Crescent Energy has announced a definitive agreement to acquire Devon Energy’s Eagle Ford assets for an estimated net purchase price of $3.85 billion. This deal will add approximately 68,000 barrels of oil equivalent per day (boed) of production and more than 600 drilling locations to Crescent’s operations in South Texas.
The acquisition will enhance Crescent’s presence in the Eagle Ford shale, particularly in the Karnes Trough area, with the deal expected to close in Q4 2026 or early 2027, pending standard conditions. The acquired assets include over 600 Tier 1 net drilling locations, providing valuable development inventory within a key operational area.
Crescent anticipates generating about $140 million in annual synergies from drilling, operational efficiencies, and marketing improvements, which should boost cash flow, margins, and capital efficiency post-integration.
David Rockecharlie, CEO of Crescent Energy, emphasized the strategic importance of this acquisition, noting their familiarity with the assets due to their existing mineral ownership and operations in the region. The agreement also encompasses Devon-owned mineral interests, further expanding Crescent’s minerals platform and development exposure.
Crescent plans to finance the acquisition in a manner that supports debt reduction and advances its goal towards achieving an investment-grade credit profile, with the entire transaction still subject to customary closing conditions.
