Devon Sells Eagle Ford Assets to Crescent for $4.2B

Devon Energy Corp has finalized the sale of its Eagle Ford assets to Crescent Energy Co for $4.2 billion in cash. The transaction involves approximately 68,000 barrels of oil equivalent per day and 90,000 net acres across Texas counties. This move is part of Devon's broader strategy to focus on higher-return assets. CEO Clay Gaspar emphasized that the sale sharpens the company's focus on its most productive assets, allowing for improved capital efficiency and shareholder value. The proceeds will be used to reduce debt, with Devon currently carrying $11.4 billion in outstanding debt. Crescent Energy, which already operates in the Permian and Uinta basins, sees the acquisition as a strategic step to strengthen its Eagle Ford position. The deal is expected to close by year-end or early 2027, with financing secured through JPMorgan Chase and RBC Capital Markets.