Crescent Energy Strengthens Premier Basin Position Through Devon Energy Eagle Ford Acquisition
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**Crescent Energy to Acquire Devon Energy’s Eagle Ford Assets for $3.85 Billion**
**HOUSTON** — Crescent Energy Company (NYSE: CRGY) has signed a definitive agreement to acquire Eagle Ford assets from Devon Energy for an estimated net purchase price of approximately $3.85 billion. The transaction is expected to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions.
This acquisition significantly expands Crescent’s footprint in the Eagle Ford basin, adding high-margin, oil-weighted production and Tier 1 inventory directly adjacent to its existing operations.
### **Transaction Highlights and Strategic Benefits**
* **Enhanced Eagle Ford Scale:** The acquisition adds approximately 68 Mboe/d of net production and more than 600 Tier 1 net locations (normalized to 10,000 feet) located in the premier Karnes Trough.
* **Compelling Financial Accretion:** The transaction is highly accretive across all key financial metrics, including cash flow from operations (CFFO), free cash flow (FCF), and net asset value (NAV).
* **Synergy Opportunities:** Crescent has identified approximately $140 million in annual synergies across drilling and completions (D&C), lease operating expenses (LOE), and marketing.
* **Expanded Royalty Platform:** The inclusion of Devon-owned minerals strengthens Crescent Royalties by increasing scale, operatorship, and development visibility.
* **Strong Balance Sheet:** The deal utilizes a balanced financing structure to maintain a strong balance sheet, supporting Crescent’s ongoing path toward an investment-grade credit profile.
“This acquisition represents a significant step forward for Crescent, adding high-quality assets at an attractive valuation in the heart of one of our core operating areas,” said David Rockecharlie, Chief Executive Officer of Crescent Energy. “We know these assets exceptionally well through our longstanding minerals ownership and nearby operations, and see meaningful opportunity to make them even better.”
### **Financing and Advisors**
Crescent intends to fund the purchase price through a combination of cash on hand and a balanced mix of debt and equity, depending on market conditions. The company has secured debt financing commitments from JPMorgan Chase Bank, N.A. and RBC Capital Markets, LLC, with KKR Capital Markets advising on the financing.
Jefferies LLC and J.P. Morgan Securities LLC served as financial advisors to Crescent, while Latham & Watkins LLP and Vinson & Elkins LLP acted as legal counsel. Devon Energy was advised by RBC Capital Markets, LLC (financial) and Kirkland & Ellis LLP (legal).
