Devon sells Eagle Ford assets for $4.2 billion to sharpen Permian focus
DVN•Devon Energy said it would sell its Eagle Ford assets to Crescent Energy for $4.2 billion in cash. The assets account for roughly 4% of Devon’s total oil-equivalent production, and the deal is expected to close around year-end 2026.
1. Sale terms
Devon Energy said it would sell its Eagle Ford assets to Crescent Energy for $4.2 billion in cash as it focuses on core operations in the Permian Basin. Devon CEO Clay Gaspar said the sale would allow the company to accelerate share buybacks, strengthen its balance sheet and increase long-term value for shareholders.
2. Asset details
The assets include about 90,000 net acres across Karnes, DeWitt and Gonzales counties in South Texas and account for roughly 4% of Devon’s total oil-equivalent production. The transaction is expected to close around year-end 2026.
3. Investor context
Devon shares rose 2.2% and Crescent shares fell about 1.7% in premarket trade. The sale follows Devon’s recent $58 billion merger with Coterra Energy and comes as U.S. shale producers sell assets to pay down debt.
