Crescent Energy agrees to buy Devon Eagle Ford assets for estimated $3.85 billion
CRGY•Crescent Energy agreed to buy Devon Energy’s Eagle Ford assets for an estimated net purchase price of $3.85 billion. The deal is targeted to close in the fourth quarter of 2026 or early 2027 and is expected to add about 68 Mboe/d of net production.
1. Deal details
Crescent Energy entered a definitive agreement to buy Devon Energy’s Eagle Ford assets for an estimated net purchase price of $3.85 billion. Closing is targeted for the fourth quarter of 2026 or early 2027, subject to customary closing conditions.
2. Production and funding
The assets are expected to add about 68 Mboe/d of net production and more than 600 Tier 1 net locations normalized to 10,000 feet. Management expects about $140 million in annual synergies across drilling and completions, lease operating expense, and marketing. Crescent plans to fund the deal with cash on hand and a mix of debt and equity, with committed debt financing options from JPMorgan Chase Bank and RBC Capital Markets.
