Devon Energy To Sell Its Eagle Ford Assets To Crescent Energy For $4.2B In Cash
TRANSACTION HIGHLIGHTS Asset details: The Eagle Ford assets to be sold consist of approximately 90,000 net acres in Karnes, DeWitt, and Gonzales Counties, Texas. The assets represent approximately 4% of Devon's total BOE production. Attractive valuation: The $4.2 billion purchase price fully reflects the value of Devon’s Eagle Ford production and inventory and is accretive on a per share basis to Free Cash Flow and Net Asset Value. Portfolio high-grading and improved capital efficiency: The divestiture lengthens Devon’s inventory life, lowers the go-forward corporate breakeven and reduces the corporate base production decline rate. Financial flexibility: After-tax proceeds will be used to accelerate share repurchases and to strengthen the balance sheet through debt reduction. TIMING The transaction has an effective date of July 1, 2026 and is expected to close around year-end 2026, subject to regulatory approvals and customary closing conditions. Devon will provide additional details, including the impact on its outlook, with its third-quarter 2026 results on November 5, 2026 and conference call and webcast on November 6, 2026.
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TRANSACTION HIGHLIGHTS Asset details: The Eagle Ford assets to be sold consist of approximately 90,000 net acres in Karnes, DeWitt, and Gonzales Counties, Texas. The assets represent approximately 4% of Devon's total BOE production. 2 billion purchase price fully reflects the value of Devon’s Eagle Ford production and inventory and is accretive on a per share basis to Free Cash Flow and Net Asset Value. Portfolio high-grading and improved capital efficiency: The divestiture lengthens Devon’s inventory life, lowers the go-forward corporate breakeven and reduces the corporate base production decline rate.
Financial flexibility: After-tax proceeds will be used to accelerate share repurchases and to strengthen the balance sheet through debt reduction. TIMING The transaction has an effective date of July 1, 2026 and is expected to close around year-end 2026, subject to regulatory approvals and customary closing conditions. Devon will provide additional details, including the impact on its outlook, with its third-quarter 2026 results on November 5, 2026 and conference call and webcast on November 6, 2026.