Crescent to Buy Devon’s Eagle Ford Assets for $3.85 Billion Net
Crescent Energy has agreed to acquire Devon Energy’s Eagle Ford assets for an estimated net purchase price of $3.85 billion, expanding its South Texas production base and drilling inventory through properties adjacent to its existing operations.
The transaction carries a headline price of approximately $4.2 billion. Crescent’s estimated net price reflects purchase-price adjustments based on a July 1 effective date.
The assets include approximately 68,000 barrels of oil equivalent per day of net production and more than 600 net drilling locations classified by Crescent as Tier 1, normalized to 10,000-foot lateral lengths.
Crescent identified approximately $140 million in annual synergies across drilling and completion costs, lease operating expenses and marketing. The company expects improved capital efficiency and margins to support free cash flow.
“We know these assets exceptionally well through our longstanding minerals ownership and nearby operations, and see meaningful opportunity to make them even better,” CEO David Rockecharlie said.
Devon-owned mineral interests will also expand Crescent Royalties, increasing its scale, operating influence and visibility into future development.
Crescent plans to fund the purchase using cash, debt and equity. It obtained financing commitments from JPMorgan Chase Bank and RBC Capital Markets, with KKR Capital Markets advising on financing.
Separately, Crescent launched a $1 billion public stock offering to help finance the acquisition, with an underwriter option for another $150 million. The company said greater scale and cash generation should support debt reduction and progress toward an investment-grade credit profile.
The deal is expected to close in the fourth quarter of 2026 or early 2027.
Crescent’s financial advisors in connection with the acquisition are Jefferies LLC and J.P. Morgan Securities LLC. Crescent’s counsel is Latham & Watkins LLP and Vinson & Elkins LLP. RBC Capital Markets, LLC served as financial advisor to Devon Energy, and Kirkland & Ellis LLP served as legal counsel.