Devon Energy Corporation announced on October 8, 2026, that it has entered into a definitive agreement to sell its Eagle Ford assets to Crescent Energy Company. The transaction involves Devon Energy Production Company, L.P., a wholly-owned subsidiary, selling the assets to Crescent (Eagle Ford) LLC and Crescent Energy Finance LLC, also subsidiaries of Crescent Energy Company.
Under the terms of the Purchase and Sale Agreement, the sale price is set at $4.2 billion in cash, subject to customary closing adjustments. These adjustments include allocations of certain revenues and expenses based on an effective date of July 1, 2026. The transaction is expected to close in the fourth quarter of 2026 or early 2027, contingent upon the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and other standard conditions.
The assets being sold consist of approximately 90,000 net acres located in Karnes, DeWitt, and Gonzales Counties in South Texas. According to the company, these assets represent about 4% of Devon’s total barrels of oil equivalent (BOE) production. Devon’s President and Chief Executive Officer, Clay Gaspar, stated that the sale is a result of the company’s ongoing portfolio review and that the attractive price reflects the quality of the assets and the work done to increase productivity.
Devon indicated that the after-tax proceeds from the sale will be used to accelerate share repurchases and to strengthen the balance sheet through debt reduction. The company plans to provide additional details regarding the transaction’s impact on its outlook during its third-quarter 2026 results presentation on November 5, 2026.
