized to 10,000 feet, concentrated in the Karnes Trough. Crescent, an oil producer backed by KKR, said the acreage sits directly adjacent to its existing Eagle Ford operations, giving it differentiated technical knowledge and an established minerals footprint across the acquired properties. Devon also owns minerals on the acreage, which will add scale to Crescent's royalties business.

The sale continues Devon's portfolio streamlining effort following its merger with Coterra Energy. Analysts at TPH Research had previously valued the Eagle Ford assets at roughly $4.5 billion, and BP had reportedly entered the data room before walking away from the process. Crescent described the deal as meaningfully accretive across key financial metrics, with the acquired assets competing immediately for capital within its development program.