Devon Energy agrees to sell Eagle Ford assets for $4.2 billion
DVN•Devon Energy agreed to sell its Eagle Ford assets to Crescent Energy for $4.2 billion in cash. The assets include about 90,000 net acres in Texas and account for roughly 4% of Devon’s oil-equivalent production; the deal is expected to close around the end of 2026.
1. Sale details
Devon Energy agreed to sell its Eagle Ford assets to Crescent Energy for $4.2 billion in cash. The assets include about 90,000 net acres in Texas and account for roughly 4% of Devon’s total oil-equivalent production.
2. Funding and timing
The transaction is expected to close around the end of 2026. Crescent also announced a $1 billion stock offering to fund the deal.
3. Portfolio focus
The divestment comes as Devon faces investor pressure to streamline its portfolio and focus on its core Permian Basin operations following its merger with Coterra Energy.
