Devon sheds Eagle Ford assets for $4.2 billion to deepen Permian bet
Devon Energy has entered into a definitive agreement to sell its entire drilling portfolio in the Eagle Ford shale basin of South Texas to Crescent Energy Company for $4.2 billion in cash. The transaction covers roughly 90,000 net acres and marks Devon's full exit from the Eagle Ford region. Crescent Energy is funding part of the multi-billion dollar acquisition by launching a $1 billion underwritten public offering of class A common stock. The overall deal is expected to close around year-end 2026.
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- ✓ Devon Energy agreed to sell its Eagle Ford assets in South Texas to Crescent Energy for $4.2 billion.
- ✓ The transaction covers roughly 90,000 net acres.
- ✓ The deal is expected to close around year-end 2026.
- ✓ Crescent Energy launched a $1 billion underwritten public offering of class A common stock to fund part of the acquisition.
What changed
Devon Energy announced a definitive agreement to exit the Eagle Ford by selling its assets to Crescent Energy for $4.2 billion in cash.
Live updates
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Devon Energy Sells Eagle Ford Assets to Crescent Energy for $4.2 Billion
Devon Energy has entered into a definitive agreement to sell its entire drilling portfolio in the Eagle Ford shale basin of South Texas to Crescent Energy Company for $4.2 billion in cash. The transaction covers roughly 90,000 net acres and marks Devon's full exit from the Eagle Ford region. Crescent Energy is funding part of the multi-billion dollar acquisition by launching a $1 billion underwritten public offering of class A common stock. The overall deal is expected to close around year-end 2026.
Why it matters
This acquisition reshuffles U.S. shale assets as Devon sharpens its operational focus on the Delaware Basin and the broader Permian region. For Crescent Energy, the integration of these South Texas holdings will make the company the second-largest Eagle Ford producer following a series of acquisitions dating back to June 2023. Crescent Energy is backed by KKR.
What is confirmed
- Devon Energy agreed to sell its Eagle Ford assets in South Texas to Crescent Energy for $4.2 billion.
- The transaction covers roughly 90,000 net acres.
- The deal is expected to close around year-end 2026.
- Crescent Energy launched a $1 billion underwritten public offering of class A common stock to fund part of the acquisition.
- Crescent Energy will become the second-largest Eagle Ford producer after integrating the acquired assets.
What to watch next
- The closing of the transaction around year-end 2026
- Developments regarding Crescent Energy's $1 billion public stock offering
confidence 100%Sources used for this update (11)
- Reuters — Devon sheds Eagle Ford assets for $4.2 billion to deepen Permian bet
- WSJ — Devon Energy Sells Eagle Ford Assets to Crescent Energy for $4.2 Billion
- Bloomberg.com — Devon to Sell $4.2 Billon Shale Oil Assets to Crescent Energy
- Yahoo Finance — Devon Energy Announces Agreement to Exit the Eagle Ford for $4.2 Billion
- TradingView — Crescent Energy Company Announces Pricing Of Public Offering Of Class A Common Stock
- www.marketscreener.com — Crescent Energy Announces $1 Billion Stock Offering to Fund Devon Deal | MarketScreener
- oilprice.com — Devon Energy Exits Eagle Ford in $4.2 Billion Shale Deal
- finance.yahoo.com — Devon Energy sells Eagle Ford shale assets to Crescent for $4.2B
- www.ogj.com — Crescent Energy to acquire Eagle Ford assets from Devon for ...
- www.energyconnects.com — Devon to Sell Shale Oil Assets to Crescent for $4.2 Billion
- www.marketscreener.com — Devon Energy Announces Agreement to Exit the Eagle Ford for ...
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