Devon Energy sells Eagle Ford assets for $4.2 billion
Devon Energy agreed to sell its Eagle Ford assets to Crescent Energy for $4.2 billion in cash. The company said it will use the proceeds to accelerate share buybacks and reduce debt.
By Robb M. 2 billion, cashing in on elevated energy prices. The company said it signed a definitive agreement to sell to Crescent Energy its Eagle Ford assets, which includes about 90,000 net acres in Karnes, DeWitt, and Gonzales Counties, Texas. The operations account for roughly 4% of Devon's total production.
President and Chief Executive Clay Gaspar said the deal is the outcome of an ongoing portfolio review and sharpens the company's focus on its highest-return and longest-duration assets. "Selling a relatively mature asset into a strong commodity price environment improves our go-forward capital efficiency and allows us to accelerate share buybacks, strengthen our balance sheet and increase long-term value for shareholders," Gaspar said. The cash sale reflects the value of Devon's Eagle Ford production and inventory and the company said the price is accretive on a per share basis to free cash flow and net asset value.
The proceeds will be used to accelerate share buybacks and cut debt. 5 billion takeover of Coterra Energy, building one of the world's largest shale operators with an asset base anchored in the economic core of the Delaware Basin. For Crescent Energy, the buy bolsters its Eagle Ford position, adding top-tier inventory and meaningful scale directly adjacent to its existing operations. 85 billion, less estimated price adjustments including allocations of certain revenues and expenses.
The acquired assets include about 68,000 oil-equivalent barrels a day of net production from assets Chief Executive David Rockecharlie says Crescent knows well through longtime ownership of nearby operations. The transaction has an effective date of July 1 and is expected to close around year-end. Write to Robb M. com (END) Dow Jones Newswires October 08, 2026 07:49 ET (11:49 GMT) Copyright (c) 2026 Dow Jones & Company, Inc.
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