Devon Energy to sell Eagle Ford assets to Crescent Energy for $4.2 billion in cash

Devon Energy is leaving the Eagle Ford. The oil and gas producer agreed Thursday to sell its South Texas assets to Crescent Energy for $4.2 billion in cash, and said the after-tax proceeds will go toward faster share buybacks and paying down debt.

The deal covers about 90,000 net acres in Karnes, DeWitt and Gonzales counties, Texas, which Devon said make up roughly 4% of its total production on a barrel-of-oil-equivalent basis. The price is subject to customary closing adjustments, according to a regulatory filing.

"This sale is a direct outcome of our ongoing portfolio review, and it sharpens our focus on the highest-return, longest-duration assets," President and CEO Clay Gaspar said in the company's announcement. He called the Eagle Ford a "relatively mature asset" being sold "into a strong commodity price environment."

Devon said the price is accretive per share to free cash flow and net asset value, and that the divestiture lengthens its inventory life, lowers its corporate breakeven and reduces its base production decline rate. Gaspar added that the company received "a price above our internal hold case."

The company framed the sale as the latest step in a 2026 reshaping that it said included combining with Coterra, adding Delaware Basin inventory in a federal lease sale and investing in the Solitude pipeline.

The transaction carries a July 1, 2026 effective date and is expected to close around year-end 2026, subject to regulatory approvals including the Hart-Scott-Rodino antitrust waiting period. Devon said it will detail the impact on its outlook with third-quarter results on Nov. 5, followed by a conference call on Nov. 6.

By the numbers

• $4.2 billion: cash purchase price, before adjustments
• About 90,000: net acres being sold
• About 4%: share of Devon's total BOE production
• July 1, 2026: effective date
• Nov. 5, 2026: Q3 results, with outlook impact

Sources

1. Devon Energy Corporation, Form 8-K, filed Oct. 8, 2026, accession 0001193125-26-417944
2. Devon Energy press release, "Devon Energy Announces Agreement to Exit the Eagle Ford for $4.2 Billion," Exhibit 99.1, Oct. 8, 2026

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