Devon Energy has agreed to sell its oil and gas assets in the Eagle Ford region of South Texas to a subsidiary of Crescent Energy Company for $4.2 billion in cash. The divestiture is a result of the company's ongoing portfolio review, aimed at focusing on its highest-return assets and improving capital efficiency.
Key Details
- Transaction Value: $4.2 billion in cash, subject to customary purchase price adjustments.
- Assets Sold: Approximately 90,000 net acres in the Eagle Ford shale, which represent about 4% of Devon's total production.
- Use of Proceeds: Devon intends to use the after-tax proceeds to accelerate share repurchases and strengthen its balance sheet through debt reduction.
- Timeline: The agreement was signed on October 8, 2026, and the transaction is expected to close in the fourth quarter of 2026 or early 2027.