Crescent Energy Company announced on October 8, 2026, that it has entered into a definitive agreement to acquire certain assets from Devon Energy Production Company, L.P. The transaction, valued at a total purchase price of $4,220,000,000 in cash, is structured as an all-cash deal.
The assets being acquired are referred to as the Devon EF Assets. The closing of the transaction is expected to occur in the fourth quarter of 2026 or early 2027, subject to customary closing conditions and regulatory approvals. The purchase price is subject to customary adjustments, including reductions for proceeds received from the sale of hydrocarbons from the assets after an economic effective date of July 1, 2026.
In connection with the acquisition, Crescent Energy obtained a debt commitment letter from JPMorgan Chase Bank, N.A. for a bridge credit facility with an aggregate amount of up to $2.0 billion, subject to the satisfaction of certain terms and conditions.
The company provided updates regarding its portfolio and operations. As of December 31, 2025, the company had 975.5 million barrels of oil equivalent (MMBoe) in proved reserves, with approximately 61% classified as liquids. The company reported net income of $167.2 million for the year ended December 31, 2025, and Adjusted EBITDAX of $2.1 billion for the same period.
The acquired Devon EF Assets consist of approximately 89,000 net acres, with an average net production rate of approximately 56 MBoe/d for the year ended December 31, 2025. The assets are described as oil-weighted, comprising 65% oil. The company estimates the current run-rate production associated with the Devon EF Assets, as measured in July 2026, to be 68 MBoe/d.
