Crescent Energy to Acquire Devon’s Eagle Ford Assets in $4.2-Billion Deal
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Crescent Energy has signed a definitive agreement to purchase Devon Energy’s Eagle Ford assets for a net price of approximately $3.85 billion. This acquisition will bolster Crescent’s South Texas operations by adding about 68,000 boed of production and over 600 premium drilling locations.
The newly acquired assets are situated next to Crescent’s current operations in the Karnes Trough, strengthening its footprint in the Eagle Ford shale. The deal is projected to close in late 2026 or early 2027, depending on standard closing conditions.
The transaction features more than 600 Tier 1 net drilling locations (normalized to 10,000-ft laterals), offering Crescent substantial long-term development inventory in a key region.
Crescent projects that the integration will yield roughly $140 million in annual synergies by optimizing drilling, completions, lease operating expenses, and marketing. The company also projects enhanced cash flow, stronger margins, and improved capital efficiency.
“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, CEO 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.”
Additionally, the purchase includes Devon-owned mineral interests. These will be integrated into the Crescent Royalties platform, increasing its scale and exposure to development across the acquired land.
Crescent noted that the financing structure of the deal, combined with expected free cash flow, will help the company continue reducing its debt as it works toward achieving an investment-grade credit profile.
The transaction is subject to customary closing conditions.
